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ANNUAL REPORT 2018 Facebook: Postbox 64 Postbox Arcus ASA Arcusgruppen [email protected] NO-1483 Hagan Destilleriveien 11 Destilleriveien Tel

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ANNUAL REPORT 2018 Facebook: Postbox 64 Postbox Arcus ASA Arcusgruppen Post@Arcus.No NO-1483 Hagan Destilleriveien 11 Destilleriveien Tel Arcus ASA Destilleriveien 11 Postbox 64 NO-1483 Hagan ANNUAL REPORT ANNUAL Tel. (+47) 67 06 50 00 [email protected] www.arcus.no Facebook: ArcusGruppen 2018 Contents In brief Group CEO The2 Company Corporate Social Responsibility Corporate Governance Directors’ Report Financial Statements and Notes ANNUALContact REPORT 2018 Arcus2/133 ASA IN BRIEF Business Structure A Leading Nordic Brand Company Key Figures 2018 Strategy and Key Information Group CEO SØREN NIELSEN, SALES MANAGER Søren is enthusiastic and dedicated, with solid knowledge of Arcus’ spirits. He sees what the customer needs, and which spirits and cocktails are right for every occasion. Contents In brief Group CEO The3 CompanyIN BRIEFCorporate | Business StructureSocial Responsibility Corporate Governance Directors’ Report Financial Statements and Notes ANNUALContact REPORT 2018 Arcus3/133 ASA IN BRIEF Business Structure A Leading Nordic Brand Company BUSINESS STRUCTURE INNHOLD Key Figures 2018 Strategy and Key Information IN BRIEF Group CEO Business Structure 3 Arcus ASA A Leading Nordic Brand Company 4 Key Figures 2018 5 Strategy and Key Information 6 Group CEO 8 THE COMPANY The Company in Brief 9 Wine 12 Arcus-Gruppen AS Spirits 21 Distribution 28 Organisation 31 Group Management 34 CORPORATE SOCIAL RESPONSIBILITY 35 Finance, IT, HR, Communication CORPORATE GOVERNANCE 47 DIRECTORS’ REPORT 51 FINANCIAL STATEMENTS & NOTES Contents 57 Consolidated Financial Statements Business Area Business Area Business Area with Notes 58 Wine Spirits Distribution Parent Company Financial Statements with Notes 121 Sweden: Subsidiaries: Norway: Declaration 130 Vingruppen i Norden AB NO, SWE, FI, DK, DE Vectura AS Auditor's Report 131 Norway: Third-party distribution: Vingruppen AS DE, US and others Finland: Tiffon (cognac): IR and Media Contact: Vingruppen Finland Oy 34.75% owner share Group Director Communications and IR Per Bjørkum [email protected] Tel. (+47) 922 55 777 Concept, design and produktion: oktanoslo.no Contents In brief Group CEO The4 CompanyIN BRIEFCorporate | A Leading Social Nordic BrandResponsibility Company Corporate Governance Directors’ Report Financial Statements and Notes ANNUALContact REPORT 2018 Arcus4/133 ASA IN BRIEF Business Structure A Leading Nordic Brand Company A LEADING NORDIC BRAND COMPANY SALES REVENUE BY BUSINESS AREA IN 2018 Key Figures 2018 Strategy and Key Information SOLID POSITIONS IN THE NORDIC 10% Group CEO REGION AND GERMANY #1 Spirits 29% #1 Wine ■ Wine #6 Spirits ■ Spirits 61% ■ Distribution (Vectura) #3 Wine SALES REVENUE BY COUNTRY IN 2018 Spirits 5% #2 2% #5 Spirits 5% 39% 8% #2 Wine 1 Aquavit # ■ Norway THE BEST OF NORDIC ■ Sweden ■ Finland SPIRITS TO THE WORLD AND ■ Denmark ■ Germany THE WORLD’S BEST WINES ■ Tax-free, other countries TO THE NORDICS 41% Contents In brief Group CEO The5 CompanyIN BRIEFCorporate | Key Figures Social 2018 Responsibility Corporate Governance