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Annual Report 2007 Market-Leading Brands – a Platform for the Future

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Annual Report 2007 Market-Leading Brands – a Platform for the Future Annual Report 2007 Market-leading brands – a platform for the future Swedish Match is a global Group with a broad offer of market-leading brands in smokefree tobacco products, cigars, pipe tobacco and lights products. The Swedish Match share is listed on the OMX Nordic Exchange in Stockholm. NET SALES OPERATING PROFIT 12,551MSEK 2,997MSEK KEY DATA, MSEK • In local currency sales increased by 1 percent 2007 2006 2005 • Profit comparison affected by hoarding effects Net sales 12,551 12,911 13,311 of snus in Sweden EBITDA excluding larger one time items 3,166 3,583 3,206 • Successful launch for Red Man snuff in the US Operating profit 2,997 3,285 2,825 Operating margin, % 21.8 24.3 19.7 • Three cigar businesses were acquired in Profit for the year 2,056 2,335 1,777 Europe and the US Earnings per share, SEK 7.82 8.13 5.61 Dividend per share, SEK 3.50* 2.50 2.10 * Board proposal Some of our product news Vertigo Stradivarius Red Man Macanudo Club Vertigo is a modern snus designed Stradivarius is a completely new Red Man, the largest brand of chewing Macanudo Club is a new for women. It has a unique waist- premium cigar brand in the US tobacco in the US, was launched as member in the Macanudo formed can and is available in the market. The combination of traditional moist snuff in the US during family, the most popular varieties Bahama Velvet and Cuba choice tobacco and exceptional the year. It is available in the following premium cigar brand in Gold, both with a natural tobacco craftsmanship has resulted in a varieties: Long Cut Straight, Long Cut the US. Macanudo Club flavor inspired by the sun-ripe very exclusive cigar. Wintergreen and Fine Cut Natural. is a smaller cigar for the Caribbean. international market. Market-leading brands – a platform for the future Contents This is Swedish Match . 2 Swedish Match is a global Group with a broad offer of market-leading brands in smokefree tobacco products, cigars, pipe tobacco and lights CEO comment products. The Swedish Match share is listed on the OMX Nordic Exchange in Stockholm. Another successful year.................. 4 Our strategy........................... 6 Market and business environment ...................... 8 NET SALES BY PRODUCT AREA Our business Other operations 20% Snuff 26% Brand strategy and product development.... 10 Lights12% Snuff and snus........................ 12 Cigars .............................. 18 Pipe tobacco and accessories 7% Chewing tobacco ..................... 24 Pipe tobacco and accessories ............ 26 Chewing tobacco 8% Cigars 27% Lights .............................. 29 Our people....................... 32 OPERATING PROFIT BY PRODUCT AREA* Our role in society The Code of Conduct................... 34 Lights 9% Social responsibility .................... 35 Pipe tobacco and accessories 7% Environment ......................... 37 Snus and health....................... 39 Snuff Chewing tobacco 11% 47% Cigars 26% Financial reports Report of the Board of Directors ........... 42 Consolidated Financial Statements * Excluding Other operations and larger one time items. Income Statement ..................... 48 Balance Sheet ........................ 49 Statement of Recognized Income and Expense ......................... 50 Cash Flow Statement................... 51 Notes for the Group .................... 52 Parent Company Financial Statements Income Statement ..................... 80 Balance Sheet ........................ 81 Changes in Equity ..................... 82 Cash Flow Statement................... 83 Notes for the Parent Company ............ 84 Proposed distribution of earnings.......... 90 Auditor’s report ....................... 91 Corporate Governance Borkum Riff Genuine Corporate Governance report ............ 92 Board of Directors ..................... 98 Borkum Riff Genuine is Borkum Riff’s first pipe Group Management................... 100 tobacco without flavor additives and represents an entirely new trend in the brand. This variety Shareholder information consists of Virginia and Burley tobaccos, and Five-year summary ................... 102 has overtones of nuts, chocolate and coffee. Quarterly data ....................... 104 Definitions .......................... 105 The share .......................... 106 Information to our shareholders .......... 