Kvartalsrapport Q1 2023

===== SIDA 1 =====

First quarter 2023 
Interim report

===== SIDA 2 =====

2 
   AAK 
Financial highlights 
 
 
 
Q1 2023 
 
 
 
 
 
 
 
 
 
Q1 
2023 
Q1 
2022 Δ % 
 
R12M     2023 
Full year     
2022 
Volumes, ’000 MT 541 575 -6 2,225 2,259 
Operating profit, SEK million 952 664 +43 2,826 2,538 
Operating profit, excluding IAC, SEK million 952 664 +43 3,176 2,888 
Operating profit per kilo, SEK 1.76 1.15 +53 1.27 1.12 
Operating profit per kilo, excluding IAC, SEK 1.76 1.15 +53 1.43 1.28 
Profit for the period, SEK million 662 492 +35 1,950 1,780 
Profit for the period, excluding IAC, SEK million 662 492 +35 2,269 2,099 
Earnings per share, SEK 2.55 1.89 +35 7.50 6.84 
Earnings per share, excluding IAC, SEK 2.55 1.89 +35 8.73 8.07 
Return on Capital Employed (R12M), percent 15.2 15.4 -1 15.2 14.5 
 
 
 
    
• Total volumes decreased by 6 percent to 541,000 MT 
(575,000), largely due to last year’s exit from the Russian 
market and the optimization program in Bakery. Excluding 
Russia, volumes declined by 3 percent. 
• Operating profit, including a positive currency translation 
impact of SEK 64 million, increased by 43 percent, 
reaching SEK 952 million (664). At fixed foreign exchange 
rates, operating profit increased by 34 percent. 
• Profit for the period totaled SEK 662 million (492).  
• Earnings per share equaled SEK 2.55 (1.89).  
• Cash flow from operating activities amounted to SEK 1,102 
million (negative 1,150).  
• Return on Capital Employed (ROCE), R12M, was 15.2 
percent (14.5 on December 31, 2022). 
 
1,000
1,300
1,600
1,900
2,200
2,500
2,800
3,100
3,400
250
350
450
550
650
750
850
950
1050
Rolling 12 months, SEK million
Quarter, SEK million
AAK Group - Operating profit excl. IAC
Quarter Rolling 12 months
1,400
1,600
1,800
2,000
2,200
2,400
2,600
2,800
300
350
400
450
500
550
600
650
Rolling 12 months, '000 MT
Quarter, '000 MT
AAK Group - Volume
Quarter Rolling 12 months
Items affecting comparability (IAC) for the full year 2022 related to the controlled exit from Russia (Q2 2022: negative SEK 350 million).

===== SIDA 3 =====

3 
Interim report | Q1 2023 
Strong start to the year; volumes and operating 
profit confirmed per April 13 pre-announcement  
I am pleased to confirm that we had a strong start to the 
year, with solid performance across all three business areas, 
including a strong cash flow and an improved Return on 
Capital Employed. Despite the ongoing challenges posed by 
the state of the global economy, we remain successful in 
delivering value to our customers. 
 
Business performance 
As communicated on April 13, we achieved a first-quarter 
operating profit growth of 43 percent compared to the same 
period last year, driven by particularly strong performance in 
Food Ingredients and Chocolate & Confectionery Fats. The 
main growth drivers were continued focus on speciality 
solutions, productivity improvements and favorable year-
over-year market conditions, including an improved ability to 
compensate for inflationary effects. Our team has worked 
intensively to maintain supply chain stability and ensure the 
timely delivery of products to our customers, another 
contributor to our continued improvement. 
 
Volumes declined 6 percent year-over-year as expected due 
to our controlled exit from the Russian market and the 
optimization program in Bakery. Excluding Russia, volumes 
declined 3 percent in the first quarter compared to the first 
quarter of 2022.  
 
Innovation and co-development  
We have continued to invest in innovation and co-
development, focusing on new product development and 
solutions to ensure that we meet the evolving needs of our 
customers. One of AAKs strengths is our ability to understand 
the full ingredient matrix of foods and to use this expertise to 
co-develop plant-based oils and fats solutions with our 
customers.  
 
The most recent milestone on our co-development journey 
was the inauguration of a plant-based Innovation Center of 
Excellence outside Amsterdam in March this year. The three-
story state-of-the-art center showcases AAK’s co-
development process, including two pilot plants for plant-
based meat and dairy, an application laboratory, co-
development workspaces, a culinary kitchen, and sensory 
facilities, all under one AAK roof. The center allows customers 
to bring great-tasting plant-based foods to market faster and 
with confidence. 
 
The EU Deforestation Regulation 
Set to take effect later this year with an 18-month 
implementation period, the EU Deforestation Regulation is an 
effort to reduce the importation of products associated with 
deforestation and forest degradation to the European market. 
This regulation will apply to a range of products, including soy, 
palm oil, beef, leather and timber. 
 
As a company with over two decades of experience in 
promoting sustainable supply chains, AAK has made 
significant progress in recent years toward achieving a 100 
percent-verified deforestation-free and traceable global palm 
oil supply chain by 2025. As of last year, we reached 100 
percent traceability to mill, 87 percent traceability to 
plantation and 71 percent verified deforestation-free within 
our palm supply chain.  
 
