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Annual Report 2020 Annual Report 2020 2 Hkscan in Brief

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Annual Report 2020 Annual Report 2020 2 Hkscan in Brief Annual Report 2020 Annual Report 2020 2 HKScan in brief At HKScan, we make life tastier – today and tomorrow. Our strategic target is to grow into a versatile food company. Our responsibly produced, delicious products are part of consumers’ varied food moments – both every day and on special occasions. We have some 7,000 HKScan professionals applying more than 100 years of experience to make locally produced food. For us at HKScan, responsibility means continuous improvements and concrete actions throughout the food chain. As part of our Zero Carbon programme, we are targeting a carbon- neutral food chain from farms to consumers by the end of 2040. Our home markets cover Finland, Sweden, the Baltics and Denmark. Our strong product brands include HK®, Kariniemen®, Via®, Scan®, Pärsons®, Rakvere®, Tallegg® and Rose™. Through our strategic partnerships, we are also known for Kivikylän®, Tamminen® and Boltsi® brands. Annual Report 2020 3 Content Year 2020 5 Corporate Responsibility 23 Governance 57 Report of the Board of Directors and Financial Statement 81 CEO’s review 6 Responsibility at Corporate Governance the core of HKScan’s strategy 24 Statement 2020 58 Report of the Board of Directors 80 HKScan’s year 2020 8 Corporate Responsibility Remuneration Report 2020 72 Financial Statement 100 Performance in 2020 10 Programme Targets 25 Auditor’s report 176 HKScan’s strategy 14 Environment 28 Turnaround programme 17 Healthy food 34 This is how HKScan created Farmers 38 value in 2020 18 Personnel 40 Operating environment 19 Animal welfare 45 Management approach and GRI Index 49 Annual Report 2020 4 Year 2020 Annual Report 2020 5 YEAR 2020 CORPORATE RESPONSIBILITY GOVERNANCE REPORT OF THE BOARD OF DIRECTORS FINANCIAL STATEMENT CEO’s review: From deep losses to a profit in two years The Turnaround programme, launched to resolve the company’s deep financial and operational crisis at the beginning of 2019, proceeded as planned and successfully despite the demanding circumstances in 2020. We have been able to cumulatively improve the comparable EBIT by over 63 million euros in two years. The company’s cash flow from operating activities improved cumulatively by 78 million euros during the same period. In addition, our net gearing is at a level that allows a controlled continuation of our Turnaround programme. HKScan has in two years progressed from a serious financial situation to a profitable company. We raised the company's net result for the 2020 financial year to a profit of nearly EUR 5 million. Our net result was profitable for the first time since 2015. I am pleased with the company’s strong development and result achieved in the very exceptional operating environment. The strong cornerstone of our success has been our employees’ attitude and expertise. In the achieved profit improvement, I see the significance and achievements of the strong work of all our employees. Despite the significant improvement, the company’s level of profitability is still, of course, insufficient. We will continue the determined promotion of ongoing development programmes and the full utilisation of new business opportunities. All Business Units showed improvement HKScan’s net sales continued to grow. We were able to increase the company’s net sales by more than 2 per cent to EUR 1,781 million. Growth was seen in all the market areas and in all the key product categories. Net sales growth was particularly strong in Denmark, where our strategy to increase added value progressed well. In all of our home markets, retail sales grew strongly while sales in the food service channel declined significantly due to the Covid-19 pandemic. Annual Report 2020 6 YEAR 2020 CORPORATE RESPONSIBILITY GOVERNANCE REPORT OF THE BOARD OF DIRECTORS FINANCIAL STATEMENT In 2020, all HKScan’s home market areas, except As a whole, 2020 was exceptionally demanding increasingly evaluating us as a company based on our the Baltics, improved their comparable EBIT. with the very serious, ongoing pandemic and animal responsibility work. Profit improvement was clear in Finland, Sweden diseases detected in Europe, e.g. African swine fever and Denmark. In Denmark, comparable EBIT turned found in Germany in September and avian flu in several We advance our corporate responsibility work to become profitable after 7 loss-making years. The Baltics showed European countries at the end of the year. increasingly consistent, goal-oriented and transparent. very strong operational business development. We promote the systemic change that integrates However, due to lower meat market prices in Europe, Responsibility and growth in consumers' responsibility into our business model and financial the fair value of biological assets in the Baltic business food moments at the core of our strategy reporting. Responsibility and its impact on our business decreased significantly, which resulted in lower will play a greater role in the company's reporting. comparable