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STRENGTH THROUGH QUALITY and INNOVATION Worldreginfo - D4947f1b-9Ba7-46E5-98Fa-5048E940f9dc This Is Swedish Match

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STRENGTH THROUGH QUALITY and INNOVATION Worldreginfo - D4947f1b-9Ba7-46E5-98Fa-5048E940f9dc This Is Swedish Match Annual Report 2017 STRENGTH THROUGH QUALITY AND INNOVATION WorldReginfo - d4947f1b-9ba7-46e5-98fa-5048e940f9dc This is Swedish Match Swedish Match develops, manufactures, and sells quality products with market-leading brands. The Company’s product areas are Snus and moist snuff, Other tobacco products, and Lights. With its vision “a world without cigarettes”, the Company is dedicated to the improvement of public health by offering attractive alternatives to cigarettes with its smokeless products. Swedish Match provides consumers with (homogenized tobacco leaf cigars), Game Sales for 2017 amounted to 16,101 MSEK the best quality products with well-known (natural leaf cigars), Red Man (chewing and the average number of employees was brands and works to conduct business in a tobacco), Thunder (chew bags), Fiat Lux 5,413. responsible way in everything the Company (matches), and Cricket (lighters). Swedish Match’s head office is located in does. Some of Swedish Match’s brands Production is located in seven countries Stockholm, Sweden. The Swedish Match include: General (snus), Longhorn (moist with the majority of Company sales coming share is listed on Nasdaq Stockholm snuff),ZYN (nicotine pouches without from Scandinavia and the US. (SWMA). tobacco), Onico (pouch products with neither nicotine nor tobacco), White Owl PRODUCTS AND BRANDS FINANCIALS IN BRIEF SNUS AND MOIST SNUFF Swedish Match has a market leading position in the Scandinavian snus market. In the US, Swedish Match is well positioned SALES, MSEK as the third largest snus and moist snuff company. Production of snus takes place in Sweden and Denmark and moist snuff is produced in the US. This product area also includes pouch products without tobacco, manufactured in Sweden. >> Read more on page 16. 16,101 OTHER TOBACCO PRODUCTS Swedish Match is a major player in the US market for mass market cigars and the largest manufacturer of US chewing tobacco. Most of the products are sold on the SALES OPERATING PROFIT US market. Production of cigars and chewing tobacco takes place in the US BY PRODUCT AREA BY PRODUCT AREA1) and cigars are also produced in the Dominican Republic. Chew bags are produced in Denmark. >> Read more on page 23. 5% 29% 34% 41% 54% LIGHTS 8% 29% Swedish Match is the market leader for matches in many markets throughout the world, with well-known Snus and moist snuff Snus and moist snuff local brands. For lighters, the Company has strong market positions in Other tobacco products Other tobacco products many countries. Production of matches takes place in Sweden and Brazil. Lights Lights Lighters are produced in the Netherlands, the Philippines and Brazil. The Other operations Company also offers a portfolio of complementary products (mainly on the 1) Excluding Other operations and Brazilian market), which include for example disposable razors, batteries larger one-time items. Totals may not add up due to rounding. and light bulbs. >> Read more on page 26. ii / Swedish Match 2017 WorldReginfo - d4947f1b-9ba7-46e5-98fa-5048e940f9dc 2017 IN BRIEF CONTENT • In local currencies, sales increased by 3 percent. Reported sales ii This is Swedish Match increased by 4 percent to 16,101 MSEK (15,551). 2 CEO comment • In local currencies, operating profit from product areas increased by 4 Strategy 5 percent. Reported operating profit from product areas increased by 6 Global market overview 6 percent to 4,218 MSEK (3,990). 10 Swedish Match’s organization • Operating profit, including larger one-time items, amounted to 12 Risks and risk management 4,591 MSEK (6,420). 14 Regulatory engagement • Profit after tax amounted to to 3,400 MSEK (5,123). 16 Swedish Match’s business • Earnings per share amounted to 18.88 SEK (27.38). Earnings per share 16 Snus and moist snuff excluding both larger one-time items, dividends from STG in 2017 and 21 Moving from harm reduction toward share of net profit in STG in 2016 increased by 14 percent to 16.39 SEK harm elimination (14.39). 23 Other tobacco products • On August 31, Swedish Match acquired V2 Tobacco, a Danish smokeless 26 Lights tobacco company. 28 Sustainability • In November, Swedish Match completed the divestment of its remaining 28 Our approach to Sustainability shareholding in STG. 30 Swedish Match in the global community • During 2017, Swedish Match distributed 5,498 MSEK to its shareholders 32 Improve public health in the form of an ordinary dividend, a special dividend and share 34 Ensure ethical business practices repurchases. 