AAK’s Interim Report for the third quarter, 2012

Chief Executive´s comments
Continued strong profit improvements driven by Food Ingredients coupled with
continued very strong operational cash flow

Operating profit – reached a record high result for the third quarter of SEK 273
million (246), an improvement of 11 percent compared to the corresponding
quarter in 2011. Operating profit per kilo reached SEK 0.71 (0.67), a
significant improvement attributable to a continuing trend away from low margin
commodity volumes and an exceptionally favourable product mix in Food
Ingredients.

Business Area operating profit:

  · Food Ingredients reached a record high third quarter of SEK 190 million
(143), an improvement of 33 percent
  · Chocolate & Confectionery Fats reported operating profit of SEK 88 million
(112)
  · Technical Products & Feed reported improved profits at SEK 22 million (15)

Earnings per share increased by 17 percent, from SEK 3.48 to SEK 4.08.
Sales amounted to SEK 4,277 million (4,462) and was significantly influenced by
lower raw material prices.
Continuing very strong cash flow in the third quarter amounted to SEK 364
million (189), including changes in working capital of SEK 141 million (negative
68).
Business development
During the third quarter Group volume grew by 5 percent. Food Ingredients
continued to demonstrate strong development, particularly in Bakery and Infant
Nutrition, while commodity volumes in the UK declined materially. Chocolate &
Confectionery Fats continued to be challenged while Technical Products & Feed
started to recover.
Hurricane Sandy
Hurricane Sandy has temporarily interrupted production at AAK´s plants in New
Jersey, USA. See further comments on page 2.

AAK Acceleration and recent acquisitions
We continue to see positive effects of the AAK Acceleration program (Growth
-Efficiency-People). Recent acquisitions are developing in line with plans.
Concluding remarks
The impact on our industry from the more difficult general economy in Europe is
difficult to predict. However, based on AAK’s customer value propositions for
health and reduced costs, our customer product co-development and solutions
approach, and the AAK Acceleration program, we continue to remain prudently
optimistic for the future, mainly driven by a very strong Food Ingredients
business.

Arne Frank

CEO and President


Investor Relations contact:
Arne Frank, President and CEO
Phone: + 46 40 627 83 00
Peter Korsholm, Chief Financial Officer
Phone: + 46 40 627 83 00
Fredrik Nilsson, Head of Investor Relations
Phone: + 46 40 627 83 34
Mobile: + 46 708 95 22 21
E-mail: fredrik.nilsson@aak.com

Information
The information is that which AarhusKarlshamn AB (publ) is obliged to publish
under the provisions of the Stock Exchange and Clearing Operations Act and/or
the Trading in Financial Instruments Act. The information was released to the
media for publication on 7 November 2012 at 08.15 am CET.