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Annual Report Annual Holmen AB (publ) P.O. Box 5407, SE-114 84 STOCKHOLM, SWEDEN Tel +46 8 666 21 00 E-mail [email protected] • www.holmen.com ANNUAL REPORT 2015 ID no. 556001-3301 • Registered office Stockholm 10 0 % Holmen-produced This entire annual report is made using Holmen’s own products. The cover is printed on Invercote Creato, manufactured at Iggesund Mill. This is a paperboard with high whiteness and a smooth, matt surface. Both sides are fully coated. The paperboard is built up in several layers, making it ideal for graphical products where the focus is on designing and embossing the surface for first-class results. The insert is printed on Holmen TRND, which is manufactured at Hallsta Paper Mill. This is an uncoated, matt magazine paper that offers a wide range of options in terms of bulk, grammage and shade. Both Holmen TRND and Invercote Creato are made from fresh fibre. 2015 ANNUAL REPORT INFORMATION CALENDAR The interim and year-end reports are presented at For 2016 Holmen will publish the following financial press and teleconferences in English. The conferences reports: can also be accessed live on Holmen’s website. The annual report, together with year-end and interim 26/4 Interim report January–March reports, is published in Swedish and English and the reports are sent automatically to the shareholders who have indicated their wish to receive them. They are also available on the website www.holmen.com 17/8 Interim report January–June How to order printed material: • www.holmen.com 26/10 Interim report January–September • Holmen AB, Group Communications, 2017 P.O. Box 5407, SE-114 84 Stockholm, Sweden • e-mail [email protected] • telephone +46 8 666 21 00 8/2 Year-end report The cover is printed on Invercote® Creato 260 gsm. It is matt laminated and partially varnished. The insert is printed on Holmen TRND, 2.0 – 80 gsm. Layout: BYN Kommunikationsbyrå AB. Graphic production: Gylling Produktion AB. Photos: Ulla-Carin Ekblom, Cecilia Möller, Rolf Lavergren, Lasse Hejdenberg and others. Print: Åtta.45 Contents The Board of Directors and the CEO of Holmen Aktiebolag (publ.), relevant sustainability issues has a major impact on profitability, risk corporate identity number 556001-3301, submit their annual report and thus the opportunity to create value. The basis for the sustainability for the parent company and the Group for the 2015 financial year. information presented is the sustainability issues identified as key The annual report comprises pages 4–89. The results of the in view of the business that Holmen conducts, which is subject to year’s operations and the financial position of the parent company permit requirements under environmental legislation in the countries and the Group are presented in the administration report, pages in which the Group operates. For more information on how the key 4–55, and the accompanying financial statements, together with the sustainability issues have been identified, please see the GRI index notes and supplementary information. The Group’s income statement on the Holmen website. Holmen reports on its sustainability work in and balance sheet and the parent company’s income statement accordance with the Global Reporting Initiative’s GRI G4 guidelines and balance sheet will be submitted to the Annual General Meeting at Core level. The Sustainability Report comprises pages 10–11, for adoption. 32–41 and 90–91, the GRI index on the Holmen website and the pages on the Holmen website as set out in the GRI index. The The annual report describes Holmen’s financial development as well submitted information on sustainability work is audited by a third as the Group’s sustainability work. The management and handling of party, see separate assurance report on the Holmen website. The year in brief 4 Financial statements Income statement 56 CEO’s message 6 Statement of comprehensive income 57 Balance sheet 58 Business operations Changes in equity 59 Strategy 8 Cash flow statement 60 A sustainable business 10 Parent company 62 Forest 12 Energy 16 Notes 64 Paperboard 20 Printing paper 24 Proposed appropriation of profits 88 Sawn timber 28 Audit report 89 A sustainable future 32 Audit of Sustainability Report 89 Environment 34 Employees 38 Five-year review, sustainability 90 Society and stakeholders 40 Ten-year review, finance 92 Definitions and glossary 94 Risk management 42 Calendar 95 Corporate governance Corporate governance report 46 Board of Directors 50 Group management 52 Shareholder information 53 This is a translation of the Swedish annual report of Holmen Aktiebolag (publ.). In the event of inconsistency between the English and the Swedish versions, the Swedish version shall prevail. HOLMEN ANNUAL REPORT 2015 3 THE