Cloetta's Purpose Is That

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Cloetta's Purpose Is That Annual and sustainability report 2019 “We believe in the Power of True Joy” Contents 2019 in brief 1 Risks and risk management 71 Words from the President 2 Letter from the Chairman 75 Goals and strategies 4 Corporate Governance Statement 76 Long-term financial targets 4 Remuneration of the Group Management Team 82 Sustainability targets 5 Internal control over financial reporting 84 Strategic priorities 6 Board of Directors 86 Cloetta’s value chain 12 Group Management Team 88 Cloetta’s sustainability agenda 14 Financial reports, contents 90 The confectionery market 17 Group financial statements and notes 91 Brand, category and product development 19 Parent Company financial statements and notes 131 The consumer in the spotlight 20 Proposed appropriation of earnings 140 Strategic product development 23 Auditor’s report 141 Brand and category leadership 25 Ten-year overview 144 Cloetta’s leading brands 30 Key ratios 146 Cloetta’s main markets 34 Reconciliation of alternative performance measures 148 Supply chain 41 Sustainability governance 150 Factories 46 GRI index 153 Resource effectiveness and environmental impact 48 Auditor’s Limited Assurance Report 155 Raw material 50 Definitions 156 Responsible sourcing 52 Glossary 157 Employees 54 History 158 Share and shareholders 58 Shareholder information 161 Financial performance 64 Net sales and profit 64 Financial position 67 Comments on the cash flow statement 69 Future outlook, Environmental impact and environmental management, Sustainability report 70 The audited annual report for Cloetta AB (publ) 556308-8144 consists of 6–11 (business model), 15–16, 73 (risks and risk management) and 5, 14–16, the administration report and the accompanying financial statements on 41–42, 48–49, 56–57, 150–152 (material sustainability matters, governance pages 1–4 and 64–140. and performance indicators). The reviewed sustainability account consists of pages 5, 12–16, 41–42, The annual report and sustainability report are published in Swedish 48–57, 150–154. The statutory sustainability report can be found on pages and English. The Swedish version is the original. Cloetta – a leading confectionery company in the Northern Europe. SALES IN FOUNDED IN 1862 2,600 50 LEADING EMPLOYEES COUNTRIES BRANDS ANNUAL SALES 8 SEK 6.5 BILLION CHOCOLATE CANDY PASTILLES CHEWING GUM PICK & MIX NUTS Our purpose Cloetta’s purpose, “We believe strategies and goals in the Power of express the compa- True Joy” ny’s business idea. Cloetta’s strengths • Strong leading local brands. • Core markets in stable Northwestern Europe. • Strong European leader in pick & mix. • Scale benefits in Northwestern Europe versus local competition. • Route-to-market scale in core markets. • Locally tailored innovation. A joyful product portfolio Cloetta’s net sales by category “Kicking off dinner with friends” “After every meal” 4% 2% Other “Welcome to the party!” 6% Nuts Chewing gum “Always by my side” 59% Candy 12% Pastilles 27% “Family road trip” 73% Pick & mix Branded “Enjoy the mountain packaged- top view” products 17% Chocolate “Fun flavors to break the ice” “Prepping for adventure” “Let the movie begin” “Finally, the weekend” Cloetta’s net sales by country International Markets 6% q qSweden Germany 6% q 31% UK 7% u Nordic Other countries The Netherlands 33% 67% 14% u Norway 5% u Denmark 10% p p Finland 21% THE YEAR IN BRIEF 1 WORDS WORDS FR O M TH E 2019 in brief PRESIDENT A N D • Cloetta Capital Markets day GOALS held in Stockholm. STRATEGIES Q1 • Niklas Truedsson appointed Q2 as Chief Pick & Mix Officer. - • Value Improvement Program Plus • Dividend of SEK 1 per share launched, a new company-wide is paid out . program to increase profitability and • Läkerol given a new design, MARKET invest in growth. and a wide media campaign THECON FECTI O N ERY • Earn-out consideration of SEK 146m is launched. related to the acquisition of Candyking • Cloetta Leading Performance Program is - settled. launched, the next step in Cloetta’s Lean program for increased manufacturing Net sales efficiency. SEKm 2,000 B R A N D, VELOPMENT CAT EG O RY & PRODUCT DE PRODUCT • Cloetta launches a new 1,500 employer branding concept “Sweet spot for your career”. Q3 Q4 M A I N • Cloetta’s annual report 2018 ranked • Nathalie Redmo appointed as Head MARKETS 1,000 CLOETTA’S by e.com-ReportWatch as one of the of Investor Relations and Communi- top six in a selection of more than 300 cations . companies worldwide. • Cloetta signs a new global contract 500 • Cloetta in the Netherlands ranked by with communications agency PHD MT 500 magazine as the top employer of Media International. CHAIN all FMCG companies in the Netherlands. SUPPLY 0 Q1 Q2 Q3 Q4 n 2018 n 2019 Examples of new product launches during the year Free cash flow SEKm 300 EMPLOYEES 250 200 150 SHARE- HOLDERS 100 AND SHARE 50 - 0 –50 MANCE PERFOR FINANCIAL FINANCIAL –100 Key ratios Q1 Q2 Q3 Q4 n 2018 n 2019 SEKm 2019 2018 2017 2016 2015 Net sales 6,493 6,218 5,784 5,107 5,674 Operating profit (EBIT), adjusted1 743 677 604 695 690 Operating profit, adjusted RISKS Operating profit margin (EBIT margin), SEKm adjusted, %1 11.4 10.9 10.4 13.6 12.2 250 Operating profit (EBIT)1 727 660 527 635 671 Operating profit margin (EBIT margin), 200 %1 11.2 10.6 9.1 12.4 11.8 Profit before tax 648 562 443 469 493 STATEMENT 150 CORPORATE Profit for the period 498 483 –97 –191 386 GOVERNANCE Earnings per share, basic, SEK 1.74 1.69 –0.34 –0.67 1.35 Earnings per share, diluted, SEK 1.74 1.68 –0.34 –0.67 1.35 100 Net debt/EBITDA, x1 2.2 2.3 2.4 2.4 3.0 1 Free cash flow 538 444 555 719 766 50 1 REPORTS Cash flow from operating activities 724 628 712 889 927 FINANCIAL 1) This metric has been affected by IFRS16 ‘Leases’ as of 1 January 2019. Comparative figures are not 0 restated. See Note 29 for indicative key figures excluding the impact of IFRS16. Q1 Q2 Q3 Q4 For definitions, see page 156. n 2018 n 2019 ABILITY SUSTAIN- Cloetta Annual and Sustainability Report 2019 << Back to contents 2 Words from the president Cloetta well positioned to deliver on financial targets During 2019, Cloetta delivered strong growth in both branded packaged products and pick & mix, whilst improving the operating profit. When summarizing 2019, I am particularly believe in the Power of True Joy”. We want and results to integrate the Global pleased that we have continued to deliver our products to play a positive part in adding Compact’s principles into our business, branded packaged growth, whilst making that special touch to people’s daily lives. culture and daily operations. good progress on our journey towards When they savor Cloetta’s products, people bringing sustainable value to the pick & mix experience a moment of true joy. Strategic initiatives business. This has been achieved through Cloetta will continue to strengthen My goal is to grow Cloetta organically, in focused attention and investments in our its position as the leading confectionery line, or better than the market, and at the core markets, categories and brands. company in northern Europe within its key same time reach an EBIT margin, adjusted categories. Thanks to the Group’s strong of at least 14 per cent. Increased sales and local brands, Cloetta is well prepared to By focusing on our core categories and improved profitability respond to the growing trend of consumers markets and, over time, doubling sales in This year’s net sales increased by SEK 275m requesting local brands. International Markets, we will be able to to SEK 6,493m (6,218) compared to the achieve our desired growth. Additionally, same period of last year, driven by strong Updated sustainability agenda we will consider selective acquisitions in growth in branded packaged products as We continue to incorporate sustainability our core categories in our main markets or well as pick & mix. Organic growth was 2.3 into our business strategy and operations. adjacent markets. per cent. Operating profit, adjusted for items This means anticipating, understanding We have identified three key focus areas affecting comparability, amounted to and exceeding stakeholders’ expectations that support us in reaching our financial SEK 743m (677). The improvement in op- of Cloetta. Among other things, consumers targets. These are growing the branded erating profit, adjusted, was driven by sales should be offered high-quality products as packaged business, bringing sustainable growth and cost efficiencies, partly offset by well as alternatives such as products with value to the pick & mix business as well as increased marketing investments. less or no sugar. reducing costs and driving efficiencies across Cloetta’s sustainability work also aims the organization. Dividend in line with policy to reduce environmental impact from I am also pleased that we have achieved production and packaging and to require Branded growth the target of 2.5x net debt/EBITDA for the sustainability-related actions of our suppli- We have now been able to organically grow fourth consecutive year. In combination ers. During the year, we achieved our goals the branded packaged business, which has a with improved profitability and a healthy for responsible sourcing of prioritized raw margin above 14 per cent, for eight con- cash flow, this enables the Board to propose materials in 2019, with 100 per cent UTZ secutive quarters. This has been achieved a dividend in line with our dividend policy of certified cocoa and 100 per cent segregated through working with fewer but bigger inno- SEK 1.00 (1.00) per share for 2019. palm oil. vations as well as increasing our marketing We are currently intensifying our investments that are visible to the consum- “We believe in the ambitions in sustainability.
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