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Arne Frank CEO
Fredrik Nilsson
CFO
Interim report First quarter 2015
Agenda
The first choice for value-added vegetable oil solutions 2
First quarter 2015
Business area information
AAKtion
Q & A
First quarter 2015
The first choice for value-added vegetable oil solutions 3
Volume ´000 MT
Sales SEK
million
EBIT SEK
million
EBIT per kilo
SEK
EPS SEK
Net debt SEK
million
+12%
+0%
+17%
+11% Organic
+4%
+12%
443 (400)
321 (287)
4,836 (4,129)
5.11 (4.57)
0.72 (0.72)
-13% 2,170 (2014 Q4: 2,508)
First quarter 2015
The first choice for value-added vegetable oil solutions 4
Operating profit, AAK Group • Operating profit reached SEK 321 million (287), an
improvement of 12 percent. ‒ The currency translation impact was positive SEK 36 million
‒ Operating profit at fixed foreign exchange rates and adjusted for last year’s divestment of Binol improved by 1 percent
• Operating profit per kilo reached SEK 0.72 (0.72). The currency translation impact was SEK 0.08. Operating profit per kilo was negatively impacted by; ‒ The dilutive effect of the acquisitions in Belgium and Colombia
‒ Material negative year-on-year development for InFat®
‒ Continued volume growth in commodity products in Food Ingredients
Operating profit, business areas • Food Ingredients reached a result of SEK 195 million
(174), an improvement of 12 percent
• Chocolate & Confectionery Fats improved by 17 percent and reached SEK 136 million (116)
• Technical Products & Feed reached a result of SEK 23 million (25 adjusted for Binol divestment)
0.30
0.35
0.40
0.45
0.50
0.55
0.60
0.65
0.70
0.75
0.80
0.30
0.35
0.40
0.45
0.50
0.55
0.60
0.65
0.70
0.75
0.80
Q1 11
Q2 11
Q3 11
Q4 11
Q1 12
Q2 12
Q3 12
Q4 12
Q1 13
Q2 13
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
Q4 14
Q1 15
Rolling 12 months, SEK/Kg
Qua
rter
, SEK
/Kg
Operating profit per kilo
Quarter Rolling 12 months
1,200
1,300
1,400
1,500
1,600
1,700
1,800
250
275
300
325
350
375
400
425
450
475
Q1 11
Q2 11
Q3 11
Q4 11
Q1 12
Q2 12
Q3 12
Q4 12
Q1 13
Q2 13
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
Q4 14
Q1 15
Rolling 12 months, '000 M
T
Qua
rter
, '00
0 M
T
Volume
Quarter Rolling 12 months
600
800
1,000
1,200
1,400
100
150
200
250
300
350
400
Q1 11
Q2 11
Q3 11
Q4 11
Q1 12
Q2 12
Q3 12
Q4 12
Q1 13
Q2 13
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
Q4 14
Q1 15
Rolling 12 months, SEK m
illion
Qua
rter
, SEK
mill
ion
Operating profit
Quarter Rolling 12 months
The first choice for value-added vegetable oil solutions 5
Financial summary – AAK Group
The first choice for value-added vegetable oil solutions 6
Cash flow
Operating cash flow including changes in working capital amounted to SEK 428 million (81)
As predicted previously, cash flow from working capital was positive and amounted to SEK 86 million (-176). Cash flow from inventory was particularly strong in the first quarter
SEK million Q1 2015
Q1 2014
FY 2014
EBITDA 426 378 1,643
Paid interest -27 -29 -111
Paid tax -43 -76 -319
Non-cash items -15 -17 39
Change in working capital (WC) 86 -176 -560
Cash flow from operating activities incl change in WC 428 81 692
Cash flow from investments -160 -167 -708
Free cash flow 268 -86 -16
56 59 62 64 65
-60-50-40-30-20-100102030405060708090100110
-50-40-30-20-10
0102030405060708090
100110120
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
Inventory Accounts receivables Accounts payables Others AAK Group
The first choice for value-added vegetable oil solutions 7
Working capital days Rolling 12 months
+1
0
0
0
+1
Change since year-end 2014
Raw material prices
The first choice for value-added vegetable oil solutions 8
10 percent change in all raw material prices will effect working capital by +/- SEK 250 million
Time lag of six to nine months
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
USD
/ton
Rapeseed oil Palm oil
8%
10%
12%
14%
16%
18%
Q1 11
Q2 11
Q3 11
Q4 11
Q1 12
Q2 12
Q3 12
Q4 12
Q1 13
Q2 13
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
Q4 14
Q1 15
Rolling 12 months Quarter
The first choice for value-added vegetable oil solutions 9
ROCE – first quarter 2015
Quarter Q1 2015
FY 2014
EBIT (R12M) 1,296 1,262 Fixed assets 5,615 5,428 Working capital 3,390 3,301 ROCE 14.4 14.5
Business trends - first quarter 2015
The first choice for value-added vegetable oil solutions 10
Share of volume
Nord WE UK USA CEE CIS Asia LA
Food Ingedients
Chocolate & Confectionery Fats
Technical Products & Feed
AAK Group
Share of volume
Nord WE UK USA CEE CIS Asia LA
Food Ingredients
68%
Chocolate & Confectionery Fats
16%
Technical Products & Feed
16%
AAK Group
100%
Food Ingredients
The first choice for value-added vegetable oil solutions 11
First quarter 2015 Operating profit improved by 12 percent at SEK
195 million (174) • The currency translation impact was SEK 22 million
