Annual General Meeting May 8, 2014 - AAK
Arne FrankPresident and CEOAnnual General MeetingMay 8, 2014
AgendaFull year 2013Important eventsAAKtionFirst quarter 20142
Full year 2013Volume 000 MTSalesSEKmillion16.537 (16.911)EBITSEKmillion1.117 (996*)EBIT/kgSEK0,69 (0,66*)EPSSEK* Adjusted for Sandy1.620 (1.511)17,87 (15,66) 7%Organic 2%- 2% 12%Fixed FX 14% 5% 14%3
Important events 2013 Acquisition of Unipro External factors Cocoa butter Nordic Nutrition Recommendation Biodiesel China Innovation Center Corporate Social Responsibility Product development4
AAK Turkey, Unipro Strong position and deep customerrelationships in the Turkish bakery market Revenues of SEK 700 million Volumes 50,000 MT 37 employees The transaction included Unipro and 9 other established brands mainlywithin bakery Core management and sales organisation All related know-how 5 year toll manufacturing agreement5
Medium and fast growing 015-2016*Slow growing marketsMedium growing marketsFast growing markets Nordics USA Asia West Europe CEE Latin America CIS* Management ambition – edible oil volume6
Cocoa butterPrice development - Cocoa ,0002,0001,00007
Nordic Nutrition Recommendation- Focus on lipid quality rather than quantity Recognises that a fat is not unhealthy Recommends to decrease the intake of saturated fatty acids increased intake of polyunsaturated fatty acids 5-10%E* PUFA, of which min 1%E n-3 a high intake of monounsaturated fatty acids to avoid trans unsaturated fatty acids*%E: percent of total energy intake8
Biodiesel A proposal to limit Europe's use of food-based fuel crops has been stalled by a voteon the European Parliament's environmentcommittee, and may not now be decidedbefore 2015 The proposal was delayed by a very narrowmargin which indicates a clear change oftrend The decision may now be delayed until 20159
China Innovation Center Leading center for speciality oils and fats forfood and nutritional products within theChinese food industry Customers offered the possibility to workclosely with our Customer Innovation team Focus on Chocolate & Confectionery, Bakeryand Dairy solutions Training at the industry reknowned AAKAcademies Located in Shanghai10
AAK and palm oil AAK policy: We follow the UN Global Compactinitiative and RSPO rules, with great focus worktowards full traceability as well as that wecompletely refuse suppliers involved in deforestationor destruction of peatland The main problems with deforestation anddestruction of peatland are concentrated toIndonesia and East Malaysia (Borneo) AAK sources approximately 90% of our palm oilfrom the peninsula Malaysia, Papua New Guinea andLatin America Less than 10% of AAK’s palm oil is sourced fromIndonesia and East Malaysia (and with a strictlyenforced policy as per the above) AAK promises full traceability before the end of thisyear11
Product development – FI Cisao 81-16 – for cake icings Minimizes post-hardening over time Smooth textures, good spreadability Akoblend Flow & Fluid Liquid butter replacers offering improvedproductivity and lower handling and mixing costs Akomix LS 25 Developed for ice cream products Reduces the SAFA with more than 70% Nominated for FIE award, Dairy Innovationof the year12
Product development – CCF Illexao MT 20 Improved milk fat tolerance resulting inimproved processing Chocofill NH 110 For steep melting non-hydrogenated fillingswithout tempering Nominated for ConfectioneryInnovation of the year at FIE13
Product development – PC Lipex SheaLight New eco designed emollient ester Shea emollients known for their skin nourishing,moisturising and anti-inflammatory properties Very first shea product that maintains the skinnourishing properties of shea, while leaving theskin with a dry and powdery feel An ideal emollient for new applications Significant interest in the product – salesexpected from second half of 201414
AAK Acceleration15
Management growth ambition*AcquisitionsOrganic growthProductivityOperating profit 20104004008008002010In appr 5-6 years*As expressed at the Capital Market Day November 10, 2010 and at fixed exchange rates.16
First quarter 2014Volume 000 MT400 (388)SalesSEKmillion4.129 (4.011)EBITSEKmillion287 (242)EBIT/kgSEKEPSSEK 3%Organic- 1% 3% 19%Fixed FX 18%0,72 (0,62) 16%4,57 (3,78) 21%17
GroupAAK Group - Operating profit2501,000200800150100600Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q110 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14QuarterRolling 12 0.550.500.500.450.450.400.400.350.350.30Rolling 12 months, SEK/Kg1,200Rolling 12 months, SEK million300Quarter, SEK millionAAK Group - Operating profit per kilo1,400Quarter, SEK/Kg3500.30Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q110 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14QuarterRolling 12 monthsQ1Q1 19% 16%18
Food IngredientsFood Ingredients - Operating profit15060050010040050300Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q110 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14QuarterRolling 12 0.500.400.400.30Rolling 12 months, SEK/kg700Rolling 12 months, SEK million800200Quarter, SEK millionFood Ingredients - Operating profit per kilo900Quarter, SEK/kg2500.30Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q110 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14QuarterRolling 12 monthsQ1Q1 10% 10%19
Food Ingredients- organic volume growth2014Q12013FY2013Q1Speciality & semi-speciality 1% 7% 2%Commodity- 7%- 1%- 9%Total- 2% 4%- 2%20
Chocolate & Confectionery FatsChocolate & Confectionery Fats - Operating profit100400803006040200Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q110 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14QuarterRolling 12 0.700.50Rolling 12 months, SEK/kg500Rolling 12 months, SEK million120Quarter, SEK millionChocolate & Confectionery Fats - Operating profit per kilo600Quarter, SEK/kg1400.50Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q110 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14QuarterRolling 12 monthsQ1Q1 38% 29%21
Technical Products & Feed 9%Technical Products & Feed - Operating profit5015045Quarter, SEK million1303530110252090151070Rolling 12 months, SEK million405050Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q110 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14QuarterRolling 12 monthsKv1 12%22
Brazil New speciality and semi-speciality edible oils 9%factory in Jundiai, São Paulo, Brazil Investment of approximately SEK 400 million The start-up of the new factory is planned forthe latter part of 2015Q3 9% Fully utilized it will increase AAK’s totalcapacity by 100,000 to 120,000 MT The new factory will expand our productportfolio of Food Ingredients and Chocolate &Confectionery products in Brazil23
AAK acquires bakery fats specialistin Belgium, CSM Merksem Leading bakery fats supplier to the bakery marketsin Belgium, the Netherlands and France Employs around 100 people Revenues of approximately SEK 970 million in 2013 The business produces a variety of bakery fatsolutions, margarines and pumpable shortenings The acquisition includes Factory in Merksem Experienced sales force Application specialists offering customized solutions Bakery innovation center24
Value creation priorities Strengthen growth Customer co-development 9% Emerging markets Selective acquisitions Continue improving EBIT/KgQ3 9% Speciality and semi-speciality vs.commodity products Efficiency Capital efficiency Working capital management25
2014 – Execution – AAKtion!26
AAK acquires bakery fats specialist in Belgium, CSM Merksem Leading bakery fats supplier to the bakery markets in Belgium, the Netherlands and France Employs around 100 people Revenues of approximately SEK 970 million in 2013 The business produces a variety of bakery fat solutions, margarines and pumpable shortenings
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