EBIT than in the comparable year. Changes in consumer behaviour emphasise the need Responsibility work remains in the key role on for renewal in line with our strategy on our journey the top management's agenda. Our pork exports from Finland to China increased to a versatile food company. The key target of our strategy from the comparison year and the volume of exports is growth in consumers' food moments. In the strategy, Thank you – our journey to a versatile was in line with our target. Our export to China is the focus is on the strengthening of our position food company continues an important channel balancing our home market. in the existing and in new product categories and In China, demand is forecasted to remain strong sales channels. Renewing ways and channels of food We aim to make HKScan an even more interesting, although China’s own pork production has shown clear production and supply, combined with rapidly growing versatile food company that rewards its owners. growth. I see China interesting in terms of the exports of digitalisation, confirm the need to renew our operations. other meat types as well. We continue to work closely Partnerships are also a key part of our strategy. I want to thank our shareholders, personnel, customers, with the Finnish authorities to obtain export licenses contract farmers, financiers and all stakeholders for also for poultry and meat products. At HKScan, responsibility is a key part of the company’s very good and profitable collaboration in 2020. strategy, covering the entire food chain from farms The appreciation of locally produced to consumers. Through its advanced responsibility work, Tero Hemmilä food strengthened the company responds to the change in operating CEO environment, works long-term with the goal of being HKScan Corporation Changes in meat consumption varied between our home the most responsible player of the food industry markets. In general, we can say that the strong demand in its home markets and increases competitiveness for poultry meat continued while the consumption throughout the value chain. of pork and beef slightly weakened in our home markets, with the exception of the Baltics. According to our Environmental efforts, such as active work to mitigate estimate, the consumption of processed meat products climate change, play a key role in our corporate was stable. It is clear that the appreciation of domestic responsibility work. Consumers, customers, financiers, meat and meat products produced locally has clearly capital markets, job seekers, our own employees and strengthened during the pandemic. many other HKScan’s important stakeholders are Annual Report 2020 7 YEAR 2020 CORPORATE RESPONSIBILITY GOVERNANCE REPORT OF THE BOARD OF DIRECTORS FINANCIAL STATEMENT HKScan’s year 2020 +63 M€ +78 M€ In 2020, the strategy implementation with the Turnaround Cumulative improvement Cumulative improvement of comparable EBIT in of cash flow from operating programme at its core proceeded as planned. 2019-2020 from the 2018 level. activities during the same period. • Turnaround programme proceeded and strong • Poultry category was driving the growth in • We decided on our new Food Solutions Unit, profit improvement continued. the company's key home market areas. which will develop and commercialise • Our profit improvement slowed down due • In beef, pork and processed meat products, our sales the concept business in all of our home markets. to the Covid-19 pandemic and animal diseases strengthened particularly in branded retail products. • We purchased the plot of land of our strategically detected in Europe. • In Finland, we expanded into new plant-based important Vantaa production unit. • Our retail sales increased significantly while food categories through partnerships, e.g. • We made good progress in all the key areas of service sales decreased significantly as a result Hes-Pro (Finland) and Boltsi Oy. our responsibility programme and throughout of the pandemic. the food chain. 2019 2020 Q1 Q2 Q3 Q4 EBIT + 44 M€ + 50 M€ + 53 M€ + 57 M€ + 63 M€ + 74 M€ + 84 M€ + 92 M€ + 86 M€ + 78 M€ Cash Flow EBIT = Cumulative improvement of comparable EBIT, EUR million Cash flow = Cumulative improvement of cash flow from operating activities, EUR million Annual Report 2020 8 YEAR 2020 CORPORATE RESPONSIBILITY GOVERNANCE REPORT OF THE BOARD OF DIRECTORS FINANCIAL STATEMENT Key events in 2020 HKScan and Apetit agreed to start commercial co-operation in Sweden Entire HKScan team celebrated Decision to invest European Week for Safety in Rauma poultry unit -35% Launch of a new plant-based and Health at Work HKScan’s Finnish beef carbon protein product line, footprint is 35 per cent lower HK VihreätTM New Firm actions initiated to save than in Europe Hackathon teams transforming Zero Carbon Group-wide the personnel from Agrofood Ecosystem® data climate plan operating Covid-19 and minimise Purchase of land HKScan joined New Group-wide well-being into consumer-friendly format completed model taken the impacts of the pandemic for the strategically the Danish Alliance at work programme launched.
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