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Orkla Annual Report 2015

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Orkla Annual Report 2015 Annual Report 2015 Sustainability Report included Annual Report 2015 CONTENTS Contents About Orkla 03 Message from the CEO 06 Orkla’s business areas - Orkla Foods 09 - Orkla Confectionery & Snacks 10 - Orkla Care 11 - Orkla Food Ingredients 12 - Orkla Investments 13 Report of the Board of Directors 15 Corporate governance 29 Sustainability Orkla’s sustainability work - Orkla’s sustainability work 38 - Nutrition and health 42 - Food and product safety 47 - Responsible sourcing 51 - Environment 56 - Occupational health and safety 60 - Human resource development and corporate culture 63 - Orkla and society 67 Annual Financial Statements 2015 Annual Financial Statements 2015 73 Notes Group 78 Financial Statements for Orkla ASA 2015 131 Historical key figures 141 Share information 142 Additional information for valuation purposes 146 The Board of Directors of Orkla ASA 147 Photo: Ole Walter Jacobsen. The Group Executive Board 151 Orkla employees, their children and friends are models in the photos taken Governing bodies and elected representatives 155 by Ole Walter Jacobsen. Group Directory 156 Design and layout by Design Container. 2 Annual Report 2015 ABOUT ORKLA A leading branded consumer goods company Orkla is a leading supplier of branded consumer goods and and Orkla Food Ingredients business areas. Orkla also has concept solutions to the grocery sector, specialist retailers, operations organised under the Orkla Investments business out-of-home sectors and the bakery market. The Nordic area, consisting of the investments in Sapa (50% interest) and Baltic regions are Orkla’s main markets and account for and Jotun (42.5% interest), in addition to Hydro Power, real approximately 80% of the turnover of the Branded Consumer estate and financial assets. Goods business. The Orkla Group also holds good positions in selected product categories in Central Europe and India. Orkla ASA is listed on the Oslo Stock Exchange and its head office is in Oslo. As of 31 December 2015, Orkla had 14,670 Orkla’s Branded Consumer Goods business comprises the employees. The Group’s turnover in 2015 totalled NOK 33.2 Orkla Foods, Orkla Confectionery & Snacks, Orkla Care billion. Key figures 2015 2014 2013 2012 2011 Operating revenues (NOK million) 33,198 29,599 33,045 30,001 61,009 Operating revenues Branded Consumer Goods (NOK million) 32,002 28,584 27,731 24,105 24,621 EBIT (adj.)1 (NOK million) 3,609 3,214 3,142 3,279 3,986 EBIT (adj.)1 Branded Consumer Goods (NOK million) 3,839 3,378 2,961 2,803 2,769 EBIT (adj.)1 margin (%) 10.9 10.9 9.5 10.9 6.5 EBIT (adj.)1 margin Branded Consumer Goods (%) 12.0 11.8 10.7 11.6 11.2 Ordinary profit before tax (NOK million) 4,090 2,872 2,664 3,873 -923 Earnings per share, diluted (NOK) 3.24 1.63 0.68 1.56 -0.76 Total dividends per share (NOK) 2.502 2.50 2.50 2.50 2.50 Equity ratio (%) 62.2 62.5 59.1 53.9 51.8 Figures as reported (2011-2014). 1Operating profit before other income and expenses. 2Proposed dividend. CMYK MAGENTA, YELLOW, SVART med skugga ® 100% Svart PANTONE 485 C ORGANIC GROWTH EBIT (ADJ.) GROWTH EARNINGS PER SHARE Operating revenues for Branded EBIT (adj.) for Branded Consumer Earnings per share were Consumer Goods totalled NOK 32 billion. Goods amounted to NOK 3.8 billion. NOK 3.24. 3 Annual Report 2015 ABOUT ORKLA Orkla's share price over the last five years indexed against OSEBX (without reinvested dividend) 130 120 110 100 90 80 70 60 2011 2012 2013 2014 2015 OSEBX ORKLA Financial Calendar: Date Event 14.04.2016 Annual General Meeting 15.04.2016 Share traded ex. dividend1 26.04.2016 Dividend payment1 03.05.2016 1st quarter 2016 15.07.2016 2nd quarter 2016 01.11.2016 3rd quarter 2016 09.02.2017 4th quarter 2016 1Subject to the approval of the proposed dividend at the General Meeting. GEOGRAPHICAL SPREAD OF SALES REVENUES1 Norway 11,515 35% Nordics ex. Norway 13,083 40% Baltics 1,614 5% Rest of Europe 5,124 16% Rest of the world 1,274 4% Total: NOK million 32,610 100% 1Excluding internal sales and other operating revenues. 4 Annual Report 2015 ABOUT ORKLA 2015 in brief • Successful innovations and improved operations generated • Exposure outside Branded Consumer Goods was reduced sales growth and increased profit for Branded Consumer through the sale of Gränges shares and the continued sell- Goods off of the Group’s share portfolio • To improve the Group’s competitiveness, several major • The synergy programme at Sapa, targeting annual savings processes were initiated to reduce the complexity of its of NOK 1 billion, reached its goal one year ahead of plan factory structure. Responsibility for supply chain operations was also centralised • The return on the Orkla share (including reinvested dividend) was 42.4% in 2015. The Board proposes to maintain a • Orkla