YEAR IN BRIEF The year in brief THE GROUP’S OPERATING PROFIT excluding items a debt/equity ratio of 0.23. The Board proposes paper manufacturer by increasing sales of affecting comparability was SEK 1 700 million. a dividend of SEK 10.5 per share. magazine and book paper based on fresh fibre, Earnings were negatively affected by price while reducing its dependence on newsprint. decreases for printing paper and sawn timber, OUTLOOK. The market situation for paperboard Demand for sawn timber is good, but a high as well as a number of significant rebuilding is good, but in 2016 it will be affected by new level of supply is putting the market under and maintenance shutdowns. This was largely capacity being added to the market. In 2016, pressure and the trend for 2016 is uncertain. offset by a weaker Swedish krona, good produc- Iggesund Paperboard will complete an invest- The harvest of Holmen’s own forest is follow- tion and cost rationalisations. Investments ment programme to increase paperboard and ing the harvesting plan. Production of hydro amounted to SEK 832 million and cash flow pulp capacity. In addition to driving up volumes, power was high in 2015 due to an abundant after investments was SEK 1 694 million. The this will also cut production costs. Structural water supply, but is expected to return to nor- dividend paid was SEK 840 million. Net finan- demand for printing paper is falling. Holmen mal levels in 2016. cial debt decreased to SEK 4 799 million, giving Paper is continuing its transition to a speciality NET SALES AND OPERATING PROFIT/LOSS FACTS 2015 2014 OPERATING MARGIN AND RETURN Net sales, SEKm 15 994 SEKm % SEKm % 16 014 Operating profit/loss, SEKm 769 1 284 20 000 20 2 000 20 Operating profit/loss, SEKm** 1 700 1 734 1 700 16 014 Profit for the year, SEKm 559 907 15 000 15 1 500 15 Earnings per share, SEK 6.7 10.8 10.6 10 000 10 1 000 10 Dividend per share, SEK 10.5* 10 6.4 5 000 5 500 5 Return on capital employed, %** 6.4 6.4 2.6 Return on equity, % 2.6 4.3 0 0 0 0 10 11 12 13 14 15 10 11 12 13 14 15 Debt/equity ratio, times 0.23 0.28 Investments, SEKm 832 834 Net sales Operating profit/loss* Average number of employees 3 315 3 359 Operating margin* Return on capital employed* * Board proposal. ** Excl. items affecting comparability. * Excl. items affecting comparability. Return on equity * Excl. items affecting comparability. 4 HOLMEN ANNUAL REPORT 2015 THE YEAR IN BRIEF Quarter 1 Quarter 3 7 24 48 PAPERBOARD UPGRADE. Iggesund INCREASED CAPACITY. The timber EBITDA/ Paperboard presents an upgrade sorting rebuild at Iggesund Saw- Business area, % to Invercote G for improved print mill is completed, bringing a 15 quality. per cent increase in production 3 capacity. ‘CARE BY IGGESUND’ LAUNCHED. 18 Iggesund Paperboard broadens CHANGES TO THE GROUP MANAGEMENT. and improves its service concept – Ola Schultz-Eklund is appointed Total: 2 673 from distribution, sample deliveries the new Director of Technology. Iggesund Paperboard 1 346 SEKm and knowledge sharing to local Fredrik Nordqvist becomes CEO technical support and transparent of the Holmen Energi business area. Holmen Paper 514 SEKm raw material supply. Holmen Timber 86 SEKm AWARD. At the Pro Carton/ECMA Holmen Skog 668 SEKm POPULAR SHEETED PAPER. To meet Awards, a packaging solution Holmen Energi 198 SEKm customer demand for smaller made from Invercote is named print runs, it is now possible to ‘Carton of the Year’. order Holmen TRND in sheets. SPRUCE AND PINE IN BRAVIKEN. 10 14 Braviken Sawmill, which produc- 21 22 es spruce sawn timber, now also begins production of sawn timber in pine. OPERATING 17 CAPITAL/ NET SALES/ Quarter 2 Business area, % 11 Market, % 14 NEW BOARD MEMBER. The AGM elects Henriette Zeuchner, Presi- 55 4 dent and CEO of Berling Media, 5 12 3 4 7 as a new member of Holmen’s Quarter 4 Board. Total: 31 155 Total: 16 014 MORE EFFICIENT ORGANISATION. NEW PAPER GRADE. Holmen Paper Holmen Skog conducts a restruc- Iggesund Paperboard 6 622 SEKm Sweden* 22% launches Holmen UNIQ, an SC turing and at the same time the Holmen Paper 3 558 SEKm UK 14% paper with high thickness in rela- business and marketing focus is Holmen Timber 924 SEKm Germany 12% tion to the paper’s weight. This strengthened. Holmen Skog 17 589 SEKm Spain 7% allows the customer to reduce the basis weight and cut their distri- FIRE AT HALLSTA PAPER MILL. In Holmen Energi 3 351 SEKm Italy 5% bution costs. November a fire breaks out in France 4% the pulp mill. Paper production Netherlands 4% BIO-BASED MATERIALS OF THE FU- is suspended for almost two 2 Rest of Europe 17% TURE. A pilot plant for the devel- weeks, after which parts of the Rest of the world 14% opment of crystalline nanocellu- paper mill are restarted.
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