annual general meeting may 3, 2013 - aakaak.com/global/investor/ceo agm presentation eng...
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Result for 2012
AAK Acceleration
Key events
Result first quarter 2013
Agenda
The first choice for value-added vegetable oil solutions 2
Full year 2012
Volume* ´000 MT
Sales
SEK Million
EBIT*
SEK Million
EBIT/kg*
SEK
EPS
SEK
Net debt SEK million
+ 9 %
+ 4%
+ 6 %
+ 6 %
1,511 (1,426)
1,003 (918)
16,911 (16,695)
15.66 (14.72)
0.66 (0.64)
+ 1 %
+ 3 %
* Adjusted for Hurricane Sandy and acquisition related costs
- 16 % 2,635 (3,141)
The first choice for value-added vegetable oil solutions 3
Key events 2012
The first choice for value-added vegetable oil solutions
AAK Acceleration
Product development
Acquisition of
• Oasis Foods Company
• Crown-Foods A/S
CSR achievements
• Burkina Faso
• Winner of the E-Prize
Hurricane Sandy
Changes in management
Other external factors
• Danish fat tax
• EU Biofuel proposal
4
AAK Acceleration
AAK Acceleration projects KPI´s
Bakery
Dairy
Chocolate & Confectionery Fats
Infant Nutrition
Food Service
Acquisitions
Emerging markets
The first choice for value-added vegetable oil solutions
Purchasing
Productivity
Sales
Employees
Internal Communications
Behind plan Ahead of plan
Slightly ahead
of plan On plan
N.A.
5
The first choice for value-added vegetable oil solutions
Focus on growing markets – edible oils volume
Nordics West Europe
USA CEE CIS
Asia Latin America
* Management ambition
69% 62%
47% 40%
18% 18%
31%
13% 20% 22%
60%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2006 2009 2012 2015-2016*
Slow growing markets Medium growing markets Fast growing markets
6
The first choice for value-added vegetable oil solutions
Product development
Akocream LS 45
• Creamier taste experience in bakery fillings
CEBESTM LS 75 • Lower content of saturated fats
ILLEXAOTM BR 62 • Improved bloom retarding
CHOCOFILLTM LT 05 • Low in trans fat
AKOSPREADTM HS 99 • Stabilization to prevent oil separation
7
The first choice for value-added vegetable oil solutions
Acquisition of Oasis Foods Company – May 25, 2012
Oasis Foods • Strong position in Food Service • Revenues of SEK 925 million and
160 employees • Located in Hillside, New Jersey
Food Service • Edible oils • Margarine • Spreads • Shortenings • Mayonnaise • Sauces and dressings
Strategic rationale • Excellent platform for our Food Service
strategy • Significantly broadens our product
offerings in the United States
8
Acquisition of Crown-Foods A/S in Denmark – May 31, 2012
Crown-Foods A/S • Scandinavian market leader producing
sauces and dressings for Food Service customers
• Revenues of SEK 60 million and 20 employees
• Located in Mørkøv, Denmark
Strategic rationale • Strengthen our ability to supply a
broader portfolio of Food Service products in Scandinavia
The first choice for value-added vegetable oil solutions 9
CSR - Achievements
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We triple our activities with women groups in Burkina Faso, in order to
• Secure improved supply and quality of the shea kernels
• Improve living conditions in the villages
With L’Oréal we signed an agreement to develop the sustainable trade of shea kernels Awarded the E-Prize by Veckans Affärer
and the energy provider E.ON
10
Hurricane Sandy (USA)
The Oasis Foods plant was back in production (full capacity) on November 5, 2012
The plant in Port Newark was back in production (reduced capacity) on November 26, 2012 and was by the end of the year back at nearly full capacity
Fourth quarter was negatively impacted on operating profit by SEK 21 million
