AAK’s Interim report for the fourth quarter and Year-end report 2015 – a new record high operating profit

  · Again, a record high operating profit, excluding acquisition costs of SEK 15
million, of SEK 388 million (343 excluding net positive, non-recurring items of
SEK 16 million) was achieved, an improvement of 13 percent.
  · Volumes increased by 6 percent. Organic volume growth was 1 percent.
  · Food Ingredients improved by 17 percent, to SEK 257 million (220). The
picture between the segments was, however, very variable. Food Ingredients
continued to grow organically and reported a 2 percent volume increase.
- The Dairy segment reported double-digit organic volume growth.
- Infant Nutrition product range Akonino® continued to show good organic volume
growth.
- Our InFat® business through Advanced Lipids AB, a joint venture of AAK and
Enzymotec, continued the organic growth trend from the last two quarters.
- The Bakery segment had a challenging quarter, particularly in Europe. Other
regions, such as the US, continued to show good organic volume growth.
- Food Service reported low organic volume growth.
- Commodity products showed again organic volume growth.
  · Chocolate & Confectionery Fats improved by 5 percent and reached SEK 135
million (128).
- The business area was again negatively influenced by the deteriorating market
conditions in Russia.
- After 24 months of deteriorating market conditions, Ukraine has during the
fourth quarter stabilized at a low level.
  · Technical Products & Feed improved its operating profit by 28 percent and
reached SEK 32 million (25). This was due to a positive development of the fatty
acids business.
  · Earnings per share decreased by 21 percent, to SEK 5.65 (7.12). This was due
to an exceptional low tax cost related to non-recurring items in the fourth
quarter, 2014.
  · Calculated on a rolling 12 months basis, Return on Capital Employed (ROCE)
was 15.7 percent (16.0 percent at December 31, 2014).
  · Proposed dividend of SEK 7.75 (6.75), an increase by SEK 1.00 or 15 percent.
  · AAK has during the quarter established a partnership with Miyoshi Oils &
Fats Co. by forming a new company together for the Japanese market, AAK Miyoshi
JP. AAK will own 70 percent of the new company and Miyoshi Oils & Fats Co. will
own 30 percent.
  · In November, AAK entered a management agreement with the trustee in the
bankruptcy of TLC and Belovo – both part of the BNLfood Group – to restart the
operations of TLC, an ingredient supplier to the global nutrition market,
located in Bastogne, Belgium.
  · In December, TROPICAO™, the company’s revolutionary chocolate solution, and
Akopastry HP, AAK’s latest innovation within the Bakery segment, were recognized
with innovation awards at Food ingredients Europe Innovation Awards in Paris.

Concluding remarks:
“Based on AAK’s customer value propositions for health and reduced costs, and
our customer product co-development and solutions approach, we continue to
remain prudently optimistic about the future”, says Arne Frank, CEO and
President, AAK Group. “The main drivers are the continued positive underlying
development in Food Ingredients and the continued improvement in Chocolate &
Confectionery Fats.”

The Interim report for the fourth quarter and the Year-end report 2015 will be
presented today, February 3, 2016 at 1 p.m. CET at a Press & Analyst telephone
conference. For participation, please see instructions under the Investor tab at
the AAK website, www.aak.com.


For further information, please contact:
Fredrik Nilsson
CFO
Phone: +46 40 627 83 34
Mobile: +46 708 95 22 21

The information is that which AAK 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 February 3, 2016 at 08:50 a.m. CET.


AAK is a leading provider of value-adding vegetable oils & fats. Our expertise
in oils & fats within food applications, our wide range of raw materials and our
broad process capabilities enable us to develop innovative and value-adding
solutions across many industries – Chocolate & Confectionery, Bakery, Dairy,
Infant Nutrition, Food Service, Personal Care, and more. AAK’s proven expertise
is based on more than 140 years of experience within oils & fats. Our unique co
-development approach brings our customers’ skills and know-how together with
our own capabilities and mindset for lasting results. Listed on the NASDAQ OMX
Stockholm and with our headquarters in Malmö, Sweden, AAK has 19 different
production facilities, sales offices in more than 25 countries and more than
2,700 employees. We are AAK – The Co-Development Company.