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Elanders Publishes the 2019 Annual Report Elanders’ offer includes handling everything FROM taking orders, procurement, purchasing components and warehousing to production logistics, assembly, configuration, quality control and delivery through advanced end-to-END solutions. Our business concept is TO be a global, strategic and long-term partner to our customers in their work to streamline and develop their business-critical processes. We often take responsi- bility for the customer’s entire supply chain, sometimes it can even include making sure that the products reach the END consumer. ELANDERS ANNUAL REPORT 2019 Global 20 MARTINA WEIHING Division Manager, end-to-end Supply Chain 22 Solutions (LGI) KOK KHOON LIM President, Supply solutions Chain Solutions (Mentor Media) Elanders is a global logistics company with a broad range of services of integrated solutions in supply chain management. The business is mainly run through two business areas, Supply Chain Solutions and Print & Packaging Solutions. 8 MAGNUS NILSSON President & CEO, Elanders Group Contents ELANDERS 2019 OPERATIONS Inside Elanders 20 The World of Elanders 4 Business Concept, Goals Interviews 20 and Strategies 10 The Year in Summary 6 Cases 30 External Trends 12 CEO Comment 8 Five Years in Summary 32 Our Value Creation 14 SHARE INFORMATION Our Integrated Offer 16 Share Information and Our Customers 18 Ownership Structure 36 Elanders 2019 26 24 SVEN BURKHARD President, BERND SCHWENGER Print & Packaging President, Supply Solutions Chain Solutions (LGI) 28 52 FANNY ROSIN ANDRÉAS WIKNER Director, Business CFO, Elanders Group Development AUDITED ANNUAL REPORT Parent Company 94 Financial Definitions 114 Board of Directors’ Report 39 Financial Reports 94 Specific Terms 115 Risks and Uncertainty Factors 44 Notes 99 Board of Directors 116 Corporate Governance Report 46 Proposed Appropriation Group Management, Auditors of Profits 107 and Nomination Committee 118 Sustainability Report 52 Auditor’s Report 108 Contact Elanders 120 Group 62 OTHER INFORMATION Annual General Meeting Financial Reports 62 and Calendar 122 Reconciliation Alternative Notes 66 Performance Measures 112 The World of Elanders Sweden 4 locations 152 employees UK Poland 4 3 locations locations 201 323 employees employees USA Netherlands Czech Republic Russia 5 2 5 1 locations locations locations location 307 50 332 2 employees employees employees employees Germany Austria China 43 1 12 locations location locations 3,391 43 648 employees employees employees Mexico Hungary India Taiwan 1 4 2 1 location locations locations location 18 336 200 5 employees employees employees employees Brazil Italy Singapore 1 1 4 location location locations 46 22 585 employees employees employees Romania 1 location 3 employees 11,254 18 6,664 Net sales, MSEK Number of countries Total number of employees Elanders 2019 Sweden 4 locations 152 employees UK Poland 4 3 locations locations 201 323 employees employees USA Netherlands Czech Republic Russia 5 2 5 1 locations locations locations location 307 50 332 2 employees employees employees employees Germany Austria China 43 1 12 locations location locations 3,391 43 648 employees employees employees Mexico Hungary India Taiwan 1 4 2 1 location locations locations location 18 336 200 5 employees employees employees employees Brazil Italy Singapore 1 1 4 location location locations 46 22 585 employees employees employees Romania 1 location 3 employees Elanders has almost 7,000 employees and operates in some 20 countries on four continents. Our most important markets are China, Singapore, the United Kingdom, Sweden, Germany and the USA. Our major customers are active in the areas Automotive, Electronics, Fashion & Lifestyle, Industrial and Health Care & Life Science. > 1,000,000 > 90 Total m2 of production and warehouse space Total number of locations 5 The Year in Summary 2019 in summary The year was characterized by success for Print & Packaging Solutions and the Asiatic section of Supply Chain Solutions, both of which had one of their best years ever. However, growth began to wan after almost three entire years of strong organic growth. The reduction was due to weaker demand from some customer segments and a conscious prioritization of more profitable business. Focus going forward is on improving sitions without any significant effect on profitability by being more selective and our financial position. It is also important continuing to choosing deals with better to make sure that concepts in the Group margins while phasing out business with with the potential to become good busi- poor profitability or low returns. After ness opportunities in the future receive 5 % two years with strong cash flows Elanders sufficient resources to develop properly. Net sales increased by can now make smaller or mid-sized acqui- 5% in 2019 THREE