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