– a Leading Nordic Brand Company Within Wine and Spirits 2015 Annual
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Arcus-Gruppen Holding AS Destilleriveien 11 PO Box 64 NO-1483 Hagan Tel +47 67 06 50 00 [email protected] www.arcusgruppen.no Facebook: ArcusGruppen – A leading Nordic brand company within wine and spirits 2015 Annual Report Help Contents In brief CEO2 2 IN BRIEFThe | Company 2015 Highlights Corporate Social Responsibility Directors’ Report Financial Statements and Notes Contact2015 ANNUAL REPORT ArcusGruppen2/95 iPDF USER GUIDE This document is an interactive PDF (iPDF). It works as a regular PDF, but has interactive functions for navigation. For a printer friendly version, see under “printing version” below. NAVIGATION You can navigate the document by clicking on menus, buttons, hyperlinks or the tables of contents. 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Help Contents In brief CEO3 3 IN BRIEFTheIN BRIEF | Company 2015 | Highlights Business StructureCorporate Social Responsibility Directors’ Report Financial Statements and Notes Contact2015 ANNUAL REPORT ArcusGruppen3/95 IN BRIEF Business Structure Business Model BUSINESS STRUCTURE CONTENTS Key Figures in 2015 Important Events in 2015 IN BRIEF Group CEO Business Structure 3 Business Model 4 Ratos (83.4%) Hoff (9.9%) Andre (6.7%) Key Figures in 2015 5 Important Events in 2015 6 Group CEO 7 THE COMPANY The Company in Brief 8 Arcus-Gruppen Holding AS Spirits 10 Wine 15 Group Supply Chain 20 Vectura AS 21 Organisation 23 Arcus-Gruppen AS Vectura AS Group Management 24 CORPORATE SOCIAL RESPONSIBILITY 25 Finance, IT, HR, Communications BOARD OF DIRECTORS’ REPORT 32 FINANCIAL STATEMENTS AND NOTES Contents 36 Consolidated Accounts with Notes 37 Business Area Business Area Group Supply Chain Parent Company Accounts with Notes 87 Wine Spirits Auditor’s Report 94 Norway: Subsidiaries: Norway: Vingruppen AS NO, SW, FI, DK, GER Gjelleråsen Sweden: Third party distribution: Denmark: IR and media contact: Vingruppen i Norden AB GER, US and others Aalborg (closed in 2015) Group Director IR and Communications Per Bjørkum Finland: Tiffon (Cognac): [email protected] Social Wines Oy + Vinum Import Oy 34% Tel +47 922 55 777 Photo: ArcusGruppen Eivind Røhne – beyondtheice.no Olav Heggø – fotovisjon.no Concept, design and production: oktanoslo.no Help Contents In brief CEO4 4 IN BRIEFTheIN BRIEF | Company 2015 | Highlights Business Model Corporate Social Responsibility Directors’ Report Financial Statements and Notes Contact2015 ANNUAL REPORT ArcusGruppen4/95 IN BRIEF Business Structure Business Model BUSINESS MODEL THE NORDIC REGION IS OUR Key Figures in 2015 HOME MARKET Important Events in 2015 Group CEO VECTURA Agency brands Imports Distribution Sales WINE ArcusGruppen’s Imports in bulk Bottling Distribution Sales brands DISTRIBUTION OF REVENUE BY BUSINESS AREA IN 2015 ArcusGruppen’s Production Bottling Distribution Sales Business Area % ARCUSGRUPPEN brands Wine 58 Spirits 33 SPIRITS Distribution (Vectura) 9 Agency brands Imports Distribution Sales Total 100 DISTRIBUTION OF REVENUE BY COUNTRY IN 2015 Country % Sweden 40 Norway 30 Finland 7 Denmark 5 Duty-free trade 4 Other countries 4 Distribution (Vectura) 10 Total 100 Help Contents In brief CEO5 5 IN BRIEFTheIN BRIEF | Company 2015 | Highlights Key Figures in 2015Corporate Social Responsibility Directors’ Report Financial Statements and Notes Contact2015 ANNUAL REPORT ArcusGruppen5/95 IN BRIEF Business Structure Business Model KEY FIGURES IN 2015 Key Figures in 2015 Important Events in 2015 Group CEO ArcusGruppen Holding Group 2015 2014 2013 2012 2011 Operating revenues NOK million 2,470.9 2,332.4 2,268.2 1,957.2 1,788.6 OPERATING REVENUES Of which operating revenues outside Norway NOK million 1,479.5 1,288.5 1,255.9 977.6 912.1 NOK million EBITDA NOK million 257.8 272.1 259.0 38.2 144.5 EBITDA adjusted for non-recurring items NOK million 274.4 266.3 268.0 209.6 197.9 EBITDA margin adjusted for non-recurring items (%) 11.1% 11.4% 11.8% 10.7% 11.1% Number of FTEs, 31.12. Number 413 448 441 469 452 2,471 GROWTH 2005–2015 NUMBER OF EMPLOYEES NOK million NOK million 300 3,000 2,471 250 2,268 2,332 2,500 422 1,957 200 1,789 2,000 1,632 274 1,505 266 268 150 1,309 1,500 1,220 965 210 100 863 198 1,000 170 EBITDA NOK million 128 121 50 109 500 68 31 0 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 ■ ■ 274 EBITDA adjusted for non-recurring items Operating