ELANDERS’ ANNUAL AND SUSTAINABILITY REPORT 2021
P
r
i
n
t
e
d
o
n
RECYCLED
PAPER
R
e
a
d
m
o
r
e
o
n
p
a
g
e
1
3
1
100%
Contents
ELANDERS 2021
4 The year in summary
6 CEO comments
OPERATIONS
10 Business concept, goals and strategies
12 Our value creation
14 External trends
16 Our business model
18 Our customers
20 Our contribution to a more sustainable world
22 Our focus areas within sustainability
24 Inside Elanders – Interviews
36 Five years in summary
SHARE INFORMATION
40 Share information and ownership structure
AUDITED ANNUAL REPORT
43 Board of directors’ report
47 – Risks and uncertainty factors
50 – Corporate governance report
55 – Sustainability report
66 Group
66 – Financial reports
70 – Notes
102 Parent company
102 – Financial reports
106 – Notes
115 Proposed appropriation of profits
116 Auditor’s report
OTHER INFORMATION
120 Reconciliation alternative performance measures
122 Financial definitions
123 Specific terms
124 Board of directors
126 Group management, auditors and nomination committee
128 Contact Elanders
130 Annual general meeting and calendar
The business is mainly run through two business
areas, Supply Chain Solutions and Print & Packaging
Solutions.
Sustainability is an integrated part of Elanders’
business and strategy and Elanders considers it a
responsibility and a business opportunity that
provides great opportunities to create value and
improve profitability. Not only for Elanders or the
Group’s customers but for society at large. The
demands regarding CSR made on major, multinational
companies are just as high for their partners.
Elanders’ sustainability work is largely governed by
the very high demands made by customers who in
their own environmental and quality documentation
stipulate requirements that suppliers must meet as
well.
Elanders has approximately 7,000 employees and
operates in some 20 countries on four continents.
The most important markets are China, Germany,
Singapore, Sweden, the United Kingdom, and the
USA. Major customers are active in the areas
Automotive, Electronics, Fashion & Lifestyle,
Health Care & Life Science and Industrial.
FROM END TO END
AND BEYOND
Delivering sustainable solutions
Elanders is a global logistics company
with a broad range of services of integrated
solutions in supply chain management.
Fashion & Lifestyle
Automotive
Industrial
Health Care &
Life Science
Supply Chain
Solutions
Print & Packaging
Solutions
Electronics
Elanders is one of the
leading companies in the
world in Global Supply
Chain Management. Our
services include taking
responsibility for and
optimizing customers’
material and informa-
tion flows, everything from
sourcing and procurement
combined with warehousing to
after sales service.
Through its innovative force
and global presence,
the business area Print
& Packaging oers
cost-eective solutions
that can handle custo-
mers’ local and global
needs for printed material
and packaging, often in
combination with advanced
order platforms on the Internet,
value-added services and just-in-
time deliveries.
Major customer segments Business areas
GERMANY
45 locations
3,323 employees
USA
10 locations
949 employees
CHINA
12 locations
503 employees
SINGAPORE
3 locations
496 employees
UNITED KINGDOM
4 locations
163 employees
SWEDEN
5 locations
152 employees
NETHERLANDS
7 locations
146 employees
BRAZIL
1 location
52 employees
ROMANIA
1 location
5 employees
CANADA
1 location
4 employees
RUSSIA
1 location
2 employees
CZECH REPUBLIC
5 locations
323 employees
HUNGARY
4 locations
318 employees
POLAND
3 locations
307 employees
INDIA
2 locations
173 employees
AUSTRIA
1 location
44 employees
MEXICO
1 location
31 employees
ITALY
1 location
22 employees
TAIWAN
1 location
6 employees
FROM END TO END
AND BEYOND
Delivering sustainable solutions
Distribution
& Outbound
Services
Life Cycle
Management
Procurement
& Inbound
Services
Production &
Assembly
Retail
E-commerce
Consumers
Factories
Hospitals
Services Recipients
Net sales, MSEK
,
Number of employees
,
m
2
of production and
warehouse space
,,
Number of locations
ELANDERS 2021
4
ANNUAL AND SUSTAINABILITY REPORT 2021
Organic growth in Europe in
Fashion & Lifestyle
>30%
ELANDERS 2021 – THE YEAR IN SUMMARY
Elanders experienced high organic growth
during the year, primarily in the business area
Supply Chain Solutions. At the same time
several acquisitions have been made in fields
that Elanders has identified as areas with
discernable underlying growth; online sales,
Life Cycle Management, outsourcing of logistic
services and online print. The acquisition of
Bergen Logistics in November 2021 provides
Elanders with a completely new platform and
opportunities to grow with existing customers
on the North American market.
The semiconductor shortage that primarily
affected customer segments Automotive,
Electronics and Industrial, had a negative
impact on Group operations and the result.
The shortage led to irregular capacity
utilization in production when customers shut
down or added shifts on short notice. Despite a
weaker second half-year compared to last year,
largely due to the semiconductor shortage,
2021 was Elanders’ best year ever in terms of
result, clearly proving how robust the Group’s
business model is.
2021 IN SUMMARY
Just as the COVID-19 pandemic characterized 2020, the semiconductor
shortage and continued pandemic overshadowed 2021. This led to disturbances
in the global supply chain, which in turn had a negative impact on Group
operations to differing degrees during various periods. At the same time, the
year has also meant high growth, both organically and through acquisitions.
THREE YEAR OVERVIEW
Net sales, MSEK
EBITDA, MSEK
EBITA exl. IFRS 16, MSEK
EBITA, MSEK
EBITA adjusted, MSEK
Result after financial items, MSEK
Result after tax, MSEK
Earnings per share, SEK
)
Cash flow from operating activities per share, SEK
Equity per share, SEK
Dividend per share, SEK
)
–
EBITA-margin, %
EBITA-margin adjusted, %
Return on total assets, %
Return on equity, %
Return on capital employed, %
Net debt/EBITDA ratio, times
Net debt/EBITDA ratio excl. IFRS16, times
Debt/equity ratio, times
Equity ratio, %
Average number of outstanding shares, thousands
)
Thereisnodilution
)
Proposedbytheboard
ForReconciliationAlternativePerformanceMeasuresandFinancialDefinitionsseepages–
5
ANNUAL AND SUSTAINABILITY REPORT 2021
ELANDERS 2021 – THE YEAR IN SUMMARY
OPERATING CASH FLOW EXCLUDING
ACQUISITIONS PER QUARTER
NET SALES PER QUARTER ADJUSTED EBITA AND
ADJUSTED EBITA-MARGIN
Supply Chain Solutions is Elanders’ largest business area and makes
up three-fourths of the Group. This is the area where we see big
growth potential going forward. The market is expanding, driven
by a growing global middle class. New regulations and changing
behavior patterns will probably have a major impact on future
logistic flows, which puts high demands on actors that want a piece
of this market.
The business area Supply Chain Solutions experienced high
demand in every customer segment throughout 2021, even though
customer segments Automotive, Electronics and Industrial had
problems with supplies of semiconductors and other disturbances
in their supply chain. Both these factors had a negative impact on
profitability.
Supply Chain Solutions
Fewer pandemic restrictions allowed more stores to open, leading
to greater demand, particularly in customer segment Fashion &
Lifestyle. This segment is now Elanders’ largest, if total annual
net sales is included for the recent acquisition Bergen Logistics.
Demand in online sales continued to be strong and in Europe
organic growth surpassed 30 percent. The demand was so high the
Group was forced to turn down several requests. However, the new
acquisitions have reinforced the Group with the capacity it needs.
Despite fewer pandemic restrictions and a return to a more normal
life, the market for business area Print & Packaging Solutions
continues to be tough. The market, where some actors give up and
others merge, is being successively consolidated. For Elanders it
creates opportunities to gain market shares while the shift to digital
print and more recipient-adapted products, instead of traditional
oset print with large editions, progresses.
Several of the business area’s major customers that are part of
customer segments Automotive and Industrial had serious problems
with supplies of semiconductors in 2021, which in turn aected
Elanders’ profitability in this business area.
Print & Packaging Solutions
Investments continue in online print, which is one of the few areas in
the graphic industry showing organic growth. The acquisition of
Schätzl Druck is one of these. Schätzl is specialized as a subcon-
tractor in online print. Examples of products they manufacture are
personalized and recipient-adapted children’s books, invitations,
photo products and even smaller editions of books and catalogues.
With the Schätzl acquisition Elanders becomes one of the utmost
leading actors in Europe in online print.
Furthermore Elanders continues to work on adding supply chain
management services to printing plants, which provides customers
with even more value while improving Group profitability.
Operating cash flow, MSEK
Operating cash flow, MSEK
QQQQ
Net sales, MSEK
Net sales, MSEK
QQQQ
EBITA adjusted, MSEK
EBITA adjusted, MSEK
EBITA-margin adjusted, %
EBITA-margin adjusted, %
RörelseresultatMkr
RörelseresultatMkr
QQQQ
%
%
%
%
%
%
Rörelsemarginal
Rörelsemarginal
6
ANNUAL AND SUSTAINABILITY REPORT 2021
ELANDERS 2021 – CEO COMMENTS
Despite the break-out of the COVID-19 pandemic last year Elanders
entered 2021 with a strong financial position. This was a big boost
for our acquisition work which has indelibly characterized the year.
Meanwhile we have continued to build our business organically and
intensified our sustainability work.
A vital year
ACQUISITIONS MADE
THEIR MARK
T
hanks to Elanders’ strong balance sheet in
2021 we were able to make four important
acquisitions in line with our strategy to
grow in the fields outsourcing of supply chain
services, online sales, online print and Life Cycle
Management with a focus on circular economy.
In general the year has also been characterized by the
recovery of demand for our services. However, the semi-
conductor shortage led to disturbances in material supply
chains for many of our customers and even for us, as sub-
contractors to these customers. Both our business areas
were affected negatively, but Supply Chain Solutions
was hit hardest and in particular customer segments
Automotive, Electronics and Industrial.
Despite this fly in the ointment we are really pleased to
present our best year ever and note that the underlying
demand from customers for our services continues to be
very strong.
CONTINUED STRONG FINANCES
Elanders has been able to maintain its strong financial
position during 2021. In the beginning of the year we
built up our working capital as a result of our customers’
recovery after the lockdowns everywhere last year.
Despite this, our underlying cash flow is stable. We
refinanced the Group during the year and secured a
new long-term credit agreement with better terms than
previously. This provides the Group with more room to
maneuver.
Even though we had to manage the semiconductor
shortage as well as higher shipping and material prices,
we closed the year with seven percent organic growth.
Furthermore, our growth continues to be profitable,
evident in the fact that the result before tax this year was
16 percent higher than in 2020, which was already a year
of improved profitability for the Group.
SUPPLY CHAIN SOLUTIONS
Strong demand has dominated the year in the business
area Supply Chain Solutions. However, the previously
mentioned semiconductor shortage meant that several of
our customers periodically had to slow their production
rate and adjust it according to access to semiconductors.
This primarily impacted customer segments Automotive
and Industrial and resulted in constant changes in
delivery patterns and very uneven capacity utilization
in our production apparatus. Some of our customers in
Electronics were affected as well. On the other hand,
we continued to grow in Fashion & Lifestyle in Europe
mainly due to the strong growth of our customers in
online sales.
We experienced a considerable upswing from our
customers during the year with lots of inquiries from
both existing and new customers, especially in Fashion
& Lifestyle. We were able to quickly fill the new facility
in Oberhausen in northern Germany with orders for new
customers. Focusing on identifying and winning Scandi-
navian customers in Fashion & Lifestyle that are expand-
ing in Europe we have attracted a number of new, highly
interesting customers to our operations on the Continent.
This underlines the importance of our strategy to have a
global offer in Fashion & Lifestyle and it also strengthens
our organic growth.
Combined with our existing network of units in
Europe and Asia the acquisition of the American Bergen
Logistics means that we can now offer both global and
local contract logistics solutions worldwide (read more
on pages 26–27). Bergen Logistics is extremely sophisti-
cated and maintains a very high standard regarding its
own developed IT systems and processes, which allows
them to have a new customer up and running within
two to four weeks. With good profitability, the company
handles hundreds of customers in the same facility.
We continued our efforts to improve margins in
customer segments Automotive and Industrial in 2021 by
optimizing processes and renegotiating unprofitable busi-
ness. In some cases we even turn down contract renewals
when they are not sufficiently profitable. However, the
changes currently taking place in Automotive open the
door for new, interesting business. For instance, during
the year we won two projects comprising warehousing,
preassembling and delivering battery cells for two
premium car models.
We also see enormous potential for our customer
segments Electronics and Health Care & Life Science
in regards to both expanding existing contract logistics
solutions and continuing to develop our offer in Life
Cycle Management. These acquisitions of the Swedish
ELANDERS 2021 – CEO COMMENTS
We are really pleased to present
our best year ever and note that
the underlying demand from
customers for our services
continues to be very strong.
MAGNUS NILSSON
President and Chief Executive Ocer
8
ANNUAL AND SUSTAINABILITY REPORT 2021
ELANDERS 2021 – CEO COMMENT
Even though we had to manage the
semiconductor shortage as well as higher
shipping and material prices, we closed the
year with seven percent organic growth.
Furthermore, our growth continues to be
profitable, evident in the fact that the result
before tax this year was 16 percent higher
than in 2020, which was already a year of
improved profitability for the Group.