108 This is Swedish Match Snuff and Snus Main brands: General, Ettan, Catch, Grovsnus, Göteborgs Rapé, Timber Wolf, Longhorn, Taxi Swedish Match maintains a leading position in the Scandinavian snus market and in South Africa. In North America, Swedish Match is one of the major players in the growing value- priced snuff segment. Main markets: Sweden, Norway, the US, South Africa Production units: Sweden, the US, South Africa 2007 2006 Sales, MSEK 3,289 3,363 Operating profit, MSEK 1,366 1,614 OPERATING PROFIT Operating margin, % 42 48 1,366 MSEK Chewing tobacco Lights Main brands: Red Man, Southern Main brands: Solstickan, Fiat Lux, Swan, Tres Pride, Granger Select Estrellas, Feudor, Redheads, Cricket Swedish Match is the largest player in Swedish Match maintains a strong position in a number of the US market for chewing tobacco. markets for matches. The brands are mostly local and very strong in their respective markets. Swedish Match is a key Main markets: the US player in the international market for disposable lighters. Production units: the US Main markets: Russia, Brazil, Sweden, France, the UK, 2007 2006 Australia Sales, MSEK 956 1,063 Operating profit, MSEK 312 338 Production units: Sweden, Brazil, Bulgaria, the OPERATING PROFIT Operating margin, % 33 32 OPERATING PROFIT Philippines, the Netherlands 2007 2006 Sales, MSEK 1,473 1,503 312 252 Operating profit, MSEK 252 249 MSEK MSEK Operating margin, % 17 17 2 / Swedish Match 2007 T HI S I S swe DI S H M Atc H Cigars Main brands: La Paz, Willem II, Hajenius, Oud Kampen, White Owl, Garcia y Vega, Macanudo, Partagas (US), Punch (US) Swedish Match is the world’s second largest producer and distributor of cigars and cigarillos. Swedish Match maintains a leading position in the US market for premium cigars. Main markets: the US, France, Spain, Benelux, Germany, Australia Production units: the US, the Dominican Republic, Honduras, Belgium, Indonesia 2007 2006 Sales, MSEK 3,411 3,407 OPERATING PROFIT Operating profit, MSEK 737 770 Operating margin, % 22 23 737 MSEK Pipe tobacco and Group The Swedish Match head office, where the accessories CEO and Group staff are based, is located in Stockholm. Operations are conducted in Main brands: Borkum Riff, Half three geographic divisions: North Europe and Half, Best Blend, Boxer, Black Division, North America Division and & White, Nineteen O’Four, Greve International Division. Gilbert Hamiltons Blandning Consolidated sales amounted to12,551 MSEK and the average number of employees Swedish Match is one of the world’s largest was 12,075. Production occurs in own producers of pipe tobacco. production plants in 11 countries: Belgium, Main markets: South Africa, the UK, Brazil, Bulgaria, the Dominican Republic, Australia, the US, Sweden Honduras, Indonesia, the Netherlands, the Philippines, Sweden, South Africa and the US. Production units: South Africa, the US OPERATING PROFIT 2007 2006 WWW.SWEDISHMATCH.COM Sales, MSEK 851 899 More information is available on the Corporate website MSEK Operating profit, MSEK 201 265 www.swedishmatch.com/ourcompany. 201 Operating margin, % 24 29 3 CEO comment Another successful year Another successful year has passed for Swedish Match and there are many events to report. We completed two significant cigar acquisitions and noted sharply increased sales of our American snuff. Despite significant increases in the tax on snus, our earnings in Scandinavia rose above the preceding year’s level during the second half of the year, which resulted in a gradual improvement in the Group’s operating margin. Our strong market positions and healthy cash flow provide us with excellent opportunities for generating a continued favorable return to our shareholders. Our shareholders can be gratified by a 20.7-percent increase in the share price during 2007. 4 / Swedish Match 2007 ceo comment Consolidation of the tobacco industry The acquisition of Bogaert Cigars in mid-June 2007 enabled The tobacco industry is characterized by high profitability Swedish Match to further strengthen its position in Benelux, and healthy cash flows, but also by weak sales development Germany and France. Bogaert Cigars, with net sales of about and declining volumes in a number of product segments, 170 MSEK, has a product portfolio comprising machine-made particularly in industrialized countries. cigars/cigarillos under its own brands, Bogart and Hollandia, For a number of years, the tobacco industry has been as well as private label cigars. Through Bogaert, we gain access consolidating and during 2007 two major deals were reported. to another factory in a low-cost country, Indonesia. Both of UK-based Imperial Tobacco acquired the Spanish-French these acquisitions will generate a healthy contribution to tobacco company Altadis and Japan Tobacco acquired the UK earnings in our cigars product area in the years ahead. tobacco company Gallaher. Following this consolidation, only In our other product areas, all opportunities to increase a few listed tobacco companies remain. The main reason for sales in various markets must also be capitalized on. During the consolidation trend is the declining consumption of the year, our lighter operations noted a sales increase of 1.5 cigarettes in the Western World, which
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