While we support the legislative initiative, we have raised 
concerns about the risks associated with geolocation and the 
potential implications for implementation. Long-term, the 
development is a step in the right direction. 
 
Concluding remarks 
AAK started the year strong, and while some of the 
performance was driven by favorable market conditions, we 
remain prudently optimistic about the future, and we are well 
positioned to capitalize on new growth opportunities. We will 
continue to prioritize the health and safety of our employees, 
customers, and partners, while remaining committed to 
delivering long-term value to our shareholders. 
 
Johan Westman, President and CEO

===== SIDA 4 =====

4 
   AAK 
AAK Group, Q1 2023 
 
  Volumes 
Volumes totaled 541,000 MT (575,000), a decrease by 6 
percent compared to last year. Excluding the Russian market, 
volumes declined by 3 percent. 
Net sales 
Sales reached SEK 12,345 million (11,239), an increase by 10 
percent. The increase was driven by price adjustments due to 
increased raw material prices, a favorable product mix via a 
continued focus on speciality solutions, and a positive 
currency translation impact of SEK 713 million.  
Operating profit 
Operating profit totaled SEK 952 million (664), an increase of 
43 percent compared to the corresponding quarter in 2022, 
largely driven by strong operating profit per kilo in Food 
Ingredients and Chocolate & Confectionery Fats. AAK 
achieved this growth via a continued focus on speciality 
solutions and productivity improvements. Additionally, the 
first-quarter operating profit benefitted from favorable year-
over-year market conditions, including an improved ability to 
compensate for inflationary effects.  
The currency translation had a positive impact of SEK 64 
million, of which SEK 37 million related to Food Ingredients 
and SEK 27 million to Chocolate & Confectionery Fats. 
Operating profit at fixed foreign exchange rates increased by 
34 percent.  
Operating profit per kilo totaled SEK 1.76 (1.15), an increase of 
53 percent. The currency translation impact was positive SEK 
0.12. At fixed foreign exchange rates, operating profit per kilo 
increased by 43 percent. 
Net financial cost and tax costs 
Net financial cost totaled SEK 77 million (18). The financial 
cost increased due to increased financing of working capital, 
higher interest rates, and higher borrowing in high-interest 
countries. Reported tax costs correspond to an average tax 
rate of 24 percent (24).  
Earnings per share 
Earnings per share equaled SEK 2.55 (1.89). 
Cash flow and investments 
Operating cash flow including changes in working capital 
amounted to SEK 1,102 million (negative 1,150). Cash flow from 
working capital amounted to SEK 377 million (negative 2,004). 
Following the decrease in raw material prices during the 
second half of 2022, there was a positive cash flow from 
inventory and a smaller positive effect from accounts 
receivables, while accounts payables had a negative cash flow 
effect in the quarter. 
Based on the duration of our contract portfolio, there is a 
time lag of 6–9 months until the cash flow effect from any 
raw material price volatility becomes visible. 
Cash outflow from investment activities amounted to SEK 
362 million (227), of which SEK 89 million (0) stemmed from 
acquisitions of operations. The acquisition of Arani Agro Oil, 
announced during the 2022 fiscal year, was completed in 
January 2023, and is included in AAK’s financials from 
January 1, 2023, onward. Capital expenditure was mostly 
spent on maintenance investments, productivity 
improvements and capacity increases. 
Return on Capital Employed (ROCE) 
Calculated on a rolling 12-month basis, Return on Capital 
Employed (ROCE) was 15.2 percent (14.5 on December 31, 
2022).  
Financial position  
The equity-to-asset ratio was 50 percent (44 percent on 
December 31, 2022). Net debt on March 31, 2023, totaled SEK 
4,968 million (SEK 5,707 million on December 31, 2022). Net 
debt / EBITDA totaled 1.36 (1.71 as of December 31, 2022).   
On March 31, 2023, the Group had total credit facilities of SEK 
10,162 million (9,806 as of December 31, 2022), of which there 
was SEK 8,425 million (8,366 as of December 31, 2021) in 
committed credit facilities. Unused committed credit facilities 
on March 31, 2023, totaled SEK 4,950 million (4,295 as of 
December 31, 2022). Non-committed credit facilities totaled 
SEK 1,736 million (1,440 as of December 31, 2022), SEK 1,465 
million (976 as of December 31, 2022) of which were unused. 
Employees 
The average number of employees on March 31, 2023, was 
3,990 (3,962 at December 31, 2022).

===== SIDA 5 =====

5 
Interim report | Q1 2023 
Selected key events 
 
 
  
AAK opens plant-based Innovation Center of 
Excellence outside Amsterdam  
Overlooking the iconic Zaanse Schans area just outside of 
Amsterdam, AAK has built an Innovation Center of Excellence 
to develop plant-based foods. The three-story state-of-the-
art center in Zaandijk showcasing AAK’s co-development 
process features two pilot plants for plant-based meat and 
dairy, an application laboratory, co-development workspaces, 
a culinary kitchen, and sensory facilities, all under one AAK 
roof. The center allows customers to bring great-tasting 
plant-based foods to market faster and with confidence. 
 
