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2009 Annual Report

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2009 Annual Report 2009 ANNUAL REPORT SNUS BRANDS building on consumer needs New products: The Lab Series INCREASED CIGar SALES 0102 in changing markets The content 02 This is Swedish Match 47 Financial reports 47 Contents 04 CEO comment 48 Report of the Board of Directors 2009 ANNUAL REPORT 08 Our business 54 Consolidated financial statements 08 Smokefree: Snus and snuff 54 Income statement 18 Smokefree: Chewing tobacco 54 Statement of comprehensive income 20 Cigars 55 Balance sheet 26 Lights 56 Statement of changes in equity 28 Our employees 57 Cash flow statement 58 Notes for the Group 31 Sustainability 86 Parent Company financial statements snus BRAnDs 31 Code of Conduct building on consumer needs 86 Income statement New products: 32 Social responsibility The Lab Series 86 Statement of comprehensive income IncReAseD 34 The environment cIgAR sAles 87 Balance sheet 0102 in changing markets 88 Statement of changes in equity 36 Regulatory affairs 89 Cash flow statement 90 Notes for the Parent Company 38 Shareholder information Cover page 38 Information to shareholders Swedish Match laboratory for Research & 98 Proposed distribution of earnings 40 The share Development Chemical Analysis in Stock- 99 Auditor’s report 42 Five-year summary holm, Sweden. The quality standard for 44 Quarterly data 100 Corporate Governance Swedish snus is the result of extensive 45 Definitions research and development. All Swedish 100 Governance report Match products maintain the highest 105 Report on internal control quality from tobacco plant to consumer. 106 Board of Directors 108 Group Management 4 8 31 CEO comment Our business Sustainability CEO Lars Dahlgren highlights the trans- During 2009 Swedish Match launched Social responsibility is a natural part of formation of Swedish Match during the a number of new products and formats. Swedish Match. Empowerment projects year, the efforts that have been made A significant product launch wasThe Lab invest in health, education and the toward being the global smokefree Series 01 and 02. A completely new snus environment. In the Dominican Republic, leader and being best in class in cigars. product customized to satisfy consumers’ Swedish Match focuses on soil preserva- request for a modern snus. tion in order to prevent land erosion. Product news 2009 The numbers 2009 THE Lab SEriES: 01 AND 02 SALES 01 and 02 are part of the Swedish Match new 14,204 MSEK Lab Series. OPERATING PROFIT These two products are customized to satisfy consumers’ requests for a modern snus product that differs from other brands in terms of 3,417 MSEK product experience and design. 01 and 02 are available in pouches that are longer and slimmer than tradi- tional pouches, a new format SALES BY PRODUCT AREA launched in the rapidly growing Snus and snuff Norwegian market. Norway is cur- 20% 30% Chewing tobacco rently the third largest smokefree 11% Cigars market for Swedish Match after Lights 8% Sweden and the US. Other operations 31% OPERATING PROFIT BY PRODUCT AREA1) 8% Snus and snuff Chewing tobacco 26% 54% Cigars Lights UPPER CUT 12% 1) BY PUNCH Excluding Other operations. Upper Cut by Punch is a new collection KEY DATA, MSEK 2009 2008 2007 of handcrafted Sales 14,204 12,611 11,970 EBITDA1) 3,885 3,222 2,936 Honduran cigars. Operating profit 3,417 2,874 2,800 Operating margin1), % 24.1 22.2 21.2 Upper Cut is developed Profit for the year 2,361 2,091 1,898 according to the taste prefer- Earnings per share, SEK 9.67 8.30 7.22 ences of consumer panelists. Dividend per share, SEK 4.752) 4.10 3.50 This cigar is a marriage between the classic taste of 1) Excluding larger one time items in 2008 and 2007. 2) Board proposal. Punch with Nicaraguan spice. The result is a cigar that reveals a range of flavors and delivers a balanced finish. 1 This is Swedish Match SMOKEFREE: SNUS AND OPERatING PROFIT SNUFF 1,916 MSEK Main brands: Scandinavia: General, Ettan, Grovsnus, Göteborgs Rapé, Catch, Kronan US: Timber Wolf, Red Man, Longhorn Swedish Match maintains a leading position in the Scandinavian snus market. In North America, Swedish Match is the second largest producer in the growing value priced snuff segment. Main markets: Sweden, Norway, the US Production units: Sweden, the US 2009 2008 Sales, MSEK 4,250 3,725 Operating profit, MSEK 1,916 1,658 Operating margin, % 45.1 44.5 Read more about Snus and snuff on page 8. CIGarS Main brands: OPERatING PROFIT US premium: Macanudo, Partagas, Punch, Hoyo de Monterey, La Gloria Cubana, Cohiba, Helix, Don Tomàs 935 MSEK US machine-made: White Owl, Garcia y Vega, Game by Garcia y Vega European machine-made: La Paz, Willem II, Salsa, Hollandia, Bellman, Oud Kampen, Justus van Maurik, Hajenius, Hofnar Swedish Match is one of the world’s largest producers and distributors of cigars and cigarillos. Swedish Match maintains a leading position in the US market for premium cigars. Main markets: the US, Benelux, France, Spain, Germany, Australia Production units: the US, the Dominican Republic, Honduras, Belgium, Indonesia 2009 2008 Sales, MSEK 4,426 3,644 Operating profit, MSEK 935 686 Operating margin, % 21.1 18.8 Read more about Cigars on page 20. 