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This Is Swedish Match 2016 Annual Report LONG TRADITION OF QUALITY THIS IS SWEDISH MATCH Swedish Match develops, manufactures, and sells quality products with market-leading brands. The Company’s product areas are Snus and moist snuff, Other tobacco products (cigars and chewing tobacco), Lights (matches, lighters, and complementary products), and Other operations. With its vision “a world without cigarettes”, the Company is dedicated to the improvement of public health by offering attractive alternatives to cigarettes with its smokeless products. Swedish Match provides consumers with tobacco leaf cigars), Game (natural leaf Sales for 2016 amounted to 15,551 MSEK the best quality products with well-known cigars), Red Man (chewing tobacco), Fiat and the average number of employees was brands and works to conduct business in a Lux (matches), and Cricket (lighters). 5,070. responsible way in everything the Company Production is located in six countries Swedish Match’s head office is located in does. Some of Swedish Match’s brands with the majority of Company sales coming Stockholm, Sweden. The Swedish Match include: General (snus), Longhorn (moist from Scandinavia and the US. In Sweden, share is listed on Nasdaq Stockholm snuff),ZYN (nicotine pouches without the Group has a distribution company (SWMA). tobacco), Onico (tobacco and nicotine free which is reported in the product area Other pouches), White Owl (homogenized operations. PRODUCTS AND BRANDS SALES, MSEK SNUS AND MOIST STUFF Swedish Match has a market leading position in the Scandinavian snus market. In the US, Swedish Match is well positioned as the third largest snus and moist snuff company. Production units are located in Sweden (snus) and the US (moist snuff). Both tobacco products 15,551 and non-tobacco pouch products are included in this product area. >> Read more on page 18. OTHER TOBACCO PRODUCTS Swedish Match is a major player in the US market FINANCIALS IN BRIEF for mass market cigars and the largest manufac- turer of chewing tobacco. Nearly all the products SALES OPERATING PROFIT are sold on the US market. Production takes place in the US (cigars BY PRODUCT AREA BY PRODUCT AREA1) and chewing tobacco) and in the Dominican Republic (cigars). >> Read more on page 27. 5% 30% 34% 41% 53% LIGHTS 8% 28% Swedish Match is the market leader for matches in many markets throughout the world, with well-known Snus and moist snuff Snus and moist snuff local brands. For lighters, the Cricket brand has strong market positions in Other tobacco products Other tobacco products many countries. Production of matches takes place in Sweden and Brazil. Lights Lights Lighters are produced in the Netherlands, the Philippines and Brazil. The Other operations Company also offers a portfolio of complementary products (mainly on the 1) Excluding Other operations, Brazilian market), which include for example disposable razors, batteries, share of net profit in STG, and larger one-time items. Totals light bulbs, and tooth picks. >> Read more on page 30. may not add up due to rounding. ii / Swedish Match 2016 2016 IN BRIEF CONTENT • Sales increased by 7 percent to 15,551 MSEK (14,486). In local ii This is Swedish Match currencies, sales increased by 7 percent. 2 How we create value • Operating profit, including larger one-time items and share of net 4 CEO comment profit in Scandinavian Tobacco Group (STG), amounted to 6,420 6 Swedish Match’s business model MSEK (4,008). 8 Strategy • Operating profit from product areas1) increased by 8 percent to 10 Global market overview 3,990 MSEK (3,690). In local currencies, operating profit from 14 Risks and risk management product areas1) increased by 8 percent. 16 Regulatory engagement • Earnings per share (basic) amounted to 27.38 SEK (14.48). Earn- ings per share, excluding share of net profit in STG and adjusted 18 Swedish Match’s business for larger one-time items, amounted to 14.39 SEK (12.79). 18 Snus and moist snuff 24 More than harm reduction • During 2016, Swedish Match distributed the proceeds from the two 27 Other tobacco products divestments of shares in STG as two special dividends of 12.00 SEK and 9.50 SEK per share, in total 4,016 MSEK. 30 Lights 1) Operating profit for Swedish Match product areas, which excludes larger one-time items and share of net profit in STG. 32 Sustainability 32 Our approach to Sustainability 34 Sustainable supply chain 36 Improve public health 37 Advocate business ethics OPERATING PROFIT, MSEK 38 Support equal opportunity 40 Eliminate child labor 42 Reduce greenhouse gases 43 Reduce waste and emissions 44 Employer of choice 46 Shareholder information 46 Shareholder communication 48 The share 50 Five year summary 2012–2016 6,420 52 Quarterly data 2015–2016 53 Definitions used in financial tables 54 Financial reports 54 CFO comment