9
ANNUAL AND SUSTAINABILITY REPORT 2021
companies ReuseIT in 2021 and Azalea Global IT in
2020 have increased our capacity in Renewed Tech
market (read more on pages 34–35). In Renewed Tech
we, among other things, prolong the useful life of our
customers’ worn-out IT equipment, which has a positive
impact on the environment and is a vital part of our
sustainability work. With the acquisition of the Dutch
Eijgenhuijsen we further broadened our offer in Life
Cycle Management (read more on pages 28–29).
Eijgenhuijsen is a leading actor on the Netherlands
market in special transportation, installation, service
and retrieval of advanced technical equipment with
sensitive electronics or components.
We are currently opening a new unit in Germany for
our customers in Health Care & Life Science. In this
facility we will be able to offer warehousing, packing
and plucking, cold storage and a service center for repa-
ration of medical equipment. Orders for our new clean
room in Singapore are on the rise and during the year
we have added several new, interesting customers. One
of the things we do in this room with a controlled and
completely sterile environment is assemble test kits for
COVID-19.
PRINT & PACKAGING SOLUTIONS
Even in Print & Packaging Solutions the semiconductor
shortage created problems for a lot of customers in 2021.
Lower vehicle production led to less demand for manuals
for both cars and trucks. During the year we continued to
convert more units to focus primarily on digital print, but
we have also expanded our capacity to provide logistics
services in order to compensate for diminishing print
volumes. Organic net sales contracted due to lower
freight forwarding volumes for subscription boxes.
We continued to invest in the growth area online print
where we made an important acquisition of the German
company Schätzl (read more on pages 32–33). It is
a highly efficient, completely digital print company
with one hundred percent focus on being the optimal
subcontractor to different kinds of actors in online print.
The acquisition is an important component in our exist-
ing capacity in this field and it equips us for continued
growth. All in all we are really pleased with the business
area and our performance is clearly better than most of
the competition.
GREATER FOCUS ON SUSTAINABILITY
In order to be competitive today it has become increas-
ingly vital to have a sustainable supply chain. At Elanders
we work continuously throughout the entire Group to
reduce our consumption of energy and water as well as
lower emissions of greenhouse gases. Sustainable business
also includes proper business ethics and we regularly hold
digital courses in regulatory compliance for our employees.
We have also heavily invested in resources to develop
sustainable services for our customers. As part of our
concept with end-to-end solutions we contribute to ensur-
ing the right quality and prolonging the useful life of our
customers’ products with extra services such as quality
control, assembly, after-sales, reparation and recycling/
reuse. Recycling and renovating equipment to sell on the
second-hand market as we do for IT products contributes
actively to reducing customers’ climate impact. We will
continue to invest in this area and hope to develop similar
concepts in other customer segments as well.
During the year we have intensified our sustainability
work by recruiting Nathalie Bödtker-Lund as our first
Sustainability Director at Group level (read more on
pages 24–25). In 2021 we began implementing a global
digital platform that facilitates collation of sustainability
data from all our facilities worldwide. This will make it
possible to register our climate emissions in a standard-
ized and uniform manner. We are also working on prepa-
rations for presenting our sustainability reporting accord-
ing to the standard GRI (Global Reporting Initiative).
STRONG PLATFORM FOR THE FUTURE
In conclusion, 2021 was a year when acquisitions made
their mark on Elanders and I’m very pleased with our
four important acquisitions. They span over areas with
an enormous potential for organic growth going forward.
Together with all the new customers we have success-
fully recruited during the year Elanders has a very strong
platform to build on in 2022.
Now the work to successively improve our margins
and prioritize business with a high level of value-added
services continues. Going forward Elanders still sees a
lot of opportunities to develop our business through new
acquisitions. We will be on the lookout for interesting
companies that supplement or develop our offer in some
way.
I want to end with a heartfelt thanks to all our employees
that daily do their best to deliver at the highest level and
thereby contribute to the continued success of Elanders.
I also want to thank our customers for their trust in us
and look forward to developing Elanders together into
one of the world’s leading companies in supply chain
management solutions.
Magnus Nilsson
President and Chief Executive Officer
ELANDERS 2021 – CEO COMMENT
10
ANNUAL AND SUSTAINABILITY REPORT 2021
OPERATIONS – BUSINESS CONCEPT, GOALS AND STRATEGIES
FOCUS ON FOUR GROWTH AREAS
Elanders strives to have a balanced mix of customers,
those with a high growth potential but which are less
affected by oscillations in business cycles. Elanders
has identified four areas where there is clear under-
lying growth: online shopping, Life Cycle Management,
outsourcing of logistic services and online print. Elanders
intends to continue its growth in these four sectors.
FROM LOCAL TO GLOBAL CUSTOMERS
AND ACQUISITIONS
Elanders develops with its customers. Global business
often evolves through building up solid relationships
when local needs are met and optimized through good
solutions that are then implemented globally for customers.
As the Group expands its capacity to meet customers’
needs on new geographic markets expands, which deep-
ens customer relations.
In addition to developing existing business, Elanders
will continue to acquire new businesses that have the
potential to increase sales, broaden its customer base,
and complement its existing offer. An important criteria
for acquisitions is that they provide access to new or
further develop geographic markets or customer
segments. Elanders’ acquisition strategy primarily priori-
tizes acquisitions in the four above-named growth areas.
Acquisitions within these areas will help the Group to
grow while improving profitability. The objective is that
acquisitions always broaden or complement Elanders’
range and, if possible, provide further niche expertise
such as in Life Cycle Management where the company
can actively contribute to a better and more sustainable
society.
Elanders has a particular focus on advanced logistic
solutions with a large portion of value-added services.
Together with them Elanders develops customers’ busi-
ness, strengthens their competitiveness and makes their
supply chain more sustainable. Managing the supply
chain optimally reduces resource consumption in trans-
portation, production and warehousing, which makes
customers more cost-efficient and sustainable.
BUSINESS CONCEPT
Elanders is a global and strategic partner to customers
in their business-critical processes. Its goal is to be a
leader in global end-to-end solutions in supply chain
management and best at meeting customers’ demands on
efficiency and deliveries while focusing on sustainability.
Elanders helps customers with their business-critical
processes, locally and globally, through integrated and
customized solutions for managing all or parts of their
supply chains. At the same time customers’ climate foot-
print is reduced by optimizing both material and product
flows.
FINANCIAL TARGETS
To achieve its long-range financial targets and consis-
tently deliver an increase in value and higher return to its
shareholders year after year, Elanders continually devel-
ops its offer to customers. A sustainable business model
and new and continually improved services in combina-
tion with innovative technology form a good platform
for continued growth and development as well as greater
value for shareholders.
Elanders delivers
Year Company Services
2021 BergenLogistics SupplyChainManagement
2021 Eijgenhuijsen LifeCycleManagement
2021 SchätzlDruck Onlineprint
2020, 2021 AzaleaITReuseIT LifeCycleManagement
2016 LGI SupplyChainManagement
2014 MentorMedia SupplyChainManagement
Strategic acquisitions
Elanders’ overarching goal is to be a leader in global solutions within
supply chain management in a connected and sustainable world.
LONG RANGE PROFITABILITY
IN A NEW ERA
Mål-
Omsättningstillväxt
–
Mål-
Omsättningstillväxt
Mål-
Omsättningstillväxt
11
ANNUAL AND SUSTAINABILITY REPORT 2021
Goal achieved Goal not achieved Goal
OPERATIONS – BUSINESS CONCEPT, GOALS AND STRATEGIES
The new goals should be able to reach within a few years.
Long-term financial targets
NET SALES GROWTH, %
3–5 percent annually over
a business cycle
EBITA MARGIN, %
>7 percent
NET DEBT/EBITDA
The ratio should be under <2.5
At year-end 2019/20, Elanders established new long-range financial
goals because the implementation of IFRS 16 affected how the previous
goals were calculated. The new financial goals are as follows:
Elanders has identified four areas where there is clear under lying
growth: online shopping, life cycle management, online print and
outsourcing of logistic services.
Elanders’ greatest growth opportunities
E-COMMERCE
E-commerce’ share
of global commerce
1)
LIFE CYCLE MANAGEMENT
Size of market for used
IT equipment
2)
ONLINE PRINT
Online print vs.
traditional print
3)
OUTSOURCING
% of logistics services
that is outsourced
4)
E-commerce opportunity, 80%
Global e-commerce, 20%
)
SourceThird-partyindustry
research
2020 US $ 12,5 billion
2026 US $ 25 billion
)
SourceThird-partyindustry
research
General print market, 80%
Online print, 20%
)
Sourcezipconconsultingand
managementestimates
RepresentNorthAmericaand
Europe
Currently insourced
US $ 300 billion, 70%
Outsourced
US $ 130 billion, 30%
)
SourceThird-partyindustry
researchRepresentsNorth
AmericaandEurope
Strong
growth
opportunitiesin
boththeFashion
&Lifestyleand
theElectronics
area
Onlineprint
hasayearly
growthof
%
Growth
opportunities
withinallour
customer
segments
12
ANNUAL AND SUSTAINABILITY REPORT 2021
OPERATIONS – OUR VALUE CREATION
HUMAN CAPITAL
• Approximately 7,000
employees in some 20
countries
FINANCIAL CAPITAL
• Equity of SEK 3.3 (2.9) bn
• Total assets of SEK 11.8 (8.6) bn
RELATIONAL CAPITAL
• Thousands of customers with
strong local and global brands
• Long-term investors / owners
• Multi-cultural operations
employees in some 20 countries
~7,000
HOW WE CREATE VALUE
By continuously developing our offer to customers, streamlining supply chains
and expanding into new markets and segments through organic growth and
acquisitions, we create value for all our stakeholders.
Elanders is a global logistics
company with a broad range of
services of integrated solutions in
supply chain manage ment. The
business is mainly run through
two business areas, Supply Chain
Solutions and Print & Packaging
Solutions.
The Group has approximately
7,000 employees and operates
in some 20 countries on four
continents. The most important
markets are China, Germany,
Singapore, Sweden, the United
Kingdom, and the USA. Major
customers are active in the areas
Automotive, Electronics, Fashion
& Lifestyle, Health Care & Life
Science and Industrial.
STRATEGY
Elanders should be a leader in
global end-to-end solutions in
supply chain management and
be best at meeting customer
demands on eciency and delive-
ries focusing on sustainability.
THE STRATEGY IS BUILT ON:
• continuously developing our
oer,
• integrated total solutions,
• implementation of innovative
technology,
• continuous growth, partly
through organic growth, partly
through acquisitions.
We have identified a number of
mega trends we believe could
potentially impact Elanders’
business in the future. By under-
standing them we can develop
our oer and create a plat form to
keep and strengthen the leading
position that Elanders has on
selected markets and thereby
generates long-term profitable
growth.
Elanders Our resources Trends
SUSTAINABILITY
GLOBALIZATION AND URBANIZATION
INCREASED E-COMMERCE
INCREASED OUTSOURCING
MANUFACTURED CAPITAL
• > 100 sites with more than
1,000,000 m
2
production and
warehouse space
• Existing machinery
P
R
O
C
U
R
E
M
E
N
T
&
I
N
B
O
U
N
D
S
E
R
V
I
C
E
S
P
R
O
D
U
C
T
I
O
N
&
A
S
S
E
M
B
L
Y
L
I
F
E
C
Y
C
L
E
M
A
N
A
G
E
M
E
N
T
D
I
S
T
R
I
B
U
T
I
O
N
&
O
U
T
B
O
U
N
D
S
E
R
V
I
C
E
S
13
ANNUAL AND SUSTAINABILITY REPORT 2021
OPERATIONS – OUR VALUE CREATION
Elanders manages and optimizes the flow of raw materials, components,
final products, money, and information through every step of production
– from suppliers and manufacturers to end consumers. We provide our
customers with comprehensive solutions for the entire supply chain through
a single contact.
Business model Value creation
Customer segments
Automotive, Electronics,
Fashion & Lifestyle,
Health Care & Life Science,
Industrial
EMPLOYEES
• Paid salaries of SEK 2.2 (2.0) bn
• Safe and sustainable workplaces
• Ongoing training and education
INVESTORS AND FINANCIERS
• Operating result of MSEK 580 (546)
• Paid interest of MSEK 92 (110)
• Dividend policy of 30–50% of result
after tax
SOCIETY AND THE ENVIRONMENT
• Lower environmental impact through
more ecient logistical flows
• Paid income tax and social security
contributions of around MSEK 524
(420)
CUSTOMERS
• > 1 million deliveries to end
customers
• Considerable savings through
sustainable and ecient material
and component flows
• Innovative supply chain
management solutions
14
ANNUAL AND SUSTAINABILITY REPORT 2021
OPERATIONS – EXTERNAL TRENDS
IN SYNC WITH THE WORLD AROUND US
Development and changes
G
reater globalization causes new
trends to spread quickly all over
the world and increases the de-
mand for international products.
Growing cities become financially more
important and commerce can be aected
by transportation limiting laws, regulations
and fees. At the same time urbanization
contributes to more ecient deliveries as
more people are gathered in one location.
These developments also increase the
need for ecient freight forwarding. The
trend in national and regional shipping is
shifting towards network solutions with
big logistics terminals and consolidated
repacking warehouses with automated
goods management.
WHAT ELANDERS DOES
Elanders’ strong position in Europe, Asia
and North and South America provides
a good base for handling greater inter-
national commerce and competition
as well as customers’ needs for global
solutions. Elanders follows customers out
into the world when they need help in a
new location and continually increases its
geographic presence through acquisitions,
expanded networks, new forms of col-
laboration and opening up new facilities.