Raising the bar on cocoa flavor 
AAK recently launched CEBES™ Choco 15, a solution for 
affordable premiumization, raising the bar on cocoa flavor. 
Affordable indulgence is essential in a recessionary 
environment. Consumers will still enjoy small treats and 
emphasize value for money, with taste remaining the primary 
criterion for consumers when making decisions on buying 
chocolate confectionery. 
Our newly launched CEBES™ Choco 15 is the only compound 
on the market that allows up to 15 percent of cocoa 
ingredients. It is the right mixture of affordability and quality 
without trade-offs.  
 
Sustainability from plant to brand 
On April 4, we published the 2022 AAK Sustainability Report. 
The report demonstrates how sustainability is at the heart of 
our purpose, Making Better Happen™. For AAK, sustainability is 
a journey, not a destination, and we will continue to take new 
steps to improve from plant to brand.  
We encourage each of you to take the time to review the 
report and familiarize yourselves with our accomplishments, 
successes, and opportunities to further improve. Consumers, 
customers, and investors are increasing their demand for 
transparency and sustainability. The front section covers the 
key highlights, the links between our sustainability work and 
our strategic direction and aspiration, and the key 
sustainability priorities across our value chain. The back 
section covers more detail and links to the different reporting 
requirements like GRI, TCFD, Sustainable development goals, 
and Taxonomy.

===== SIDA 6 =====

6 
   AAK 
Operating  
profit  
+58% 
Operating profit  
per kilo 
+70% 
Food Ingredients, Q1 2023* 
 
 
 
 
 
 
 
 
  
 
 
Q1 
2023 
Q1 
2022 Δ % 
R12M 
2023 
Full year 
2022 
Volumes, ’000 MT 337 362 -7 1,408 1,433 
Net sales, SEK million 7,859 7,141 +10 33,379 32,661 
Operating profit, SEK million 582 369 +58 1,929 1,716 
Operating profit per kilo, SEK 1.73 1.02 +70 1.37 1.20 
      
Volumes 
During the first quarter, volumes in Food Ingredients declined 
by 7 percent compared to the same period last year. The 
decline was largely due to the optimization program in Bakery 
and the controlled withdrawal from the Russian market. 
Excluding Russia, first quarter volumes in Food Ingredients 
declined by 5 percent.  
In Bakery, reported volumes declined mainly due to the 
continued effort to optimize the business in Europe, with a 
continued prioritization of speciality and semi-speciality 
solutions. Additionally, volumes were negatively affected by 
our withdrawal from the Russian market.  
Dairy volumes increased slightly in the quarter compared to 
the corresponding period of last year. The performance was 
mixed across regions, with growth in Europe while volumes in 
the Americas declined compared to last year.  
Plant-based Foods increased slightly in the quarter, driven by 
plant-based dairy solutions.  
Special Nutrition volumes were down year-over-year, with a 
decline in both semi-speciality and high-end speciality 
solutions. In Asia, volumes for the high-end speciality-
solutions segment grew.  
In Foodservice, volumes increased, mainly driven by North 
America, while volumes in Europe remained weak. Volumes in 
the segment remained below pre-pandemic levels.  
Net sales  
Sales reached SEK 7,859 million (7,141), an increase of 10 
percent or SEK 718 million. The increase was driven by a 
positive currency translation impact of SEK 500 million and 
price adjustments stemming from increased raw material 
prices.  
Operating profit 
Operating profit increased by 58 percent to SEK 582 million 
(369). The currency translation impact was positive and 
amounted to SEK 37 million. At fixed foreign exchange rates, 
operating profit increased by 48 percent.   
The result was driven by our continued focus on speciality 
solutions, productivity improvements, as well as favorable 
market conditions, including an improved ability to 
compensate for inflationary effects. The strong operating 
profit growth for the business area was driven by Dairy, 
Bakery, and Special Nutrition, while Foodservice declined. 
Operating profit per kilo increased to SEK 1.73 (1.02). The 
currency translation impact was positive SEK 0.11. At fixed 
foreign exchange rates, operating profit per kilo grew 59 
percent. 
* Operating profit and operating profit per kilo are excluding items affecting comparability. 
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
200
250
300
350
400
450
500
550
600
Rolling 12 months, SEK million
Quarter, SEK million
Food Ingredients - Operating profit 
Quarter Rolling 12 months
0.60
0.80
1.00
1.20
1.40
1.60
1.80
0.60
0.80
1.00
1.20
1.40
1.60
1.80
Rolling 12 months, SEK/kilo
Quarter, SEK/kilo
Food Ingredients - Operating profit per kilo
Quarter Rolling 12 months

===== SIDA 7 =====

7 
Interim report | Q1 2023 
 
  
Interim report | Q1 2023 
7

===== SIDA 8 =====

8 
   AAK 
Operating  
profit  
+27% 
Operating profit  
per kilo 
+40% 
Chocolate & Confectionery Fats, Q1 2023* 
  
 
 
Q1 
2023 
Q1 
2022 Δ % 
R12M 
2023 
Full year 
2022 
Volumes, ’000 MT 124 137 -9 508 521 
Net sales, SEK million 3,735 3,407 +10 15,141 14,813 
Operating profit, SEK million 327 258 +27 1,161 1,092 
Operating profit per kilo, SEK 2.64 1.88 +40 2.29 2.10 
      
