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Cloetta – Annual Report 2012 Highlights of 2012 T Highlights of 2012

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Cloetta – Annual Report 2012 Highlights of 2012 T Highlights of 2012 Annual report 2012 u Contents Contents Highlights of 2012 1 Cloetta’s leading brands 14 Cloetta in society 40 This is Cloetta 2 The confectionery market 18 Environmental responsibility 42 Message from the CEO 4 Cloetta’s markets 20 Employees 45 Vision, mission, goals and strategies 6 Production and purchasing 27 Responsibility for raw material producers 50 Strong brands 8 Share and shareholders 34 Table of contents, GRI 51 Product development 11 Corporate responsibility 38 Contents – Financial information Administration report 53 Comments on the consolidated 81 Notes, Parent Company 121 balance sheets Risks and risk management 57 Proposed appropriation of earnings 130 Consolidated cash flow statement 82 Corporate governance Report 61 Audit report 131 Comments on the consolidated cash flow Chairman’s comments 83 Five-year overview 61 statement 132 Board of Directors 74 Consolidated statement of changes in equity 84 Key ratios per share 133 Group Management Team 76 – the Group Financial statements Notes, the Group 85 History 134 Consolidated profit and loss account 78 Consolidated profit and loss account 117 Definitions and Glossary 136 Comments on the consolidated profit 79 Consolidated balance sheet 118 Financial calendar 137 and loss account Consolidated cash flow statement 119 Annual General Meeting 137 Consolidated balance sheet 80 Consolidated statement of changes in equity 120 – Parent Company The annual report for Cloetta AB (publ) 556308-8144 consists of pages 53–77 and the financial statements on pages 78–129. The annual report is published in both Swedish and English, where the Swedish version is the original and has been audited by the auditors of Cloetta. Cloetta – Annual report 2012 Highlights of 2012 t Highlights of 2012 Q1 u An extraordinary general meeting approves the acquisition of LEAF and elects a new Board of Directors. The merger between Cloetta and LEAF is carried out and a new Group Management Team is appointed. u Cloetta sells its distribution operations in Belgium. Q2 u Cloetta’s rights issue is fully subscribed and Cloetta’s share capital is increased by SEK 494m to SEK 1,443m. u Decisions are made to close the factories in Aura, Finland, and Alingsås, Sweden, and Gävle, Sweden and to rationalise warehouse operations. Q3 u NASDAQ OMX Stockholm decides to move Cloetta from the Small Cap to the Mid Cap segment. u Restructuring of the sales and marketing or- ganisation in Sweden as a result of the merger. Q4 u At the request of AB Malfors Promotor, Examples of new product launches Cloetta converts 1,938,386 class A shares during the year to class B shares, after which the Sportlunch Power Break, a chocolate countline with a taste of toffee and hazelnuts (Sweden), number of votes , a fruit pastille in a new package (Italy), chewing gum, a whole new product Sperlari Mynthon in the company under the brand (Finland), Viva Lakrits, a liquorice product under the Malaco brand (Sweden), Jenkki Juicy Cube, fruit-flavoured xylitol chewing gum (Finland), Läkerol Seasalt, throat has decreased by lozenges with a taste of sea salt (Sweden), Venco Tikkels, a mix of liquorice and fruit-flavoured 17,445,474. drops (the Netherlands), Sportlife Snowd, new flavours of chewing gum (the Netherlands), and Saila Balsamica, a pastille based on essential oils without sugar or artificial colours in a practical package (Italy). Quarterly data SEKm 2012 Q4 Q3 Q2 Q1 2011 Q4 Q3 Q2 Q1 Net sales 4,859 1,404 1,159 1,212 1,084 4,658 1,371 1,124 1,120 1,043 Underlying net sales1 5,028 1,431 1,195 1,206 1,196 5,242 1,545 1,235 1,243 1,219 EBITA 125 80 92 –54 7 373 90 133 72 78 EBITA margin, % 2.6 5.7 7.5 –4.4 0.6 8.0 6.6 11.9 6.4 7.5 Underlying EBITA1 439 208 128 53 50 548 202 159 113 74 Underlying EBITA margin, %1 8.7 14.6 10.7 4.4 4.2 10.5 13.1 12.9 9.1 6 Operating profit 125 82 90 –53 6 360 84 129 74 73 Profit before tax –140 72 30 –130 –112 –240 –57 –9 –87 –87 Profit for the period –73 155 13 –122 –119 –68 124 –13 –64 –115 Earnings per share, basic and diluted, SEK –0.26 0.54 0.05 –0.43 –0.57 –0.26 0.47 –0.05 –0.26 –0.49 Cash flow from operating activities 330 147 93 125 –35 492 45 164 143 140 1) Based on constant exchange rates and the current structure (excluding the distribution business in Belgium and third-party distribution in Italy) and excluding items affecting comparability. Includes the former Cloetta’s financial history for better comparability. For definitions see page 136. 