Through unique logistics solutions with
networks and consolidation points for
goods, Elanders is able to reduce heavy
trac in city centers and at the same time
streamline and optimize distribution.
Globalization and urbanization
I
n the worldwide drive to create a
sustainable society the challenges are
enormous, particularly regarding the
ever-growing global flow of goods.
Current demands for reduced emis-
sions, lower energy consumption, greater
circularity and recycling will push existing
structures to their limits. Future supply
flows will have to change fundamentally to
be sustainable. This greatly increases the
complexity in the supply chain flow,
putting even higher demands on intelligent
IT solutions, automation and control.
WHAT ELANDERS DOES
Sustainability aspects permeate our work
on all levels and essentially Elanders’
operations are all about optimizing
customers’ flows in the best possible way
while minimizing costs and climate impact.
A good example of this is Elanders’
Renewed Tech that is part of the service
area Life Cycle Management. Instead of
scrapping cell phones, computers, com-
puter screens and printers Elanders can
restore them on behalf of our customers
and sell them on the second-hand market.
This extends the life of the products con-
siderably and contributes to a sustainable
society.
Sustainability
15
ANNUAL AND SUSTAINABILITY REPORT 2021
OPERATIONS – EXTERNAL TRENDS
B
y outsourcing parts of, or the
entire supply chain, companies
enhance their delivery reliability
while reducing overhead in plants,
personnel and systems. Shifting invest-
ments and risks over to their logistics
partner this way gives companies the
strength to fully concentrate on their core
business.
WHAT ELANDERS DOES
Demand for ecient supply chain services
increases with greater outsourcing. By
using multi-sites where several custom-
ers and similar operations are combined,
Elanders can even out fluctuations in
volumes and create scale advantages.
The Group also has expertise in contract
logistics and oers advanced end-to-end
solutions where we take care of the prod-
uct directly from the customer’s supplier
and deliver it to the end customer.
Increased outsourcing
A
ll over the world consumers have
changed their purchasing habits
and begun to buy more and more
online. This development has
accelerated and spread to more markets in
conjunction with the COVID-19 pandemic.
Even if bricks and mortar shopping does
make a comeback after the pandemic, the
unanimous opinion is that the shift is here
to stay. Escalating online sales change
what is needed in logistic services, and in
many cases create a new direct relation
to the end customer where, in addition to
logistics, webshops, customer service and
financial transactions for example have to
be handled optimally.
WHAT ELANDERS DOES
Elanders oers specialized online sales
solutions and a number of value-adding
services that make it easier for custom-
ers to meet consumers’ new purchasing
habits. This may include the creation of
the customer’s webshop, including, for
example, content production, customer
service and financial services.
Increased e-commerce
Electronics
Health Care &
Life Science
Procurement & Inbound Services
• Sourcing & Procurement
• Customs Services
• Freight Solutions
• Warehouse & Inventory Management
Production & Assembly
• Cross Docking
• Quality Control
• Assembly & Testing
• Production
Distribution & Outbound Services
• Pick & Pack
• Consolidation & Transit
• Global & Local Deliveries
• JIS (Just-in-Sequence)
• E-commerce
Fashion
& Lifestyle
Automotive
Industrial
16
ANNUAL AND SUSTAINABILITY REPORT 2021
OPERATIONS – OUR BUSINESS MODEL
STANDS THE TEST OF TIME
A business model that
Elanders is a global logistics company that offers a broad range of services of integrated
solutions in supply chain management. Sustainability is an intrinsic part of Elanders’ business
and strategy. Elanders considers it both a responsibility and a business opportunity that opens
the door wide to improved profitability and creating value.
E
landers contributes to increasing customers’ pro-
ductivity, profitability and sustainability in both
single services and tailor-made total solutions.
Elanders’ customers generally fit into one of the
segments Automotive, Electronics, Fashion & Lifestyle,
Health Care & Life Science or Industrial. Elanders can
support them with services through every step of a
product’s lifecycle, from the moment product compo-
nents go into production until they have served their final
purpose and are ready for recycling. Elanders manages
and optimizes the flow of raw materials, components,
finished products, money and information throughout the
product’s entire lifecycle for customers.
Elanders’ offer includes handling everything from order
management, procurement, purchasing components and
warehousing to production logistics, manufacturing, con-
figuration, quality control and delivery. The Group also
handles payment flows, synchronizing purchasing and
warehousing with demand, and after-sales service such as
managing returned or worn-out products for recycling or
resales.
Read more about how our large
customer segments provide long-
term growth on pages 18–19.
Life Cycle Management
• Service & Installation
• Reverse Logistics
• Redistribution
• Warranty Handling
• Spare Parts
• Repair & Refurbishment
• Renewed Tech
Retail
E-commerce
Consumers
Factories
Hospitals
17
ANNUAL AND SUSTAINABILITY REPORT 2021
OPERATIONS – OUR BUSINESS MODEL
Elanders also offers value-added services connected to
supply chains tailored to individual customers’ needs and
desires - for example installation, test, reparation, off
and on loading and repackaging of products. In online
shopping Elanders offers to, in combination with logistic
services, create and axel responsibility for customer’s
webshops including content production and management,
customer service and financial services.
The Group also provides global total solutions within
print that include everything from the production of
printed matter and packaging to other related services
such as kitting and packing for just-in-time or sequence
deliveries. All of this is run efficiently and flexibly. Most
of the growth in graphic services is in online print where
Elanders has both its own, efficient order platforms as
well as delivers printed matter to other well-established
companies.
Read more about how our
services contribute to a more
sustainable world on pages
64–65.
18
ANNUAL AND SUSTAINABILITY REPORT 2021
OPERATIONS – OUR CUSTOMERS
Fashion & Lifestyle
The industry includes some of the largest brands in
the world and digital channels are trending over tra-
ditional sales in stores. Many customers are looking
for a partner that can take an extensive and com-
prehensive responsibility and be deeply integrated
into their e-commerce and other business.
30%
(15%, 2020)
Electronics
Consumption of electronics is on the rise because of a
growing middle class and lower prices for home electronics.
At the same time, the industry is facing more stringent
demands on resource eectiveness and sustainability.
30%
(35%, 2020)
FIVE LARGE CUSTOMER SEGMENTS
Elanders is primarily focused on five large customer segments that show long-
term growth: Automotive, Electronics, Fashion & Lifestyle, Health Care & Life
Science and Industrial.
Growth prospects: High
Growth prospects: High
Business cycle sensitivity: Low
Business cycle sensitivity:
Medium
19
ANNUAL AND SUSTAINABILITY REPORT 2021
OPERATIONS – OUR CUSTOMERS
Managing returns, recycling and reuse of products are
becoming increasingly important in supply chain manage-
ment. Growing demands on industrial manufacturers re-
quire them to have low manufacturing costs, high product
quality, short lead times and high delivery precision. Con-
trol and eciency at every stage is a prerequisite for busi-
nesses to be competitive and profitable. From production
to the after-sales market, logistics are a key factor.
Industrial
10%
(15%, 2020)
Health Care & Life Science
A heavily regulated industry that is growing due to
factors such as an aging population, lifestyle diseases,
and rapid technological developments. Demands on
quality in processes and management are often extre-
mely high. A quality-ensured and broad oer that covers
customers’ needs has considerable potential in this area.
< 5%
(5%, 2020)
Automotive
The automotive industry is going through a period of
significant and challenging transitions. As develop-
ments shift to electric cars, self-driving vehicles and
demands for climate neutrality, customers want to
focus on their core business without having to com-
promise on quality or safety in production logistics.
15%
(25%, 2020)
Growth prospects: Medium
Growth prospects: Medium
Growth prospects: Medium
Business cycle sensitivity: High
Business cycle sensitivity: High
Business cycle sensitivity: Low
20
ANNUAL AND SUSTAINABILITY REPORT 2021
S
ustainability is an integrated part of
Elanders’ business and strategy and Elanders
considers sustainability a responsibility
and a business opportunity that can provide
great opportunities to create value and improve
profitability. In 2021 our work continued to
be focused on the health and safety of our
employees due to the ongoing pandemic. At
the same time we have continued to invest
in sustainability, for instance by acquiring
ReuseIT in Life Cycle Management and by
recruiting a Head of Sustainability.
EXTERNAL AND INTERNAL DEMANDS
Today’s society puts very high demands on
CSR. These demands come not only from
external actors such as customers, investors,
authorities etc. but also internally from
employees, and companies can make demands
on their employees. All employees at Elanders
are responsible for having a positive impact on
the environment, improving working condi-
tions, increasing equality and preventing
corruption. Elanders uses guidelines for
CSR and our ambition is to contribute to the
development of society in the countries where
the Group has operations.
Elanders’ ambition is to further increase
transparency when it comes to sustainability
work by collecting and analyzing more sustain-
ability data, as well as presenting the result. At
the moment we are implementing a web-based
tool that will aid us in this work.
CARBON DIOXIDE EMISSIONS
The Elanders Group’s carbon impact comes
foremost from emissions and material and
energy use. Emissions are mainly generated by
the fleet of about 280 trucks the Group has
at its disposal and that transport customers’
components and products. Material primarily
consists of paper in printing operations. Energy
consumption mainly takes place in the facilities
where the Group has its operations.
Elanders’ sustainability work covers the Group’s entire business model
and permeates the company at every level. Sustainability matters are
an integrated part of our operations and decision-making. The goal
is to have a positive impact on the environment. Elanders should also
contribute to a sustainable social development and be a responsible
and attractive employer.
A MORE SUSTAINABLE WORLD
Our contribution to
OPERATIONS – OUR CONTRIBUTION TO A MORE SUSTAINABLE WORLD
In the following spread, you can read in
general about how we work with the UN’s
global goals, about our climate work and
about our employees. On pages 55–65,
we provide more in-depth sustainability
information.
A CIRCULAR ECONOMY
In Life Cycle Management Elanders has taken
the initiative to create more climate friendly
services. There is a huge sustainability factor
in extending the life of, and reusing, equip-
ment before it is finally recycled since most of
a product’s environmental impact comes from
producing it. In the service area Renewed Tech
Elanders annually handles around 100,000
obsolete units like computers, monitors, mobile
phones, servers and other computer accessories.
As a further step in Elanders’ sustainability
work, and to actively contribute to a more
circular economy, the Group has chosen to
invest in this field in recent years.
Promote sustained, inclusive, and
sustainable economic growth, full and
productive employment and decent
work for all.
Ensure an inclusive and equitable education and
promote lifelong learning opportunities for all.
Agenda 2030, the UN’s 17 Sustainable Development Goals were adopted
by most of the world leaders in 2015 to promote socially, economically
and environmentally sustainable development. Elanders contributes to the
goals in varying degrees. The ambition is that Elanders sustainability work
will create value for all stakeholders and thereby also contribute to these
goals. The following seven goals have been identified as the most material
for Elanders’ sustainability work:
Agenda 2030
21
ANNUAL AND SUSTAINABILITY REPORT 2021
OPERATIONS – OUR CONTRIBUTION TO A MORE SUSTAINABLE WORLD
Achieve gender equality and empower
all women and girls.
Reduce income inequality within and among
countries.
Take urgent action to combat
climate change and its impacts.
Agenda 2030
Build resilient infrastructure, promote
inclusive and sustainable industrialization, and
foster innovation.
Ensure sustainable consumption
and production patterns.
Read more about how we work
with the UN’s global goals on
page 63.
Focus areas ahead
• Formulate a sustainability strategy
with realistic goals and long-term
ambitions
• Broaden the collection of
sustainability data in the Group
• Create innovative business models
and use business opportunities
that harmonize with the Group’s
sustainability work
CO
2
-savings
1)
in thousands of
ton from Elanders’ Renewed Tech
operations
~17
)
TheCO
savingsietheCO
equivalenthavebeen
calculatedinaccordancewiththeprinciplesstatedin
RapportBProduktdatabasermiljöfördelarmed
återbrukdevelopedbyIVLSvenskaMiljöinstitutetin
collaborationwithInregoAB
22
ANNUAL AND SUSTAINABILITY REPORT 2021
OPERATIONS – OUR FOCUS AREAS WITHIN SUSTAINABILITY
SUSTAINABILITY
The work with our focus areas within
Elanders has identified four main focus areas within the sustainability area
that are relevant to the business and the company’s stakeholders.
Employees
Social conditions and human rights
The Elanders Group has 7,019 employees
in some 20 countries. To actively work
with human resources is essential since
employees that are healthy and moti-
vated contributes to Group development
and success on every level.
WHAT ELANDERS DOES
Work concerning employees is governed
by the Group’s Code of Conduct. Employ-
Because Elanders is a global business
with operations on several continents,
it is imperative to work with social condi-
tions and human rights. Although ensur-
ing fair working conditions on every level
is a given, constant focus and follow-up is
a necessity. As a globally active and influ-
ential group, Elanders intends to be one
of the best regarding CSR and corporate
engagement in every area the company is
engaged in.
ees receive training continuously to ensure
awareness of the Group's common values.
Central monitoring takes place every other
year and continually by each company
to ensure that the Code of Conduct and
Anti-Corruption Policy have been commu-
nicated to all employees. Each company is
responsible for creating their own pro-
cedures and guidelines to ensure confor-
mance with the code.
WHAT ELANDERS DOES
Elanders’ work regarding social conditions
and human rights is based on the Group’s
Code of Conduct. Elanders intends to be
one of the best regarding CSR and corpo-
rate engagement and all companies in the
Group are encouraged to support and get
involved in both global as well as regional/
local projects where they believe their con-
tributions can make a dierence.
