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Annual Report 2015 Contents Annual Report 2015 Contents Scandi Standard in brief 1 Vision 2 Superior environmental efficiency 5 CEO statement 6 Strategy 9 Market overview 17 Trends and drivers 18 Our value chain 20 Financial targets 23 Sustainability 25 The Scandi Standard share 30 Report by the Board of Directors 34 Consolidated financial statements 42 Parent Company financial statements 45 Notes to the consolidated financial statements 47 Notes to the Parent Company financial statements 74 Auditor’s report 77 Segment information by quarter 78 Definitions 79 Corporate governance report 80 Auditor’s report on the corporate governance statement 87 Board of Directors 88 Group Management 90 Annual General Meeting 92 Scandi Standard in brief Scandi Standard is the leading supplier of chicken-based and Den Stolte Hane in Norway, as well as for private food products in the Nordic region. We offer a broad label. Our customers are found in the retail, food service NET SALES BY PRODUCT CATEGORY range of chilled and frozen products under well-known and food industry sectors. Our products are exported to brands such as Kronfågel in Sweden, Danpo in Denmark more than 40 countries. SWEDEN DENMARK NORWAY FINLAND GROUP TOTAL 1) NET SALES, MSEK 2,231 2,284 1,178 44 5,423 45% FROZEN PRODUCTS 43% CHILLED PRODUCTS SHARE OF NET SALES, % 39 39 6% EGG 21 ₁ 6% OTHER ADJUSTED OPERATING 2) INCOME, MSEK 160 144 60 −24 292 NET SALES BY SALES CHANNEL MARKET POSITION Niche ₁ ₁ 3 position ₁ MAJOR BRAND 1) After elimination of internal sales. 2) Adjusted for non-comparable items of MSEK −32.0 58% RETAIL and before corporate expenses and amortisation. 20% FOOD SERVICE 16% EXPORT 3% INDUSTRY 3% OTHER Scandi Standard Annual Report 2015 Scandi Standard in brief 1 Our vision is to inspire people to eat chicken once more per week. MAJOR REASONS TO EAT CHICKEN Chicken is low in calories and low in saturated fat, which is good for the health. MAJOR REASONS TO EAT CHICKEN Chicken is rich in high-grade protein. One portion corresponds to about half of the daily recommended intake of protein. Superior environmental efficiency Chicken is one of the most environ- mentally efficient sources of meat CHICKEN VS BEEF protein. Due to a lower feed to meat conversion ratio and lower CHICKEN GENERATES use of energy and water, primary production of chicken generates th substantially lower green house gas 1/10 OF GREENHOUSE GAS EMISSIONS emissions per kg meat produced as (CO2e) COMPARED TO BEEF compared to pork and beef. Chicken is also considered to have clear health benefits compared to red meat. Chicken Beef 0.4kg CO2e/kg* 4kg CO2e/kg* *The environmental effect is indicated in carbon dioxide per meal, CO2e/kg. THE BURGERS CONTENT The analysis of the environmental effect of the ingredi­ effect is determined for cooked meals (eg. 100g cooked 1 hamburger bread (50g), sliced onion (15g), 2 tsp ketchup ents in both hamburgers is based on data from SP Food burger has used 142g raw meat). The estimation of envi­ (20g), 100g cooked minced chicken/beef per portion and Bioscience climate database (all ingredients are ronmental impact does not account for production or (equivalent to 142g raw mince), 1 salad leaf (15g). assumed to be of Swedish origin). The environmental packaging. Scandi Standard Annual Report 2015 Superior environmental efficiency 5 Positioned for profitable growth We strengthened the Group in a number of areas during the Europe and the developed world, we expect this positive trend year. Our efforts in product development generated a number to continue. The per capita consumption in the US is for example of successful product launches, and efficiency in production more than twice as high as in the Nordics. was significantly improved. The Group's market shares Demand is to a large extent driven by the fact that chicken improved in both Sweden and Norway. We also took a first is considered to be healthier than red meat. It is also a more step to build a position in Finland through the acquisition of affordable source of protein as production cost is lower, and the Huttulan operation. has less impact on the climate. OECD1) estimates that by 2023 A strong improvement in both net sales and adjusted oper- half of the world’s consumption of meat protein will be poultry. ating income in Sweden and Denmark more than compensated for a continued weak performance in Norway. Both net sales Increased focus on innovation and adjusted operating income for the Norwegian operation It is our vision to inspire the Nordic consumers to eat chicken once improved in the latter part of the year following the start of more per week. In order to achieve this we must put more focus on deliveries to Coop under the new supply agreement, improved product innovation to drive the category, and better meet consum- market