AAK Annual Report 2018

1 Contents AAK at a glance......................................................................................................... 2 2018 in brief............................................................................................................... 4 Comments by Johan Westman, President and CEO................................................. 6 A vision that drives customer value............................................................................ 8 Delivering innovation through collaboration............................................................... 9 Fat facts..................................................................................................................... 10 A broad range of raw materials.................................................................................. 11 AAK’s business model. .............................................................................................. 12 The AAK Way............................................................................................................. 14 AAK’s three business areas....................................................................................... 18 Sustainable growth. ................................................................................................... 29 Investing in people for future growth.......................................................................... 32 Risks and risk management....................................................................................... 34 Corporate governance and financial information....................................................... 36 Comments from the Chairman of the Board.............................................................. 38 Directors’ report.......................................................................................................... 39 Board of Directors...................................................................................................... 44 Executive Committee................................................................................................. 46 The AAK share........................................................................................................... 48 Reasons to invest in AAK........................................................................................... 50 Comments by Fredrik Nilsson, CFO.......................................................................... 51 Financial statements.................................................................................................. 52 Notes.......................................................................................................................... 64 Corporate governance report..................................................................................... 107 Auditor’s report........................................................................................................... 117 Financial calendar and Annual General Meeting....................................................... 122 Financial definitions. .................................................................................................. 123 President and CEO, p. 6 Sustainable growth, p. 29 Innovation at AAK, p. 9