23
ANNUAL AND SUSTAINABILITY REPORT 2021
OPERATIONS – OUR FOCUS AREAS WITHIN SUSTAINABILITY
Environment and climate
Historically, Elanders’ operations have
primarily had a direct impact on the
environment through noise and solvent
emissions.
Since the acquisition of LGI in 2016 Elanders
has a fleet of around 280 trucks with trailers.
This fleet of trucks has a direct impact on
the environment through transportation
performed on behalf of customers. The
extent of use for these trucks is largely
beyond Elanders control, as it depends on
the customers’ volumes. Transportation
adds to noise levels, air pollution, acidi-
fication, over fertilization and increased
greenhouse eects.
Another aspect of Elanders’ climate
impact is energy consumption. Energy in
Group facilities is mainly used in manufac-
turing, heating, lighting and cooling.
WHAT ELANDERS DOES
Elanders work to reduce its negative
impact on the environment and climate,
and the Group places great importance
on strictly following legal requirements
concerning the environment.
Elanders also strives for driving as
environmentally friendly as possible, using
transportation solutions that are as cost
and energy-ecient as possible, and also
optimizing the customers’ transportation.
Elanders is also evaluating electric trucks
as a potential transport solution.
Elanders also works continuously
to reduce energy consumption and to
increase the proportion of renewable
electricity in the operations.
Ethics and anti-corruption
An ethical and transparent approach is
fundamental to Elanders reducing the risk
for conflicts of interest as well as having a
profitable and sustainable business with a
strong brand.
WHAT ELANDERS DOES
Elanders follows all applicable laws and
regulations, locally and internationally.
Elanders has an Anti-Corruption Policy
that comprises all employees, the Board
and other persons that act in Elanders’
name.
Read more about our sustainability
work on pages 55–65.
24
ANNUAL AND SUSTAINABILITY REPORT 2021
OPERATIONS – INSIDE ELANDERS
WORK ON SUSTAINABILITY
Elanders accelerates its
In April 2021 Elanders hired its first Sustainability Director, Nathalie
Bödtker-Lund. This was done to accelerate the Group’s development of
sustainable and circular solutions for customers and thereby increase
our competitive capacity going forward.
T
he increasingly obvious consequences of climate
change makes the transformation to a world
where development is sustainable both urgent
and unavoidable. For Elanders – and business
in general – this entails more stringent demands from
customers and society regarding sustainability. Businesses
have to change and adjust to maintain their competitive
edge. Sustainability is already an integrated part of Elanders’
offer and the Group intends to develop operations that
are both resource-efficient and sustainable.
In order to put further focus on these issues the Group
has hired Nathalie Bödtker-Lund as Sustainability
Director. She will help Elanders be the sustainability
spearhead it wants to be, keeping the Group attractive
for customers, employees, investors and financiers. Below
she answers some questions about her role and what is
currently on the agenda.
WHO IS NATHALIE BÖDTKER-LUND?
“I have a background in the arts and have worked a long
time arranging public art and cultural events such as the
Göteborg Film Festival, which is the largest film festival
in the Nordic region. A deep social interest and political
engagement led to my involvement in sustainability issues
and during the past five years I’ve been in charge of the
WIN WIN Gothenburg Sustainability Award, which is
awarded annually to draw attention to outstanding
efforts from all over the world. Some of the award
winners are Gro Harlem Brundtland, Al Gore and
Kofi Annan. This job has given me access to people
in academia, business and the public sector and insights
into how these three areas can collaborate positively.”
WHAT ATTRACTED YOU TO THE JOB AT ELANDERS?
“I’m someone who’s always on the move and interested
in different contexts and sectors. Business is essential to
the success of the necessary change of course in a sustain-
able direction. At the same time it’s a fleet-footed and
dynamic sector where the ball can get rolling quickly,
which makes it exciting to be part of. Even better, Elanders
opens up an international world for me, where the
circumstances, attitudes and prioritizations vary between
operations in different countries and regions. That in of
itself is an exciting challenge.
On top of that Elanders is a company that’s always
been good at modernizing and driving change processes.
A good example is how, at a strategically well-chosen
point in time, Elanders got involved in Supply Chain
Solutions while adapting print operations to a new
reality. Recently, in the same spirit, the Group has
invested in reducing customers’ carbon dioxide footprint
through, for instance, Renewed Tech.”
WHAT MAKES YOU RIGHT FOR THE JOB?
“In a way it’s courageous of Elanders to give me this
position. I’m neither an expert in sustainability nor an
environmental scientist. My strengths lie in other areas.
However, the company knows me well from the time I
headed WIN WIN since Elanders is one of the sponsors
of the award. My expertise is in building organizations,
creating structures, setting ambition levels, building
networks and getting people to want to move in the same
direction. We’ll bring in the right experts to help us as
needed. Furthermore, I will always fight for ambitious
goals in sustainability, which I’m convinced will be
beneficial to our business in the long run.”
INTERVIEW
25
ANNUAL AND SUSTAINABILITY REPORT 2021
OPERATIONS – INSIDE ELANDERS
WHAT HAVE YOU DONE IN 2021?
“So far the work has primarily been about creating a
platform and planning for the future, when and how
things will be done. We’ve also started several major
parallel processes, both short and long term. Having a
dedicated Sustainability Director means these matters are
a proper part of Group Management’s agenda. My role is
to push the envelope and bring sustainability matters to
the fore while respecting the fact that some things have
to take time. To establish overarching visions and goals
for the Group we have to start by mapping the current
situation.”
WHAT ARE THE SHORT TERM PRIORITIES?
“We want to improve sustainability data collation which
has thus far been done manually and contains too few
measuring points. We’ve begun to work with a techni-
cal platform that allows us to set up more ambitious
measuring points and provides us with quicker results. It
will also make it easier for Group companies to both add
and access data. We’re also preparing to report according
to the standard GRI (Global Reporting Initiative) ahead
to make sustainability reporting more thorough and
structured. In addition, we intend to start reporting our
greenhouse gas emissions in 2022. These are practical but
nonetheless rather substantial and demanding processes.”
AND IN THE LONG TERM?
“Even though there are already a number of good and
ambitious sustainability projects in the Group that we
can be proud of, we need to create a common perspective
on sustainability. We have started a strategic process and
will hold a lot of workshops in order to arrive at a shared
vision for Elanders that expresses what we want, where
we’re going, how we can weave sustainability into our
offer and what we ought to invest in going forward in our
business areas. This process will lead to a sustainability
strategy and concrete goals.
I want to underline that our vision, strategy and goals
don’t just come from the top. On the contrary, we strive
transparently to involve every part of the Group so that
we can form a consensus around all of this. Only by
building a culture of sustainability throughout the
organization can we be successful. We also intend to
hold courses for both management and workers to better
engage them in these issues. I think our prospects are
good since the entire Group agrees on the importance of
taking sustainability issues seriously, making changes and
setting ambitious goals. Elanders definitely has the driving
forces needed!”
NATHALIE BÖDTKER-LUND
Sustainability Director
In a way it’s courageous of
Elanders to give me this
position. I’m neither an
expert in sustainability nor
an environmental scientist.
My strengths lie in other areas.
FACTS
GRI (Global Reporting Initiative) is an international,
independent standardization organ that helps
companies and other organizations to understand
and, in a standardized manner, communicate their
impact on climate change, human rights and
corruption.
26
ANNUAL AND SUSTAINABILITY REPORT 2021
Elanders acquired the privately held
contract logistics company Bergen Logistics
in November 2021, boosting the group’s North
American presence specifically within the
Fashion & Lifestyle segment. Elanders can
now offer unique global solutions for brands
within this fast-growing market.
A LOGISTICS
SUCCESS BUILT
ON PROPRIETARY
TECHNOLOGY
INTERVIEW
OPERATIONS – INSIDE ELANDERS
Ron Roman, CEO and founder of Bergen Logistics
find new solutions. Most major e-commerce platforms
are already fully integrated into Bergen Logistics’ system
CloudX, and we continue adding new platforms as
needed,” says Ron Roman.
SEIZING OPPORTUNITIES
It is all pretty impressive for a company that Ron Roman
founded from a small storage space back in 1998. At the
time, he was running a fashion company outside of New
York. A friend with a similar business asked if he could
help him ship some items. Soon after, Ron Roman real-
ized there was a business opportunity which did not exist
at that time. The company grew quickly solely through
word of mouth and its great reputation.
“Coming from the fashion industry enabled us to easily
empathize and anticipate our partners’ needs and require-
ments. It took a lot of hard work and dedication from
our amazing team of employees. They are the backbone
of this company. Seizing opportunities is the DNA of this
company,” says Ron Roman.
EXPANSION AND COOPERATION
Now that Bergen Logistics has become part of the global
Elanders group, it opens up for additional opportuni-
ties, for example providing services in North America to
Elanders’ established clients in Europe and vice versa.
“We will continue providing the same high level of
services as before, but now with the ability to expand
to new markets. In addition, collectively with our sister
companies, we can also negotiate better commercial
terms for example with our carriers,” says Ron Roman.
“Furthermore, we can share new leads and create new
businesses within the group. Instead of turning away
opportunities which may not fit our business model,
we can pass them along to a sister company. There is
definitely an added value being a global player offering
different options and capabilities,” he concludes.
T
he acquisition considerably strengthens
Elanders’ position in the North American
market and expands its strategic oppor tunities
in outsourcing of logistics services. It also
makes Fashion & Lifestyle into one of Elanders’ largest
customer segments, broadening its presence within the
fast-growing market of e-commerce. Following the
COVID-19 pandemic, about half of Bergen Logistics’
shipments go direct to consumers.
Bergen Logistics is a third-party logistics provider with
net sales of MUSD 108 in 2021. The company specializes
in serving small and mid-sized brands in the fashion and
lifestyle sectors utilizing its proprietary technology plat-
form, CloudX, enabling them to manage a large number
of clients in a highly profitable way. Bergen Logistics
being an omni-channel expert, clients can seamlessly ship
wholesale, retail and direct to consumer orders out of one
bucket of inventory according to their clients’ needs and
while respecting their branding requirements.
“Our partners, as we like to refer to them, work largely
in the better to luxury price point markets in the fashion
and lifestyle sectors. We manage small to medium volume
of high-value items, and our typical projects tend to be
more complicated than what you would find at other
fulfillment centers. We provide special services that help
our partners with their branding, adding an ‘out-of-the-
box’ experience for the consumer,” explains Ron Roman,
founder and CEO of Bergen Logistics.
TECHNOLOGY IS THE KEY
With three facilities on the US East Coast, one on the
West Coast, one in Toronto, Canada and one in the
Netherlands, as well as presence in Asia through partners,
Bergen Logistics today serves around 450 different clients
overall. No single one of them represents more than
four percent of total sales. Among them are some very
well-known fashion brands from Scandinavia, Germany,
France and other parts of Europe. Key to handling the
complexity involved is the technology that the company
has developed and keeps developing internally.
“We have developers both in the US and in Moldova
working tirelessly to expand our CloudX software code.
Every week we deploy new system functions to help with
operations, support integrations and enable new automa-
tion for new and existing partners. Furthermore, our
amazing team continuously look to build, improve and
28
ANNUAL AND SUSTAINABILITY REPORT 2021
OPERATIONS – INSIDE ELANDERS
A SECOND LIFE
All data carriers in the old pieces of equipment are wiped,
with certificates being produced that verify for the cus-
tomers that all their information has been securely
deleted. Some customers also choose a Life Cycle
Management solution where their old machines are
refurbished and given a second life on the second-hand
market. They are then sold, both locally within the
Netherlands and to other countries within or outside
the EU.
“This goes hand in hand with the recent acquisitions of
the Renewed Tech businesses in Sweden and some of the
group’s operations in Germany,” Martin de Leng points
out.
Building on the experience from the photocopier/
printer and medical equipment business, there are also
potential new opportunities in various other segments.
One such example is bottle deposit machines in Dutch
supermarkets, which are due for replacement.
COMPLETING THE SERVICE PORTFOLIO
“We are definitely a good match. Our company becomes
more complete with this important last-mile service
adding value to the service portfolio in our demand
chain offer, while we add a new focus on warehousing to
them, along with shipping and customs support. We also
share similar values. As a family-owned business with a
century-long history, Eijgenhuijsen has a strong, positive
culture which goes well with a people-focused company
like ours,” says Martin de Leng.
The integration has started well, with people from both
sides immediately starting to collaborate around common
opportunities and making use of each other’s strengths.
Both operations will be strengthened by exchanging best
practices to improve efficiency and quality, while the
acquired company’s systems and process will be aligned
to what is already in place.
“We will take things step by step and merge the two
companies in a natural way, while trying to trigger people
to find relations and cooperation. This is my aim in the
change management looking forward,” he explains.
E
landers’ Supply Chain Solutions business in the
Netherlands has been growing quite rapidly the
last couple of years, with a strong focus on the
Electronics and Health Care segment and a well-
balanced portfolio including both larger and smaller cus-
tomers in these segments. The business includes contract
logistics as well as air and sea freight forwarding.
Warehouse facilities are located in Amsterdam, Schiphol,
Rotterdam and Dordrecht. The latter is a brand new
10,000 square meter facility that opened for business
in December 2021, with a high-end medical equipment
manufacturer as the first anchor customer. The facility
is already being utilized close to capacity and adding yet
another one is in the pipeline.
