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AAK Annual Report 2017 AAK Annual Report 2017 The Co-Development Company AAK in 60 seconds At AAK, we have developed value-adding vegetable oil With our headquarters in Malmö, Sweden, 20 production solutions for more than 140 years. Today, we work within facilities and customization plants, and sales offices in more industries such as chocolate and confectionery, bakery, dairy, than 25 countries, our more than 3,300 employees are infant nutrition, medical nutrition, senior nutrition, foodservice, dedicated to providing innovative value-adding solutions to and cosmetics. our customers. To make sure we always get the right result we use many So, no matter where you are in the world, we are ready to different raw materials and processing methods. We believe help you achieve long-lasting results. in a collaborative approach where we bring together our customers’ skills and know-how with our own capabilities and mindset. We find this to be the best way to achieve long- We are AAK – The Co-Development Company. lasting results. Three business areas Food Ingredients Our largest business area primarily offers solutions to the bakery, dairy, foodservice and special nutrition industries. The latter includes solutions within infant, senior and medical nutrition. Chocolate & Confectionery Fats Our second largest business area offers functional cocoa butter alternatives for chocolate, compounds for coating and molding, and speciality fats for confectionery fillings. Technical Products & Feed Our Technical Products & Feed business area offers fatty acids and glycerine for various applications, and proteins and fats for animal feed. Volumes Net sales Operating profit 13% Technical Products & Feed 6% Technical Products & Feed 4% Technical Products & Feed 19% Chocolate & Confectionery Fats 28% Chocolate & Confectionery Fats 38% Chocolate & Confectionery Fats 68% Food Ingredients 66% Food Ingredients 58% Food Ingredients II AAK in the world Production plants Customization plants Sales offices Sourcing operations Customer Innovation Centres Medium- and fast-growing markets % 100 13 90 20 22 29 Fast-growing markets 80 18 40 - Asia - Latin America 70 18 60 31 Medium-growing markets 31 50 - USA - CEE Volumes 35 40 - CIS 69 30 62 Slow-growing markets 47 20 40 - Nordics 25 - Western Europe 10 0 2006 2009 2012 2017 2020* * Management ambition, as presented at the Capital Market Day 2016. Operational key figures (SEK million unless otherwise stated) 2013 2014 2015 2016 2017 Volumes, thousand tons 1,620 1,703 1,833 1,966 2,129 Net sales 16,537 17,814 20,114 22,057 26,436 Adjusted operating profit (EBIT)* 1,127 1,242 1,411 1,615 1,786 Operating profit 1,117 1,262 1,409 1,615 1,786 Operating profit per kilo, SEK 0.69 0.74 0.77 0.82 0.84 Cash flow from operating activities 1,300 692 1,736 1,213 1,099 Earnings per share, SEK 17.87 21.15 22.17 23.71 28.24 Equity per share, SEK 105.76 138.51 156.77 177.87 181.23 Dividend per share, SEK 6.00 6.75 7.75 8.75 9.75** Return on Capital Employed, R12m, % 16.4 16.0 15.7 15.8 15.6 * Adjusted for non-recurring items and acquisition costs. ** In accordance with the Board of Directors’ proposal. Definitions, see page 92. III 2017 in brief Financial results Total volumes were up 8 percent (7) and organic volume The smallest business area, Technical Products & Feed, growth was 5 percent (2). reported an operating profit of SEK 84 million (100), a decrease by 16 percent. Operating profit per kilo Net sales amounted to SEK 26,436 million (22,057). The decreased by 17 percent, to SEK 0.30 (0.36). increase was mainly due to positive product mix and increased raw material prices, partly offset by a negative Operating cash flow including changes in working capital currency translation impact of SEK 327 million. amounted to SEK 1,099 million (1,213). Cash flow from working capital was negative, amounting to SEK 388 Operating profit reached SEK 1,786 million (1,615), an million (negative 263). Good working capital management improvement of 11 percent. The currency translation has impacted cash flow favorably. However, this was impact was negative SEK 19 million. Operating profit at offset by a continued organic volume growth, a net nega- fixed foreign exchange rates improved by 12 percent. tive impact from higher raw material prices, and working capital tied up for our new factories in Brazil and China. The largest business area, Food Ingredients, reported an operating profit of SEK 1,107 million (996), an improve- Earnings per share increased by 19 percent, to SEK ment of 11 percent. Operating profit per kilo increased by 28.24 (23.71). 