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SCA ANNUAL REPORT 2018 2018 Europe’S Largest Private Forest Owner

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SCA ANNUAL REPORT 2018 2018 Europe’S Largest Private Forest Owner SCA ANNUAL REPORT 2018 SCA ANNUAL REPORT 2018 Europe’s largest private forest owner SCA is Europe’s largest private forest owner with 2.6 million hectares of environmentally certified forest land in Northern Sweden. Based on this unique resource, SCA has developed a resource-efficient industry to capture the greatest possible value from each tree, making use of every part. The company’s products include wood products, pulp, packaging paper, publication paper and renewable energy. 2.6 million hectares of forest land SCA ANNUAL REPORT 2018 SCA ANNUAL REPORT 6% of Sweden’s land area Pulp mill Sawmills Publication paper mills Kraftliner mills SCA’s forest holdings 3 This is SCA Contents Introduction Forest 3 This is SCA SCA owns a total of 2.6 million 4 The year at a glance hectares of forest in Northern 6 CEO’s message Sweden, an area nearly the size 8 Value chain of Belgium. SCA’s unique forest 10 Forest and climate holding is a growing resource that 12 Trends provides access to high-quality forest raw materials while absorb- Strategy and operations ing a net of 8% of Sweden’s fossil 14 Strategy CO emissions. 2 18 Forest 22 Wood Wood 24 Pulp SCA is one of Europe’s leading 28 Paper suppliers of wood-based prod- 30 Renewable energy ucts for the wood industry and 32 Logistics building materials trade, with an 34 Sustainable development annual production capacity of 36 Fossil-free world 2.2 million m3 of solid-wood prod- 38 Valuable forests ucts. SCA has five cost-efficient 40 Efficient use of resources sawmills located close to its forest 42 Individuals and society holdings in Northern Sweden, as 44 The share and shareholders well as wood processing and dis- tribution to the building materials Board of Directors’ Report trade in Scandinavia, the UK and 46 Board of Directors’ Report France. 50 Sustainability report in accordance Pulp with Swedish Annual Accounts Act 51 Risks and risk management SCA produces market pulp at Östrand pulp mill. The expansion of 55 Corporate Governance Report the mill was completed in the sum- 62 Presentation of the Board of Directors mer of 2018. Östrand is now one of and Auditors the largest and most cost-efficient 64 Presentation of the Executive production lines for softwood kraft Management Team pulp in the world. Together with chemo thermomechanical pulp Financial statements and notes production, Östrand’s annual ca- 66 Contents pacity amounts to 1 million tonnes. 68 Consolidated statements and notes SCA’s pulp has high-strength 109 Parent Company statements and notes properties, suitable for tissue and specialty paper. Sustainability facts 120 Value creation Paper 122 Governance and materiality 124 About the Sustainability Report SCA produces kraftliner – paper for 126 Strategic priorities and sustainability corrugated transport packaging – targets and publication paper for maga- zines, catalogues and commercial 128 Ethics and core values print. SCA is Europe’s largest inde- 131 Employees and the community pendent producer of kraftliner, with 134 Product development and innovation a total capacity of 865,000 tonnes 134 Responsible forest management per year. Kraftliner is produced at 136 Climate impact and climate benefits the paper mills in Munksund, Piteå, 136 Resource management and environ- and in Obbola, Umeå. Publication mental impact paper is produced at the Ortviken 139 Social data paper mill in Sundsvall, with a ca- Renewable 140 Environmental data pacity of 775,000 tonnes per year. energy Other 142 Adoption of the annual accounts SCA is now one of Europe’s largest 143 Auditor’s report producers of forest-based bio- 146 Limited Assurance Report on the energy, with a total production of Sustainability Report about 9 TWh per year. In Sweden, 147 GRI Index SCA has three pellets factories that have an annual production capacity 149 Multi-year summary of 300,000 tonnes. SCA leases out 150 Definitions and glossary forest land for wind power produc- 151 About the Annual General Meeting tion. In 2018, 324 wind turbines 151 Addresses were operating on SCA’s land with 153 SCA in the world a total annual production capacity of 2.6 TWh. SCA also develops SCA’s Annual and Sustainability report 2018 is published products for the next-generation of in Swedish and this is an English translation. If there are differences between the Swedish and the English version, biofuels and green chemicals. the Swedish version will prevail. 