“With the acquisition of Eijgenhuijsen, that has about 80
full-time employees, we are doubling our staff while getting
a better geographical balance. We have been concentrated
in Western Netherlands and they are also present in the
Northern, Eastern and Southern parts of the country,” says
Martin de Leng, Managing Director of LGI Netherlands.
FULL RESPONSIBILITY
The acquired company is specialized in delivering and in-
stalling advanced technological equipment, such as copying
machines, printers and pieces of medical equipment like
x-ray units. With all the necessary equipment and know-
how for special transportations, including moving large
units within buildings and up and down stairs, the com-
pany takes full responsibility for delivering and installing
equipment on the premises of the end-customer.
“Our drivers are not only good drivers but also have
extensive technical knowledge. They can install photo-
copiers, printers and other machines, including adding
them in the network if needed. They give users a short
introduction before leaving with the old machine and all
the packaging waste. For advanced medical machinery,
they can also have special engineers from the manufacturer
with them – and often come and preview the premises in
advance,” explains Martin de Leng.
In November 2021 Elanders acquired the Dutch privately held company Eijgenhuijsen,
which provides services within special transportation, installation and recovery of
advanced technological equipment. This adds unique last-mile solutions to Elanders’
subsidiary LGI’s end-to-end demand chain offer in the Netherlands, while also growing
the group’s Life Cycle Management business.
With the acqui-
sition of Eijgen-
huijsen, that has
about 80 full-
time employees,
we are doubling
our staff while
getting a better
geographical
balance.
DOUBLES THE DUTCH
WORKFORCE
Technical logistics specialists acquisition
INTERVIEW
OPERATIONS – INSIDE ELANDERS
A GREEN NEW FACILITY
Meanwhile, sustainability will remain high on the agenda for the Dutch orga-
nization, with a general switch to electric company cars and a zero waste tar-
get to be achieved in 2022. The brand new facility in Dordrecht has also been
built according to the highest environmental standards and is fully BREEAM
certified. Charging stations for electric cars are in place and the building is
more or less carbon emission free, powered by solar panels covering the roof
and pre-existing wind power plants. Waste-water is collected in a sustainable
way and the surroundings made green and bee-friendly.
“These aspects are increasingly important both for our customers and on
the labor market. Young people today want to work for responsible compa-
nies that do not harm the environment. This is very important to consider for
an expansive company like us,” concludes Martin de Leng.
Martin de Leng, Managing
Director of LGI Netherlands
30
ANNUAL AND SUSTAINABILITY REPORT 2021
OPERATIONS – INSIDE ELANDERS
important as customers today strive for sustainability,”
says Andrea Junge.
WINNING TOGETHER
A company culture of teamwork is an important factor
for success. She describes the atmosphere as open-
minded. Managers and colleagues are always there to
help solve any possible problem.
“In my spare time I play ice hockey and also coach
children, so I know that you cannot win alone. We
must work as a team in all our different roles. Here, it is
valuable with different perspectives and a good mix of
people. In a male-dominated environment I think female
managers can make important contributions to this.
Nevertheless, no matter if a colleague is male or female,
the main thing is that we work together for the benefit of
our customers,” she says.
Looking forward, Andrea Junge plans to develop the
cluster with more Electronics & Health Care customers,
growing further through value-adding services and value
recovery aimed at new customers and products. She also
wants to pursue innovation.
“For me it is very important to be part of innovative
projects and grasping new opportunities offered by
technology, software, artificial intelligence and big data.
This is the future for logistics service providers and also
something of a hobby for me – when I am not busy
playing ice hockey!”
A
ndrea Junge, today 44 years old, has been
working within the same organization,
although in different roles, since starting an
apprenticeship back in 1994. Ever since taking
responsibility for one small customer at that time, she has
enjoyed working in the logistics industry.
“You can do so many different things within logistics
to improve for the customers – developing processes,
employees, technology and software. You really have
room to bring in new ideas and be innovative. At work
I am literally like a child getting to play with new stuff all
the time. Also, you are constantly dealing with different
customers and processes. Every day is different from the
last and there are always new challenges to handle. I love
it!” she says.
EXPERIENCE CREATES OPPORTUNITIES
Throughout her career Andrea Junge has had oppor-
tunities to try new things and prove herself in different
projects. She went on from administrative duties to
business development, implementing new management
systems and running optimization projects. After working
with establishing a new customer’s business in Hungary
she took on the role as warehouse manager in Budapest.
Then she moved on to the in-house consulting team,
where she worked on many different projects.
“In 2013, I got the chance to become operations
manager for our multi-customer site in Bondorf. This
made me surprised and happy, since I had learned the
business through all the different projects I had worked
on, rather than formal studies,” she explains.
MANAGER OF 200 EMPLOYEES
In 2016, Andrea Junge moved on to her present role. As
cluster manager based in Herrenberg, she is responsible
for roughly 200 employees and 13 different Electronics &
Health Care customers. This includes one of the Elanders
group’s largest sites in Germany, handling many different
processes and added services.
“We are a premium logistics service provider offering
end-to-end solutions with all the different processes our
customers demand, throughout the product’s life-cycle.
What truly sets us apart is that there is nothing we cannot
do with high quality. We can for example offer a demo
pool of new products, data staging and configuration,
product delivery including unpacking and functional
testing, repair services and value recovery from old equip-
ment with secure data wiping. The latter is strategically
Teamwork is a defining word for Andrea Junge, Cluster Manager for south-west
Germany within Electronics & Health Care at Elanders’ subsidiary LGI. This is true,
both when helping logistics customers with end-to-end solutions at work and in the
ice hockey rink in her spare time.
In 2013, I got
the chance to
become opera-
tions manager
for our multi-
customer site in
Bondorf.
This made me
surprised and
happy
“YOU CANNOT WIN ALONE”
INTERVIEW
31
ANNUAL AND SUSTAINABILITY REPORT 2021
OPERATIONS – INSIDE ELANDERS
dualizing our solutions. As a customer you never need to
adjust to us, we truly partner with you and adapt to your
needs,” she says.
An advantage with a multi-customer warehouse is that
it gives many opportunities to learn new things from
different customers.
“You learn and get new ideas from every customer.
We are always developing and adopting new technologies
and finding solutions to our customers’ challenges. This
helps put us in the forefront. For example, we did om-
ni-channel distribution already 15 years ago, even though
we did not call it that,” she continues.
SWITCH TO B2C
On the present and future agenda for Fashion & Lifestyle
customers is an increasing switch from a B2B to a B2C
business model, a change that has been accelerated by the
pandemic.
“Since this is nothing new for us, we are the right part-
ner for customers to go forward with. We have the routi-
ne and the necessary know-how to help our customers in
this transition. During the COVID-19 pandemic we have
managed to set up a lean B2C solution for some of our
customers in as little as four weeks. An added bonus for
me is that this rapid development also means that my job
will continue to be interesting for many years to come!”
concludes Gabriele Bormuth.
I
t is clear that Gabriele Bormuth likes her role as one
of two branch managers at the Munich site, which
has more than 180,000 square meters of warehouse
space and approximately 1,000 employees. She has
held this position for more than 15 years but is far from
bored.
“Every day is different in this line of work and presents
new challenges and surprises, a lot of them positive. The
job is still not a routine,” she says.
Today in her mid-50’s, Gabriele Bormuth originally
went into freight forwarding because it gave her a chance
to work all over the world. In the years following her
studies she worked in Venezuela, Mexico and the USA
before returning home to Germany again. When her
children were small, she started at the company with a
part-time job in the forwarding department. Later, she
switched to contract logistics and the position she still has
today.
RESPECT ACROSS THE LINE
“Something I appreciate here is that the world is still
very present. People from many different cultures work
together in the warehouse, in respect and tolerance of one
another. We really have an open company culture where
everyone is included in the same team,” she says.
When it comes to being a woman in a leading position,
Gabriele Bormuth never felt that this was an issue.
“People are treated with respect no matter their gender,
age or background. But I do believe a good diversity in
the team is very beneficial for the company,” she says.
To relax in her spare time, Gabriele Bormuth enjoys
the mountains all year round.
“Nothing beats the sense of freedom there. I go hiking
with my family in the summer and skiing, both cross
country and downhill, as well as snow-shoeing in the
winter. I also like jogging and water sports by the sea.
I have a big extended family and there are always lots of
people at home, in ages ranging from three to 85,” she says.
INDIVIDUALIZED SOLUTIONS
The main focus of the Munich site is on Fashion &
Lifestyle industry and the site serves many different
customers. Responsibility for the customers is divided
up between Gabriele Bormuth and her branch manager
colleague.
“In my job I enjoy seeing both people and companies
develop. I have seen trainees evolve into managers and
small start-ups become major brands. We help customers
get all necessary processes in place and are good at indivi-
When Gabriele Bormuth joined Elanders’ subsidiary ITG she told herself that she would quit
when the job became a routine. After more than 20 years, that day has yet to come. As branch
manager at ITG’s contract logistics center in Munich she still gets surprised every day.
“I ENJOY SEEING PEOPLE AND
COMPANIES DEVELOP“
INTERVIEW
32
ANNUAL AND SUSTAINABILITY REPORT 2021
OPERATIONS – INSIDE ELANDERS
need to go through a similar process,” comments Sven
Burkhard, head of Elanders’ business area Print &
Packaging Solutions.
ROBUST PRODUCTION
Acquiring Schätzl creates synergies that can be lever-
aged in areas like materials, organization, distribution
and investment, while adding a bigger range of products
available to customers. It more than doubles Elanders
mass customization business.
“Maybe most importantly, the addition of capacity
makes our production more robust. This is a very
seasonal business, with as much as 80 percent of profits
being secured in the last two months of the year. Our
customers are looking to make sure that production
is not disrupted, something that has been especially
emphasized by new threats to business continuity due to
the COVID-19 pandemic. With bigger overall capacity,
our sites have the ability to act as backup for one
another so that we can ensure delivery to our customers
with even more confidence,” says Sven Burkhard.
AIMING TO INTERNATIONALIZE
Elanders is now the number one of the digital print
service providers in mainland Europe that does not
belong to an e-commerce brand. The very large joint
production capabilities in the field of photobooks and
calendars make the company attractive as a partner to
large e-commerce brands. With 70 percent of Schätzl’s
customers being found outside Germany, looking for-
ward, the aim is to further internationalize the business.
“Since this is an increasing market with good margins,
Elanders is planning to add similar processes in our
sites in other markets like Sweden, the UK and the USA.
Customers will meet the same system wherever they are
and the individualized product will then be printed as
closely as possible to them, thus saving both time and
CO2 emissions through shorter shipping distances,”
concludes Sven Burkhard.
O
ne of Elanders’ four strategic growth areas is
online print. While volumes for traditional
commercial offset printing are continuously
decreasing, the trend is quite the opposite
when it comes to digitally printed, mass customized
output that is ordered online. The demand for per-
sonalized photobooks, calendars, children’s books,
invitation cards and other types of printed products are
growing both on the business-to-business and business-
to-consumer side. The monetization of digital content
from social media is and will remain a growth driver for
future years.
Elanders has successfully established itself as an im-
portant player in this market, both with its own brands
and as a supplier to many major e-commerce brands.
Newly acquired Schätzl Druck & Medien (“Schätzl”),
located in Donauwörth, Bavaria, has also gone through
a rapid change in this direction.
A BUSINESS TRANSFORMED
Founded in 1981, Schätzl has over the last years suc-
ceeded in converting from being a traditional print shop
to gaining a similar share of the mass customization
digital printing market as Elanders, mainly as a supplier
to e-commerce brands. Since starting its transition to
purely digital print, the company has grown annually
in the range of 15 to 35 percent and it has an annual
turnover of approximately 19 million euros.
“When I took over as owner and managing direc-
tor in 2014, I saw where things were headed. I started
the transformation of Schätzl into a state-of-the-art
digital printing company with an offering of on-demand
services with mass customized digital printing for hard-
cover and softcover books, calendars, greeting cards,
wall art and other products. We are now using a highly
automated manufacturing process with editions of all
sizes, all the way down to individualized output,” says
Ulrich Schätzl, who after the acquisition was appointed
Director of Mass Customization at Elanders.
“In this role, Ulrich will bring his experience of a
successful transformation to bear. Having established
a kind of best practice he becomes a valuable asset
for Elanders in the coming years, as some of our sites
are still dependent on traditional print volumes and
With the acquisition of Schätzl Druck & Medien in June 2021, Elanders’ operations in
Germany has more than doubled its business within mass customized digital printing.
Adding important capacity, the acquisition makes production more robust, and it also
comes with valuable know-how within online print.
MASS CUSTOMIZATION
Massive within
INTERVIEW
33
ANNUAL AND SUSTAINABILITY REPORT 2021
OPERATIONS – INSIDE ELANDERS
Acquiring
Schätzl creates
synergies that
can be leveraged
in areas like
materials,
organization,
distribution
and investment,
while adding
a bigger range
of products
available to
customers.
Sven Burkhard,
President, Print &
Packaging Solutions
and Ulrich Schätzl,
CEO and founder
Schätzl
34
ANNUAL AND SUSTAINABILITY REPORT 2021
OPERATIONS – INSIDE ELANDERS
Through the acquisition of the Swedish companies, Azalea IT and ReuseIT, Elanders
has begun an investment in the field of Renewed Tech and become an actor to reckon
with on the Nordic market. The two businesses supplement each other almost seamlessly
and the potential for growth is enormous.
