45
In 2018, the company had revenues of approximately
SEK 150 million. There is a put/call option under which
AAK could acquire the remaining 20 percent of the
company within the next 2–5 years. The transaction had
no significant impact on AAK’s earnings. Acquisition-related
costs of SEK 6 million were charged during the
third quarter.
Company management
Torben Friis Lange, President Asia and Global Sourcing
& Trading, has decided to pursue new opportunities
outside of AAK and will leave the company during the
spring 2020. Tim Stephenson, Director, Finance and
Global Trading, has since February 1, 2020 taken
over the responsibility as President Global Sourcing
& Trading. The process to find Torben’s successor as
President Asia is ongoing.
Financial goals
AAK’s financial goals are to grow faster than the underlying
market and to generate strong cash flows. We
also intend to continually improve the return on capital
employed.
Planned dividend policy
The objective of the Board of Directors, taking into
account the development of Group earnings, its financial
position and future development opportunities, is to
propose annual dividends equivalent to at least 30–50
percent of the profit for the year, after tax, for the Group.
Concluding comments by the CEO
We are well positioned with our offer of plant-based,
healthy, high value-adding oils and fats solutions, using
our customer co-development approach. We continue to
see favorable underlying trends in our markets and we
remain prudently optimistic about the future.
Nomination Committee
For the 2020 Annual General Meeting, the Nomination
Committee has proposed re-election of Georg
Brunstam, Gun Nilsson, Bengt Baron, Märta Schörling
Andreen, Marianne Kirkegaard and Patrik Andersson
as Board members. Lillie Li Valeur decided to leave
the Board of Directors in December 2019 due to
new external commitments. In total, the Nomination
Committee represents approximately 44 percent of the
shares and votes in AAK as at December 31, 2019.
AAK’s Nomination Committee for the 2020 Annual
General Meeting consists of:
Märta Schörling Andreen (Chair),
Melker Schörling AB
Henrik Didner, Didner & Gerge Fonder
Leif Törnvall, Alecta
Åsa Nisell, Swedbank Robur Fonder
Share capital and shareholder structure
The total number of shares in AAK as of December 31,
2019 was 253,730,934. There is one class of shares in
AAK, and each share entitles the holder to one vote.
There are no limits as regards how many votes each
shareholder may cast at an Annual General Meeting.
Nor are there any limitations regarding the transfer of
the shares resulting from provisions in law or in the
Articles of Association.
Of the Company’s shareholders, only Melker
Schörling AB has a shareholding which represents at
least one-tenth of the number of votes of all shares
in AAK. Melker Schörling AB’s shareholding as at
December 31, 2019 amounted to 31.1 percent of the
shares and votes.
AAK is not aware of any agreement between direct
shareholders of AAK that would involve limitations in
the right to transfer shares. The shareholder structure is
described further on page 53.
Articles of Association
The Articles of Association stipulate that Board
members shall be appointed by the Annual General
Meeting of AAK. The Articles of Association contain no
provisions regarding dismissal of Board members or
regarding amendment of the Articles of Association.
Important agreements affected by change in control
resulting from official take-over bid
The Group’s long-term financing agreement contains
stipulations that, in certain cases, give the lender the
right to request advance payment if control of AAK
changes substantially. Such a substantial change in
control can occur as a result of an official take-over bid.
AAK’s assessment is that it has been necessary to
accept these stipulations in order to obtain financing on
terms which are otherwise acceptable.