Volumes 
Volumes during the first quarter decreased by 9 percent, 
mainly due to our withdrawal from the Russian market. 
Excluding Russia, volumes decreased by 3 percent compared 
to a strong first quarter last year.  
Net sales  
Net sales for the business area reached SEK 3,735 million 
(3,407), a 10 percent increase. The growth was driven by price 
adjustments stemming from higher raw material prices, and a 
positive currency translation impact of SEK 213 million.  
Operating profit 
Operating profit reached SEK 327 million (258), an increase of 
27 percent compared to the corresponding quarter last year. 
The currency translation impact was a positive SEK 27 million. 
At fixed foreign exchange rates, operating profit increased by 
16 percent.  
The increase in operating profit was broad based across 
all main geographies and driven by a continued focus on 
speciality solutions, productivity improvements as well as 
favorable market conditions and price management.   
Operating profit per kilo increased and totaled SEK 2.64 
(1.88). The currency translation impact was positive SEK 
0.22. At fixed foreign exchange rates, operating profit per 
kilo increased by 29 percent. 
 
* Operating profit and operating profit per kilo are excluding items affecting comparability. 
 
500
600
700
800
900
1,000
1,100
1,200
1,300
1,400
1,500
100
125
150
175
200
225
250
275
300
325
350
Rolling 12 months, SEK million
Quarter, SEK million
Chocolate & Confectionery Fats - Operating profit
Quarter Rolling 12 months
1.20
1.40
1.60
1.80
2.00
2.20
2.40
2.60
2.80
1.20
1.40
1.60
1.80
2.00
2.20
2.40
2.60
2.80
Rolling 12 months, SEK/kilo
Quarter, SEK/kilo
Chocolate & Confectionery Fats - Operating profit per kilo
Quarter Rolling 12 months

===== SIDA 9 =====

9 
Interim report | Q1 2023 
 
 
  
Interim report | Q1 2023 
9

===== SIDA 10 =====

10 
   AAK 
Operating  
profit  
+33% 
Operating profit  
per kilo 
+26% 
Technical Products & Feed, Q1 2023* 
 
  
 
 
Q1 
2023 
Q1 
2022 Δ % R12M 2023 
Full year 
2022 
Volumes, ’000 MT 80 76 +5 309 305 
Net sales, SEK million 751 691 +9 3,011 2,951 
Operating profit, SEK million 108 81 +33 330 303 
Operating profit per kilo, SEK 1.35 1.07 +26 1.07 0.99 
      
Volumes 
Volumes in the first quarter increased by 5 percent compared 
to the first quarter of last year. The increase was driven by 
strong performance in our Feed business.  
In Technical products, volumes decreased, mainly driven by 
Natural Ingredients and Biofuels. 
Net sales 
Net sales for the business area reached SEK 751 million, 
increasing by SEK 60 million compared to SEK 691 million 
during the first quarter of last year.  
Operating profit 
Operating profit totaled SEK 108 million (81), a 33 percent 
increase compared to last year. The improvement was 
driven by an increase in profitability within Natural 
Ingredients, which was supported by operational 
improvements and favorable market conditions. Market 
conditions in Feed were slightly more challenged, while 
the crush margin remained stable in the quarter. 
The business area reported an operating profit per kilo of 
SEK 1.35 (1.07), an increase of 26 percent. 
 
* Operating profit and operating profit per kilo are excluding items affecting comparability. 
 
60
100
140
180
220
260
300
340
0
20
40
60
80
100
120
140
Rolling 12 months, SEK million
Quarter, SEK million
Technical Products & Feed - Operating profit
Quarter Rolling 12 months
0.20
0.40
0.60
0.80
1.00
1.20
1.40
0.20
0.40
0.60
0.80
1.00
1.20
1.40
Rolling 12 months, SEK/kilo
Quarter, SEK/kilo
Technical Products & Feed - Operating profit per kilo
Quarter Rolling 12 months

===== SIDA 11 =====

11 
Interim report | Q1 2023 
General information 
 
 
 
 
 
 
  
Related parties 
No significant changes have taken place in relations or 
transactions with related parties since 2022.  
Risks and uncertainty factors 
AAK’s operations are constantly exposed to risks, threats, and 
external factors. Through a proactive approach to business 
intelligence, the company aims to anticipate changes in 
factors affecting operations. Plans and policies are adjusted 
continuously to counteract potential negative effects. Active 
risk management, such as hedging raw material prices and 
currencies, reduces the risks that the company faces. 
Efficient risk management is an ongoing process conducted 
within the framework of business control and is part of the 
ongoing review and forward-looking assessment of 
operations. 
AAK’s long-term risk exposure is assumed not to deviate from 
the inherent exposure associated with AAK’s ongoing business 
operations.  
AAK’s Board of Directors and Executive Committee have, 
since the publication of the Annual Report 2022, reviewed the 
development of significant risks and uncertainties and can 
confirm that there have been no changes other than what 
has been commented on in respect of market developments 
during 2022 and 2023.  
For a more in-depth analysis of risks, please refer to AAK’s 
Annual Report. 
Accounting policies in 2023   
This interim report is prepared in accordance with IAS 34, 
Interim Financial Reporting, and applicable rules in the 
Swedish Annual Accounts Act. The accounting principles 
correspond to the principles applied in the preparation of the 
Annual Report 2022.  
Alternative Performance Measures (APMs) 
AAK presents APMs to reflect underlying business 
performance and to enhance comparability from period to 
period. APMs should not be considered as a substitute for 
measures of performance in accordance with the IFRS. 
Definitions of Alternative Performance Measures can be found 
at www.aak.com under the Investor tab. For reconciliation of 
Alternative Performance Measures, see pages 20–21. 
Definitions 
For definitions, please see our Annual Report. 
Events after the reporting period 
No events to be reported.  
The Parent Company and Group Functions  
AAK AB (publ.) is the Parent Company of the AAK Group. Its 
functions are primarily activities related to the development 
and administration of the Group.  
The result for the Parent Company after financial items 
amounted to negative SEK 72 million (negative 22). 
Interest-bearing liabilities minus cash and cash 
equivalents and interest-bearing assets totaled SEK 3,544 
million (3,443 as of December 31, 2022). Investments in 
intangible and tangible assets amounted to SEK 2 million 
(0). 
The Parent Company’s balance sheet and income 
statement are shown on pages 22–23. There are no major 
changes in the Parent Company’s balance sheet since 
year’s end. 
The Parent Company has prepared its financial reports in 
accordance with Chapter 9 of the Swedish Annual 
Accounts Act, Interim Report and RFR 2 Accounting for 
legal entities. The accounting principles correspond to the 
principles applied in the preparation of the Annual Report 
2022.  
Audit review 
This report has not been reviewed by the company’s 
auditors.

