AAK Annual Report 2017

Reasons to invest in AAK The underlying global growth in the segments in which AAK is present is normally in line with global GDP growth. AAK has in the past been able to grow faster than the underlying markets in our focus areas – speciality and semi-speciality solutions in Food Ingredients and Chocolate & Confectionery Fats – despite not having a fully global footprint. With our JUHHQ¿HOG LQYHVWPHQWV DQG RXU ODWHVW DFTXLVLWLRQV LQ JURZWK markets, we have strengthened our footprint and become a truly global company. Our ambition is to continue to grow faster than the underlying markets. Between 2010 and 2017 AAK has annually increased its RSHUDWLQJ SUR¿W E\ SHUFHQW RQ DYHUDJH DW ¿[HG IRUHLJQ exchange rates and excluding acquisitions). Including acquisitions and positive currency translation differences, RSHUDWLQJ SUR¿W KDV LQFUHDVHG SHUFHQW RQ DYHUDJH Based on our high activity within sales, customer innovation and new product development, on the very solid founda- tion we have built, and on our strong executive and local management, we see no reason to lower that ambition for the coming years. 'HVSLWH FRQVLGHUDEOH JUHHQ¿HOG LQYHVWPHQWV ZH KDYH over recent years built a very strong balance sheet with an improved equity ratio. Combined with long-term loan agreements this has created a solid foundation for further growth, both organically and through selective and strategic acquisitions. AAK has an important geographical footprint in regions where both population and urbanization is increasing – demographic changes that open up substantial market opportunities. We are strongly supported by our customer value propositions for health and reduced costs and our customer product co-development and solutions approach. Furthermore, we put a lot of focus on trends and global key drivers that affect the behavior of end consumers – indulgence, health, trust, personalization, and convenience. $$.¶V RSHUDWLQJ SUR¿W SHU TXDUWHU ± 500 450 400 350 300 250 200 150 100 50 0 SEK million Q1 Q2 Q3 Q4 2010 2011 2012 2013 2014 2015 2016 2017 1 3 4 2 31 Above the market growth Strong balance sheet supporting further growth Very strong underlying growth drivers Average 10 percent year-over-year operating SUR¿W LPSURYHPHQW IRU WKH FRPLQJ \HDUV 178 204 220 242 287 321 381 431 164 196 211 244 281 326 368 409 231 246 273 303 331 376 431 475 251 265 292 328 343 388 435 471