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Altia Annual Report 2019

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ANNUAL REPORT 2019 CEO’S REVIEW CEO Pekka Tennilä comments on Altia’s 7 year 2019 SUSTAINABILITY Altia's sustainability 54 work in 2019 FINANCIAL STATEMENTS 2019 Consolidated financial 118 statements of Altia Group ANNUAL BUSINESS BOARD CORPORATE FINANCIAL REPORT OVERVIEW REPORT SUSTAINABILITY GOVERNANCE STATEMENTS 2 2019 Altia in brief HEAD OFFICE DISTILLERY ALTIA IS A LEADING NORDIC ALCOHOLIC BEVERAGE PRODUCTION BRAND COMPANY operating in the wine and spirits markets in the Nordic and Baltic countries. We produce, import, market, sell and SALES OFFICE distribute both own and partner brand beverages. We export alcoholic WAREHOUSE beverages to approximately 30 countries in Europe, Asia and North America. We want to support the development of a modern, responsi- ble Nordic drinking culture. We own some of the best known and loved wine and spirits brands in the region. Our flagship brands are Koskenkorva, O.P. Anderson and Larsen. Other iconic Nordic brands are Chill Out, Blossa, Xanté, Let’s Jaloviina, Leijona, Explorer and Grönstedts, among others. drink The portfolio of own brands is complemented with partner brands from better global leading wine and spirits houses. We also provide our customers with production, packaging and logistics services. In addition, by-products from the production process, such as starch, feed components and technical ethanols, are sold to industrial customers. Sustainability is a strategic priority and a key success factor for us. We are proud to work with products that are the best choice for the environment and for the climate, promoted and consumed responsibly. Our Koskenkorva distillery is a forerunner in bio- and circular economy, making use of 100% of the Finnish barley it uses as a raw ingredient. We aim to make our production carbon-neutral by 2025. Altia’s shares are listed on Nasdaq Helsinki. ANNUAL BUSINESS BOARD CORPORATE FINANCIAL REPORT OVERVIEW REPORT SUSTAINABILITY GOVERNANCE STATEMENTS 3 2019 Contents STRATEGY Our refined strategy is built on our BUSINESS OVERVIEW 2 Sustainability - objectives, two core strengths. We are the Nor- 7 11 Altia in brief 2 actions and progress 92 dic distillery that masters the sus- CEO'S REVIEW tainable production of high-quality Financial key figures 2019 4 Reporting framework 96 Pekka Tennilä grain-based spirits, and we provide Sustainability key figures 2019 6 GRI content index 97 comments on the best route-to-market through CEO’s review 7 Altia's year CORPORATE GOVERNANCE 104 distribution and channel execution Altia’s year 2019 9 2019 for our brands and our partners. Corporate governance statement 105 Strategy 11 Remuneration statement 111 Value created 13 Board of Directors and Circular economy 14 SUSTAINABILITY Executive Management Team 114 Segments 15 ROADMAP 2030 20 55 We published a Sustainability Road- Operating environment 18 FINANCIAL STATEMENTS* 118 TRENDS AND map 2030 in December 2019 with Trends & innovations 20 Consolidated financial statements 120 INNOVATION ambitious long-term sustainability Our brands 22 Notes to the consolidated financial Innovation and goals. The roadmap is based on Altia as an investment 24 statements 124 consumer centricity the UN Sustainable Development ESG key figures 26 create new growth Goals. Our key goal is to make Altia’s 1. Operating result 126 opportunities. One of production carbon neutral by 2025. REPORT BY 2. Operating assets and liabilities 131 the key success factors THE BOARD OF DIRECTORS 27 3. Financial items and for Altia’s brands and Non-financial statement 44 capital structure 142 innovations is strong Key ratios of the Group 49 4. Financial and capital risk 154 professional product HOW TO READ THIS REPORT 5. Consolidation 161 development. SUSTAINABILITY 54 6. Other notes 165 Altia’s Annual Report 2019 consists of Sustainability Roadmap 2030 55 Parent company’s (Altia Plc) business overview, report by the Board of Steering of Altia’s sustainability work 57 Directors, sustainability section, financial statements 174 governance statements and financial Altia's stakeholders 58 Notes to Altia Plc financial statements. Materiality analysis 61 statements 178 Our sustainability roadmap 2030 63 Board of Directors’ proposal for You can navigate within the Report Our Distillery 64 the distribution of profits 187 by scrolling down the pages or by using Our Society 72 Auditor’s note 187 the hyperlinks on the top navigation and Our Drink 78 contents pages. Auditor’s report 188 Our People 83 Menu symbol leads to this page Altia