Operating profit per kilo declined, as expected, from SEK 0.69 to SEK 0.65 due to;
• The dilutive effect of the acquisitions, SEK 0.07
• The exceptionally strong first quarter 2014 for Advanced Lipids AB, a joint venture of AAK and Enzymotec
• The exceptional volume growth in commodity products
Food Ingredients reported volume growth of 20 percent, mainly due to the acquisitions in Belgium and Colombia
• For comparable units, volumes grew organically by 8 percent
+12%
Food Ingredients – organic volume growth
The first choice for value-added vegetable oil solutions 12
-1%
-7%
+1%
2014 Q1
-2%
Speciality & semi-speciality
Commodity
Total
-2%
-1%
2014 FY
-1%
+7%
+4%
2013 FY
+8%
+30%
+1%
2015 Q1
300
400
500
600
700
800
900
50
100
150
200
250
Q1 11
Q2 11
Q3 11
Q4 11
Q1 12
Q2 12
Q3 12
Q4 12
Q1 13
Q2 13
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
Q4 14
Q1 15
Rollin
g 12
mon
ths, S
EK m
illion
Qua
rter
, SEK
mill
ion
Operating profit
Quarter Rolling 12 months
0.30
0.40
0.50
0.60
0.70
0.80
0.90
1.00
0.30
0.40
0.50
0.60
0.70
0.80
0.90
1.00
Q1 11
Q2 11
Q3 11
Q4 11
Q1 12
Q2 12
Q3 12
Q4 12
Q1 13
Q2 13
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
Q4 14
Q1 15
Rolling 12 months, SEK/kg
Qua
rter
, SEK
/kg
Operating profit per kilo
Quarter Rolling 12 months
Food Ingredients
13
The first choice for value-added vegetable oil solutions
+12%
-6%*
* Including acquisitions
Chocolate & Confectionery Fats
The first choice for value-added vegetable oil solutions 14
First quarter 2015 As expected, operating profit improved further,
by 17 percent, and reached SEK 136 million (116)
• The currency translation impact was SEK 14 million
Operating profit per kilo improved by 25 percent to SEK 1.89 (1.51)
Volumes declined by 6 percent • The product mix for this business area continued
to improve despite severely deteriorating market conditions in Ukraine and Russia
• Low-end products continued to be under very strong competitive pressure and declined further
+17%
200
300
400
500
600
40
60
80
100
120
140
Q1 11
Q2 11
Q3 11
Q4 11
Q1 12
Q2 12
Q3 12
Q4 12
Q1 13
Q2 13
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
Q4 14
Q1 15
Rolling 12 months, SEK m
illion
Qua
rter
, SEK
mill
ion
Operating profit
Quarter Rolling 12 months
0.70
0.90
1.10
1.30
1.50
1.70
1.90
0.70
0.90
1.10
1.30
1.50
1.70
1.90
Q1 11
Q2 11
Q3 11
Q4 11
Q1 12
Q2 12
Q3 12
Q4 12
Q1 13
Q2 13
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
Q4 14
Q1 15
Rolling 12 months, SEK/kg
Qua
rter
, SEK
/kg
Operating profit per kilo
Quarter Rolling 12 months
Chocolate & Confectionery Fats
15 The first choice for value-added vegetable oil solutions
+25%
+17%
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
USD
/ton
Cocoa butter price
16
For information regarding cocoa and cocoa butter please refer to information at www.icco.org
The first choice for value-added vegetable oil solutions
The first choice for value-added vegetable oil solutions 17
Technical Products & Feed
First quarter 2015 Operating profit declined to SEK 23 million
(25), mainly due to a challenging quarter for our fatty acids business
Volumes decreased by 1 percent compared to the corresponding quarter in 2014
• This was mainly related to lower sales of technical products
-8%
-8%
50
70
90
110
130
150
0
5
10
15
20
25
30
35
40
45
50
Q1 11
Q2 11
Q3 11
Q4 11
Q1 12
Q2 12
Q3 12
Q4 12
Q1 13
Q2 13
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
Q4 14
Q1 15
Rollin
g 12
mon
ths, S
EK m
illion
Qua
rter
, SEK
mill
ion
Operating profit
Quarter Rolling 12 months
The first choice for value-added vegetable oil solutions 18
Sales
Customer co-development
Innovation Service
Quality
Productivity
Ahead of plan On plan Behind plan
Concluding remarks from CEO
19
Based on AAK’s customer value propositions for • Health and reduced costs
• Customer product co-development and solutions approach
We continue to remain prudently optimistic about the future
The main drivers; • We are expecting a continued positive underlying
development for Food Ingredients
• We are expecting continued improvement in Chocolate & Confectionery Fats
The first choice for value-added vegetable oil solutions
Questions & answers
The first choice for value-added vegetable oil solutions 20
Financial calendar
The first choice for value-added vegetable oil solutions 21
Financial calendar 2015 May 5, 2015 Annual General Meeting
July 17, 2015 Second quarter report 2015
October 29, 2015 Third quarter report 2015
November 18, 2015 Capital Market Day, Stockholm
February 3, 2016 Fourth quarter and year-end report 2015
Fredrik Nilsson Chief Financial Officer Phone: +46 40 627 83 34 Mobile: +46 708 95 22 21 E-mail: [email protected] Further Investor Relations material can be found at www.aak.com/en/Investor
Investor Relations contact
The first choice for value-added vegetable oil solutions 22
The first choice for value-added
vegetable oil solutions