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
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