AAK Annual Report 2017

Comments by Mikael Ekdahl, Chairman of the Board................... 2 Comments by Fredrik Nilsson, acting CEO................................... 4 AAK’s vision................................................................................... 6 The AAK Way ................................................................................ 7 The business model – global provider of value-adding solutions ............................................................... 8 Business area Food Ingredients.................................................. 12 Business area Chocolate & Confectionery Fats .......................... 14 Business area Technical Products & Feed .................................. 18 Regional markets......................................................................... 20 Risks ........................................................................................... 22 Employees................................................................................... 24 Sustainable growth ...................................................................... 26 Comments by Fredrik Nilsson, CFO............................................ 28 Reasons to invest in AAK ............................................................ 29 Board of Directors........................................................................ 30 Executive Committee................................................................... 32 AAK Glossary .............................................................................. 34 Directors’ Report.......................................................................... 39 Consolidated Income Statement ................................................. 43 Consolidated Statement of Comprehensive Income ................... 43 Consolidated Balance Sheet ....................................................... 44 Consolidated Changes in Shareholders’ Equity .......................... 46 Consolidated Cash Flow Statement ............................................ 47 Income Statement – Parent Company ........................................ 48 Statement of Comprehensive Income – Parent Company .......... 48 Balance Sheet – Parent Company .............................................. 49 Changes in Shareholders’ Equity – Parent Company ................. 50 Cash Flow Statement – Parent Company ................................... 51 Notes ........................................................................................... 52 Alternative Performance Measures ............................................. 79 Corporate Governance Report .................................................... 81 Auditor’s report ............................................................................ 87 The AAK share ............................................................................ 90 'H¿QLWLRQV .................................................................................... 92 Financial Calendar, Annual General Meeting .............................. 93 Contents 1