AAK Annual Report 2019

1 Contents AAK at a glance......................................................................................................... 2 2019 in brief............................................................................................................... 4 Comments by Johan Westman, President and CEO................................................. 6 A vision that drives customer value............................................................................ 8 Innovation as a foundation......................................................................................... 9 Facts about fats. ........................................................................................................ 10 Broad range of raw materials..................................................................................... 11 AAK’s business model. .............................................................................................. 12 Continued growth through strategic acquisitions....................................................... 14 Three years with The AAK Way................................................................................. 16 AAK’s new strategic direction. ................................................................................... 18 Business areas. ......................................................................................................... 20 Our House of Sustainability. ...................................................................................... 31 A company to be proud of.......................................................................................... 34 Risks and risk management....................................................................................... 36 Corporate governance and financial information....................................................... 40 Comments by Georg Brunstam, Chairman of the Board........................................... 42 Directors’ report.......................................................................................................... 43 Board of Directors...................................................................................................... 48 Executive Committee................................................................................................. 50 The AAK share........................................................................................................... 52 Reasons to invest in AAK........................................................................................... 54 Comments by Fredrik Nilsson, Chief Financial Officer. ............................................. 55 Financial statements.................................................................................................. 56 Notes.......................................................................................................................... 68 Corporate Governance Report................................................................................... 111 Auditor’s report........................................................................................................... 121 Financial calendar and Annual General Meeting....................................................... 126 Alternative performance measures (APM) and other financial definitions................. 127 President and CEO, p. 6 Our House of Sustainability, p. 31 New strategic direction, p. 18