36 Support equal opportunity 38 Reduce greenhouse gases 40 Reduce waste 41 Eliminate child labor 44 Employer of choice 46 Shareholder information OPERATING PROFIT, MSEK 46 Shareholder communication 48 The share 50 Five year summary 2013–2017 NO. OF EMPLOYEES 52 Quarterly data 2016–2017 53 Definitions 4,591 54 Financial reports 5,413 54 CFO comment 55 Content 56 Report of the Board of Directors 63 Proposed distribution of earnings 64 Consolidated financial statements KEY DATA 97 Parent Company financial statements 108 Auditor’s report MSEK 20171) 20161) 2015 Sales 16,101 15,551 14,486 112 Corporate Governance 2) Operating profit from product areas 4,218 3,990 3,690 112 Chairman’s comment 2) Operating margin from product areas, % 26.2 25.7 25.5 113 Governance report EBITDA from product areas2) 4,599 4,329 4,008 119 Risk management and internal control 3) Operating profit 4,591 6,420 4,008 over financial reporting Operating margin, %3) 28.5 41.3 27.7 120 Board of Directors Profit for the year 3,400 5,123 2,803 122 Group Management Earnings per share, SEK4) 18.88 27.38 14.48 Earnings per share, excluding income from STG, SEK4) 18.37 26.44 12.62 The formal audited part of this document is on pages 55–107. The Earnings per share, excluding income from STG and reviewed governance report is on pages 112–123 and the sustainability larger one-time items, SEK4) 16.39 14.39 12.79 report on pages 28–45. Ordinary dividend per share, SEK 9.205) 8.50 8.00 Special dividend per share, SEK 7.405) 7.50 21.50 1) Profit for the full year 2016 includes Swedish Match’s share of STG’s net income until the date of partial divestment in September 2016, thereafter, the shareholding in STG has been reclassified as a financial asset. Full year 2017 includes dividends received from the investment in STG. 2) Excluding larger one-time items and share of net profit in STG. 3) Including larger one-time items and share of net profit in STG. Larger one-time items in 2017 include a capital gain from the sale of shares in STG, in two tranches, totaling 197 MSEK (206 MSEK after tax), a capital gain from sale of land of 107 MSEK as well as an income from a defined benefit plan amendment of 69 MSEK (43 MSEK after tax). 4) Basic and diluted. 5) Board proposal. 1 WorldReginfo - d4947f1b-9ba7-46e5-98fa-5048e940f9dc CEO COMMENT A year of solid growth 2017 has been a year marked by growth in both sales and operating profit from product areas – a year which has demonstrated the benefits of our strategy and our approach. With a vision of a world without cigarettes, the combination of regulation based on ideology rather than science. The regulations maintaining our standards of quality and tradition, while themselves are at times both arbitrary and discriminatory. We will capitalizing on market opportunities through innovation, provides not and must not passively capitulate to regulations that we believe Swedish Match with a firm foundation for future growth elevate ideology over societal health. Norway, for example, has opportunities. passed plain packaging regulations that seemingly ignore the Investments that we have made within our consumer insights and underlying comparable health risks of cigarettes versus snus. We R&D functions have strengthened our portfolio of smokeless challenged this regulation through the Norwegian courts, but have offerings, and we have supplemented organic efforts through lost in two instances. In January 2018, the legality of the snus ban acquisitions. We believe that the best alternatives to cigarettes lie in within the EU was once again heard by the European Court of smokeless products – with and without tobacco. By providing men Justice, and we anticipate that it will be several months before the and women with a choice of highly innovative offerings that meet court reaches a final verdict. We would like to believe that justice their changing needs and continuing to satisfy our product loyal will prevail and that we will see the removal of this disproportionate consumer base with traditional high quality products, we are able to and discriminatory ban that limits informed choice by European successfully compete and grow. consumers. We are seeing the fruits of our efforts that we have made over recent years – from research and development, well nurtured brands, In the growing US snus market, our volumes were up, gross profit new technologies, and our strategic choices in line with our vision. was higher, and operating losses improved. For moist snuff, while The success ofG.3 in Norway, XR in Sweden, and our newest efforts the overall market demonstrated modest volume growth, the with chew bags – chewing tobacco in convenient pouches, and ZYN pricing environment has improved, and both the pouch segment – nicotine pouches without tobacco – are examples of some of our and the bulk pack segment (tubs) continued to markedly outpace growth drivers in the smokeless arena. the overall category. Within our own portfolio, we have been gaining share with our moist snuff pouches, and grew volumes with In Scandinavia, the snus market has been dynamic on a number of tubs, while we continued to face intense competitive pressure for fronts.
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