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Arne Frank CEO

Overview – Strategy – Future Capital Market Day November 10, 2010


Todays Agenda 09.30 – 10.00 Overview – Strategy - Future 10.00 – 10.15

Financial Update

10.15 – 10.35

Chocolate & Confectionery Fats

10.35 – 10.50

Break

10.50 – 11.10

Corporate Social Responsibility - AAK in the World

11.10 – 11.30

Food Ingredients – Dairy Fat Alternatives

11.30 – 11.50

Food Ingredients – Baby Food

11.50 – 12.30

Q&A

12.30 -

Lunch CEO presentation - Capital Market Day, 10 November 2010

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AAK participants

Anders Bystrรถm CFO

Arne Frank CEO

Torben Friis Lange, President Chocolate & Confectionery Fats

Karsten Nielsen, Product Developm. Director Chocolate & Confectionery Fats

Fredrik Nilsson Head of Investor Relations

Anne Mette Olesen VP Human Resource, Communication and CSR

Renald Mackintosh President Food Ingredients Continental Europe

Jan-Olof Lidefelt Business Development Director Food Ingredients Continental Europe

CEO presentation - Capital Market Day, 10 November 2010

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AAK Group – Third quarter 2010 +2%

Operating result*, SEK 236 million (231) Return on net operating assets, 13.3 % (9.7)

+37%

Earnings per share, SEK 3.73 (2.77)

+35%

Nordic

Western Europe

Eastern Europe

North America

South America

* For comparable units (adjusted for divestments) and at fixed exchange rates

CEO presentation - Capital Market Day, 10 November 2010

4


Food Ingredients Food Ingredients - Operating profit 160

600 500

120 400

100 80

300

60

200

40 100

20 0

Rolling 12 months, SEK million

Quarter, SEK million

140

0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 Quarter

Product Areas

 Bakery and Bakery Service  Dairy Fat Alternatives  Food Service  Baby Food  Frying Oils

Growth Drivers

Rolling 12 months

 Health - Reduction/elimination of trans fat - Reduction/elimination of saturated fat  Sustainability - Raw materials - Production methods and logistics  Growing food service market  Customer product co-development  Functional foods

CEO presentation - Capital Market Day, 10 November 2010

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Food Ingredients Volumes

Sales

Operating profit

Bakery & Bakery Service

Dairy Fat Alternatives

Food Service

Frying oils

Baby Food

Commodities

CEO presentation - Capital Market Day, 10 November 2010

6


Chocolate & Confectionery Fats Chocolate & Confectionery Fats - Operating profit 180

600

160 Quarter, SEK million

120

400

100 300 80 60

200

40 100

Rolling 12 months, SEK million

500 140

20 0

0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 Quarter

Products

 Cocoa Butter Equivalent, CBE and CBI  Cocoa Butter Replacer, CBR  Cocoa Butter Substitute, CBS  Filling Fats - High end, HEFF - Low end, LEFF  Cosmetics

Growth Drivers

Rolling 12 months

 Health - Reduction/elimination of trans fat - Reduction/elimination of saturated fat  Cost efficiency  World wide logistics - Distribution centers  Technology and customer dev  Customer product co-dev.

CEO presentation - Capital Market Day, 10 November 2010

7


Technical Products & Feed Overview 120

30

100

25

80

20 60 15 40

10

20

5 0

Rolling 12 months, SEK million

Quarter, SEK million

Technical Products & Feed - Operating profit 35

0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 Quarter

Product Areas

 Fatty acids and glycerine for various special applications.  Biolubricants for metalworking, forestry and construction.  Proteins and fats for the animal feed.

Growth Drivers

Rolling 12 months

 Cost efficiency  Sustainability - Environmental friendly products  Product safety, nutrition and hygiene - Salmonella free products

CEO presentation - Capital Market Day, 10 November 2010

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Technical Products & Feed Volumes

Sales

Operating profit

Tefac Binol Feed CEO presentation - Capital Market Day, 10 November 2010

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SWOT – AAK Group Strong Customer connect

Very good reputation among customers. Strong platforms in Europe and Americas.

Tailor-made value-added solutions

We succeed in delivering tailor-made value-added solutions. Multi raw material. CSR & Sustainability.

Weak presence in emerging regions

Except for Mexico and South America, we are not well equipped in emerging markets such as Asia.

Internal barriers

High cost base. Internally focused. Management financial reporting.

Strengths Weaknesses Opportunities Threats Moving even more into speciality products

Accelerate specialization strategy.

Global accounts

Central purchasing at global accounts.

Weak position in the value chain

Vertically integrated oil companies have an advantage; e.g. in palm sustainability.

CEO presentation - Capital Market Day, 10 November 2010

Strong competition and squeeze on margins

Overcapacity in certain areas.

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3 Priority areas - AAK Acceleration

Growth

Efficiency

CEO presentation - Capital Market Day, 10 November 2010

People

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Growth - 7 Top Priorities AAK Acceleration Organic growth in key segments Bakery and Bakery Service Dairy Fat Alternative Food Service Baby food Chocolate & Confectionery Fats

M&A Selective targets

Emerging markets

China and South America

CEO presentation - Capital Market Day, 10 November 2010

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Efficiency – 2 Top Priorities AAK Acceleration Operational efficiency Purchasing Production & maintenance

CEO presentation - Capital Market Day, 10 November 2010

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People – 4 Top Priorites AAK Acceleration People Sales management and sales processes Corporate Social Responsibility Communications Human Resources

CEO presentation - Capital Market Day, 10 November 2010

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Strategy - AAK Acceleration

3 strategic PRIORITY AREAS

13 TOP PRIORITIES

Clear and measurable STRATEGIC ACTIONS which are defined and measured

Specific ACTIVITIES with concrete timings and clear KPIs CEO presentation - Capital Market Day, 10 November 2010

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AAK Acceleration

Growth Efficency People

CEO presentation - Capital Market Day, 10 November 2010

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