The first choice for value-added vegetable oil solutions 11
Changes in Management
The first choice for value-added vegetable oil solutions
Peter Korsholm Chief Financial Officer
Anne Mette Olesen Chief Marketing Officer
Terrence Thomas Vice President AAK USA
12
The first choice for value-added vegetable oil solutions
Danish fat tax cancelled Focus on saturated fat remains
EU, Biofuel Proposal
We believe this will lead to significant decreases in “food based” biodiesel
volumes, potentially leading to several large changes for the European vegetable Oils & Fats industries
Other external factors
13
Q1 2013
Volume ´000 MT
Sales SEK
Million
EBIT SEK
Million
EBIT/kg SEK
EPS SEK
Net debt
SEK million
+ 10 %
+ 3 %
- 5 %
+ 6 %
+ 10 %
388 (366)
242 (220)
4,011 (4,222)
3.78 (3.43)
0.62 (0.60)
- 5 % 2,517 (Dec 12: 2,635)
The first choice for value-added vegetable oil solutions 14
Food Ingredients
0
100
200
300
400
500
600
700
800
0
50
100
150
200
250
Q1 09
Q2 09
Q3 09
Q4 09
Q1 10
Q2 10
Q3 10
Q4 10
Q1 11
Q2 11
Q3 11
Q4 11
Q1 12
Q2 12
Q3 12
Q4 12
Q1 13
Ro
lling
12 m
onth
s, S
EK
millio
n
Quart
er,
SE
K m
illio
n
Food Ingredients - Operating profit
Quarter Rolling 12 months
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Operating profit*
15
*Adjusted for the effects of Hurricane Sandy
Chocolate & Confectionery Fats
0
100
200
300
400
500
600
0
20
40
60
80
100
120
140
160
Q1 09
Q2 09
Q3 09
Q4 09
Q1 10
Q2 10
Q3 10
Q4 10
Q1 11
Q2 11
Q3 11
Q4 11
Q1 12
Q2 12
Q3 12
Q4 12
Q1 13
Ro
lling
12 m
onth
s, S
EK
millio
n
Quart
er,
SE
K m
illio
n
Chocolate & Confectionery Fats - Operating profit
Quarter Rolling 12 months
*Adjusted for the effects of Hurricane Sandy
The first choice for value-added vegetable oil solutions
Operating profit*
16
The first choice for value-added vegetable oil solutions
Price development – cocoa butter
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
9 000
10 000
US
D/t
on
17
Technical Products & Feed
-10
10
30
50
70
90
110
130
150
0
5
10
15
20
25
30
35
40
45
50
Q1 09
Q2 09
Q3 09
Q4 09
Q1 10
Q2 10
Q3 10
Q4 10
Q1 11
Q2 11
Q3 11
Q4 11
Q1 12
Q2 12
Q3 12
Q4 12
Q1 13
Ro
lling
12 m
onth
s, S
EK
millio
n
Quart
er,
SE
K m
illio
n
Technical Products & Feed - Operating profit
Quarter Rolling 12 months
The first choice for value-added vegetable oil solutions
Operating profit
18
Priorities for 2013
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Growth
• Customer co-development
• Emerging markets
• Selective acquisitions
Continued improved operating profit per kilo
• Speciality and semi-speciality vs. Commodity products
• Efficiency
Improved capital efficiency
• Working capital management
• Manage CAPEX
19
AAK Acceleration - Management Growth ambition*
800 800
400
400
Acquisitions
Organic Growth
Productivity
Operating profit 2010
* As expressed at the Capital Market Day November 10, 2010 and at fixed exchange rates.
2010 In appr. 4-6 years
Actual 11 %
Actual incl acquisitions
14 %
The first choice for value-added vegetable oil solutions 20
AAK’s value propositions:
• Healthy products
• Reduced costs
• Customer product co-development and solutions approach
• The AAK Acceleration program allows us to remain prudently optimistic for the future
We continue to remain prudently optimistic for the future. The two main drivers for our optimism are:
• Strong Food Ingredients business
• The expected recovery in our Chocolate & Confectionary Fats business will occur during the second half of 2013
Concluding remarks from CEO
The first choice for value-added vegetable oil solutions 21
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