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Company Presentation Subtitle Arial, Bold, 40 Pt, Grey 2 Title Arial, Bold, 40 pt, red Company presentation Subtitle Arial, Bold, 40 pt, grey 2 We bring a smile to your Munchy Moments Title Arial, Bold, 80 pt, white Subtitle Arial, Bold, 80 pt, grey 3 This is Cloetta Title Arial, Bold, 40 pt, red Subtitle Arial, Bold, 40 pt, grey • Founded by the three Cloetta brothers in 1862 • Annual sales of around SEK 5,3 billion Text/Bullets, Level 1-5 Arial, Regular, 20 pt, grey • Leading local brands in 6 countries • Leading market positions in Sweden, Finland, Norway, Denmark, the Netherlands and Italy • 2,500 employees in 14 countries • Production at 13 factories in 6 countries • Listed on Nasdaq Stockholm. The largest shareholders are Malfors Promotor, AMF – Försäkring och fonder and Threadneedle Investment Funds 4 Cloetta´s history 2015 Cloetta acauires Lonka Title Cloetta acquires Nutisal and Arial, Bold, 40 pt, red 2014 The Jelly Bean Factory Subtitle 2012 Merger between Cloetta and LEAF Arial, Bold, 40 pt, grey 2009 Cloetta Fazer is separated into Cloetta and Fazer Confectionery Text/Bullets, Level 1-5 2007 LEAF acquires Cadbury in Italy Arial, Regular, 20 pt, grey 2005 CVC and Nordic Capital acquire CSM, which changes name to LEAF 2001 Cloetta sells Handel business area, CSM acquires Socalbe (Italy) 2000 Cloetta merges with Fazer Confectionery, CSM acquires Continental Sweets (France, Belgium, the Netherlands and the UK) 1999 CSM acquires LEAF 1998 Cloetta acquires Candelia 1997 CSM acquires Malaco 1993 LEAF acquires Ahlgrens 1986 CSM acquires Red Band and Venco 1917 Svenska Chokladfabriks AB (Svenfelt family) takes over majority shareholding from the Cloetta family 1862 The three Cloetta brothers from Switzerland start production in Copenhagen Strong local brands Title Arial, Bold, 40 pt, red with long traditions Subtitle Arial, Bold, 40 pt, grey Text/Bullets, Level 1-5 Arial, Regular, 20 pt, grey 1836 1909 1920 1927 1934 1937 1941 1951 1960 1970 1976 1981 2007 1878 1913 1922 1928 1936 1938 1949 1953 1965 1975 1977 1998 6 Cloetta has its 6 main markets in Title Arial, Bold, 40 pt, red Western Europe Subtitle Arial, Bold, 40 pt, grey Exports to more than 50 countries Text/Bullets, Level 1-5 Arial, Regular, 20 pt, grey worldwide Main markets – countries where Cloetta has a national sales organisation. Countries where Cloetta´s products are sold mainly through distributor agreements. Share of Cloetta´s sales. 7 Net sales Title Arial, Bold, 40 pt, red By country and by category Subtitle Arial, Bold, 40 pt, grey Text/Bullets, Level 1-5 Arial, Regular, 20 pt, grey 8 Nordic market leader and Title Arial, Bold, 40 pt, red leading market positions Subtitle Arial, Bold, 40 pt, grey Country Leading market positions in the following categories Text/Bullets, Level 1-5 Arial, Regular, 20 pt, grey SWEDEN Sugar confectionery, countlines, pastilles, chocolate bags FINLAND Pastilles, chewing gum and sugar confectionery NORWAY Pastilles and sugar confectionery DENMARK Pastilles and sugar confectionery NETHER- LANDS Pastilles, sugar confectionery and chewing gum ITALY Seasonal products, sweetener and sugar confectionery 9 Strong presence in the main markets Title Arial, Bold, 40 pt, red • Customer relations – strong commercial organisation in all main Subtitle Arial, Bold, 40 pt, grey markets • Category expertise – contributes to optimised and profitable sales Text/Bullets, Level 1-5 Arial, Regular, 20 pt, grey • Distribution – a presence in many categories and channels with a complete product portfolio creates economies of scale Cloetta´s main markets 10 Wide range in production Title Arial, Bold, 40 pt, red technologies Subtitle Arial, Bold, 40 pt, grey • 99,500 tonnes produced in 2014 Text/Bullets, Level 1-5 Arial, Regular, 20 pt, grey • 13 factories in six countries • Technologies such as • chocolate moulding • mogul moulding • coating • wafer production • extrusion • hard boiled candy manufacturing • toffee manufacturing Dublin • compressing of pastilles • nougat moulding • manufacturing of sweeteners • dry roasting of nuts • fudge 11 Group management Title Arial, Bold, 40 pt, red Subtitle Arial, Bold, 40 pt, grey President and CEO David Nuutinen Text/Bullets, Level 1-5 Arial, Regular, 20 pt, grey CFO HR Danko Maras Regina Ekström Corporate CMO Communications & Erwin Segers IR Jacob Broberg Corporate Development/M&A Johnny Engman President Operations Italy/Rest of the Scandinavia Finland Middle Jacqueline World Lars Påhlson Ville Perho Ewald