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AAK Report 2013 AAK Report 2013 The first choice for value-added vegetable oil solutions Contents AAK Group The first choice for 1 2013 in brief 3 Comments by Melker Schörling, value-added vegetable Chairman of the Board 4 Comments by Arne Frank, oil solutions CEO and President 6 AAK´s vision AarhusKarlshamn (AAK) is one of the world’s leading producers of high value- 7 AAKtion added speciality vegetable oils and fats solutions. These oils and fats solu- 8 The business model tions are characterized by a high level of technological content and innova- – speciality vegetable oils and fats tion. AAK`s solutions are used as substitute for butter-fat and cocoa butter, 10 Business Area Food Ingredients trans-free and low saturated solutions but also addressing other needs of our 13 Business Area Chocolate & Confectionery Fats customers. AAK has production facilities in Denmark, Mexico, the Nether- 16 Business Area lands, Sweden, Great Britain, Uruguay and the US. Further AAK has also toll Technical Products & Feed manufacturing operations in Russia and Malaysia. The company is organized 18 Risks in three Business Areas; Food Ingredients, Chocolate and Confectionery Fats 20 Employees and Technical Products & Feed. AAK’s shares are traded on the NASDAQ 22 Responsible growth OMX, Stockholm, within the Large Cap segment. Further information on AAK 24 Board of Directors can be found on the company’s website www.aak.com. 26 Executive Committee 28 AAK Glossary II | AAK Report 2013 AAK in 60 seconds AAK’s vision is to be the first choice in AAK’s raw materials are derived from relations enable AAK to create lasting value-added vegetable oil solutions. renewable sources primarily sourced solutions that meet customer needs, in Northern Europe (rapeseed), expectations and high standards. AAK has more than a century of Europe and Mexico (sunflower), US unrivalled experience with vegetable (soya beans), West Africa (shea AAK is one of the founders of the oils for a broad spectrum of applica- kernels) and Southeast Asia and Latin Roundtable on Sustainable Palm tions. Our customers are primarily America (palm). Oil (RSPO). AAK also founded and from the food, confectionery and cos- operates GreenPalm, which provides metics industries. We also supply the AAK’s 12 production plants are an exclusive web-based platform for animal feed and technical industries. located in Denmark, the Netherlands, the trade in certificates for sustain- Mexico, Sweden, the UK, Uruguay able palm oil. Through these and other AAK’s products are ingredients, and the US. We also have sourcing initiatives, AAK continuously contributes including alternatives to dairy fat and operations, toll manufacturing and to the promotion of sustainable palm oil. cocoa butter, trans-free solutions, low sales offices in several key locations saturated fats solutions, nutritious fats around the world. The parent company, AarhusKarlshamn for infant formula, environmentally- AB (publ.), is a Swedish-registered friendly lubricants, and healthy skin New products are developed in close joint-stock company. The company’s care products. partnership with customers, draw- shares are listed on NASDAQ OMX, ing on oils and fats expertise and Stockholm, in the Large Cap segment, know ledge of market trends. Close Food & Beverage sector. Three business areas Food Ingredients Chocolate & Technical Confectionery Fats Products & Feed Our largest business area primarily of- Our second largest business area offers Our Technical Products & Feed business fers solutions to the Bakery, Dairy, Food functional cocoa butter alternatives for area provides Biolubricants for metalwork- Service industries and Infant Nutrition. chocolate, compounds for coating and ing, forestry and construction, fatty acids moulding, and speciality fats for confec- and glycerine for various applications and tionery fillings. proteins and fats for animal feed. Volumes Net sales Operating profit Technical Technical Technical Food Ingredients Food Ingredients Food Ingredients Products & Feed Products & Feed Products & Feed 17 % 65 % 10 % 65 % 8 % 62 % Chocolate & Chocolate & Chocolate & Confectionery Fats Confectionery Fats Confectionery Fats 18 % 25 % 30 % III | AAK Report 2013 In the world Production plants and sales offices Sales offices Customisation plants Sourcing operations Growth market ambition 100 13 % 90 20 % Strong growth 22 % - Asia - Latin America 80 18 % 18 % 70 60 % Some/good growth 31 % - USA 60 - CEE - CIS 50 40 Low/no growth 69 % - Nordics - West Europe 30 62 % 47 % 20 40 % *Management ambition. 