===== SIDA 12 =====

12 
   AAK 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Malmö, May 4, 2023 
 
 
Johan Westman     
President and CEO  
 
 
 
For further information, please contact: 
Carl Ahlgren 
Head of IR & Corporate Communications 
Mobile: +46 70 681 07 34  
E-mail: carl.ahlgren@aak.com  
 
This information is information that AAK AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities 
Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 8:30 CET on May 4, 
2023.

===== SIDA 13 =====

13 
Interim report | Q1 2023 
Condensed income statement  
 
SEK million 
Q1 
2023 
Q1 
2022 
Full year 
2022 
Net sales 12,345 11,239 50,425 
Other operating income 62 29 149 
Total operating income 12,407 11,268 50,574 
Change in inventories of finished goods and work in progress -41 74 201 
Raw materials and consumables -9,293 -8,867 -39,777 
Goods for resale -162 -244 -1,085 
Other external expenses -914 -717 -3,401 
Cost for remuneration to employees -816 -654 -2,958 
Depreciation, amortization and impairment losses -228 -188 -799 
Other operating expenses -1 -8 -217 
Total operating expenses -11,455 -10,604 -48,036 
    
Operating profit (EBIT) 952 664 2,538 
    
Financial income 23 15 69 
Financial expense -100 -33 -257 
Total financial net -77 -18 -188 
    
Profit before tax 875 646 2,350 
Income tax -213 -154 -570 
Profit for the period 662 492 1,780 
    
Attributable to non-controlling interests 1 2 10 
Attributable to the Parent Company’s shareholders 661 490 1,770 
    
Earnings per share before dilution, SEK1) 2.55 1.89 6.84 
Earnings per share after dilution, SEK2) 2.55 1.89 6.84 
    
1) Earnings per share are calculated based on a weighted average number of outstanding shares. 
2) Earnings per share are calculated based on a weighted average number of outstanding shares after dilution from outstanding subscription warrants.  
 
Comprehensive income 
 
SEK million 
Q1 
2023 
Q1 
2022 
Full year 
2022 
Profit for the period 662 492 1,780 
    
Items that will not be reclassified to profit or loss:    
Remeasurements of post-employment benefit obligations 0 - 149 
 0 - 149 
    
Items that may subsequently be reclassified to profit or loss:    
Translation differences 175 410 1,460 
Fair-value changes in cash flow hedges -3 11 20 
Tax related to fair-value changes in cash flow hedges 1 -2 -4 
 173 419 1,476 
    
Total comprehensive income for the period 835 911 3,405 
    
Attributable to non-controlling interests 1 2 16 
Attributable to the Parent Company’s shareholders 834 909 3,389

===== SIDA 14 =====

14 
   AAK 
Condensed balance sheet 
 
SEK million 
 
31.03.2023 
 
31.03.2022 
 
31.12.2022 
    
Assets    
Goodwill 2,666 2,296 2,538 
Other intangible assets 289 305 293 
Property, plant and equipment 7,143 6,045 6,944 
Right-of-use assets 651 581 685 
Shares in associated companies 43 16 32 
Financial assets 67 47 67 
Deferred tax assets 349 183 327 
Total non-current assets 11,208 9,473 10,886 
    
Inventory 9,759 10,056 11,174 
Accounts receivables 6,531 5,914 6,635 
Current receivables 3,193 4,053 3,780 
Cash and cash equivalents 1,405 1,165 1,515 
Total current assets 20,888 21,188 23,104 
    
Total assets 32,096 30,661 33,990 
    
Equity and liabilities    
Shareholders’ equity 15,870 12,698 15,036 
Non-controlling interests 48 50 47 
Total equity including non-controlling interests 15,918 12,748 15,083 
    
Liabilities to banks and credit institutions 3,019 1,571 3,526 
Pension liabilities 53 274 58 
Lease liabilities 538 485 562 
Deferred tax liabilities 566 412 553 
Other non-current liabilities 285 413 273 
Total non-current liabilities 4,461 3,155 4,972 
    