Directors’ Report Financial Statements and Notes ANNUALContact REPORT 2018 Arcus5/133 ASA IN BRIEF Business Structure A Leading Nordic Brand Company KEY FIGURES 2018 Key Figures 2018 Strategy and Key Information Group CEO Arcus ASA Group 2018 2017 2016 2015 2014 Operating revenues NOK million 2,723.2 2,575.1 2,582.5 2,470.9 2,332.4 OPERATING REVENUES Of which operating revenues outside Norway NOK million 1,646.8 1,554.4 1,567.7 1,479.5 1,288.5 NOK million EBITDA NOK million 307.3 347.6 290.5 257.8 272.1 EBITDA adjusted for non-recurring items NOK million 312.6 360.7 335.3 274.4 266.3 EBITDA margin adjusted for non-recurring items (%) 11.5% 14.0% 13.0% 11.1% 11.4% Number of FTEs, 31.12 Persons 435 425 409 422 448 2,723 GROWTH 2006–2018 EBITDA adjusted for non- recurring items NOK million NOK million NOK million 400 3,000 2,723 2,583 2,575 350 2,471 2,332 2,268 2,500 335 361 313 300 1,957 313 1,789 2,000 250 1,632 268 266 274 1,505 200 1,309 1,500 1,220 210 198 150 965 170 1,000 100 NUMBER OF 121 128 109 500 EMPLOYEES 50 68 0 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 435 ■ EBITDA adjusted for non-recurring items ■ Operating revenues Contents In brief Group CEO The6 CompanyIN BRIEFCorporate | Strategy andSocial Key ResponsibilityInformation Corporate Governance Directors’ Report Financial Statements and Notes ANNUALContact REPORT 2018 Arcus6/133 ASA IN BRIEF Business Structure A Leading Nordic Brand Company Key Figures 2018 STRATEGY AND KEY INFORMATION Strategy and Key Information Group CEO ARCUS’ GROWTH STRATEGY SUMMARISED AS 10 POINTS: SPIRITS WINE DISTRIBUTION M&A • Growth in the core categories • Win tenders in monopoly • Sustained focus on cost • Minor bolt-on acquisitions of aquavit and bitters markets and further develop optimisation the current range • Strengthen position in the • Increase revenue with new Nordic region, revitalise • Attract new and complementary distribution agreements Germany agencies • Strengthen innovation: New • Strengthen and further develop occasions, categories and sales of own brands consumer groups • Use the entrepreneurial model, attracting the best to start up new wine companies FINANCIAL TARGETS DIVIDEND POLICY FINANCIAL CALENDAR 2019 Revenue: Arcus’ ambition is to pay annual dividend of 11 April: Annual General Meeting Organic growth of 3–5 per cent per annum, approximately 50–70 per cent of the net 10 May: Result, Q1 including minor bolt-on acquisitions. annual profit. The proposal to pay dividend and 29 May: Payment of dividend1 the dividend rate were presented by the Board 15 August: Result, Q2 EBITDA: of Directors and adopted by the Annual 6 November: Result, Q3 Growth of 6–9 per cent per annum during General Meeting on 11 April. 1. Provided that the dividend proposal is adopted by the the next 3–5 years. Annual General Meeting. Contents In brief Group CEO The7 CompanyIN BRIEFCorporate | Strategy andSocial Key ResponsibilityInformation Corporate Governance Directors’ Report Financial Statements and Notes ANNUALContact REPORT 2018 Arcus7/133 ASA IN BRIEF Business Structure A Leading Nordic Brand Company LIST OF SHAREHOLDERS AS OF 31 DECEMBER 2018 GEOGRAPHICAL DISTRIBUTION OF SHAREHOLDERS AS OF 31 DECEMBER 2018 Key Figures 2018 Arcus ASA has issued 68,023,255 shares, distributed to 2,132 shareholders. Strategy