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ARCUS ASA Corporate Directors' Financial Statements in Brief Group CEO the Company Sustainability 59 ANNUAL REPORT 2019 Governance Report and Notes

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ARCUS ASA Corporate Directors' Financial Statements in Brief Group CEO the Company Sustainability 59 ANNUAL REPORT 2019 Governance Report and Notes ARCUS ASA Corporate Directors' Financial Statements In Brief Group CEO The Company Sustainability 59 ANNUAL REPORT 2019 Governance Report and Notes agencies to the portfolio. In Finland and Sweden Directors’ Report: in particular, this gave increased sales. In Denmark, where demand for aquavit and bitters had declined in recent years, Arcus in 2019 ARCUS ASA introduced sale of pre-mixed cocktails, vodka and gin. So far, this has given good results. The Logistics business area will grow by The Arcus Group is a leading wine and spirits company in the Nordic region. The Group is a global market gaining more customers, and also by ensuring leader in the aquavit category, a market leader for spirits in Norway, and number two in Denmark. The Group low operating costs. 2019 was another year with revenue growth for Logistics. This is due to is also the market leader for wine in Norway, number two in Sweden, and number five in Finland. an increase number of customers, but also that these customers have increased their portfolios Arcus ASA is a holding company whose purpose is the import, export, production, storage and and required additional logistics services. distribution of alcoholic beverages and other goods, as well as other activities related to this business, In addition to the strategy for each of the and the ownership of interests in other companies that conduct such business. Arcus’ head office three business areas, Arcus has a strategy for the achievement of minor acquisitions. In 2019, is located at Gjelleråsen in Nittedal Municipality, close to Oslo. this resulted in the acquisition of 90 percent of Wongraven Wines AS. Since 2010, Sigurd ABOUT THE COMPANY the Nordic region and Germany, but also in for 2019 was NOK 2 million, compared to NOK Wongraven has developed and sold quality wines Arcus ASA owns all of the shares in Arcus- other selected export markets. Spirits also 1 million for 2018. in Norway, and as from 2010, in cooperation Gruppen AS and Vectura AS. The purpose of the bottles the wine sold by the Wine business area. The company’s registered office is in with Arcus’ Vingruppen. In the course of 2020, company is to manage shares and other In 2019, the Spirits business area achieved Nittedal Municipality. the wines will be launched in new markets. company holdings, and the Group operates sales of NOK 976 million, compared to NOK 920 within the business areas of Wine, Spirits and million in 2018. EBITDA (adjusted) was NOK STRATEGY AND BUSINESS DEVELOPMENT FINANCIAL DEVELOPMENT Logistics. 149 million in 2019, compared to NOK 145 Arcus’ strategy is a strategy for growth. Statement of income The Wine business area imports, bottles, million in 2018. The higher sales are primarily The Wine business area must win important In 2019, the Group’s total operating revenue markets and sells wine in Norway, Sweden and driven by increased agency sales. Among own tenders announced by the monopolies, increase was NOK 2,763 million (NOK 2,723 million in Finland, as well as within tax-free (and in brands, sales of low-margin products increased, sales through its own brands, and attract good, Denmark as from 2020). In 2019, the Wine with rather weaker sales in high-margin 2018). As stated, Spirits achieved significant new agencies. This strategy applies to Sweden, business area achieved sales of NOK 1,603 markets. The operating profit for 2019 was growth in 2019, mainly on the basis of new Norway and Finland. The portfolios are developing million, compared to NOK 1,625 million in 2018. NOK 122 million, compared to NOK 118 million agencies. Wine gained sound growth in Norway, EBITDA (adjusted) was NOK 170 million in for 2018. continuously, and their content is focused on with growth for own brands and for agency 2019, compared to NOK 182 million in 2018. The Logistics business area (Vectura) where demand is expected to increase. In Norway products, although revenue in Sweden was The sales decrease is mainly due to the loss of distributes alcoholic beverages in the in particular, this has led to major changes. reduced considerably after the loss of agencies agencies in the Swedish wine company Vinunic, Norwegian market. The Logistics business area Here, the portfolio has increased in recent early in the year. The positive market development in conjunction with former employee’s achieved sales of NOK 328 million in 2019, years, with more white wine, rosé wine and and strong growth for some of the wine companies commencement of competing activities. Apart compared to NOK 308 million in 2018. EBITDA sparkling wine, which has yielded good results. did not compensate for this sufficiently. Wine