Liabilities to banks and credit institutions 2,716 3,967 2,997 
Lease liabilities 153 124 162 
Accounts payables 4,110 5,343 5,337 
Other current liabilities 4,738 5,324 5,439 
Total current liabilities 11,717 14,758 13,935 
    
Total equity and liabilities 32,096 30,661 33,990

===== SIDA 15 =====

15 
Interim report | Q1 2023 
Condensed change in equity 
 
2023 
SEK million Shareholders’ equity 
Non-controlling 
interests 
Total equity incl. non-
controlling interests 
Opening balance January 1, 2023 15,036 47 15,083 
    
Profit for the period 661 1 662 
Other comprehensive income 173 0 173 
Total comprehensive income 834 1 835 
    
    
Closing balance March 31, 2023 15,870 48 15,918 
    
 
2022 
SEK million Shareholders’ equity 
Non-controlling 
interests 
Total equity incl. non-
controlling interests 
Opening balance January 1, 2022 11,783 48 11,831 
    
Profit for the period 490 2 492 
Other comprehensive income 419 0 419 
Total comprehensive income 909 2 911 
    
New issue of shares 6 - 6 
    
Closing balance March 31, 2022 12,698 50 12,748

===== SIDA 16 =====

16 
   AAK 
Condensed cash flow statement 
 
SEK million 
Q1 
2023 
Q1 
2022 
Full year 
2022 
    
Operating activities    
Operating profit 952 664 2,538 
Depreciation and amortization 228 188 799 
Adjustment for other items not included in cash flow -249 135 63 
Interest paid and received -49 -10 -146 
Tax paid -157 -123 -617 
Cash flow before changes in working capital 725 854 2,637 
    
Changes in inventory 1,514 -809 -1,427 
Changes in accounts receivables 166 -650 -1,149 
Changes in accounts payables -1,275 -519 -812 
Changes in other working capital items -28 -26 678 
Changes in working capital 377 -2,004 -2,710 
    
Cash flow from operating activities 1,102 -1,150 -73 
    
Investing activities    
Acquisition of intangible assets and property, plant and equipment -288 -230 -1,226 
Acquisition of operations and shares, net of cash acquired -89 - -14 
Proceeds from sale of property, plant and equipment 15 3 7 
Cash flow from investing activities -362 -227 -1,233 
    
Financing activities    
Changes in loans -811 1,557 2,364 
Amortization of lease liabilities -43 -35 -152 
New issue of shares - 6 147 
Subscription warrants - - 80 
Dividend paid - - -646 
Cash flow from financing activities -854 1,528 1,793 
    
Cash flow for the period -114 151 487 
    
Cash and cash equivalents at start of period 1,515 1,001 1,001 
Exchange rate difference for cash equivalents 4 13 27 
Cash and cash equivalents at end of period 1,405 1,165 1,515

===== SIDA 17 =====

17 
Interim report | Q1 2023 
Key ratios 
 
SEK million (unless otherwise stated) 
Q1 
2023 
Q1 
 2022 Δ % 
Full year 
 2022 
     
Income statement     
Volumes, ’000 MT 541 575 -6 2,259 
Operating profit 952 664 +43 2,538 
Operating profit excluding IAC 952 664 +43 2,888 
Profit for the period 662 492 +35 1,780 
Profit for the period excluding IAC 662 492 +35 2,099 
     
Financial position     
Total assets 32,096 30,661 +5 33,990 
Equity 15,918 12,748 +25 15,083 
Net working capital 10,548 9,311 +13 10,747 
Net debt 4,968 5,206 -5 5,707 
     
Cash flow     
Cash flow from operating activities 1,102 -1,150 - -73 
Cash flow from investing activities -362 -227 - -1,233 
     
Share data     
Number of shares, thousand 259,559 258,551 +0 259,559 
Earnings per share, SEK1) 2.55 1.89 +35 6.84 
Earnings per share, excluding IAC, SEK1) 2.55 1.89 +35 8.07 
Equity per share, SEK 61.14 49.11 +24 57.93 
Market value on closing date, SEK 187.60 175.00 +7 177.85 
     
Other key ratios     
Volume growth, percent -6 +1 - -2 
Operating profit per kilo, SEK 1.76 1.15 +53 1.12 
Operating profit per kilo, excluding IAC, SEK 1.76 1.15 +53 1.28 
Return on Capital Employed (R12 months), percent 15.2 15.4 -1 14.5 
Net debt / EBITDA, multiple 1.36 1.64 -17 1.71 
     
1) Earnings per share are calculated based on a weighted average number of outstanding shares.

