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Chocolate & Confectionery Fats
Anne Mette Olesen CMO
Chocolate
USD billion 107 MT million 7.5 Fat content 30% CAGR 2013-16 2.4%
Caramel and toffee USD billion 9 MT million 1.1 Fat content 10% CAGR 2013-16 2.5%
Market in scope
Confectionery* USD billion 116 MT million 8.6 CAGR 2013-2016 2.4%
Focus on pockets of higher growth * Market in scope Source: Euromonitor
Increasing consumption of chocolate Global obesity concern High cocoa butter prices High growth rates in hot climate markets Premiumisation Sustainability
2
Key players by value AAK has a strong position with all major players in the chocolate industry
Source: Euromonitor
The big six
Large regional
Other
61%
9% 30%
Mars
Mondelēz
Nestlé
Hershey’s
Ferrero
Lindt
16%
15%
13%
7%
7%
3%
3
Customer driven solutions
Industry driven solutions
Customer service
Meeting our customers’ needs
4
Our value proposition - more than cost efficiency…
For information regarding cocoa and cocoa butter please see www.icco.org 5
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
USD
/ton
Our value proposition I Enabling our customers to differentiate through creating innovative new chocolate products Overall
Health Sustainability
Soft
Crunch
Nuts
Gloss Migration
Air/light
6
Customer driven solutions - Partner from idea to launch
Conceptualisation Laboratory work Demo samples
Upscaling Laboratory to large scale production Support on challenges
Innovation meetings Provide inspiration Idea generation – prioritisation
Launch Prepare and execute launch Support on challenges
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Our value proposition II Optimise the production of existing chocolate products
Quality • Blooming challenges
Production • Improve efficiency in processing
Cost • Need to improve profitability of brand • Recipe optimisation
8
Industry driven solutions - Our development process
Launch Laboratory to large scale production Launch plan
Developing solution Laboratory work Pilot plant trials
Identifying market needs Share inspiration Idea generation
Solution profile Functionality, application, markets Potential
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Industry driven pipeline - Continuously manage and build
Idea Exploration Concept Develop Test Launch
3
2 1
5
4
ILLUSTRATIVE
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New industry solutions
CHOCOFILLTM NH 110 • For steep melting non-hydrogenated
fillings without tempering • Nominated for Confectionery Innovation
of the year at FIE
DeliAir NH • Non-hydrogenated filling fat
ILLEXAOTM MT 20 • Significantly improved milk fat tolerance
CEBESTM EG • Coating fat for extreme gloss
11
Customer service
AAK AcademyTM is a strong way to show our customers our capabilities and the possibilities related to speciality oils and fats Training includes
• Oils & fats • Market trends • Functionality for differentiation • Chocolate applications like
filling fats, gloss and bloom retarding
• Practical work in lab
12
341378
316
369
447
200250300350400450500
2010 2011 2012 2013 2014*
Operating profit (SEK million)
Chocolate & Confectionery Fats
299
320
309301
312
280
290
300
310
320
330
2010 2011 2012 2013 2014*
Volumes ('000 MT)
1.14 1.181.02
1.23
1.43
0.50
0.70
0.90
1.10
1.30
1.50
2010 2011 2012 2013 2014*
Operating profit per kilo (SEK)
* Q3 R12M 13
AAK is well positioned for continued growth
A strong passion for chocolate and second to none in oils & fats knowledge
Unmatched on customer co-development – partner from idea to launch
• Enabling our customers to differentiate • Optimizing existing chocolate production
Strong value-added industry solutions
AAK Academy
A “small big” company that can support and
supply solutions globally but with a local mindset
14