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Annual and Sustainability Report 2017

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Annual and Sustainability Report 2017 Annual and sustainability report report sustainability and Annual 2017 Annual and sustainability report 2017 Contents This is Cloetta Highlights of 2016 1 Words from the President 2 Goals and strategies Long-term financial targets 4 Long-term sustainability targets 5 New strategic priorities for 2017 and 2018 6 Cloetta’s value chain 8 Cloetta’s sustainability commitment 10 The confectionery market 11 Market strategies for growth 13 Category and brand development 14 Strategic product development 19 New markets, initiatives and concepts 22 Consumer well-being 24 Cloetta’s leading brands 26 Cloetta’s main markets 30 Supply chain 37 Factories 42 Reduced environmental impact 44 Raw material costs 46 Sustainable sourcing 48 Employees 51 Share and shareholders 56 Financial performance 62 Net sales and profit 62 Financial position 65 Comments on the cash flow statement 67 Future outlook. Environmental impact and 68 environmental management, Sustainability report Risks and risk management 69 Letter from the Chairman 73 Corporate governance report 74 Remuneration to the Group Management Team 80 Internal control over financial reporting 82 Board of Directors 84 Group Management Team 86 Financial information, contents 88 Consolidated profit and loss account 89 Consolidated statement of comprehensive income 90 Consolidated balance sheet 91 Annual and sustainability report Consolidated statement of changes in equity 92 Consolidated cash flow statement 93 2017 Notes to the consolidated financial statements 94 Parent Company financial statements and notes 129 Proposed appropriation of earnings 139 Auditor’s report 140 Ten-year overview 143 Key ratios 144 The audited annual report for Cloetta AB (publ) 556308-8144 consists of Reconciliation of alternative performance measures 145 the administration report and the accompanying financial statements on Definitions and glossary 147 pages 1–4 and 62–139. The sustainability report consists of pages 1–10, 37-40, 44–55, 71, and 149–156. Sustainability 149 The annual report is published in Swedish and English. Core values 149 The Swedish version is the original. Long-term sustainability 150 As a result of the sale of Cloetta S.r.l. on 5 September 2017, the divestment of Cloetta Stakeholders and materiality issues 152 Italia S.r.l. has been accounted for as discontinued operation. The comparative GRI-index 154 figures in the consolidated profit and loss account and the profit and loss account related disclosure notes have been restated to present the discontinued operation Auditor’s limited assurance report on sustainability report 157 separately from continuing operations. The comparative figures in the consolidated statement of comprehensive income, consolidated balance sheet, consolidated History 158 statement of changes in equity, consolidated cash flow statement and the hereto Shareholder information 161 related disclosure notes have not been restated. Cloetta – a leading confectionery company in the Nordic region and the Netherlands SALES IN FOUNDED IN 1862 2,467 50 LEADING EMPLOYEES COUNTRIES BRANDS ANNUAL SALES 8 SEK 5.8 BILLION CHOCOLATE CANDY PASTILLES CHEWING GUM PICK & MIX NUTS VISION MISSION To be the most To bring a smile to your The vision, together admired satisfier of Munchy Moments with the goals and Munchy Moments strategies, expresses Cloetta’s business concept Cloetta’s strengths • Strong brands and market positions. • Excellent availability in stores enabled by a strong and effective sales and distribution organization. • Good consumer recognition and loyalty. • Innovative product and package development. • Efficient production with high and consistent quality. Cloetta’s net sales Cloetta’s net sales by category by country Other 8% q Sweden Candy UK 5% u t Other 2% q 34% t Germany 5% u Nuts 4% u 58% Nordic Other countries Chewing gum 7% u The Netherlands 32 % 68 % 14% u Pastilles 12% u Norway 6% u p Finland Chocolate 17% p Denmark p 21% 7% Categories where Cloetta is among the market leaders Sweden Norway Denmark The Netherlands Finland Candy Pastilles Pastilles Pastilles Pastilles Chocolate countlines Candy Candy Candy Chewing gum Pastilles Pick & mix Pick & mix Chewing gum Candy Chocolate bags Pick & mix Pick & mix Cloetta Annual and sustainability report sustainability and Annual The year in brief Q1 Q2 Q3 Q4 • Strategic review of Cloetta • Acquisition of Candyking is • Marcel Mensink is ap- • Cloetta’s Scandinavian 2017 Italy is announced. completed. pointed as new President management to be divided into • Henri de Sauvage-Nolting • Dividend of SEK 0.75 per Operations. two roles, President Cloetta takes his seat as new share is paid, representing • Annual Report comes top in Sweden and President President and CEO. 53 per cent of net profit before Reportwatch competition, Cloetta Denmark & Norway. impairment. • Acquisition of Candyking is food and beverage category. • Cloetta’s