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Essity's Annual and Sustainability Report 2018

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Essity's Annual and Sustainability Report 2018 Annual and Sustainability Report 2018 Essity Aktiebolag (publ) Contents ThisThis is is Essity Essity Introduction 1 This is Essity 2 2018 at a glance 4 CEO’s message Essity is a leading global hygiene and health The Essity share company. We improve people’s well-being 6 The Essity share through our products and services. 8 Information to shareholders Sales are conducted in approximately 150 Strategy 9 Our external environment countries under the globally leading brands 10 Essity’s strategic framework TENA and Tork, and other strong brands, such 11 Essity’s business model as JOBST, Leukoplast, Libero, Libresse, Lotus, 12 Objectives, targets and outcomes 16 Strategies Nosotras, Saba, Tempo, Vinda and Zewa. Business areas Essity is listed on Nasdaq Stockholm. 1) Excluding items affecting comparability. 20 The hygiene and health market 22 Personal Care 24 Consumer Tissue 26 Professional Hygiene Essity is a leading global hygiene and health Net sales 2018 Sales in approximately Group company. We improve people’s well-being 28 Operations and structure through our products and services. 29 Acquisitions, investments and divestments 118,500 150 and Other Group information SaledingSEKm global brands TENAcountries and Tork, and 30 Net sales and earnings other strong brands, such as JOBST, Leukoplast, 31 Cash flow and financing Libero, Libresse, Lotus, Nosotras, Saba, Tempo, 32 Financial position Adjusted EBITA1) 2018 Employees, approximately 33 Risks and risk management Vinda and Zewa. 39 Materiality analysis 40 Sustainability governance Essity12,935 is listed on Nasdaq47,000 Stockholm. SEKm around the world Corporate Governance Report 46 Corporate governance 52 Board of Directors and Auditors 54 Executive Management Team Essity’s market capitalization Financial statements and notes Our business areas 56 Contents 153 58 Financial statements, Group SEKbn 63 Financial notes, Group Personal Careat December 31, 2018 108 Financial statements, Parent Company Essity is a leading global player in personal care. Our offering includes 109 Financial notes, Parent Company Incontinence Products, Medical Solutions, Baby Care and Feminine 114 Non-financial notes Care. Read more on pages XX–XX. 1) 122 Proposed disposition of earnings Excluding items affecting comparability. 123 Auditor’s report Consumer Tissue 127 Index statutory sustainability report Essity is the world’s second largest supplier of consumer tissue. Our and GRI index Ouroffering business includes toilet areas paper, household towels, handkerchiefs, facial 128 Auditor’s Combined Assurance Report tissues, wet wipes and napkins. Read more on pages XX–XX. Essity data Personal Care 130 Description of costs and Raw materials Essity is a leading global player in personal care. Our offering 131 Production facilities includesProfessional Incontinence HygieneProducts, Baby Care, Feminine Care and 132 Financial multi-year summary MedicalEssity Solutions. is the world’s In the largest market supplier for incontinence of products products, and services Essity in isthe themarket global marketfor professional leader and hygiene. the Group Our holdsoffering strong comprises market positionscomplete in babyhygiene care, solutions, feminine including care and toiletmedical paper, solutions. paper Readhand moretowels, on napkins, The Board of Directors’ Report and financial pageshand 22–23. soap and dispensers. Read more on pages XX–XX. statements Consumer Tissue The Annual and Sustainability Report 2018 for Essity Aktiebolag Essity is the world’s second largest supplier of consumer tissue. (publ) has been submitted by the Board of Directors and Our offering includes toilet paper, household towels, handkerchiefs, describes the company’s overall objectives and strategies and earnings for the year. The aim is to describe the business from facial tissues, wet wipes and napkins. Read more on pages 24–25. an economic, social and environmental perspective. The Board of Directors’ Report and financial statements are presented on pages 6–8 and 20–126 and include the auditor’s report. Pages Professional Hygiene 33–45 and 114–121 encompass Essity’s statutory sustainability report according to the requirements stated in the Annual Essity is the world’s largest supplier of products and services Accounts Act. The company’s business model can be found in the market for professional hygiene. Our offering comprises com- on page 11. The report was prepared in accordance with GRI Reporting Standards: Core. It also constitutes Essity’s Commu- plete hygiene solutions, including toilet paper, paper hand towels, nication on Progress (COP) to the UN Global Compact. napkins, hand soap and dispensers. Read more on pages 26–27. Introduction – This is Essity Our strengths Leading market positions in an attractive Focus on efficiency improvements and cost savings and growing hygiene and health market Essity continuously works to improve efficiency in order to Essity is a leading global hygiene and health company. We have strengthen competitiveness, cut costs and improve earnings. sales in approximately 150 countries and hold the number one By streamlining the supply chain and leveraging digitalization or number two position within at least one product category in and economies of scale, a more efficient value chain is achieved. approximately 90 countries. Improved capital efficiency, lower costs and strengthened cash Shifts in global demographics such as population growth and flow are made possible through efficiency improvements and sav- increased longevity as well as higher disposable income point to ings measures, as well as the optimization of capital employed. continued good growth for hygiene and health products. An aging To improve profitability and strengthen the company’s long- population and increased prevalence of chronic diseases, such as term cost efficiency, Essity introduced a Group-wide cost-savings obesity and diabetes, and greater life expectancy of people with program in September 2018. The program is in addition to the chronic diseases, are expected to increase demand for inconti- efficiency initiatives already in progress in the company. Changes nence products and medical solutions. Market growth for hygiene were also made to the company’s organizational structure and and health products is also positively impacted by increased Executive Management Team. awareness of the importance of hygiene to avoid diseases and improve health. Sustainable business model with profitable Essity holds a strong position in several key emerging markets, growth and strong cash flow such as China, Latin America and Russia. We are the majority Essity’s sustainable business model creates value for both shareholder in Vinda, one of China’s largest hygiene companies. people and nature. Essity’s objective is to develop products and Emerging markets accounted for 35% of Essity’s net sales in 2018. services that contribute toward a sustainable and circular society The growth potential for hygiene and health products is high in where we strive to reduce resource consumption and to offer effi- emerging markets where market penetration is significantly lower cient recycling or composting of our products. In 2018, Essity was than in mature markets and where urbanization, higher disposable included in Dow Jones Sustainability Index and named industry income, the development of the retail trade and improved access leader in the Household Products sector. to health care are resulting in increased demand for hygiene and Through continuous work to grow profitable market positions, health products. improve or exit underperforming positions, and successful inno- vations and efficiency improvements, Essity has demonstrated Strong brands and successful innovations profitable growth and strong cash flow. Between 2014 and 2018, Essity is the global market leader in incontinence products with Essity’s net sales increased 34.7%. Organic net sales increased the TENA brand and in Professional Hygiene with the Tork brand. 13.3%, corresponding to an annual increase of 3.2%. During the We also have strong brands and market positions in the markets same period, adjusted EBITA1) increased 36% and the adjusted for baby care, feminine care, medical solutions and consumer EBITA margin1) increased from 10.8% to 10.9%. The company has tissue. Essity’s offerings simplify everyday life for hundreds of generated strong cash flow and in 2018, operating cash flow millions of people worldwide every day. In 2018, we launched amounted to SEK 12,324m. important innovations that offer greater value for customers and consumers while also reducing resource consumption. As an important element in our innovation work, we develop mar- ket-leading digital products and services in hygiene and health. 1) Excluding items affecting comparability. Essity’s Annual and Sustainability Report 2018 1 Introduction – 2018 at a glance 2018 at a glance Key events • Successful innovations • Group-wide cost-savings program In all product categories innovations were launched that To improve profitability and strengthen long-term cost effi- strengthened Essity’s customer and consumer offering. ciency, a Group-wide cost-savings program was introduced. The program is expected to generate annual cost savings of • Essity industry leader in Dow Jones Sustainability Index approximately SEK 900m, with full effect at the end of 2019. Essity qualified for inclusion in the Dow Jones Sustainability World Index and the Dow Jones Sustainability Europe Index, and • New organization was named industry leader
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