3 percent, to SEK 0.77 (0.75). Return on Capital Employed (ROCE), calculated on a Business area Chocolate & Confectionery Fats reported rolling 12 months basis, was 15.6 percent (15.8). ROCE an operating profit of SEK 735 million (664), an improve- declined due to increased raw material prices which ment of 11 percent. Operating profit per kilo increased by impacted the first six months in 2017, investments in 1 percent, to SEK 1.82 (1.81). Brazil and China, and the acquisition of California Oils Corporation in 2016. Key events In January, we launched our new company program The Our new speciality and semi-speciality edible oils factory AAK Way which will guide us through 2019. The AAK in Zhangjiagang, China was officially inaugurated in Way will focus on the following five priority areas: Go to September. With the new plant in operation, we have Market, Operational Excellence, Special Focus Areas, taken a major step forward in our global growth strategy Innovation, and People. and it brings us closer to our customers in yet another key market. The fully automated, multi-oil and multi-process For the Annual General Meeting in May, the Nomination plant has an initial production capacity of 100,000 MT Committee of AAK AB proposed new election of Mikael per year, and opens up many new possibilities for our Ekdahl as Chairman of the Board and Gun Nilsson and customers in China in a wide range of applications. Bengt Baron as Board members. The Annual General Meeting resolved in accordance with the proposal. In November, AAK’s Board of Directors appointed Johan Westman as new President and CEO of AAK AB. Prior Following the strategy to broaden our nutritional focus we to joining AAK, Johan was Senior Vice President Europe delivered our first volumes of Akovita® in June. Akovita® and Managing Director of the BlankLight division at Shiloh is our new product range for the senior nutrition market Industries, a global innovative solutions provider to the and contains ingredients such as plant sterol esters which mobility market with headquarters in Valley City, Ohio, are clinically proven to maintain and even reduce the USA. Johan will start no later than June 1, 2018. cholesterol level in the blood which is supported by Article 14(1) health claim in the EU. At the end of December, we signed our first commercial contract for TROPICAO™, our chocolate solution for hot In July, our CEO and President Arne Frank suddenly and climate markets. very unfortunately passed away. Arne joined AAK in 2010 and developed AAK into a world-leading player in the market for value-adding vegetable oils and fats. IV Contents Comments by Mikael Ekdahl, Chairman of the Board ................... 2 Directors’ Report .......................................................................... 39 Comments by Fredrik Nilsson, acting CEO ................................... 4 Consolidated Income Statement ................................................. 43 AAK’s vision ................................................................................... 6 Consolidated Statement of Comprehensive Income ................... 43 The AAK Way ................................................................................ 7 Consolidated Balance Sheet ....................................................... 44 The business model – global provider of Consolidated Changes in Shareholders’ Equity .......................... 46 value-adding solutions ............................................................... 8 Consolidated Cash Flow Statement ............................................ 47 Business area Food Ingredients .................................................. 12 Income Statement – Parent Company ........................................ 48 Business area Chocolate & Confectionery Fats .......................... 14 Statement of Comprehensive Income – Parent Company .......... 48 Business area Technical Products & Feed .................................. 18 Balance Sheet – Parent Company .............................................. 49 Regional markets......................................................................... 20 Changes in Shareholders’ Equity – Parent Company ................. 50 Risks ........................................................................................... 22 Cash Flow Statement – Parent Company ................................... 51 Employees ................................................................................... 24 Notes ........................................................................................... 52 Sustainable growth ...................................................................... 26 Alternative Performance Measures ............................................. 79 Comments by Fredrik Nilsson, CFO ............................................ 28 Corporate Governance Report .................................................... 81 Reasons to invest in AAK ...........................................................
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