Responsibility and Contact information Back cover Sustainability Programme 2019 90 *More detailed table of contents of financial statements can be found on page 119. ANNUAL BUSINESS BOARD CORPORATE FINANCIAL REPORT OVERVIEW REPORT SUSTAINABILITY GOVERNANCE STATEMENTS 4 2019 Financial key figures 2019 Comparable EBITDA margin 2019 2018 2017 Net sales, EUR million 359.6 357.3 359.0 12.4% Comparable EBITDA, EUR million 44.8 40.0 42.4 Net sales % of net sales 12.4 11.2 11.8 EBITDA, EUR million 43.1 34.0 40.3 359.6 Comparable operating result, EUR million 26.8 25.6 28.2 % of net sales 7.5 7.2 7.8 MEUR Operating result, EUR million 25.1 19.7 26.1 Result for the period, EUR million 18.4 15.1 18.3 Earnings per share, EUR 0.51 0.42 0.51 Net debt / comparable EBITDA 0.6 1.2 1.1 Dividend proposal Equity ratio, % 37.8 38.4 34.3 by the Board of Gearing, % 19.1 31.6 34.9 Directors Average number of personnel 682 718 762 0.42 EUR per share Altia has applied the IFRS 16 standard since 1 January 2019 applying the simplified approach, according to which the comparison information is not adjusted. More information on the adoption is presented on page 32. Reconciliation of alternative key ratios to IFRS figures is presented on page 51. ANNUAL BUSINESS BOARD CORPORATE FINANCIAL REPORT OVERVIEW REPORT SUSTAINABILITY GOVERNANCE STATEMENTS 5 2019 1 2 3 4 5 Net sales and Net sales by segment Comparable EBITDA Net debt / Equity ratio comparable EBITDA margin EUR million margin by segment comparable EBITDA and gearing % % 500 15 20 1.4 50 11.5 11.8 11.2 12.4 110.2 128.6 1.2 400 12 110.2 128.6 40 15 1.0 300 9 0.8 30 10 200 6 0.6 20 5 0.4 100 3 10 0.2 0.1 1.1 1.2 0.6 44.2 37.8 19.1 2.5 34.3 34.9 38.4 31.6 10.0 10.4 16.0 356.6 359.0 357.3 359.6 120.7 0 0 120.7 0 0 0 8 2016 2017 2018 2019 2016 2017 2018 2019 2016 2017 2018 2019 Net sales, EUR million Finland & Exports Finland & Exports Equity ratio 8 Net sales by product categories Finland & Exports Comparable EBITDA margin, % Scandinavia Scandinavia Gearing EUR million Scandinavia Net sales by product categories Altia Industrial Altia Industrial Altia Industrial 8 EUR million Net sales by product categories 104.0 110.2 EUR million Financial targets and dividend policy Altia has set the following long-term financial targets: 104.0 3.1 110.2 121.3 3.1 104.0 110.2 121.3124.9 3.1 145.3 < ≥ 124.9 2% 15% 2.5 x 60% 121.3 145.3 Annual net sales Comparable EBITDA The Company’s target is to keep Altia pursues an active dividend policy, and the 124.9 growth of 2 per margin of 15% in the reported net debt in relation to result of the period not considered necessary to Industrial services and products cent over time long-term comparable EBITDA below 2.5x grow and develop the company will be distributed 145.3Altia brands (CAGR) in long-term to the shareholders. According to the dividend pol- PartnerIndustrial brands services and products icy, the Company targets a dividend pay-out ratio WinesAltia brands of 60% or above of the result for the period. Partner brands IndustrialSpirits services and products Wines AltiaOther brands beverages Spirits Altia has applied the IFRS 16 standard since 1 January 2019 applying the simplified approach, according to which the comparison information is not adjusted. Partner brands More information on the adoption is presented on page 32. Other beverages Wines Spirits Other beverages ANNUAL BUSINESS BOARD CORPORATE FINANCIAL REPORT OVERVIEW REPORT SUSTAINABILITY GOVERNANCE STATEMENTS 6 2019 Sustainability key figures 2019 R s 2019 2018 2017 e % d 58 n o u i Produced or imported beverages c s t s 97.0 95.1 93.8 i n io (million liters) m o n e i in e t Average alcoholic strength of Altia’s own c id c 31.3 31.3 31.7 arbon diox u production (% vol.) d o Use of grain (million kg) 211.5 211.7 206.0 r p %vol 31.3 n Reduction in Koskenkorva CO emissions A 2 w 58% 54% 56% v U o compared to 2014 base year 211.5 e s r ’s e million kg a a Average waste recycling & reutilisation rate 99.5% 99.7% 99.5% g i o e lt f a A Water use (1 000 m3) 502.6 660.3 663.4 gr lc f ai oh h o n olic strengt Sickness absence % 3.7 3.4 3.3 Number of accidents in relation to hours 9 12 11 worked ANNUAL BUSINESS BOARD CORPORATE FINANCIAL REPORT OVERVIEW REPORT SUSTAINABILITY GOVERNANCE STATEMENTS 7 2019 CEO’s review Looking back at 2019, I am pleased to see our net sales and profitability im- proving. The Scandinavia segment, especially Sweden, showed strong sales and profitability improvement, supported by another successful Blossa season. We finished our sustainability roadmap, with ambitious targets set for the future.
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