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Annual and Sustainability Report 2018

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Annual and Sustainability Report 2018 2018 Annual and sustainability report report and sustainability Annual Annual and sustainability report 2018 Contents This is Cloetta Letter from the Chairman 73 The year in brief 1 Corporate governance report 74 Words from the President 2 Remuneration of the Group Management Team 80 Internal control over financial reporting Goals and strategies 4 82 Board of Directors Long-term financial targets 4 84 Group Management Team Sustainability targets 5 86 Strategic priorities 6 Financial reports 88 Consolidated profit and loss account Cloetta’s value chain 8 89 Consolidated statement of comprehensive income Cloetta’s sustainability agenda 10 90 Consolidated balance sheet 91 The confectionery market 11 Consolidated statement of changes in equity 92 Strategies for growth 14 Consolidated cash flow statement 93 Brand, category and product development 15 Notes to the consolidated financial statement 94 Brand and category leadership 16 Parent Company financial statements and notes 130 Strategic product development 21 Proposed appropriation of earnings 140 Consumer front and centre 24 Auditor’s report 141 Cloetta’s leading brands 26 Ten-year overview 144 Key ratios 145 Cloetta’s main markets 30 Reconciliation of alternative performance measures 146 Supply chain 37 Factories 42 Long-term sustainability 148 Stakeholders and materiality issues Increased resource efficiency 44 150 Strategic priorities for Cloetta’s sustainability work Raw material 46 152 GRI index Responsible sourcing 48 153 Auditor’s limited assurance report on sustainability report 155 Employees 51 Definitions and glossary 156 Share and shareholders 56 Cloetta’s history 158 Financial performance 62 Membership of organizations 160 Net sales and profit 62 Shareholder information 161 Financial position 65 Comments on the cash flow statement 67 Future outlook, Environmental impact and 68 environmental management, Sustainability Report The audited annual report for Cloetta AB (publ) 556308-8144 consists of the administration report and the accompanying financial statements on Risks and risk management 69 pages 1–4 and 62–140. The sustainability report consists of pages 5–10, 24–25, 37–41, 44–55, 71, Industry and market-related risks 70 77, 148–154, 160. Operational risks 71 The annual report is published in Swedish and English. Financial risks 72 The Swedish version is the original. Cloetta – a leading confectionery company in the Nordic region and the Netherlands SALES IN FOUNDED IN 1862 2,458 50 LEADING EMPLOYEES COUNTRIES BRANDS ANNUAL SALES 8 SEK 6.2 BILLION CHOCOLATE CANDY PASTILLES CHEWING GUM PICK & MIX NUTS VISION MISSION To be the most To bring a smile to your The vision, together admired satisfier of Munchy Moments with the goals and Munchy Moments strategies, expresses Cloetta’s business concept Categories in which Cloetta is a market leader Sweden Finland The Netherlands Denmark UK Norway Pastilles Pastilles Pastilles Pastilles Pick & mix Pastilles Candy Candy Candy Candy Candy Chocolate bars Chewing gum Chewing gum Pick & mix Pick & mix Chocolate bags Pick & mix Pick & mix Cloetta’s strengths • Strong leading local brands. • Scale benefits in Northwestern Europe • Core markets in stable Northwestern versus local competition. Europe. • Route to market scale in core markets. • Strong European leader in pick & mix. • Locally tailored innovation. Cloetta’s net sales by category Cloetta’s net sales by country International Markets 7% q Candy UK 7% q qSweden 31% Other 2% q t 58% Nuts 4% u Germany 5% u Pick & mix Nordic Chewing gum u Branded Other countries 6% packaged 28% products The Netherlands 14% u 33% 67% 72% Pastilles 12% u Norway 6% u p Finland 21% Chocolate 18% p Denmark 9% p THE YEAR IN BRIEF 1 Net sales SEKm The year in brief 2,000 1,500 • Katarina Tell appointed President • Ordinary dividend of SEK 0.75 and Cloetta Sweden. special dividend of SEK 0.75 is paid. 1,000 • Michiel Havermans appointed • Amended and extended loan pro- Senior Vice President International gramme and launched commercial- Markets and UK. paper programme. 500 • Thomas Biesterfeldt appointed • Frans Rydén appointed CFO. Chief Marketing Officer. • New production line installed in the • Oskari Vidman appointed factory in Turnhout, Belgium. 0 Q1 Q2 Q3 Q4 Chief Pick & Mix Officer. • Candyking units in the Nordic countries implemented Cloetta’s n 2017 n 2018 business enterprise Cash flow from system. operating activities SEKm Q1 Q2 350 300 • Cloetta awarded “Listed company • Cloetta awarded best corporate 250 of the year”. web site in Sweden. 200 • Malaco Gott & Blandat with • Record number of shareholders 30 % less sugar launched. (23,956) in Cloetta. 150 • Red Band celebrated 90 years. 