YEAR OVERVIEW 2019 2019 excl. IFRS 16 2018 2017 Net sales, MSEK 11,254 11,254 10,742 9,342 EBITDA, MSEK 1,285 573 725 563 EBITDA adjusted, MSEK 1,435 723 725 563 EBITA, MSEK 413 378 523 371 EBITA adjusted, MSEK 563 527 523 371 Result after financial items, MSEK 216 245 366 230 Result after tax, MSEK 153 175 259 165 Earnings per share, SEK 1) 4.19 4.80 7.18 4.65 Adjusted earnings per share, SEK 1) 7.16 7.77 7.18 4.65 Cash flow from operating activities per share, SEK 37.81 19.60 12.88 –1.81 Equity per share, SEK 78.54 79.15 76.28 69.21 Dividend per share, SEK 2.90 2) 2.90 2) 2.90 2.60 EBITA-margin, % 3.7 3.4 4.9 4.0 EBITA-margin adjusted, % 5.0 4.7 4.9 4.0 Return on total assets, % 4.2 4.6 6.6 4.3 Return on equity, % 5.3 6.0 9.8 6.8 Return on capital employed, % 5.0 6.2 8.5 6.2 Net debt/EBITDA ratio, times 3.1 3.7 3.5 4.7 Net debt/EBITDA adjusted ratio, times 2.8 3.0 3.5 4.7 Debt/equity ratio, times 1.4 0.8 0.9 1.1 Equity ratio, % 30.2 37.8 35.0 33.1 Average number of outstanding shares, thousands 35,358 35,358 35,358 35,358 1) There is no dilution. 2) Proposed by the board. Excluding IFRS 16 means that the same accounting principles as 2018 have been used. IFRS 16 is effective from 1 January 2019 and has affected the accounting of the Group’s lease agreements. The transition to IFRS 16 has been based on the Modified retrospective approach, which means that the comparison periods have not been adjusted. One-off items have been excluded in the adjusted measures. For Reconciliation Alternative Performance Measures and Financial definitions, see pages 112–114. 6 Elanders Annual Report 2019 Elanders 2019 SUPPLY CHAIN SOLUTIONS PRINT & PACKAGING SOLUTIONS Supply Chain Solutions is Elanders’ largest business area The market for business area Print & Packaging Solutions and makes up three-fourths of the Group. This area has continues, as in previous years, to be characterized by a very high potential for growth in the future. Generally tough price pressure, shrinking total volumes and over- speaking, the market is growing, driven by a worldwide capacity. Total print volumes are down on every Elanders expanding middle-class. New regulations and changes in market and there is a clear shift towards digital print and behavior patterns will most likely have a significant effect more personalized products instead of traditional offset on future logistics flows, which puts big demands on actors print in large volumes. Despite these conditions Print & that want to have a place on the market. Packaging Solutions had one of its best years ever and Despite considerable uncertainty regarding what effect stable organic growth. In addition, several important the trade war between the USA and China might have customer contracts were renewed during the year. The on supply chains for major customers, the Asiatic section strategy over recent years to consolidate production of the business area had one of its best years ever. It capacity and move volume production to countries with has, however, been more challenging for operations in lower cost levels for further export to other markets has Europe. As an example, the Purchasing Manager's Index proven successful. At the same time Elanders is not afraid (PMI) was 41.7 for the German manufacturing industry to invest in new technology such as inkjet for high speed in September, which was the lowest in many years. As is printing of everything from long series to a few copies. well known, Germany is the Elanders’ largest market. PMI At the end of the year Sven Burkhard became indicates how purchasing managers perceive the future President of the business area. and an index under 50 displays a pessimistic view. During the latter half of the year Bernd Schwenger Brands: Elanders, d|o|m, fotokasten and myphotobook took over as President of Elanders’ subsidiary LGI. A reorganization and restructuring plan was adopted to reduce overhead and improve profitability. The goal was to better clarify result and customer ownership out in the organization. When the reorganization was implemented accounting errors were discovered in some customer projects for one customer in transportation operations. Correction of these errors had a substantial negative effect on the result for the fourth quarter. Brands: LGI, Mentor Media and ITG NET SALES PER QUARTER ADJUSTED EBITA OPERATING CASH FLOW AND ADJUSTED EXCLUDING ACQUISITIONS EBITA-MARGIN PER QUARTER % % % % % % – Q Q Q Q Q Q Q Q Q Q Q Q ● 2018 Net sales, MSEK ● 2018 EBITA adjusted, MSEK ● 2018 Operating cash flow, MSEK RörelseresultatMkr ● 2019 Net sales, MSEK ● 2019 EBITA adjusted, MSEK ● 2019 Operating cash flow, MSEK 2018 EBITA-margin adjusted, % RörelseresultatMkr 2019Rör EBITA-marginelsemarginal adjusted, % Rörelsemarginal 7 CEO Comment A challenging and exciting year 2019 has truly been a challenging yet exciting year.
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