from this, the Wine business area achieved (adjusted) was NOK 15 million in 2019, The Spirits business area will achieve growth in Finland lost agencies at the end of 2018, sound growth. The operating profit for 2019 compared to NOK 13 million in 2018. Sales through production and sale of some of the Nordic which together with weak market development was NOK 158 million, compared to NOK 167 increased as a consequence of new customers region's strongest spirits brands, in particular contributed to lower revenue in 2019. Logistics million for 2018. and higher sales of services, while the result aquavit, bitters and cognac. The domestic market continued to develop positively and increased The Spirits business area imports, produces, was reduced by an increased overtime ratio, and is the Nordic region and Germany. During 2019, its revenue with additional customers, as well bottles, markets and sells spirits primarily in lease of lorries and drivers. The operating profit Spirits also added several international as higher volumes for existing customers. ARCUS ASA Corporate Directors' Financial Statements In Brief Group CEO The Company Sustainability 60 ANNUAL REPORT 2019 Governance Report and Notes The Group's operating costs totalled NOK 1,452 million (NOK 343 million). The large above. See also Note 13 to the consolidated the Nordic region. Credit risk associated with NOK 2,489 million, of which depreciation and increase is mainly based on the implementation financial statements, which gives a more detailed these customers is considered to be non-existent. amortisation amounted to NOK 120 million of IFRS 16, which at the end of the year entailed description of the changes which this has entailed. The Group’s credit risk is otherwise spread over a (NOK 2,463 million, of which depreciation an increase in rights of use of NOK 1,122 There have been no other changes entailing large number of small customers within the hotel, amounted to NOK 50 million). The change in million, compared to the end of 2018. significant effects for the Group. restaurant and café market, as well as a small costs from the previous year was affected Group equity was NOK 1,662 million as at number of distributors outside the Nordic region. Financial risk and risk management significantly by the introduction of new 31 December (NOK 1,654 million). Changes in The Board has adopted a financial policy, Interest-rate risk accounting rules for the book entry of leases equity are affected positively by the profit for defining the framework and guidelines for The Group is exposed to interest-rate risk via (IFRS 16), which the Group implemented as the year, but reduced by the dividend paid to financial risk management within the Group. financing activities (debt financing and financial from 1 January 2019. Reported depreciation minority shareholders in the Group and share- Arcus' principal source of revenue is the leasing liabilities) and investments (bank deposits). increased by NOK 70 million, of which NOK 69 holders in the parent company. The equity ratio core business. The main risk management At the end of 2019, the Group’s non-current million is due to the implementation of IFRS 16. was 30 percent at year-end, which is 7 percentage strategy for the Group is to limit the financial liabilities consisted of credit facilities at SEB In 2019, the Group’s operating profit before points below the previous year. The reduced risk arising from the core business. and financial leasing at Nordea Finans and depreciation (EBITDA) was NOK 377 million, equity ratio, even though the Group's equity The most important financial risks to which Volvo Finans. The interest-rate hedging policy compared to NOK 307 million in 2018. increased during 2019, is due to the significant the Group is exposed are associated with credit entails that up to 50 percent of the base rate on Operating EBITDA (adjusted for non-recurring increase in total liabilities as a consequence of risk, interest-rate risk, liquidity risk and foreign non-current loans can be hedged. At the end of items) was NOK 397 million, compared to NOK the implementation of IFRS 16. currency risk. 2019, none of the Group's interest-bearing 313 million in 2018. As stated, the As at 31 December 2019, the Group’s total To a small extent, Arcus uses financial debt was hedged. The interest- rate margin on implementation of IFRS 16 is the most important liabilities amounted to NOK 3,928 million (NOK instruments to hedge interest-rate and currency credit facilities at SEB is related to the size of reason for the increase in EBITDA. 2,783 million), of which interest-bearing debt risks. The Group does not use hedge accounting the Group’s net interest-bearing debt relative The Group’s net financial items amounted amounted to 51 per cent. Of the increase from and on initial recognition, financial instruments to EBITDA, while the agreement with Nordea are recognised as financial instruments at fair Finans involves a fixed interest-rate margin.
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