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A World Without Cigarettes 2014 in BRIEF CONTENT 2014 Annual Report Our vision: A world without cigarettes 2014 IN BRIEF CONTENT • The new vision “A world without cigarettes” was iii This is Swedish Match introduced. 2 CEO comment 4 Swedish Match’s business model Gained market share in the Swedish snus value segment. • 6 Global market overview • General snus further strengthened its number two 8 Risks and risk management position in the US. 10 Swedish Match’s business • Submission of application to the US Food and Drug 10 Snus and moist snuff Administration (FDA) for a Modified Risk Tobacco 17 Other tobacco products Product classification (MRTP) for General snus. 20 Lights 22 Scandinavian Tobacco Group • All-time high for cigar shipments. 24 Corporate Sustainability • Sales increased by 6 percent to 13,305 MSEK (12,610), 24 Our approach to Corporate Sustainability and by 4 percent in local currencies. 27 Employee responsibility 29 Social responsibility 1) • Operating profit amounted to 3,780 MSEK (3,855 34 Environmental responsibility including a capital gain of 161 MSEK). 36 Shareholder information • EPS (basic), excluding larger one-time items, amounted 36 Shareholder communication to 13.23 SEK (12.82). EPS (basic) amounted to 13.23 SEK 38 The share (13.63). 40 Five year summary 2010–2014 42 Quarterly data 2013–2014 1) Operating profit for the Group includes share of net profit in STG and larger one-time items. 43 Definitions used in financial tables 44 Financial reports 44 Content Our vision – 45 Report of the Board of Directors A world without cigarettes 51 Consolidated financial statements 82 Parent Company financial statements Nearly two decades ago, Swedish Match chose a different path 93 Proposed distribution of earnings and made the conscious decision to divest its cigarette business. 94 Auditor’s report This was the start of a successful and ongoing journey that has helped to define our values, our company culture and our daily 95 Corporate Governance decisions. 95 Governance report 101 Risk management and internal control Lars Dahlgren, President and CEO over financial reporting 102 Board of Directors Annual General Meeting 2015 104 Group Management Information regarding the Annual General Meeting, the dividend and the Group’s financial calendar for 2015 is presented on pages 36–37. Annual Report distribution policy The printed version of Swedish Match Annual Report is only distributed to share- holders who request a copy. The Annual Report is also available in its entirety at the Company’s website www.swedishmatch.com/annual-reports. The formal audited part of this document is on the pages 44–94. FOR MORE INFORMATION The Swedish Match Company website is the principal source Swedish Match Annual Report 2014 is also on current and historical available as downloadable PDF file at information about the Group’s www.swedishmatch.com/annual-reports operations and activities. www.swedishmatch.com Our vision: Swedish Match Sustainability Report 2014, will be available on the website at www.swedishmatch.com/ A world without sustainability cigarettes ii THIS IS SWEDISH MATCH Swedish Match develops, manufactures, and sells quality products Swedish Match also owns 50 percent of SMPM Inter- with market-leading brands in the product areas Snus and moist national (a joint venture with Philip Morris International snuff, Other tobacco products (cigars and chewing tobacco), and for snus outside of Scandinavia and the US). In addition, Lights (matches, lighters, and complementary products). Swedish Match holds a 49 percent ownership interest in Scandinavian Tobacco Group (STG). Swedish Match’s vision is a world without cigarettes. Sales for 2014 amounted to 13,305 MSEK and the Some of its well-known brands include: General, average number of employees was 4,395. Longhorn, White Owl, Red Man, Fiat Lux, and Cricket. Swedish Match’s head office is located in Stockholm, Production is located in six countries, with sales Sweden. The Swedish Match share is listed on NASDAQ concentrated in Scandinavia and the US. In Sweden, OMX Stockholm (SWMA). the Group has an independent distribution company. SALES OPERATING PROFIT BY PRODUCT AREA BY PRODUCT AREA1) Key data, MSEK 2014 2013 2012 Sales 13,305 12,610 12,486 6% Operating profit from product areas1) 3,446 3,375 3,666 Snus and snuff Snus and snuff 31% Operating profit2) 3,780 3,855 4,062 Other tobacco products Other tobacco products 38% 31% Operating margin from product areas, %1) 25.9 26.8 29.4 Lights 62% Lights Operating margin, %2) 28.4 29.3 32.3 Other operations 10% EBITDA from product areas1) 3,749 3,650 3,962 21% EBITDA2) 4,083 3,968 4,328 Profit for the year 2,626 2,711 2,907 Earnings per share, basic, excluding larger Snus and moist snuff Snus and moist snuff one-time items, SEK 13.23 12.82 14.18 Other tobacco products Other tobacco products Earnings per share, basic, SEK 13.23 13.63 14.33 Lights Lights Dividend per share, SEK 7.503) 7.30 7.30 Other operations 1) Excluding