and Key Information 1.6% Group CEO Number of Ownership 1.8% Shareholder shares interest 2.3% 2.4% 1 Canica AS 28,607,626 42.1% 2 Geveran Trading 6,750,000 9.9% 9.9% 82.0% 3 Verdipapirfondet DNB Norge (IV) 3,589,022 5.3% 4 Hoff SA 3,297,000 4.9% 5 Sundt AS 2,710,000 4.0% 6 Centra Invest AS 1,803,818 2.7% 7 Folketrygdfondet 1,750,000 2.6% ■ Norway 8 Danske Invest Norske Instit. (II) 1,715,398 2.5% ■ Cyprus 9 KLP Aksjenorge 1,326,494 2.0% ■ Great Britain 10 Goldman Sachs International 1,092,651 1.6% ■ Luxembourg ■ Sweden 11 Landkreditt Utbytte 1,000,000 1.5% ■ Other countries 12 RBC Investor Services Bank S.A. 949,458 1.4% 13 Verdipapirfondet DNB Norge Selektiv 926,616 1.4% 14 Danske Invest Norske Aksjer Inst. 892,400 1.3% 15 Kommunal Landspensjonskasse 849,707 1.3% 16 Mustad Industrier 400,000 0.6% 17 Danske Invest Norge (II) 363,834 0.5% 18 The Bank of New York Mellon SA 317,243 0.5% 19 Avanza Bank AB 303,933 0.5% 20 Janska Invest AS 260,861 0.4% YIELD INCLUDING DIVIDEND DIVIDEND PER SHARE Oslo Stock Oslo Stock NOK 1.47 paid in 2017. Exchange Exchange Consumer NOK 1.66 paid in 2018. Arcus Main Index Goods Index NEWS AND STOCK-EXCHANGE ANNOUNCEMENTS Dec. 2016-2018 2.6% 20.6% 34.1% You can subscribe for stock-exchange announcements and quarterly reports from Arcus via this link: 2018 -8.3% -1.9% 28.8% https://www.arcus.no/en/subscribe Arcus ASA was listed on the Oslo Stock Exchange on 01.12.2016. Remember to click on “Information type” on the right-hand side. Source: Oslo Stock Exchange Contents In brief Group CEO The8 CompanyIN BRIEFCorporate | Group CEO Social Responsibility Corporate Governance Directors’ Report Financial Statements and Notes ANNUALContact REPORT 2018 Arcus8/133 ASA IN BRIEF Business Structure A Leading Nordic Brand Company Key Figures 2018 Strategy and Key Information Group CEO ARCUS SALES IN 2018 AT ALL-TIME HIGH DRIVEN BY WINE In 2018, Arcus’ revenue increased by 5.8 per cent to NOK 2.7 billion, reflecting high wine sales in Sweden and Norway. We do not want people to drink more alcohol, In 2018, 58 per cent of all red wine Gammel Dansk are also exported to 30 expensive, are the two key reasons for the but we do want consumers to choose our consumption was from bag-in-box, while countries. Arcus also sells brands from leading decline. products. for white wine the figure was 55 per cent. global producers such as Sazerac (Fireball, Arcus stands for strong professional This is precisely what happened in 2018. For Sweden, the equivalent figures were Buffalo Trace, etc.) and Proximo (Bushmills, expertise, in terms of the markets in which We have aligned the wine portfolio towards 48 and 25 per cent. Jose Cuervo, etc.). we operate, the products we manufacture and the real basis for our growth, which is the In 2018, a lot of high quality aquavit was Our Norwegian distribution company, import, and all of our distribution activities. popular categories of rosé wine, white wine produced (including Gammel Opland, LINIE, Vectura, contributed to the growth in revenue, This is the best starting point for 2019 to be and sparkling wine (including champagne, Løiten, Gilde and Aalborg), besides bitters with new customers and increased sales of a year with good financial performance.
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