3 INTRODUCTION / THE YEAR AT A GLANCE The year at a glance Sales grew 13% while EBITDA increased 44%. All segments contributed to the improvement in earnings. Net sales SEKm 18,755 EBITDA EBITDA margin SEKm SCA ANNUAL REPORT 2018 SCA ANNUAL REPORT 5,252 28% Net debt / EBITDA Industrial return on capital employed 1.3x 16% Earnings per share Proposed dividend per share SEK 5.21 SEK 1.75 4 Introduction Strategy & operations Board of Directors’ Report Financial statements Sustainability facts Other Key figures 2018 2017 SEKm SEKm Net sales 18,755 16,664 EBITDA 5,252 3,648 EBITDA margin 28.0% 21.9% Operating profit 4,002 2,511 Operating margin 21.3% 15.1% Profit for the period 3,659 1,874 2018 SCA ANNUAL REPORT Earnings per share, SEK 5.21 2.67 Proposed dividend per share, SEK 1.75 1.50 Operating cash flow 2,751 2,273 Strategic capital expenditures 1,967 2,863 Capital employed 46,082 42,719 Industrial return on capital employed 16.4% 9.7% Net debt/EBITDA 1.3x 1.6x Average number of employees 4,216 4,127 Accidents (LTA per million hours worked) 9.1 10.4 Net sales by geography Net sales by segment1 Sweden 15% Forest 22% UK 18% Wood 27% Germany 16% Pulp 12% France 7% Paper 39% Rest of Europe 29 % Asia 9% Rest of world 6% 1) Share of net sales before elimination of intra-Group sales 5 INTRODUCTION / CEO’S MESSAGE A future characterized by sustainable growth The forest is the future. We create value for the climate, our employees, customers and shareholders, while also generating prosperity and employment opportunities. SCA’s earnings in 2018 were the best to date. Operating profit During the year, we started a strategic partnership with the energy improved by nearly 60%, at the same time as we completed company St1 in order to produce liquid biofuels based on tall one of Sweden’s largest industrial projects, the expansion of the oil, and we are working hard with research and development to Östrand pulp mill. We have maintained good cost control and move Östrand closer to becoming a full-scale biorefinery with achieved a high level of production efficiency in a strong market. complementary products in biofuels and green chemicals. Doubling pulp capacity Sustainability integrated in the business concept SCA ANNUAL REPORT 2018 SCA ANNUAL REPORT We have invested nearly SEK 8 billion in doubling pulp capacity, Sustainability is a natural part of SCA’s business concept. As an investment financed from operating cash flow. The project Europe’s largest private forest owner, we produce renewable was carried out safely and on schedule and budget, and the raw material in responsibly managed and certified forests. We commissioning has exceeded our expectations in terms of balance consideration for biodiversity, Sami reindeer herding volume and quality. We have every reason to feel proud, together and other important societal concerns with a high level of with those who contributed to the success of the project – production of valuable raw material for products with a low employees, suppliers and project management. Today, we can carbon footprint and for a high quality of life. offer our customers an exceptionally strong and bright pulp, at the same time as the plant will generate about 1% of the total We work with climate-smart growth opportunities in all of our electricity consumed in Sweden. business areas – paper to replace plastic, wood products to replace steel and concrete, renewable energy instead of fossil fuels. SCA therefore has a crucial role to play in the transition to a Continued growth sustainable society. We support the UN Global Compact and its We are preparing for continued growth. Rising population and principles. climate change are increasing demand for products based on renewable raw materials, and the growth in e-commerce is driving demand for strong packaging. Our kraftliner, based on Employees create value strong fiber from Northern Sweden, can meet customers’ require- Major investments achieve nothing without motivated and skilled ments for strong and sustainably manufactured packaging. This employees. It is employees who realize the value of the invest- is why we are conducting a pre-project to evaluate the potential ments and it is employees who create the conditions for growth. production increase of packaging paper in Obbola, in parallel SCA works proactively to create safe workplaces with a climate with increasing the capacity for white-top kraftliner in Munksund of openness, characterized by solidarity and trust. Innovation, next year. efficiency and job satisfaction thrive in such an environment. Our next major growth area is renewable energy. Every year, SCA is a unique company; Europe’s largest private forest 2.6 TWh of electricity is produced from wind power on SCA’s holding integrated with an industry that has one of the world’s land, equivalent to 15% of total wind power production in lowest carbon footprints. Through innovations and carefully Sweden. Within the next five years, production capacity on judged investments, we create value for our owners and build SCA’s land will triple. strong customer relationships, growth, prosperity and dynamic communities. Together, we can build the future. Ulf Larsson, President and CEO 6 Introduction Strategy & operations Board of Directors’ Report Financial statements Sustainability facts Other SCA ANNUAL REPORT 2018 SCA ANNUAL REPORT “We work with climate-smart growth opportunities in all of our business areas” 7 INTRODUKTION / VALUE CHAIN We use the entire tree SCA has built an industrial ecosystem that maximizes value creation in and from the forest through renewable products and a resource-efficient value chain.
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