revenues Help Contents In brief CEO6 6 IN BRIEFTheIN BRIEF | Company 2015 | Highlights Important EventsCorporate in 2015 Social Responsibility Directors’ Report Financial Statements and Notes Contact2015 ANNUAL REPORT ArcusGruppen6/95 IN BRIEF Another record year: IMPORTANT EVENTS IN 2015 Business Structure Business Model Key Figures in 2015 Sales growth for the Important Events in 2015 Group CEO 17th consecutive year In 2015, ArcusGruppen yet again posted record sales. Total group revenue reached NOK 2,471 million, NOK 139 million higher than in 2014. Operating EBITDA (operating profit before depreciation, adjusted for non-recurring items) amounted to NOK 274 million, an increase of NOK 8 million from 2014. Revenues were boosted by increased sales of The spirits market was characterised by wine, and in particular by the increased sales of lower sales, but ArcusGruppen managed to white, rosé and sparkling wines. Imports reverse a negative trend during the second half WINE GROWTH IN SWEDEN SOLID MARKET POSITION FOR WINE became more expensive due to the strong euro, of the year, which led to a recovery in market 2015 was a very good year for Vingruppen i IN NORWAY but re-negotiations with the wine producers share. Brand sales were stable compared to Norden, which represents ArcusGruppen’s ArcusGruppen has managed to uphold its ensured that only part of the currency effect 2014, with total sales reaching NOK 761 operations in the Swedish market. Its wholly position as the largest wine and spirits was passed on to consumers. In 2015, wine million. owned subsidiary, Vinunic, took over the importer in the Norwegian market. sales increased by nearly 15 per cent, to NOK In 2015, the Group’s wholly owned distri- large Masi and Astoria agencies. Sales also ArcusGruppen’s brands have performed 1,439 million. bution company, Vectura, reported reduced increased due to the acquisition of Social particularly well. This was partly due to the acquisition in sales of NOK 19 million, to NOK 270 million. On Wines in Finland. April of the Finnish company Social Wines, a positive note, however, the 2014 deficit of posting sales of NOK 103 million after the NOK 35 million was halved to NOK 16 million EFFICIENCY AND COST-SAVING AQUAVIT GROWTH transaction. (operating EBITDA). MEASURES The market share for aquavit in the Norwegian In 2015, production and bottling of the Danish market has increased month by month since spirits brands were moved from Aalborg in June 2015, and continued into 2016. At the Denmark to Gjelleråsen in Norway, with end of June 2016, the market share was 82.4 significant synergies realised during the year. per cent. ARCUS-GRUPPEN HOLDING AS WINE GROWTH IN FINLAND CONTINUED IMPROVEMENT IN PROFITS Arcus-Gruppen Holding AS is the holding company of Arcus-Gruppen In April, ArcusGruppen acquired 90 per cent AT VECTURA AS, Vectura AS and subsidiaries. Combined, these companies of the shares in Social Wines, a Finnish wine In 2015, the logistics operation continued represent the Group’s overall operations. The term ArcusGruppen importer. The acquisition increased the its positive development, mainly due to is used to refer to the operations of the entire Group. Group’s share of the Finnish wine market to substantial cost reductions. approximately 8-9 per cent. Help Contents In brief CEO7 7 IN BRIEFTheIN BRIEF | Company 2015 | Highlights Group CEO Corporate Social Responsibility Directors’ Report Financial Statements and Notes Contact2015 ANNUAL REPORT ArcusGruppen7/95 IN BRIEF Group CEO Kenneth Hamnes: Business Structure Business Model Key Figures in 2015 A leading Nordic Important Events in 2015 Group CEO brand company 2015 was yet another strong year for ArcusGruppen: A year of record sales and good profitability. Demand for our iconic spirits brands has been solid and wine sales have made significant progress. The strong performance is due to our knowledge standing among both consumers and authorities. In all our brand work, we are strongly of the Nordic monopoly markets, our consumer For ArcusGruppen, this ensures a high degree committed to creating positive experiences for insight and our ability to collaborate with of predictability. As a result of hard work for the end consumers. An important aspect is that producers from all over the world; and, of many years, we have gained solid knowledge of alcohol should be enjoyed responsibly. course, the quality of our outstanding brands.