===== SIDA 18 =====

18 
   AAK 
Quarterly data by business area 
Operating profit 
SEK million 
2022 
Q1 Q2 Q3 Q4 Full year 
2023 
Q1 
Food Ingredients 369 342 476 465 1,652 582 
Chocolate & Confectionery Fats 258 -70 310 308 806 327 
Technical Products & Feed 81 46 76 100 303 108 
Group Functions -44 -44 -40 -95 -223 -65 
Operating profit AAK Group 664 274 822 778 2,538 952 
Financial net -18 -6 -19 -145 -188 -77 
Profit before tax 646 268 803 633 2,350 875 
       
Operating profit excluding items affecting comparability 
SEK million 
2022 
Q1 Q2 Q3 Q4 Full year 
2023 
Q1 
Food Ingredients 369 406 476 465 1,716 582 
Chocolate & Confectionery Fats 258 216 310 308 1,092 327 
Technical Products & Feed 81 46 76 100 303 108 
Group Functions -44 -44 -40 -95 -223 -65 
Operating profit AAK Group 664 624 822 778 2,888 952 
Financial net -18 -6 -19 -145 -188 -77 
Profit before tax 646 618 803 633 2,700 875 
       
 
Net sales by market 
2023 
SEK million 
FI 
Q1 
2023 
CCF 
Q1 
2023 
TPF 
Q1 
2023 
Total 
Q1 
2023 
Europe 2,911 1,299 751 4,961 
North and South America 3,875 1,684 0 5,559 
Asia 924 697 0 1,621 
Other countries 149 55 0 204 
Net sales 7,859 3,735 751 12,345 
     
2022 
SEK million 
FI 
Q1 
2022 
CCF 
Q1 
2022 
TPF 
Q1 
2022 
Total 
Q1 
2022 
Europe 2,718 1,554 691 4,963 
North and South America 3,555 1,355 0 4,910 
Asia 789 420 0 1,209 
Other countries 79 78 0 157 
Net sales 7,141 3,407 691 11,239

===== SIDA 19 =====

19 
Interim report | Q1 2023 
Financial instruments 
 
SEK million 31.03.2023 31.12.2022 Hierarchy level 
    
Assets at fair value through profit and loss    
Currency derivatives 292 164 2 
Sales and purchase contracts 1,269 2,199 2 
Investment in unlisted shares 7 7 3 
Investment in unlisted funds 43 43 3 
    
Derivatives used in cash flow hedges    
Interest rate swaps 22 25 2 
    
Assets at amortized cost    
Financial non-current assets 7 7 - 
Accounts receivables 6,531 6,635 - 
Financial current assets 107 85 - 
Cash and cash equivalents 1,405 1,515 - 
    
Total financial assets 9,683 10,680  
    
Liabilities at fair value through profit and loss    
Currency derivatives 416 294 2 
Sales and purchase contracts 411 1,140 2 
    
Liabilities at amortized cost    
Liabilities to banks and credit institutions  5,735 6,523 - 
Lease liabilities 691 724 - 
Accounts payables 4,110 5,337 - 
Other interest-bearing liabilities 12 12 - 
    
Total financial liabilities 11,375 14,030

===== SIDA 20 =====

20 
   AAK 
Alternative Performance Measures (APMs) 
Organic volume growth 
  Percent 
Q1 
2023 
Q1 
2022 
Full year 
2022 
    
Food Ingredients    
Organic volume growth -7 2 -3 
Acquisitions / divestments - - - 
Volume growth -7 2 -3 
    
Chocolate & Confectionery Fats    
Organic volume growth -9 5 0 
Acquisitions / divestments - - - 
Volume growth  -9 5 0 
    
Technical Products & Feed    
Organic volume growth 5 -11 -4 
Acquisitions / divestments - - - 
Volume growth  5 -11 -4 
    
AAK Group    
Organic volume growth -6 1 -2 
Acquisitions / divestments - - - 
Volume growth -6 1 -2 
    
EBITDA 
SEK million 
Q1 
2023 
Q1 
2022 
Full year 
2022 
Operating profit (EBIT) 952 664 2,538 
Depreciation and amortization 228 188 799 
EBITDA 1,180 852 3,337 
    
Operating profit excl. items affecting comparability (IAC) 
SEK million 
Q1 
2023 
Q1 
2022 
Full year 
2022 
    
Food Ingredients    
Operating profit, excluding IAC 582 369 1,716 
Exit Russia - - -64 
Operating profit 582 369 1,652 
    
Chocolate & Confectionery Fats    
Operating profit, excluding IAC 327 258 1,092 
Exit Russia - - -286 
Operating profit 327 258 806 
    
Technical Products & Feed    
Operating profit, excluding IAC 108 81 303 
Operating profit 108 81 303 
    
AAK Group    
Operating profit, excluding IAC 952 664 2,888 
Exit Russia - - -350 
Operating profit 952 664 2,538

===== SIDA 21 =====

21 
Interim report | Q1 2023 
Return on Capital Employed (ROCE) 
SEK million 
R12M 
31.03.2023 
R12M 
31.12.2022 
Total assets 33,069 32,083 
Cash and cash equivalents -1,435 -1,354 
Financial assets -69 -51 
Accounts payables -5,474 -5,791 
Other non-interest-bearing liabilities -5,143 -4,998 
Capital employed 20,948 19,889 
   
Operating profit, excluding items affecting comparability 3,176 2,888 
   
Return on Capital Employed (ROCE), percent 15.2 14.5 
   
Net working capital 
SEK million 31.03.2023 31.12.2022 
Inventory 9,759 11,174 
Accounts receivables 6,531 6,635 
Other current receivables, non-interest-bearing 3,075 3,686 
Accounts payables -4,110 -5,337 
Other current liabilities, non-interest-bearing -4,707 -5,411 
Net working capital 10,548 10,747 
   
Net debt 
SEK million 31.03.2023 31.12.2022 
Current interest-bearing receivables 118 95 
Cash and cash equivalents 1,405 1,515 
Pension liabilities -53 -58 
Lease liabilities -691 -724 
Non-current liabilities to banks and credit institutions -3,019 -3,526 
Current liabilities to banks and credit institutions  -2,716 -2,997 
Other interest-bearing liabilities -12 -12 
Net debt -4,968 -5,707 
   