acquired the branded consumer goods companies dividend of NOK 2.50 per share Cederroth and NP Foods, and entered into an agreement to purchase Hamé, a leading branded foods company in the Czech Republic and Slovakia Orkla’s strategy Orkla’s strategy is to strengthen its position as a In line with this strategy, priority is given to activities that leading branded consumer goods company with drive organic growth and improve profitability. Successful its main markets in the Nordic and Baltic regions. innovations are Orkla’s main means of achieving organic growth. Orkla intends to strengthen and utilise the Group’s local presence and customer and consumer insight. By leveraging Orkla’s core brand building competency and the Group’s local footprint, Orkla aims to strengthen its position as Orkla’s vision is to be “Your friend in everyday life”. This a leading branded consumer goods company. The primary vision is underpinned by the values “brave”, “trustworthy” driver of long-term value creation is organic growth in the and “inspiring”. Orkla’s mission is to improve everyday life branded consumer goods sector. Orkla intends to continue with healthier and more enjoyable local brands. The strategy to build on its strong positions in the Nordics and Baltics and is based on five pillars: (1) Consumers, (2) Customers, (3) selected markets where the Group already has a presence. People, (4) Operations and (5) Society. Your friend in everyday life Improving everyday life with healthier and more enjoyable local brands Consumers Customers People Operations Society The Compass We deliver brands We are a preferred We develop talent, We deliver profitable We contribute to people love, and partner delivering long teamwork and diversity. growth through the society we innovations that term profitable growth We want people to an efficient and operate in by building delight and engage, and added value based grow and flourish so sustainable value strong businesses. We are determined to work closely together as One every day on strong brands and they deliver at their full chain Sustainability is our key local customer and potential. We are proud to future growth and STRATEGIC PILLARS STRATEGIC consumer insight to be part of a winning competitive power Orkla. We exploit local competitive advantages from team an overall Orkla perspective. We realise synergies and Brave Trustworthy Inspiring actively share best practice and our best people across functions, companies and countries. CORE VALUES CORE One Orkla - one team for growth 4 5 5 Annual Report 2015 MESSAGE FROM THE CEO Peter – part of the Orkla family One Orkla for growth In 2015, Orkla strengthened its position as a branded consumer goods company through a number of strategically important acquisitions. By relocating production operations and rationalising our manufacturing structure, we have begun the process of laying a solid foundation for our long-term competitiveness. The adoption of the Orkla Compass has given us a shared value platform that will make it easier to work as one Orkla. 6 Annual Report 2015 MESSAGE FROM THE CEO In the course of the year, we made several acquisitions that are around 8 million consumer units to customers and consumers helping to strengthen Orkla as a leading branded consumer in a number of countries. Our branded consumer goods play goods company in the Nordic and Baltic regions. The pur- different roles in different situations, but one thing they all have chases of NP Foods and Cederroth reinforced our geographical in common is that they are chosen again and again, every presence and opened up access to new channels and cate- single day, because consumers like and trust them. gories. Through a number of smaller acquisitions, we improved our existing positions in categories such as ice cream, and Our results for 2015 show that the changes we have initiated entered exciting growth categories in the nutrition and health are paying off. Orkla is making good progress. One of the most sector. At the end of 2015, we announced our agreement to important objectives we must achieve going forward is the purchase Hamé, a leading branded consumer goods company successful integration of the companies we have acquired. At with strong positions in the food industry in the Czech Republic the same time, we must maintain operational focus in the form and Slovakia. of innovations, collaboration with customers and cost meas- ures. Through this work, we develop our employees’ skills and Orkla made organisational changes in 2015 on the road to build competence for future value creation. We have ambitious becoming one Orkla, where we collaborate on innovations goals and a great deal remains to be done. At the same time, and share best practices across business areas, companies and we have good plans for further growth and value creation in the countries.
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