SIGNIFICANTLY REDUCED CLIMATE
IMPACT WITH REUSED IT EQUIPMENT
A SIMPLE PROCESS
Elanders makes the process simple for customers. As
sensitive business information is stored on the obsolete
equipment, there are great values to protect. Erasing
all data without risking leaks requires a sophisticated
process. The equipment is sent in locked containers
directly from the customer to Elanders’ security classi-
fied facilities where the tool Blancco, a kind of industry
standard for secure data erasure, is used. A certificate
is generated for each individual unit containing data so
that customers can verify that no data have come into
the wrong hands. Network equipment is erased in a
corresponding manner.
After the data is eradicated Elanders’ personnel goes
through the equipment, verifies its function and classes
it according to its external condition. Then the operative
system is restored as well as any other licensed soft-
ware. Finally, the renewed IT equipment is sold with
a guarantee via an online store, directly to existing
customers or via retailers. The products are primarily
sold in the Nordic market.
DIFFERENT BUYERS
Buyers of clients are consumers, schools and a growing
number of companies that highly prioritize sustainability.
Even units with cosmetic defects can be sold for the
right price.
“We’ve noticed how interest in buying second-hand
has been on the rise in recent years, driven by a sustain-
ability consciousness. The standard of IT equipment
used by companies is generally high which means its
service life can be extended,” says Agne Nilsson.
In datacenters, however, technology develops much
faster and therefore second-hand values are lower.
Nonetheless a market exists, for example when broad-
band operators need to expand or repair their old
environments.
“We sell reconditioned equipment to business
customers directly, via the web or through retailers.
We also offer storing products customers can have
recurring need for. Some items are sold with final
destinations in the Nordic region, other parts of
Europe or North America,” says Henrik Cohn.
L
ife Cycle Management is one of four strategic
growth areas for Elanders. Through acquisi-
tions the Group has developed an attractive
offer in Renewed Tech, which entails safely
taking care of obsolete IT equipment, restoring it and
giving it a second life with the intention of at least
doubling its service life before recycling.
In October 2020 Elanders acquired the Gothenburg
company Azalea IT and in March 2021 ReuseIT,
domiciled in Växjö. The companies have similar
business models, but operate in different product and
customer segments. The business model is twofold.
These companies help businesses manage their worn-out
IT equipment in an information secure, and environ-
mentally and financially sound way. The positive
environmental effect is significant since around 97
percent of the collected equipment can be reused instead
of recycled, and this contributes to reducing climate
impact.
They then supply customers with reliable second-
hand equipment which also reduces climate impact.
Most of the equipment is sold but some of it is leased.
In some cases customers are even offered the opportu-
nity to lease new equipment which after the contracted
period can become part of the second-hand range.
PERFECT MATCH
The match between the two acquired companies is close
to perfect. Azalea IT is focused on equipment used in
datacenters, i.e. servers, storage and network equip-
ment, while ReuseIT works with clients, i.e. PCs, surf
tablets and cell phones.
“We’ve already been able to strengthen our offer
under the short time since the acquisition was made by
sending customers to each other,” says Agne Nilsson,
Sales Director at ReuseIT and one of the company
founders.
“Azalea IT, ReuseIT and Elanders combined creates
competitive advantages. At the same time, the customers
can benefit from all the strengths of each individual
company,” adds Henrik Cohn, CEO and co-founder
of Azalea IT.
INTERVIEW
35
ANNUAL AND SUSTAINABILITY REPORT 2021
FUTURE GROWTH IN SIGHT
Both companies anticipate growing demand as con-
sumers, businesses and other organizations prioritize
the climate and sustainability more and more. They see
major advantages in being part of the Elanders Group
with its established logistics operations all over the
world and strong position in the electronic segment that
provide significant opportunities for expansion on new
markets.
“We’ve become more attractive for customers looking
for global solutions and Elanders has a really good posi-
tion with a broad range in Renewed Tech” says Agne
Nilsson.
“In addition, Elanders is a dynamic company willing
to change and where decision-making processes are
short and the tempo is high. We can still get our new
ideas considered while taking advantage of the strength
of a big, stable and listed group. It’s the best of both
worlds,” concludes Henrik Cohn.
We can still get
our new ideas
considered
while taking
advantage of
the strength of
a big, stable
and listed
group. It’s the
best of both
worlds.
Henrik Cohn, CEO and co-founder of Azalea IT
Agne Nilsson, Sales Director
and co-founder ReuseIT
2020 2019
2017
2021
2018
OPERATIONS – FIVE YEARS IN SUMMARY
CONTINUES TO GROW
The Group
The past decade has held many eventful years for Elanders with several significant
acquisitions. These acquisitions have transformed Elanders into what it is today
– a global logistics multinational with a diversified portfolio of operations to rely on.
The ongoing pandemic has shown what a strong point this is.
The COVID-19 pandemic had a consid-
erable impact on our business during
the first half-year. It started in Asia
when restrictions were implemented to
reduce the spread of the virus. This
created disruptions in the supply chain
for companies dependent on goods
from Asia. When the virus reached
Europe, countries closed their borders,
and the component shortage became
more severe, causing factories to close.
During this period, Elanders was en-
trusted with procuring PPE from Asia.
After a weak first half-year there was a
dramatic recovery during the second
half of the year when factories were
once again running at full speed. The
year ended with a solid fourth quarter.
Despite an ongoing pandemic, the
Group had its best year ever. One im-
portant factor was the lower cost base
resulting from the measures taken in
2019.
Print & Packaging Solutions and the
Asiatic section of Supply Chain Solu-
tions had one of their best years ever.
This was overshadowed by the fact
that a restructuring plan was needed in
the European section of Supply Chain
Solutions and accounting errors in
transportation operations were discov-
ered. After two years with strong cash
flow resulting in a robust financial posi-
tion Elanders is now seriously ready
to make new acquisitions that can
complement our existing oer.
Excluding one-o items, Elanders
presented its, up until then, best annual
result ever with an adjusted EBITA of
MSEK 563 (523).
The year 2018 was also character-
ized by strong organic growth, nine
percent, and Group net sales reached
over 10 billion Swedish krona for the
first time. The customer projects that
had created problems during the
second half of 2017 continued to be
a challenge in the beginning of 2018,
but after measures to make them more
ecient and raising our prices to
customers they were set right. During
the year, the majority of shares in
LOGworks, Elanders’ stang opera-
tions in Germany, were sold to Adecco.
As part of the production consolidation
process in Print & Packaging Solutions
the operations in Beijing, China were
divested while the oset operations
in Sweden were shut down and 70
employees were made redundant. The
year ended with Elanders’ best, until
then, quarter ever.
The year was characterized by strong
organic growth, mainly in business area
Supply Chain Solutions where growth
was generated in both Asia and Europe.
Several new deals were signed during
the year. Organic growth amounted to
six percent for the Group as a whole,
but increased to 12 percent in the
fourth quarter. Net sales amounted to
SEK 9.3 billion and there were close
to 7,000 employees at year-end. The
robust growth led to some growing
pains for the organization, which was
apparent in the result in the form of
extra start-up costs for several of the
new, large customer projects in Supply
Chain Solutions.
Price pressure and overcapacity on
the market for business area Print &
Packaging Solutions continued and
50 employees were made redundant in
the Swedish operations.
The year was marked by the semi-
conductor shortage, several acquisi-
tions and strong growth in Europe in
Fashion & Lifestyle. The semiconductor
shortage was primarily problematic
for customers in customer segments
Automotive, Electronics and Industrial
by creating disturbances in their
supply chain. This created an uneven
capacity utilization in production at
Elanders, which in turn aected profit-
ability. With the acquisition of Bergen
Logistics in November 2021 customer
segment Fashion & Lifestyle became
Elanders’ largest. The acquisition also
creates opportunities for Elanders
to grow with existing customers that
want to enter the attractive North
American market. During the year
Elanders also made investments and
acquisitions in online print and Life
Cycle Management, two areas with
discernable underlying growth.
Despite a weaker second half-year
compared to last year, largely due to
the semiconductor shortage, once
again Elanders presented its best year
ever in terms of result.
OPERATIONS – FIVE YEARS IN SUMMARY
INCOME STATEMENTS – SUMMARY
MSEK
Net sales
Operating expenses – – – – –
EBIT
Financial items – – – – –
Result after financial items
Result for the year
EBITDA
EBITDA excl. IFRS 16
EBITA
EBITA adjusted
CASH FLOW – SUMMARY
MSEK
Cash flow from operating activities –
Paid taxes – – – – –
Investments – – – – –
Operating cash flow – –
Change in net debt – –
BALANCE SHEETS – SUMMARY
MSEK
Goodwill
Other fixed assets
Inventory
Accounts receivable
Other current assets
Cash and cash equivalents
Equity
Interest-bearing liabilities
Non-interest-bearing liabilities
Total assets
IFRSiseectivefromJanuaryandhasaectedtheaccountingoftheGroup’sleaseagreementsThetransitiontoIFRS
hasbeenbasedontheModifiedretrospectiveapproachwhichmeansthatthecomparisonperiodshavenotbeenadjustedExcluding
IFRSmeansthatthesameaccountingprinciplesashavebeenusedOne-oitemshavebeenexcludedintheadjustedmeasures
38
ANNUAL AND SUSTAINABILITY REPORT 2021
OPERATIONS – FIVE YEARS IN SUMMARY
Cash flow from operating
activities, MSEK
Net sales, MSEK
EBITA margin adjusted, %
Net debt, MSEK
Net debt/EBITDA, times
EBITA NET DEBT CASH FLOW
Nettooms„ttningMkr
%
%
%
%
%
%
EBITA-marginal
Nettooms„ttningMkr
RörelseresultatMkr
–
Nettooms„ttningMkr
KEY RATIOS
EBITA-margin, %
EBITA-margin adjusted, %
Operating margin, %
Profit margin, %
Equity ratio, %
Risk capital ratio, %
Interest coverage ratio, times
Debt/equity ratio, times
Return on equity, %
Return on capital employed, %
Return on total assets, %
Average number of employees
Number of employees at the end of the year
Net debt/EBITDA, times
Net debt/EBITDA excl. IFRS 16 ratio, times
Enterprise Value, MSEK
Risk capital, MSEK
Capital employed, MSEK
Net debt, MSEK
Net debt excl. IFRS 16, MSEK
IFRSiseectivefromJanuaryandhasaectedtheaccountingoftheGroup’sleaseagreementsThetransitiontoIFRS
hasbeenbasedontheModifiedretrospectiveapproachwhichmeansthatthecomparisonperiodshavenotbeenadjustedExcluding
IFRSmeansthatthesameaccountingprinciplesashavebeenusedOne-oitemshavebeenexcludedintheadjustedmeasures
ForReconciliationAlternativePerformanceMeasuresandFinancialDefinitionsseepages–
39
ANNUAL AND SUSTAINABILITY REPORT 2021
OPERATIONS – FIVE YEARS IN SUMMARY
Equity, MSEK
ROE, %
Capital employed, MSEK
ROCE, %
RETURN ON EQUITY RETURN ON CAPITAL EMPLOYED EQUITY RATIO
Equity, MSEK
Equity ratio, %
EgetkapitalMkr
%
%
%
%
%
%
%
%
Avkastning
Nettooms„ttningMkr
%
%
%
%
%
%
RörelseresultatMkr
%
%
%
%
%
%
%
%
The Group’s
diversification in
both customers
and operations is
an evident strength.
40
ANNUAL AND SUSTAINABILITY REPORT 2021
SHARE INFORMATION AND OWNERSHIP STRUCTURE
GREATER INTEREST IN THE SHARE
The share price had a positive development during the beginning of the
year. The lack of semiconductors, together with strong comparative figures,
then put high pressure on the share price during the second half of the year.
During the year, there has also been greater interest in the share and the
company, which has increased the number of shareholders.
History
Elanders’ B shares were first listed on the
Stockholm Stock Exchange on 9 January 1989.
On 31 December 2021 the company had
33,542,938 (33,542,938) B shares listed on
NASDAQ OMX Stockholm, Mid Cap, under
the ELAN B symbol.
Development during the year
The market value of B shares increased by
45 (37) percent during 2021 while the
Stockholm Stock Exchange index OMX
Stockholm PI rose by 35 (11) percent during
the same period. During 2021 a total of
6,583,884 (5,848,025) Elanders shares were
traded, which is equivalent to an average
trading rate of approximately 0.20 (0.17)
times.
The lowest share price during 2021 was
SEK 118.40 on January 22 and the highest was
SEK 192.00 on July 7. The final share price in
2021 was SEK 174.00 (119.60), which means
that Elanders’ stock market value at year-end
was approximately MSEK 6,152 (4,229).
Share capital, class of shares
and liquidity guarantee
At the end of 2021 there were a total of
35,357,751 (35,357,751) issued shares in the
company, of which 1,814,813 (1,814,813) were
Class A shares and 33,542,938 (33,542,938)
were Class B shares. Each Class A share is
worth ten votes and each Class B share one.
The shares’ quota value is SEK 10 and all shares
are entitled to the same dividend. See the tables
on the following pages for share capital and
voting disposition. The Class B share is covered
by a liquidity guarantee and ABG Sundal
Collier is the guarantor.
Share allocation
According to Euroclear Sweden AB, Elanders
had 4,557 (3,684) shareholders at year-end.