KEY DATA 55 Content 56 Report of the Board of Directors MSEK 20161) 2015 2014 63 Proposed distribution of earnings Sales 15,551 14,486 13,305 64 Consolidated financial statements Operating profit from product areas2) 3,990 3,690 3,446 95 Parent Company financial statements Operating profit3) 6,420 4,008 3,780 Operating margin from product areas, %2) 25.7 25.5 25.9 106 Auditor’s report 3) Operating margin, % 41.3 27.7 28.4 110 Corporate Governance EBITDA from product areas2) 4,329 4,008 3,749 110 Chairman’s comment EBITDA4) 4,504 4,368 4,083 111 Governance report Profit for the year 5,123 2,803 2,626 Earnings per share, basic, SEK3) 27.38 14.48 13.23 117 Risk management and internal control over financial reporting Earnings per share, excl. STG, basic, SEK 26.44 12.62 11.55 Earnings per share, excl. STG, adjusted, 118 Board of Directors basic, SEK5) 14.39 12.79 11.55 120 Group Management Ordinary dividend per share, SEK 8.506) 8.00 7.50 Special dividend per share, SEK 7.506) 21.50 – The formal audited part of this document is on pages 55–105. 1) The full year 2016 only includes Swedish Match’s share of STG’s net profit until the date of partial divestment in September, thereafter, the shareholding in STG has been reclassified as a financial asset. 2) Excluding larger one-time items and share of net profit in STG. 3) Including larger one-time items and share of net profit in STG. Larger one-time items for 2016, all of which were tax exempt, include capital gains from the sale of shares in STG, in two tranches, totalling 1,208 MSEK and the sale of a distribution facility of 145 MSEK as well as an unrealized gain of 902 MSEK from revaluing the remaining holding in STG to market value. 4) Including share of net profit in STG and excluding larger one-time items. 5) Adjusted for Swedish Match’s larger one-time items. 6) Board proposal. 1 HOW WE CREATE VALUE Swedish Match is a manufacturer and marketer of well-known brands of tobacco products, non-tobacco pouch products, as well as lights and complementary products. Swedish Match endeavors to deliver sustainable and growing profits to our shareholders and to provide tangible benefits to society. VISION A WORLD WITHOUT CIGARETTES STRATEGIC WELL-KNOWN PRODUCTS APPROACH AND BRANDS Our strategic approach to maximizing long term shareholder value is to Drawing from our Scandinavian heritage, strong brands, offer consumers a wide range of products, capitalizing on our strong and our talented organization, we will continue to work to market positions in both well established and rapidly emerging market address consumer needs on an ongoing basis. Through segments. Offerings will appeal to changing consumer tastes and consumer engagement, we can work to deliver products demands, with quality and differentiation. To support our vision we lever- that meet consumer desires. Success will derive from age our strong market positions, we take advantage of our presence working closely together in building on the strong brand across categories and product areas and we reach out to adult tobacco portfolio and maintaining, as well as improving techno- consumers for smokeless products. logical leader ship. >> Read more on page 8. >> Read more on page 18. CORE VALUES Swedish Match’s core values Passion, Ownership, Innovation and Quality are a natural part of the way we conduct business and are demonstrated in all our relations with stakeholders, both internally and externally. PASSION OWNERSHIP INNOVATION QUALITY 2 / Swedish Match 2016 How WE create Value Snus and moist snuff Other tobacco products STRONG MARKET Snus Snus Moist snuff Cigars Chewing tobacco POSITIONS Sweden Norway The US The US The US Swedish Match is a global company, with #1 #1 #3 #3 #1 strong local brands. Swedish Match also has international brands, such as General Swedish Match share of market and Cricket. The Company’s largest mar- kets are in Scandinavia and the US. 67.4% 53.5% 8.3% 22.4% 39.1% BENCHMARKS IN QUALITY STANDARDS STABLE PROFITABILITY AND STRONG CASH FLOW GOTHIATEK® The overall objective of the quality standard GOTHIATEK® is Swedish Match’s operations STRONG CASH FLOW are based on a portfolio of MSEK % to improve the quality of Swedish Match snus products, which 5,000 50 include eliminating the risk of adverse health effects among high quality brands which consumers of snus by setting and adhering to strict limits for provide a solid foundation of 4,000 40 unwanted constituents in finished products. This standard operating profits, with stable 3,000 30 margins, and generate strong imposes stricter requirements on the content of the Com- 2,000 20 pany’s products than Swedish food legislation. GOTHIATEK® cash flows. 1,000 10 imposes demands on the ingredients used and thus works 0 0 only with selected types of tobacco and selected growers.
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