Net debt / EBITDA 
SEK million 31.03.2023 31.12.2022 
Net debt 4,968 5,707 
EBITDA (rolling 12 months) 3,665 3,337 
Net debt / EBITDA, multiple 1.36 1.71 
   
Equity to assets ratio 
SEK million 31.03.2023 31.12.2022 
Shareholders’ equity 15,870 15,036 
Non-controlling interests 48 47 
Total equity including non-controlling interests 15,918 15,083 
   
Total assets  32,096 33,990 
   
Equity to assets ratio, percent 49.6 44.4

===== SIDA 22 =====

22 
   AAK 
Income statement – Parent Company 
 
SEK million 
Q1 
2023 
Q1 
2022 
Full year 
2022 
Net sales 44 32 160 
Total operating income 44 32 160 
Other external expenses -46 -29 -151 
Cost for remuneration to employees -32 -28  -130 
Depreciation, amortization and impairment losses -1 -2 -7 
Total operating expenses -79 -59 -288 
    
Operating profit (EBIT) -35 -27 -128 
    
Profit from interest in Group companies - - 108 
Interest income and similar items 0 11 20 
Interest expense and similar items -37 -6 -63 
Total financial net -37 5 65 
    
Profit before tax -72 -22 -63 
Income tax 15 4 0 
Profit for the period -57 -18 -63

===== SIDA 23 =====

23 
Interim report | Q1 2023 
Condensed balance sheet – Parent Company 
 
SEK million 
 
31.03.2023 31.12.2022 
   
Assets   
Other intangible assets 10 8 
Property, plant and equipment 1 1 
Right-of-use assets 1 2 
Financial assets 10,372 9,974 
Deferred tax assets 3 3 
Total non-current assets 10,387 9,988 
   
Current receivables 539 493 
Cash and cash equivalents 0 0 
Total current assets 539 493 
   
Total assets 10,926 10,481 
   
Equity and liabilities   
Shareholders’ equity 6,754 6,811 
Non-controlling interests - - 
Total equity including non-controlling interests     6,754     6,811 
   
Liabilities to banks and credit institutions 2,500 3,000 
Lease liabilities 1 1 
Other non-current liabilities 35 36 
Total non-current liabilities 2,536 3,037 
   
Liabilities to banks and credit institutions 1,500 500 
Lease liabilities 1 2 
Accounts payables 16 18 
Other current liabilities 119 113 
Total current liabilities 1,636 633 
   
Total equity and liabilities 10,926 10,481

===== SIDA 24 =====

24 
   AAK 
Price trends in raw materials  
 
 
 
 
 
 
Additional information 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
USD/ton
Rapeseed oil and palm oil
Rapeseed oil Palm oil
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
USD/ton
Cocoa butter
For information regarding cocoa and cocoa butter please 
refer to information at www.icco.org 
Conference call 
AAK will host a conference call for investors, analysts and 
media on May 4, 2023, at 10 a.m. CET. The presentation can 
be followed via teleconference or webcast. Please visit 
www.aak.com for details.  
The annual and quarterly reports are published on 
www.aak.com.  
Financial calendar 2023-2024  
The Annual General Meeting will be held in Malmö, Sweden 
on May 4, 2023. 
The interim report for the second quarter 2023 will be 
published on July 19, 2023.  
The interim report for the third quarter 2023 will be published 
on October 25, 2023.  
The interim report for the fourth quarter and year-end 2023 
will be published on February 7, 2024  
Forward-looking statements 
This report contains forward-looking statements. Such 
statements are subject to risks and uncertainties as various 
factors, many of which are beyond the control of AAK AB 
(publ.), may cause actual developments and results to differ 
materially from the expectations expressed in this report. 
Governing text 
The report has been translated from Swedish. The Swedish 
text shall govern for all purposes and prevail in the event of 
any discrepancy between the versions.  
Investor Relations contact 
Carl Ahlgren 
Head of IR and Corporate Communications 
Mobile: +46 706 81 07 34 
E-mail: carl.ahlgren@aak.com

===== SIDA 25 =====

25 
Interim report | Q1 2023 
 
Everything 
 
we do  
is about 
 Making Better Happen™ 
Explore more at 
www.aak.com 
Or contact us at 
info@aak.com 
Everything AAK does is about Making Better Happen™. 
We specialize in plant-based oils and fats, the value-
adding ingredients in many products people love to 
consume. 
We make these products better tasting, healthier, and 
more sustainable. At the heart of AAK’s offer is customer 
co-development, combining our desire to understand 
what Making Better Happen™ means for each customer 
with the unique flexibility of our production assets and 
deep knowledge of products and industries, including 
Chocolate & Confectionery, Bakery, Dairy, Plant-based 
Foods, Special Nutrition, Foodservice, and Personal Care.  
Our 4,000 employees support our close collaboration 
with customers through 25 regional sales offices, 16 
dedicated Customer Innovation Centers, and with the 
support of more than 20 production facilities. 
Listed on Nasdaq Stockholm and headquartered in 
Malmö, Sweden, AAK has been Making Better Happen™ 
for 150 years.