The share of foreign shareholders amounted to
12 (11) percent of the capital. Swedish private
DATA PER SHARE
Net result, SEK
Net result adjusted, SEK
Share price at year-end, SEK
P/E ratio
Adjusted P/E ratio
P/S ratio, times
Dividend, SEK
)
–
Dividend yield, %
Share price/equity, times
Equity, SEK
Risk capital, SEK
EBITDA, SEK
EBITDA excl. IFRS 16
Operating cash flow, SEK – –
Cash flow from operating activities, SEK –
Average number of outstanding shares, in thousands
Turnover rate
)
ProposedbytheBoard
IFRSiseectivefromJanuaryandhasaectedtheaccountingoftheGroup’sleaseagreementsThetransitiontoIFRShas
beenbasedontheModifiedretrospectiveapproachwhichmeansthatthecomparisonperiodshavenotbeenadjustedExcludingIFRS
meansthatthesameaccountingprinciplesashavebeenusedOne-oitemshavebeenexcludedintheadjustedmeasures
ForReconciliationAlternativePerformanceMeasuresandFinancialDefinitionsseepages–
41
ANNUAL AND SUSTAINABILITY REPORT 2021
SHARE INFORMATION AND OWNERSHIP STRUCTURE
individuals and institutions owned 7 (8) per-
cent and 29 (29) percent respectively of the
capital. At the end of the year Carl Bennet AB
controlled 66 (66) percent of the votes and
50 (50) percent of the capital and was the only
owner who controlled more than 10 percent of
the capital or 10 percent of the votes
Dividend policy
Regarding the proposed dividend in years to
come, the Board of Directors has taken into
account the Group’s development potential,
its financial position and the adopted finan-
cial goals relating to debt/equity ratio, equity
ratio and profitability. The objective is to have
dividends follow the long-term profit trend
and, on the average, represent approximately
30–50 percent of profit after tax.
Other information
Elanders’ financial information can be found at
the Group website www.elanders.com, under
the section Investors.
Questions can also be asked to Elanders
directly via e-mail at info@elanders.com.
Annual Reports, Quarterly Reports and
other information can be requested from
Group headquarters at telephone number
+46 31 750 07 50, our website or through the
above e-mail address.
We are also happy to provide information
about Elanders at events that are arranged by
shareholder organizations, Swedish and foreign
stockbrokers and banks.
ABG Sundal Collier, Aktiespararna, Erik
Penser Bank and Nordea continuously monitor
our development and publishes analyses of
Elanders.
OMX Stockholm PI ELAN B Number of traded shares
DEVELOPMENT OF THE ELANDERS SHARE
45%
SEK smonth
Swedish institutions and Investment companies
Swedish companies
Swedish private individuals
Foreign owners
PERCENT OF SHARE CAPITAL
PERCENT OF VOTES
SHAREHOLDER CATEGORIES 31 DECEMBER 2021
The market value of B shares increased
by 45 percent during 2021
Source: Euroclear Sweden AB.
42
ANNUAL AND SUSTAINABILITY REPORT 2021
SHARE INFORMATION AND OWNERSHIP STRUCTURE
SHARE CAPITAL DEVELOPMENT
Number of
A shares
Number of
B shares
Accumulated
number of
shares
Accumulated
share capital,
SEK
AtStockExchangeintroductionin
DirectedshareissuetoacquireFabritiusASinNorway –
Bonusissue
DirectedshareissuetoacquiretheGraphicSystemsGroup –
DirectedshareissuetoacquireSkandinaviskaLithorex –
DirectedshareissuetoacquireGummessons –
NewshareissueinconnectionwiththeacquisitionoftheMinabGroup
DirectedshareissuetoacquiretheSkogsGroup –
DirectedshareissuetoacquirethesharesinKåPeGroup –
DirectedshareissuetoacquirethesharesinNovumGroup –
Newshareissueinconnectionwiththeacquisition
ofSommerCorporateMedia
Newshareissue
Directedshareissuetoacquiredomandfotokasten –
NewshareissueinconnectionwiththeacquisitionofMentorMedia
NewshareissueinconnectionwiththeacquisitionofLGI
OutstandingsharesandsharecapitalonDecember
MAJORSHAREHOLDERSDECEMBER
Number of
A shares
Number of
B shares
Percent
of votes
Percent of
share capital
Carl Bennet AB
Didner & Gerge Funds –
Svolder AB –
Fourth Swedish National Pension Fund –
Carnegie Funds –
Protector Insurance –
Third Swedish National Pension Fund –
BNP Paribas SEC Services Paris –
HSBC Bank –
Avanza Pension –
Other Shareholders –
Total
Source: Euroclear Sweden AB.
SHAREHOLDERSTATISTICSDECEMBER
Number of shares
Number of
shareholders
Number of
A shares
Number of
B shares
Percent of
share capital
Percent
of votes
– –
– –
– –
– –
–
Total
Source: Euroclear Sweden AB.
43
ANNUAL AND SUSTAINABILITY REPORT 2021
E
landers AB (publ) is the parent company of the Elanders Group
and the company’s B shares are listed on NASDAQ OMX
Stockholm, Mid Cap. Elanders AB (publ) is a subsidiary to
Gothenburg. Carl Bennet AB prepares consolidated financial statements
that include Elanders.
OUR BUSINESS
and operates in some 20 countries on four continents. Our most im-
portant markets are China, Singapore, the United Kingdom, Sweden,
Automotive, Electronics, Fashion & Lifestyle, Health Care & Life
Science and Industrial.
OUR OFFER
Elanders helps its customers to more efficiently manage their entire
supply chain, everything from raw materials to the product itself. By
optimizing customers’ material and component flows, Elanders actively
helps its customers to reduce their environmental impact and thus
contributes to a more sustainable society. Elanders can take a global
total responsibility for the entire supply chain, including procurement,
warehousing, configuration, production and distribution. Our offer also
includes order management, payment solutions and, after sales services
for our customers.
Our services are provided by business-oriented employees. They use
their expertise and our advanced IT solutions to develop our customers’
offers which are often completely dependent on efficient product, com-
ponent and service flows as well as traceability and information.
In addition to our offer to B2B markets, the Group also sells photo
products directly to consumers through the own brands fotokasten and
myphotobook.
NET SALES AND RESULT
Net sales increased by MSEK 683 to 11,733 (11,050) compared to the
same period last year. Cleared of exchange rate fluctuations and acquisi-
tions, net sales increased by seven percent. Organic growth was primarily
generated by the European division of Supply Chain Solutions. Last year
some one-off deals concerning the procurement and sales of PPE had
a positive effect on net sales and the result. Demand from customers
continued to be good during the period even if several customers suffered
disturbances in production due to the shortage of semiconductors and
raw material.
Adjusted EBITA, the operating result adjusted for amortization on
assets identified in conjunction with acquisitions and excluding one-
off items, increased by MSEK 60 to MSEK 658 (598). One-off items
amounted to MSEK –17 (0) and referred solely to consultancy fees linked
to acquisitions. With the same exchange rate as this period last year
EBITA would have been MSEK 26 higher. The improvement in the result
compared to last year is due in part to higher profitability in general but
the shortage of semiconductors has affected this year’s result negatively.
This has led to irregular capacity utilization when customers have shut
down or added shifts on short notice. These disturbances primarily
affected customer segments Automotive, Electronics and Industrial.
Otherwise customer activities and the number of offers requested
continued to grow. In the customer segment Fashion & Lifestyle, for
example, the Group has had to turn away a number of projects due to a
lack of capacity.
The COVID-19 pandemic had a major impact on operations in 2020
and affected Group operations in 2021 as well but to a lesser extent.
In 2021 the pandemic above all led to disruptions in many customers’
supply chains. What marked 2021 the most was the semiconductor
shortage that had a different effect on Group customers depending
on their field. Its greatest negative impact was on customer segments
Automotive, Electronics and Industrial, all of which had problems with
supplies of semiconductors.
Several acquisitions were made during the year. The acquisition of
Bergen Logistics and the platform it creates in North America will
provide Elanders with completely new opportunities to grow with
existing customers on the North American market.
Despite the fact that the second half of the year was weaker than in
2020, primarily due to the semiconductor shortage, 2021 was Elanders’
best year ever in terms of result.
Supply Chain Solutions
The semiconductor shortage created disturbances in production and
supply chains for several business area customers. It primarily affected
customer segments Automotive, Electronics and Industrial. The distur-
bances had a negative effect on the business area’s result since they led
to irregular capacity utilization when customers reduced or added shifts
on short notice. On the other hand, Fashion & Lifestyle grew substan-
tially. The business area’s result was also charged with one-off items of
MSEK –17 (0) which referred to consultancy fees linked to acquisitions.
Demand from all customer segments was very good throughout the
year and net sales grew organically by ten percent. Customers’ sales in
stores began to recover in 2021 and activity continued to be high on
their online shopping sites.
Organic growth in the Group was primarily generated by the business
area’s European division. In part it was driven by higher shipping rates
for freight forwarding volumes and in part good demand in general. Last
year the business area had some one-off deals concerning the procure-
ment and sales of PPE which had a positive effect on net sales, the result
and margins while the pandemic on the whole had a negative effect.
The acquisition of Bergen Logistics provides Elanders with a completely
new platform on the North American market, primarily in Fashion &
Lifestyle. Now it will be easier to help European and Asian customers
become established on the market as well as provide service for custom-
ers already there. Even the acquisitions in Renewed Tech (ReuseIT) and
Life Cycle Management (Eijgenhuijsen) were important complements to
existing operations.
BOARD OF DIRECTORS’ REPORT
The Board of Directors and the President and Chief Executive Officer of
their annual report and the consolidated financial statements for 2021.
AUDITED ANNUAL REPORT – BOARD OF DIRECTORS’ REPORT
44
ANNUAL AND SUSTAINABILITY REPORT 2021
Print & Packaging Solutions
For business area Print & Packaging Solutions 2021 was a pretty
challenging year. Brought on by the COVID-19 pandemic there were
disturbances, like the semiconductor shortage, in global supply chains
for several customers, particularly in Automotive and Industrial. At the
same time paper mills for fine paper shut down which led to a shortage
of fine paper causing a severe hike in paper prices. Despite this Print &
Packaging Solutions had a very good year. The new acquisition Schätzl,
which primarily focuses on growth area online print, contributed with a
very strong end of the year.
Now that societies are beginning to open up again, marketing activities
such as exhibitions etc. should have a positive effect on printed matter
volumes. The market in general continues, as in previous years, to be
characterized by tough price pressure, contracting total volumes and
surplus capacity. Combined with the ongoing pandemic this has led to
financial problems for many competitors. Total print volumes continue
to contract on nearly every market and the unmistakable trend towards
digital print and products designed to suit receivers, instead of tradi-
tional off-set print in big series, continues as well. The new acquisition
Schätzl is specialized in online print, which is one of the few areas show-
ing organic growth.
It is primarily the American service area which handles subscription
boxes and combines print, freight forwarding and packing as one cohe-
sive service that contracted in 2021. One of the large customers decided
to procure shipping themselves which had a negative effect on net sales,
mainly in the second half of the year.
As a response to contracting total volumes and the resulting price
pressure the Group is continuing to consolidate production capacity,
mostly regarding traditional off-set print. Elanders is also working on
changes so that some existing print operations can also offer supply
chain management services which has been successfully done in Brazil,
Sweden and the USA.
SIGNIFICANT EVENTS DURING THE YEAR
The COVID-19 pandemic
COVID-19 has since the beginning of 2020 quickly spread and developed
into a pandemic with a large number of infected. The measures taken by
different governments to limit the spread of the virus has impacted financial
activities and the Group’s business in different ways.
– Many Group customers have experienced major disturbances in
supply chains and this has affected both their operations and ours
negatively. In 2021, there have only been minor disturbances.
– In order to dampen the effects of the COVID-19 virus outbreak the
Group has received government support in some of the countries
where we have operations. During 2021, Elanders has received
MSEK 2 in support.
There is still a great deal of uncertainty regarding how long the
COVID-19 pandemic will continue, which makes it difficult to predict
the precise effect the next year. New outbreaks stemming from mutations
and dramatic measures to curb spreading the virus can have a significant
effect on Group business.
Semiconductor shortage
The current semiconductor shortage in some industries has had a negative
impact on the Group’s business. When shift patterns change on short
notice it creates an uneven capacity utilization in production.
Refinancing
During the year the Group has renewed its main credit facilities and a
new credit agreement is now in place. The agreement runs for three years
with an option to extend it one plus one year. The counterparties of the
agreement are one German and two Swedish banks. The new agreement
will give the Group greater flexibility regarding, for example, making
acquisitions.
Acquisitions
ReuseIT Sweden AB and ReuseIT Finance AB
In March 2021 Elanders acquired 70 percent of the shares in ReuseIT
Sweden AB and ReuseIT Finance AB (“ReuseIT”). The contract contains
a mandatory put and call option that gives Elanders the right to acquire
the remaining shares in the company during 2025. The option also gives
the seller the right to sell the remaining shares for a defined purchase
price. Net sales in ReuseIT in 2020 were almost MSEK 70 and profitabi-
lity was good. The company, which has been consolidated into business
area Supply Chain Solutions, is specialized in purchasing, securely erasing,
renovating, reselling and renting out used IT equipment.
This acquisition and the previous acquisition of Azalea Global IT AB
in 2020 make Elanders one of the leading actors on the Swedish Renewed
Tech market. At the same time this is part of a larger strategic investment
in global sustainable services.
The purchase price and acquisition costs charged cash flow in the first
quarter by around MSEK 45.