10 0 2006 2009 2012 2015-2016* AAK Report 2013 | IV 2013 in brief Volume increased by 7 percent (organic related costs was SEK 1,117 million The smallest business area, growth 2 percent) during 2013 due to (975), an improvement by 15 percent. Technical Products & Feed, reached an organic growth of speciality and semi- operating profit at SEK 97 million (88), specialities but also growth from The largest business area, Food an improvement by 10 percent. acquisitions. Ingredients, reported record high operating profit at SEK 771 million Cash flow after changes in working Net sales decreased by SEK 374 million (703) an improvement of 10 percent. capital for the full year of 2013 amounted mainly due to lower raw material prices Operating profit per kilo decreased to SEK 1,300 million (1,539), including and a negative currency translation from SEK 0.75 to SEK 0.73, a decrease reduced working capital of SEK 217 impact of SEK 328 million. by 3 percent mainly due to dilutions million (589). related to acquisitions. Operating profit excluding acquisition re- Earnings per share increased by lated costs was a record high, reaching The business area Chocolate & 14 percent, to SEK 17.87 (15.66). SEK 1,127 million (1,003**), an improve- Confectionery Fats reported an ment of 12 percent. All business areas increased operating profit at SEK 369 Return on Capital Employed (ROCE), reported double digit growth. (316), an improvement by 17 percent. calculated on a rolling 12 months basis, The operating profit per kilo improved was 16.5 percent compared to 14.2 Operating profit including the impact last by 21 percent to 1.23 (1.02). percent at year-end last year. year of Sandy and including acquisition We continue to see positive effects of to work closely with AAK´s Customer position in this field, which has resulted the AAK Acceleration programme Innovation team when developing new in a number of new products with sig- (Growth-Efficiency-People). products and solutions. nificantly reduced amount saturated fats and maintained functionality in a wide A strategic acquisition was made of Our strong and continued commitment to range of foods. Unipro, the Turkish supplier of oils and responsible growth was lined out in our fats in Turkey and the surrounding annual Sustainability Report document- In January 2014 we launched the com- region. This acquisition is an integral part ing our achievements and future objec- pany program for 2014-16, “AAKtion”. of AAK Acceleration, and adds presence tives. The new program is intended to further in areas which are identified as strate- strengthen the focus on “Sales-Innova- gically important. The integration has AAK and Premier Foods, one of the big- tion-Execution”. proceeded according to plan. gest food producers in the UK, agreed to a three-year, exclusive, oils and fats Jens Wikstedt was appointed as Presi- Terrence Thomas was appointed as collaboration and product co-develop- dent Europe and as member of the AAK President of AarhusKarlshamn USA Inc. ment to be its long term co-development Executive Committee as of January 17, and as member of the AAK Executive partner. 2014. Committee as of March 25, 2013. The new Nordic Nutrition Recom- Fredrik Nilsson was appointed as Chief AAK opened a state-of-the-art Innovation mendations, commissioned by the Financial Officer (CFO) and as member Center in Shanghai, China to support Nordic Council of Ministers, focused on of the AAK Executive Committee as of the execution of the AAK Acceleration decreasing the consumption of saturated January 17, 2014. program. The Innovation Center gives fats. Through a consistent long term our Chinese customers the possibility investment AAK has gained a leading Operational key figures (MSEK million unless otherwise stated) 2009 2010 2011 2012 2013 Net sales 15,884 14,808 16,695 16,911 16,537 Adjusted operating profit (EBIT) 827 824 918 * 1,003** 1,127 * Operating profit 827 824 914 975 1,117 Operating profit per kilo 0.58 0.57 0.64 0.66 0.69 Earnings per share 10.14 14.15 14.72 15.66 17.87 Return on Capital Employed 12.60 13.10 13.30 14.20 16.50 * Adjusted for acquisition costs ** Adjusted for acquisition costs and the effects of Hurricane Sandy costs Definitions, see page 55 of the AAK Annual Report. Annual General Meeting, see page 62 of the AAK Annual Report. AAK Report 2013 | 1 2 | AAK Report 2013 Comments by Melker Schörling, Chairman of the Board Another strong year AAK’s strengthened competitiveness through belief in the long-term perspective of the AAK is continuing its successful transforma- strong focus on specialisation and produc- company. I personally have great confidence tion, and 2013 became the best year in its tivity as well as volume growth and operat- in AAK, its management and its highly com- history with continued growth. All the three ing profits. As Chairman of the Board, I am petent employees around the world. business areas had a strong year, including pleased to see that progress runs through On behalf of the Board and all sharehold- Chocolate & Confectionery Fats, where mar- the whole Group, across business areas and ers, I would like to thank everyone in AAK ket prices for cocoa butter finally returned to geographies. for their dedicated contribution to AAK during historically more normal levels. The AAK Acceleration programme has now 2013. I look forward to 2014, which I expect run its planned three-year course and has to be another year of good progress for the Focus on fast-growing markets created a strong platform for future growth.
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