Frénay Hoogerbrugge Giorgio Boggero Title Mission Arial, Bold, 40 pt, red Subtitle Arial, Bold, 40 pt, grey Text/Bullets, Level 1-5 Arial, Regular, 20 pt, grey To bring a smile to your Title Munchy Moments is our territory! Arial, Bold, 40 pt, red Subtitle Arial, Bold, 40 pt, grey Text/Bullets, Level 1-5 Arial, Regular, 20 pt, grey Foto: Joakim Folke och www.fotoakuten.se 14 Chocolate Title Arial, Bold, 40 pt, red Subtitle Arial, Bold, 40 pt, grey • Cloetta has a leading position in Sweden with the brands Kexchoklad, Polly, Center and Plopp Text/Bullets, Level 1-5 Arial, Regular, 20 pt, grey • Strong local position in Finland with the brands Tupla, Royal, Polly and Center • Popular brands in Norway are Center, Sportlunch and Bridge • In the Netherlands Lonka has Sinas Snippers and Soft nougat that are consumer’s favorites with a long heritage in chocolate specialties • The leader in Christmas seasonal products in Italy with Sperlari 15 Sugar confectionery Title Arial, Bold, 40 pt, red Subtitle Arial, Bold, 40 pt, grey Confectionery • In Norway, Finland, Sweden and Denmark, Cloetta has harmonised its leading brand Text/Bullets, Level 1-5 Malaco and in the Netherlands and Belgium the brand Red Band Arial, Regular, 20 pt, grey • Additional strong brands include Ahlgrens bilar, Venco, Galatine, Chewits, Juleskum and The Jelly Bean Factory and Lonka • The Italian brand Dietorelle was the first sugar-free candy Sweeteners • Strong local position in Italy with the brand Dietor Seasonal products • In Sweden the brand Juleskum has a strong local position 16 Pastilles and chewing gum Title Arial, Bold, 40 pt, red Subtitle Arial, Bold, 40 pt, grey Pastilles • The company’s largest brand Läkerol is more than 100 years old Text/Bullets, Level 1-5 • Other leading brands are Mynthon, King and Saila Arial, Regular, 20 pt, grey Chewing gum • Cloetta is a leader in Finland with the brand Jenkki and has a leading position in the Netherlands and Belgium with Sportlife and Xylifresh • Cloetta has paved the way for the use of xylitol 17 Nuts Title Arial, Bold, 40 pt, red • In January 2014 Cloetta acquired Nutisal, a leading Swedish producer of dry roasted Subtitle Arial, Bold, 40 pt, grey nuts. • The acquisition is in line with Cloetta’s strategy to broaden its product portfolio within Text/Bullets, Level 1-5 Munchy Moments. Arial, Regular, 20 pt, grey • Nutisals nuts are dry roasted through the use of unique knowledge and technology. The dry roasting highlights the "true" taste of the nuts and give the products a unique crunchiness. • The Swedish market accounts for about half of sales, but Nutisal is also sold in Denmark, Norway, Finland, Germany and the Benelux countries. 18 Our key strategies Title Arial, Bold, 40 pt, red Subtitle Arial, Bold, 40 pt, grey Text/Bullets, Level 1-5 Arial, Regular, 20 pt, grey Focus on Focus on Focus on margin expansion cost-efficiency employee and development volume growth • Strong brands with • Improve internal processes • Develop Cloetta´s local traditions. and systems. culture based on the • Strong position in the • Improve cost-efficiency results of the employee Nordic market. though the closure of survey ”Great Place to • Widen and expand the factories. work”. product portfolio • Implement a programme for • Attract, develop and geographically. continuous improvement. retain competent • Launch and acquire • Increase breadth in employees. new products and production technology to • Develop teamwork with brands. create flexibility in product the help of the • Strategic pricing. development. leadership tool “Management Drives”. 19 Long-term financial targets Title Arial, Bold, 40 pt, red Subtitle Arial, Bold, 40 pt, grey • Organic sales growth Text/Bullets, Level 1-5 The long-term target is to increase organic sales at least in line with market growth. Arial, Regular, 20 pt, grey • EBIT margin The target is an underlying EBIT margin of at least 14 per cent. • Net debt The long-term target is a net debt /EBITDA ratio of around 2.5x. • Dividend policy The long-term intention is a dividend payout of 40-60 per cent of profit after tax. 20 Core values Title Arial, Bold, 40 pt, red Subtitle Arial, Bold, 40 pt, grey Text/Bullets, Level 1-5 Arial, Regular, 20 pt, grey Focus Passion Teamplay Pride 21 Title Arial, Bold, 40 pt, red Vision Subtitle Arial, Bold, 40 pt, grey To be the most admired satisfier of Text/Bullets, Level 1-5 Arial, Regular, 20 pt, grey Mission To bring a smile to your Title Arial, Bold, 80 pt, white .
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