2 / Swedish Match 2009 THIS IS SWEDISH MATCH The Group 2009 Swedish Match develops, manufac- tures and sells market-leading brands in smokefree products, cigars and lights products. The Group sells prod- OPERatING PROFIT ucts across the globe, with produc- tion units in 10 countries. Swedish Match also has an independent distri- MSEK bution company in Sweden. Swedish 411 Match generates more than half of its sales and more than two thirds of its operating profit from snus/snuff and cigars. The Swedish Match share SMOKEFREE: CHEWING TObaCCO is listed on NASDAQ OMX Stockholm. Main markets: the US Main brands: Red Man, Red The Swedish Match head office, where Production units: the US Man Golden Blend, Southern the CEO and Group staff functions Pride, J.D.’s Blend, Red Man are based, is located in Stockholm. 2009 2008 Silver Blend, Granger Select The business is operated in five Sales, MSEK 1,112 934 divisions: Smokefree Division, Swedish Match is the largest Operating profit, MSEK 411 329 Scandinavia Sales Division, US Sales producer of chewing tobacco Operating margin, % 36.9 35.2 Division, Swedish Match Interna- in the US. tional, and Other Operations. Read more about Chewing tobacco on page 18. Consolidated sales amounted to 14,204 MSEK and the average number of employees was 11,037. Swedish Match production units are in: Belgium, Brazil, Bulgaria, the Dominican Republic, Honduras, Indonesia, the Netherlands, the Philippines, Sweden, and the US. OPERatING PROFIT MSEK www.swedishmatch.com 279 More information is available on the Company website www.swedishmatch.com/ourcompany LIGHTS Main brands: Main markets: Russia, Brazil, Sweden, Matches: Solstickan, Fiat Lux, France, the UK, Australia, Spain Swan, Tres Estrellas, Feudor, Production units: Sweden, Brazil, Redheads Bulgaria, the Philippines, Lighters: Cricket the Netherlands Swedish Match maintains a leading 2009 2008 position in a number of markets for Sales, MSEK 1,574 1,525 matches. The brands are mostly Operating profit, MSEK 279 275 local and hold a strong position in Operating margin, % 17.7 18.0 their respective markets. Swedish Match is a key player in the interna- tional market for disposable lighters. Read more about Lights on page 26. 3 CEO Comment 2009 A YEar OF 4 / Swedish Match 2009 CEO COMMENT “ I am proud of the hard work and commitment from all of our employees to work together to embrace change and promote a culture of open- ness and trust, making such changes not only possible but successful.” TraNSFORMATION The year that was digits in both local currency and reported market. A new federal tobacco excise tax, Swedish Match entered 2009 with a clear Swedish kronor. Basic earnings per share effective April st1 , altered both absolute and vision: as the global smokefree leader, we reached 12.88 SEK including discontinued relative prices among tobacco products. The would work to drive change and continued operations, and 9.67 SEK from continued largest moist snuff competitor would alter growth in a new and changing competitive operations, which was up 43 percent and its pricing and promotional strategy, further landscape. As best in class in cigars, we 17 percent respectively from the previous changing relative prices in that market. The would be more focused, working toward year. Each measure was the highest level US Food and Drug Administration would improving our profitability. We would ever. For 2009, the proposed dividend will be taking over tobacco regulation. With maintain operational excellence in lights. increase by 16 percent, to 4.75 SEK such dramatic changes, a company must be In all our businesses, we would work to be per share. The Company bought back able and willing to adapt, and seek ways to a more focused and more valued supplier, 18.4 million shares as part of its ongoing use change as a way of gaining a competitive delivering outstanding products, service, share repurchase program. The Swedish advantage. While potentially disruptive, the and quality for money, with brands that Match share price rose by 40 percent during US organization succeeded not only in stand the test of time. We would engage in the course of the year, reaching 156.90 SEK “weathering the storm”, but also improved new ideas and work together in a spirit of by year-end. sales and profitability in both the snuff and openness and a determination to excel. the cigar businesses, while successfully inte- With a clear vision and roadmap for Success in the face of change grating the production of chewing tobacco change, Swedish Match during 2009 went With the challenges of a slowdown in the of the third largest competitor into our own through an extensive transformation pro- worldwide economy, continued financial facilities.
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