1 Cloetta – Annual report 2012 u Marknader This is Cloetta Founded by the three Cloetta brothers in 1862 The 10 largest brands account for around 60% of sales. Cloetta – Annual report 2012 2 This is Cloetta t Own skilled and knowledgeable sales organisation in the Nordic region, the Netherlands and Italy. Sales in 50 countries. Underlying net sales of SEK 5,028m. Underlying EBITA of SEK 439m. 2,600 employees in 12 countries. Production at 10 factories in 5 countries. Listed on NASDAQ OMX Stockholm. Leading market positions with local brands in 6 countries in u sugar confectionery u chocolate products u pastilles and chewing gum 3 Cloetta – Annual report 2012 u Message from the CEO A year of change – positioning Cloetta to capture new opportunities The rationale for the merger was clear. The ment where a high level of cost effectiveness is complementing portfolios of strong brands, critical. Although it is always painful to make the geographic fit, the scope for synergy gains decisions of this type, it is necessary if Cloetta and the potential for restructuring all made is to maintain its competitiveness. perfect strategic sense. The merger of the two organisations, coupled with the closure of the Slagelse fac- MORE STRONG BRANDS tory, will generate annual savings of SEK Confectionery is an impulse-driven category 110 million when fully realised. The factory of shopping, a fact that makes recognised, restructuring, which is an ambitious project desirable and powerful brands of the utmost involving the relocation of 40% of all products, importance. Cloetta has many high profile will provide another SEK 100 million in sav- Without a doubt, 2012 was a consumer brands, several of which have tradi- ings when completed. These are large-scale very active and exciting year as tions dating back to the 1800s and strong local undertakings, but things are progressing we brought about the formation ties. Examples of these include Läkerol, Red smoothly and I am convinced that we will be of the new Cloetta. The merger Band, Sperlari, Kexchoklad, Jenkki, Malaco, able to deliver the full cost savings towards the and Venco. Today, Cloetta has a more com- end of 2014. between Cloetta and LEAF, plete portfolio than ever before, which makes The merger was partly financed through a completed in February 2012, the company a more attractive partner to the successful rights issue. The long-term targets created a stronger foundation retail trade thanks to our wider and deeper to achieve an underlying EBITA margin of at and positioned the joint com­ category coverage and expertise. least 14 per cent, solid earnings growth and The geographic fit was also perfect. The strong cash flows from operating activities, pany for a successful future. two organisations serving the Swedish market which will be used to reduce net debt over the provided major opportunities for cost sav- next couple of years, and thereafter distribute ings and the Leaf organisations in Norway, 40–60 per cent of profit after tax as dividends Denmark and Finland were able to take on were deemed attractive by the investors. the business activities that were previously outsourced to distribution partners. The other Leaf markets present opportunities for the geographic rollout of chocolate products and brands in the longer term. NECESSARY RATIONALISATIONS Following the merger, the company an- nounced its intention to close three plants in order to realise significant cost savings. The confectionary market in Western Europe is mature and fiercely competitive, an environ- Cloetta – Annual report 2012 4 VD har ordet t “ It is with great satis­ faction that I take stock of all we accomplished in the past year.” CONTINUED FOCUS ON price increases, which is never easy, given the Moments. Cloetta intends to be part of, and SUSTAINABILITY consolidated retail trade in our core markets. bring a smile to, all of these Munchy Moments In a wider context, it is also vital to ensure In the end, the consumers will have to pay for with our current and future offering. that we contribute to a sustainable future. As a the increased raw material costs. Our new vision – to be the most admired company that buys raw materials on the global In 2012 Cloetta had to handle many satisfier of Munchy Moments – together market, we need to make sure that our goods activities in addition to our daily business, with our values of Focus, Teamplay, Passion are produced and transported in a responsible including the formation of a new company, and Pride provide a firm foundation for our way. In the past year we improved our environ- establishing it in the public arena, setting up a business. They will guide us in meeting our mental performance per produced tonne. governance structure, managing the integra- targets, fulfilling our commitment to the mar- We have also continued our participation in tion and launching an ambitious restructuring ket, both attracting and retaining employees several organisations aimed at promoting effort.
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