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