Other operations, 1) Excluding share of net profit in STG and larger one-time items. share of net profit in STG, and 2) Including share of net profit in STG and larger one-time items. larger one-time items. Totals 3) Board proposal. may be affected by rounding. Belgium Norway OPERATING Treasury and Public Sales offices Affairs offices 48 employees LOCATIONS 3 employees Sweden The Netherlands Head office Production unit Production units 101 employees Sales offices USA 1,038 employees Production units Sales offices 1,147 employees Turkey The Philippines Sales offices Production unit The Dominican Republic 15 employees Sales offices 268 employees Production unit 1,101 employees Brazil Production units Sales offices 672 employees 4,395 employees 12 factories worldwide iii / Swedish Match 2014 A WORLD WITHOUT CIGARETTES We create shareholder value by offering tobacco consumers enjoyable products of superior quality in a responsible way. VISION By providing products that are recognized as safer alternatives to cigarettes, we can contribute significantly to improved public health. SNUS AND MOIST SNUFF OTHER PRODUCT AREAS The work towards our vision starts in our core markets To support our vision, we will leverage our strong market posi- (Scandinavia and the US) where we will leverage our unique tions and brands in order to realize synergies and to maximize platform. long term value. • In Scandinavia, we will defend and develop our strong • In Other tobacco products, we will leverage our strong plat- market positions and lead the development of the snus forms to maximize long term profitability. category. • In Lights, we will continue to focus on operational excellence • In the US, we will further develop the snus category and and profitability. grow our share, and for moist snuff we will continue to STRATEGY • For STG, we will realize the potential of our holding through target faster growing segments. active ownership. • Outside of our core markets, we will continue our work to establish Swedish snus in selected markets. CORE VALUES PASSION OWNERSHIP INNOVATION QUALITY iv PRODUCTS AND BRANDS Swedish Match’s products and brands are reported within the following product areas: Snus and moist snuff, Other tobacco products (cigars and chewing tobacco), and Lights (matches, lighters, and complementary products). More than a third of total sales and more than half of the operating profit come from Snus and moist snuff. SNUS AND MOIST SNUFF Swedish Match has a market leading position in the Scandinavian snus market. In the US, Swedish Match is well posi- tioned as the third largest snus and moist snuff company. Through its 50/50 joint venture, SMPM International, Swedish Match is well positioned to explore and establish new markets for snus outside of Scandinavia and the US. Production units are located in Sweden (snus) and the US (moist snuff). >> Read more on page 10. Main markets and brands Sweden: General, Göteborgs Rapé, Ettan, Grov, Catch, Kaliber, Kronan Norway: General, Nick & Johnny, The Lab The US: Longhorn, Timber Wolf, General OTHER TOBACCO PRODUCTS LIGHTS Swedish Match is a major player in the US market for Swedish Match is the market leader for matches in many mass market cigars and the largest manufacturer of markets throughout the world, with well known local chewing tobacco. Nearly all the products are sold on brands. For lighters, the Cricket brand has strong market the US market. Production takes place in the US positions in many countries. Production of matches (cigars and chewing tobacco) and in the Dominican takes place in Sweden and Brazil. Lighters are produced Republic (cigars). in the Philippines, the Netherlands, and Brazil. The Com- >> Read more on page 17. pany also offers a portfolio of complementary products, including disposable razors, batteries, high efficiency light bulbs, and tooth picks under the Fiat Lux brand. >> Read more on page 20. Main markets and brands Main markets and brands The US: Matches: Cigars: White Owl, Garcia y Vega, Solstickan (Sweden), Swan (UK), Game by Garcia y Vega Tres Estrellas (Spain), Feudor Chewing (France), Redheads (Australia), tobacco: Fiat Lux (Brazil) Red Man Lighters: Cricket (globally) 1 CEO COMMENT A world without cigarettes – spells out our long term ambitions Swedish Match develops, manufactures, fication for snus is a clear example of cur- behind those areas where we see growth markets and sells high quality products under rent work towards our vision. Another potential for snus and moist snuff. leading brands, with an aim to deliver sustain- example is our long term investment in our We also continued our efforts to establish able and growing profits to the Company’s quality standard, GOTHIATEK®. snus internationally outside of the US, shareholders. Our vision of a world without To realize our potential, we take an through our joint venture company, SMPM cigarettes spells out our long term ambition approach based on the values of passion, International.
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