100 50 0 –50 Q3 Q4 Q1 Q2 Q3 Q4 n 2017 n 2018 Examples of new launches Operating profit, adjusted SEKm 250 200 150 100 50 0 Q1 Q2 Q3 Q4 n 2017 n 2018 Key ratios SEKm 2018 2017 2016 2015 2014 Net sales 6,218 5,784 5,107 5,674 5,313 Operating profit (EBIT), adjusted 677 604 695 690 632 Operating profit margin (EBIT margin), adjusted % 10.9 10.4 13.6 12.2 11.9 Operating profit (EBIT) 660 527 635 671 577 Operating profit margin (EBIT margin), % 10.6 9.1 12.4 11.8 10.9 Profit/loss before tax 562 443 469 493 338 Profit/loss for the period 483 –97 –191 386 242 Profit/loss for the period excluding impact of impairment loss discontinued operation including corporate income tax effects and other items affecting comparability 483 402 403 386 242 Earnings per share, basic, SEK 1.69 –0.34 –0.67 1.35 0.84 Earnings per share, diluted, SEK 1.68 –0.34 –0.67 1.35 0.84 Net debt/EBITDA, x 2.31 2.39 2.44 3.03 3.97 Cash flow from operating activities 628 712 889 927 500 For definitions, see page 156. Cloetta ANNUAL AND SUSTAINABILITY REPORT 2018 2 WORDS FROM THE PRESIDENT Cloetta positioned for profitable growth During 2018 Cloetta both increased sales in branded packaged products and grew operating profit. A sharper marketing focus, together with a cost savings programme and synergies from Candyking all contributed to our progress. When I summarise 2018 I can conclude that Integration of Candyking and devel- creating the conditions for long­term value we laid the foundation for profitable growth opment of the pick & mix concept creation. By understanding and managing during the year. Even if Cloetta’s organic Pick & mix is a growing and important our impact on people and the environment, growth was negative, mainly due to the loss consumer market for us based on underlying and at the same time being an attractive of a larger pick & mix contract, we managed consumer trends such as individualism and employer that also exceeds consumers’ and to grow our branded packaged products for less use of plastic packaging. As the leading customers’ expectations, we are creating the first time in many years. This bodes well confectionery company in the Nordic coun­ the conditions for long­term profitability. for the future. During the year, the 2017 tries we have good opportunities to develop This means that Cloetta must be a safe and acquisition of Candyking was integrated into the category and thereby drive profitability also attractive place of work, that consumers Cloetta, giving us the ability to make the and growth. must be offered products of high quality but combined pick & mix business more solid Savings from synergies from Candyking, also that Cloetta’s brands offer choices to the and profitable. acquired in 2017, were in line with expecta­ consumer, for example with less or no sugar. tions for 2018. This means that half of the It means reducing the environmental impact Increased sales and total synergies of SEK 100m still remain to from Cloetta’s factories and from the use of improved operating profit be realised during 2019 and 2020, which is in packaging, as well as placing environmental This year’s net sales increased by SEK 434m line with the plan. and social requirements within our sourcing to SEK 6,218m (5,784) compared to last year, Operationally, the integration of Candy­ process. driven by structural changes and exchange king will be complete by summer 2019 once In our role as a responsible company we rate differences. Organic growth was –2.8 the last of the Candyking markets have shall offer consumers a choice when they percent. Operating profit, adjusted for items implemented Cloetta’s business enterprise want to enjoy our brands. We have success­ affecting comparability, increased and system. The insourcing of the Candyking fully launched both a product with 30 per amounted to SEK 677m (604). Profit from volumes is proceeding according to plan and cent less sugar and products with no sugar continuing operations improved and amount­ the necessary investments to further increase under the leading candy brand Red Band ed to SEK 483m (237). insourcing will be fully implemented during in the Netherlands. We also successfully 2020. Once all these investments are in place, launched a product with 30 per cent less sug­ Net debt/EBITDA ratio in line with the full synergies from the acquisition of ar under the brand Malaco Gott & Blandat in targets and increased dividend Candyking will be able to be realised. Sweden and Norway in 2018. Our long­term For the third year in a row we have achieved In the short term, our focus is on improv­ ambition is to be transparent and offer more a net debt/EBITDA ratio that is in line with ing the operating profit margin from pick choice to the consumer when making trade­ our target. This gives us financial flexibility & mix. This may entail price increases on offs on sugar, naturalness, gluten etc., so that to focus on continued dividend payments certain contracts, and that we may choose to people have alternatives and can make their and potential acquisitions.
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