Head Office moves to announced. • Divestment of Cloetta Italy • Cloetta receives best corpo- Solna. is announced. rate website award. • The Board proposes an ordi- • A fire at the factory in • Divestment of Cloetta Italy nary dividend of SEK 0.75 per Turnhout, Belgium, destroys is completed. share and a special dividend one production line. of SEK 0.75 per share, in total corresponding to SEK 1.50 per share. Examples of new launches Cash flow from Net sales operating activities Operating profit, adjusted SEKm SEKm SEKm 2,000 500 250 400 200 1,500 300 150 1,000 200 100 500 100 50 0 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 n 20161 n 2017 n 2016 n 2017 n 20161 n 2017 Key ratios SEKm 2017 20161 2015 2014 2013 Net sales 5,784 5,107 5,674 5,313 4,893 Operating profit (EBIT), adjusted 604 695 690 632 585 Operating profit margin (EBIT margin), adjusted % 10.4 13.6 12.2 11.9 12.0 Operating profit (EBIT) 527 635 671 577 418 Operating profit margin (EBIT margin), % 9.1 12.4 11.8 10.9 8.5 Profit/loss before tax 443 469 493 338 210 Profit/loss for the period –97 –191 386 242 264 Profit/loss for the period excluding impact of impairment loss discontinued operation including corporate income tax effects and other items affecting comparability 402 403 386 242 264 Earnings per share, basic and diluted, SEK –0.34 –0.67 1.35 0.84 0.92 Earnings per share, basic and diluted excluding impact of impairment loss discontinued operation including tax effects and other items affecting comparability, SEK 1.40 1.41 1.35 0.84 0.92 Net debt/EBITDA, x 2.39 2.44 3.03 3.97 4.19 Cash flow from operating activities 712 889 927 500 131 1) Comparative figures for profit and loss account items have been restated for discontinued operation, read more on page 89. For definitions, see page 147. The year in brief 1 Cloetta Annual and sustainability report sustainability and Annual A year of change Acquisition of Candyking and 2017 divestment of Cloetta Italy 2017 was a year of change for Cloetta. The acquisition of Candyking and the divestment of Cloetta Italy changed the Group’s structure significantly. This increases our focus on profitable growth in the Northern and Western European markets. At the same time, synergies are created from the acquisition of Candyking. Net sales for the year rose by SEK 677m to The long-standing challenging business volatile since it is based on major customer SEK 5,784m (5,107) compared to last year. development in our Italian operations also contracts with different maturities. During Organic growth was –1.2 per cent. Operating forced us to recognize an impairment loss in 2017, however, we succeeded in renewing profit, adjusted for items affecting compara- Cloetta Italy. Since the impairment is non- almost all existing Candyking contracts for bility, amounted to SEK 604m (695). cash it has not affected our ability to issue future years. This proves the strength of the share dividends or make acquisitions. The Candyking concept. Stable cash flow and proceeds from the divestment have instead on-target net debt/EBITDA ratio enabled the Board to propose a special Strategic initiatives support Cloetta has a stable cash flow and the dividend. profitable growth decrease we saw in 2017 was mainly due The confectionery market is characterized to a lower operating profit and higher tax Acquisition of Candyking by stability. Admittedly growth in Europe payments related to a tax settlement in Italy. creates synergies is relatively small and individual markets In addition, the comparative figure for 2016 In April, Cloetta acquired Candyking, a can show reduced sales in a single month or contains the divested Italian business. leading concept supplier of pick & mix candy quarter, but over time annual growth in the It is gratifying that Cloetta, for the second in the Nordic countries and the UK. This confectionery market is normally 1 – 2 per consecutive year, has a net debt/EBITDA acquisition has strengthened our position cent. Despite this, Cloetta has not managed ratio in line with our target. This means that within pick & mix at the same time as we to fully grow in line with the market in recent we no longer need to lower our debt but can create substantial synergies. years. We have therefore started a number focus on potential acquisitions and continued Pick & mix candy is a growing category of strategic initiatives that will contribute to share dividends. In view of the profit for the in many countries and with this acquisition profitable growth. year, the Board proposes an unchanged ordi- Cloetta notably strengthens its positions in My key focus for Cloetta is to improve our nary dividend of SEK 0.75 (0.750) per share. Denmark, Norway and the UK. Our aim is to competitiveness, thereby driving profitable In addition, the Board proposes a special develop Candyking’s brand and product offer- growth in our main markets and selected dividend of SEK 0.75 per share as a result of ing and thereby offer an even more attractive international markets.
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