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AAK Annual Report 2016

CEO: Another successful year for AAK During the past year AAK has undoubtedly seen some very important and interesting achievements. Most importantly, we have again achieved solid organic growth in our speciality and semi-speciality segments. Furthermore, we have expanded our geographic footprint by completing two large JUHHQ¿HOGSURMHFWVDVZHOODVDGGLQJDQDGGLWLRQDOVWUDWHJLF acquisition. Further, the integration of previous acquisitions is on plan. We have also continued to develop innovative and value-adding solutions together with our customers, backed up by material additions of sales specialists, customer co- development specialists and appropriate innovation centers. Our strategy works! The positive trends from 2015 have continued and 2016 VKRZHGDQRWKHUVROLG¿QDQFLDOSHUIRUPDQFHZLWKDQDOOWLPH KLJKRSHUDWLQJSUR¿W2QFHDJDLQ&KRFRODWH &RQIHFWLRQHU\ Fats was the main contributor to the increase in operating SUR¿W)RRG,QJUHGLHQWVKDGDOOLQDOODJRRG\HDUPDLQO\ driven by continued strong performance for Special Nutrition SULPDULO\,QIDQW1XWULWLRQDQG'DLU\+RZHYHU%DNHU\KDG a challenging year. Our smallest business area, Technical 3URGXFWV )HHGVKRZHGJRRGGHYHORSPHQWGXULQJ ,WLVDOVRYHU\VDWLVI\LQJWKDWGHVSLWHDYHU\PDWHULDOSHDN in investments, our ROCE stayed stable. Speaking about investments, 2017 will be another year above historic levels but clearly below 2016. From 2018 we will be back to normal investment levels. End of AAKtion – and the management ambition achieved With the completion of the AAKtion program, we are happy to announce that the overall implementation of the program has progressed well over its three years. Expansion in growth markets and other important markets have been an integral part of AAKtion and this has continued during the year. ,Q-XO\ZHDQQRXQFHGWKDWZHKDGDFTXLUHGWKHOHDGLQJ US West Coast based vegetable oils company California Oils Corporation. The company, also known as CalOils, is based in Richmond, California. A strong presence on the US West Coast has been a priority for several years. The West Coast encompasses 20 percent of the US population and economy DQGWKLVHSDQVLRQZDVLGHQWL¿HGYHU\HDUO\DVDQLPSRUWDQW component of our long-term growth strategy. The acquisition of CalOils will transform AAK into a true national speciality and semi-speciality edible oils company, improving our ability to serve existing customers on a national scale while at the same time creating new customer opportunities. 4


AAK Annual Report 2016
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