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AAK Annual Report 2016

Comments by Melker Schörling, Chairman of the Board .............. 3 Comments by Arne Frank, 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 .......................................................................... 37 Consolidated Income Statement ................................................. 41 Consolidated Statement of Comprehensive Income ................... 41 Consolidated Balance Sheet ....................................................... 42 Consolidated Changes in Shareholders’ Equity .......................... 44 Consolidated Cash Flow Statement ............................................ 45 Income Statement – Parent Company ........................................ 46 Statement of Comprehensive Income – Parent Company .......... 46 Balance Sheet – Parent Company .............................................. 47 Changes in Shareholders’ Equity – Parent Company ................. 48 Cash Flow Statement – Parent Company ................................... 49 Notes ........................................................................................... 50 Alternative Performance Measures ............................................. 77 Corporate Governance Report .................................................... 79 Auditor’s report ............................................................................ 85 The AAK share ............................................................................ 88 'H¿QLWLRQV .................................................................................... 90 Financial Calendar, Annual General Meeting .............................. 91 Contents 1


AAK Annual Report 2016
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