demand and efficiency gains in production. ers’ demand for tasty, convenient and healthy food products. Overall, Group net sales increased by 3 percent at constant The number of product launches in 2015 was higher in all exchange rates. The adjusted operating margin declined to countries than in the previous year. In Sweden we launched 5.4 percent from 5.7 percent in 2014 due to the consol idation of several new and innovative barbeque products and an extension the Finnish operation. For comparable units, the adjusted of the Minutfilé line with ready-to-cook slices and stripes of operating margin increased to 5.8 percent. Cash flow was the fillet. We also launched the first free-range chicken on the strong although lower than last year due to higher capital Swedish market, a breed that grows slower than traditional expenditure and an increase in inventories compared to a sig- chicken but not as slow as organic chicken and can move freely nificant decrease in 2014. The increase in capital expenditure outdoors. A range of tasty chicken sausages, corn chicken and related to investments in new processing capacity for ready-to- minced products in Denmark are other good examples. eat products. Adjusted income for the period and earnings per During the year we managed to increase coordination and share improved benefitting from substantially lower finance sharing of ideas and product concepts between our business expenses. The net debt/adjusted EBITDA ratio improved to units in the different countries. This is important in order to 2.7x from 3.0x in 2014. “ We strengthened share best practice and utilize the benefits of being a Group. A good example of this is the launch of chicken bacon that will be The market for chicken is growing the Group in a made in all Nordic markets during 2016. But we need to do more The market for chicken in the Nordic region continued to grow number of areas in terms of improving the process and make it truly consumer- during the year. As the per capita consumption of poultry in the driven based on in-depth consumer insight. Nordic countries is considerably lower than in other parts of during the year.” 1) OECD-FAO Agricultural Outlook 2014, OECD Publishing. 6 CEO statement Scandi Standard Annual Report 2015 In order to better coordinate our efforts within consumer with ICA Norway in April 2014 and a significant drop in insight and brand-building, we have decided to establish a demand after media coverage regarding bacteria in chicken. ACHIEVEMENTS IN 2015 business development function at Group level during 2016. In May 2015 we signed a new supply agreement with • Strong increase in net sales and adjusted Coop Norway, which also includes the stores Coop acquired operating income in Sweden and Denmark Bosarpkyckling a successful acquisition from ICA Norway. Deliveries under the new agreement started more than compensated for a weak perfor­ Bosarpkyckling, the first supplier of organic chicken in Sweden, in August and we have since then seen a gradual increase in net mance in Norway. was acquired in September 2014. The acquisition added a new sales and operating income, although from a low level. I expect • The adjusted EBITDA margin was stable at platform for growth in this fast growing, premium segment. this positive trend to continue as a result of higher volumes, 8.8 (8.9) percent. During 2015 we relaunched Bosarpkyckling under the ongoing initiatives to broaden the customer base, increased Kronfågel brand and managed to both significantly increase focus on product development and other efforts to strengthen • A new supply agreement was signed with Coop Norway in May, which includes the production capacity and broaden distribution. the brand position. stores acquired from ICA Norway. Building a position in Finland Progress towards our financial targets • Positive trends in in net sales and adjusted In May 2015 we acquired Huttulan’s operation in Finland as a We significantly strengthened the Group’s position in 2015. operating income for the Norwegian opera­ first step in building a position in this market. Finland is an The adjusted EBITDA margin was 8.8 percent compared to tion in the latter part of the year. attractive market with premium products and good long-term 8.9 percent in 2014, despite the weak performance in Norway • Huttulan Kukko Oy's operation in Finland opportunities for growth. and the consolidation of the Finnish operation. For compara- was acquired in May as a first step into the Huttulan started operations in 2014 with a newly built fac- ble units, the adjusted EBITDA margin improved to 9.3 per- Finnish market. tory that is geographically well located in relation to both farm- cent. Our goal is to reach an EBITDA margin exceeding 10 per- • Relaunch of Bosarpkyckling under the ers and customers.
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