Schätzl Druck & Medien GmbH & Co. KG
In July 2021 Elanders acquired all the shares in the German digital print
company Schätzl Druck & Medien GmbH & Co. KG (“Schätzl”). The
purchase price for the shares was MEUR 8 on a debt-free basis. The seller
may also receive an additional sum which will be paid in 2024 if the
company continues to develop positively. Schätzl had net sales of around
MEUR 15 in the last twelve-month period with good profitability.
Acquisition costs were around SEK 1 million and consisted primarily of
consultancy fees.
Schätzl, which is now part of business area Print & Packaging Solutions,
is specialized as a subcontractor for different actors in online print, which
is one of the few areas in the graphic industry showing organic growth.
Elanders is already a well-established subcontractor in this area and to-
gether with Schätzl Elanders will be one of the leading actors in Europe.
Bergen Shippers Corp.
In November Elanders acquired 80 percent of the shares in the American
company Bergen Shippers Corp. which operates under the name Bergen
Logistics. The company is specialized in contract logistics services for
the customer segment Fashion & Lifestyle. The company’s net sales in
2021 were more than MUSD 100 and EBITDA amounted to around
MUSD 15, excluding IFRS 16 effects. The company was valued at
MUSD 155 on a debt-free basis. There is a mandatory option to purchase/
sell the remaining shares that can be used from 2024 on for a purchase
price based on the company’s future result development. Bergen Logistics
has been consolidated into business area Supply Chain Solutions.
Acquisition costs were around MSEK 15 and consisted primarily of
consultancy fees connected to the acquisition.
Eijgenhuijsen Exploitatie BV
Elanders acquired all the shares in Eijgenhuijsen Exploitatie BV and its
subsidiary Eijgenhuijsen Precisievervoer BV (together Eijgenhuijsen) in
November. Eijgenhuijsen operates in Life Cycle Management and offers
special transportation and installation services for sensitive technical
equipment as well as retrieves worn-out equipment. The company has
annual net sales of around MEUR 10. The purchase price for the shares
was MEUR 10 on a debt-free basis. Eijgenhuijsen has been consolidated
into business area Supply Chain Solutions.
Acquisition costs were around MSEK 2 and consisted primarily of
consultancy fees connected to the acquisition.
AUDITED ANNUAL REPORT – BOARD OF DIRECTORS’ REPORT
45
ANNUAL AND SUSTAINABILITY REPORT 2021
INVESTMENTS AND DEPRECIATION
During the year, net investments amounted to MSEK 1,394 (116), of
which acquisitions and divestments amounted to MSEK 1,267 (30).
Investments have mainly been made in production equipment. Deprecia-
tion, amortization and write downs amounted to MSEK 888 (885).
FINANCIAL POSITION, CASH FLOW AND EQUITY RATIO
Operating cash flow for the period amounted to MSEK –105 (1,783),
whereof purchase price regarding acquisitions of operations amounted
to MSEK –1,267 (–30). The decrease is mainly due to acquisitions and
cut-off effects around previous year-end.
Net debt increased to MSEK 5,249 compared to MSEK 2,854 at the
beginning of the year. Purchase price for acquisitions and liabilities in
acquired companies contributed to the increase of MSEK 2,269.
Leverage, i.e. net debt/EBITDA for a rolling twelve-month period,
is now at 3.6 (2.0). Excluding effects from IFRS 16 net debt/adjusted
EBITDA ratio is 3.3 (1.5), calculated based on net debt of MSEK 2,539
(1,123). Adjusted for pro forma results for acquisitions and acquisition
costs, net debt/EBITDA ratio is 2.8.
The Group’s credit agreement contains financial covenants that must be
met to secure the financing. The most important covenant is the net debt/
EBITDA ratio that is calculated excluding IFRS 16 effects. This financial
covenant was with a good margin met as of the balance sheet date.
RESEARCH AND DEVELOPMENT
The Group continuously develops different offers that are usually
developed in connection with specific customer projects. Continuous
deve lopment of order platforms takes place in our e-commerce business
where costs for most of the work are recognized as they occur.
PERSONNEL
The average number of employees during the period was 6,288 (6,260),
whereof 150 (143) in Sweden. At the end of the period the Group had
7,019 (6,058) employees, whereof 152 (147) in Sweden.
Further information concerning the number of employees, as well as
salaries, remuneration, and terms of employment is given in note 5 to the
consolidated financial statements.
PARENT COMPANY
The parent company has provided intragroup services. The average
number of employees during the period was 11 (10) and at the end of the
period 12 (10).
Other information concerning the number of employees, salaries,
remuneration, and conditions of employment is given in note 5 to the
consolidated financial statements.
INFORMATION CONCERNING COMPANY SHARES
On 31 December 2021 there were 1,814,813 registered Class A shares
and 33,542,938 registered Class B shares; in total 35,357,751 shares.
The Class B shares are listed under the symbol ELAN B on NASDAQ
OMX Stockholm, Mid Cap. Each Class A share represents ten votes,
and each Class B share represents one vote. Shareholders may vote for
all the shares they own or repre sent. All shares receive the same dividend.
The Annual General Meeting has not given the Board any authority
to purchase shares or issue shares. There are no bonus programs with
dilution effects.
Transferability
There are no restrictions in Class B shares transferability according to the
articles of association or current legislation. The articles of association do
contain a pre-emption clause concerning the company’s Class A shares.
The company knows of no other agreements between shareholders
that limit the transferability of the shares.
Shareholdings
The only direct or indirect shareholding exceeding a tenth of the votes
in the company per 31 December 2021 was Carl Bennet AB with
66 (66) percent. No shares are owned by personnel through pension
foundations or similar.
Contracts with clauses regarding ownership changes
The company has certain customer contracts and bank agreements that
can be terminated if there is a change in ownership.
There are no contracts between the company and Board members or
employees that prescribe remuneration if they terminate their contract, are
made redundant without reasonable grounds or if their employment or
assignment ceases to exist because of a public purchase offer.
GUIDELINES FOR REMUNERATION TO SENIOR OFFICERS
The company’s guidelines for remuneration to senior officers was
adopted at the Annual General Meeting on April 28, 2021. The Board
proposes that the Annual General Meeting 2022 adopts guidelines that
for all intents and purposes are the same as for 2021, except the CEO’s
variable remuneration. The new guidelines are as follows:
Senior officers are persons who, together with the Chief Executive Officer,
constitute Group Management. The guidelines are valid for employ-
ment contracts signed after the Annual General Meeting has adopted the
guidelines as well as those cases in which changes are made in existing
agreements after the decision by the Annual General Meeting.
The guidelines’ promotion of the company’s business
strategy, long-term interests and sustainability
Elanders shall be a global and strategic partner to the customers in
their business-critical processes. By offering integrated and customized
solutions for handling all or part of the customers’ supply chain, the
business-critical processes may be optimized. The overriding goal is to be
a leader in global and sustainable overall solutions within supply chain
management and to best serve the customers’ requirements on efficiency
and delivery, prioritizing sustainability. The strategy is to act within niche
areas in each marketing area where the group may achieve a market-
leading position. In order to fulfill the long-term financial goals, and to
achieve value growth and increase shareholder return over time, Elanders
continually develops its offer to the customers. With new and improved
services, total integrated solutions, and implementation of innovative
technology, a good platform for continuous growth and development, as
well as greater value for shareholders is created.
A prerequisite for the successful implementation of the company’s
business strategy and safeguarding of its long-term interests, including its
sustainability, is that the company is able to recruit and retain qualified
personnel. To this end, it is necessary that the company offers competitive
total remuneration, enabled by these guidelines. Variable cash remunera-
tion covered by these guidelines shall aim at promoting the company’s
business strategy and long-term interests, including its sustainability.
Types of remuneration
The remuneration shall be on market terms and may consist of the
following components: fixed cash salary (basic wage), variable cash
remuneration, pension benefits, and other benefits. Additionally, the
general meeting, may irrespective of these guidelines, resolve on, among
other things, share-related or share price-related remuneration.
For the CEO and the CFO, variable cash remuneration may amount to,
at most, 70 (60) respectively 50 (50) percent of the basic wage. For other
executives, variable cash remuneration may amount to, at most, 40 (40)
percent of the basic wage. Additional variable cash remuneration, how-
ever not more than 100 (100) percent of the basic wage, may exceptionally
be awarded after resolution by the Board of Directors, for the purpose of
recruiting or retaining executives in light of local market conditions.
AUDITED ANNUAL REPORT – BOARD OF DIRECTORS’ REPORT
46
ANNUAL AND SUSTAINABILITY REPORT 2021
For the CEO, pension benefits, including health insurance (Sw. sjuk-
försäkring), shall be premium defined. Variable cash remuneration shall
not qualify for pension benefits. The pension premiums for premium
defined pension shall amount to, at most, 35 percent of the fixed annual
cash salary.
For other executives, pension benefits, including health insurance,
shall be premium defined unless the individual concerned is subject to
defined benefit pension under mandatory collective agreement provi-
sions. Variable cash remuneration shall qualify for pension benefits to
the extent required by mandatory collective agreement provisions. The
pension premiums for premium defined pension shall amount to, at
most, 35 percent of the fixed annual cash salary.
Other benefits may include, for example, company cars and indus-
trial health services (Sw. företagshälsovård). Such benefits may, in total,
amount to a minor proportion of the total remuneration.
Termination of employment
The notice period may not exceed 18 months if notice of termination
of employment is made by the company. Fixed cash salary during the
period of notice and severance pay may together not exceed an amount
equivalent to the cash salary for 18 months as regards the CEO and 12
months for other executives. The period of notice may not exceed six
months, without any right to severance pay, when termination is made
by the executive.
Criteria for awarding variable cash remuneration
The variable cash remuneration shall be linked to predetermined and
measurable criteria, which can be financial or non-financial. They may
also be individualized, quantitative or qualitative objectives. The criteria
shall be designed to contribute to the company’s business strategy and
long-term interests, including its sustainability by, for example, being
clearly linked to the business strategy or promote the executive’s long-
term development. To which extent the criteria for awarding variable
cash remuneration has been satisfied shall be evaluated when the mea-
surement period has ended (normally calendar year). The remuneration
committee is responsible for the evaluation so far it concerns variable
cash remuneration to the CEO. For variable cash remuneration to other
executives, the CEO is responsible for the evaluation. For financial ob-
jectives, the evaluation shall be based on the latest financial information
made public by the company.
Salary and employment conditions for employees
In the preparation of the board of directors’ proposal to these remunera-
tion guidelines, salary and employment conditions for all employees of
the company have been taken into account by including information on
the employees’ total income, the components of the remuneration as well
as increase and growth rate over time. This information has then formed
a basis for the remuneration committee’s and the Board of Directors’
evaluation of whether these guidelines and the limitations set out herein
are reasonable.
The decision-making process to determine, review
and implement the guidelines
The Board of Directors has established a remuneration committee. The
committee’s tasks include preparing the Board of Directors’ decision to
propose guidelines for executive remuneration. The Board of Directors
shall prepare a proposal for new guidelines at least every fourth year and
submit it to the annual general meeting. The guidelines shall be in force
until new guidelines are adopted by the general meeting. The remunera-
tion committee shall also monitor and evaluate programs for variable
remuneration to the executive management, the application of the
guidelines for executive remuneration, as well as the current remunera-
tion structures and compensation levels in the company. The members
of the remuneration committee are independent of the company and its
executive management. The CEO and other members of the executive
management do not participate in the Board of Directors’ processing of
and resolutions regarding remuneration-related matters in so far as they
are affected by such matters.
Derogation from the guidelines
The Board of Directors may temporarily resolve to derogate from the
guidelines, in whole or in part, if in a specific case there is a special cause
for the derogation and a derogation is necessary to serve the company’s
long-term interests, including its sustainability, or to ensure the com-
pany’s financial viability. As set out above, the remuneration committee’s
tasks include preparing the Board of Directors’ resolutions in remunera-
tion-related matters. This includes any resolutions to derogate from the
guidelines. In 2021, the Board of Directors approved that variable remu-
neration to an executive resident abroad could exceed the stipulated 40
percent of the basic wage. The reason is that the Board of Directors has
deemed such derogation to be necessary in order to offer the executive
competitive total remuneration in light of local market conditions.
OUTLOOK
Elanders continues to have a strong standing with its global customers
where there is substantial potential for expansion both short and long
term. Elanders’ market position and global outreach is therefore in sync
with the times.
The customer diversification Elanders has carried out in recent years
ought to make the Group less sensitive to ups and downs in the business
cycle going forward.
EVENTS AFTER THE BALANCE SHEET DATE
The war in Ukraine
Russia invaded Ukraine in February 2022. The war has so far not had
any significant negative impact on Elanders’ operations. However, some
of the Group’s customers have subcontractors in Ukraine and Russia.
These customers have therefore started to have some problems with their
supply chain.
There is still a great deal of uncertainty about how long the conflict
will last and the extent of it. It is therefore difficult to predict the exact
impact in the coming year. Increased sanctions and an increased scope of
the conflict could have a significant impact on the Group’s operations.
Apart from this, no major events have taken place between the bal-
ance sheet date and the date this report was signed.
APPROPRIATION OF PROFITS
The Board of Directors and Chief Executive Officer propose that the
profit and other unreserved funds of SEK 1,330,680,637 in the parent
company at the disposition of the Annual General Meeting should be
dealt with accordingly:
• SEK 3.60 per share is distributed
to the shareholders SEK 127,287,904
• the remaining balance is to be
carried forward SEK 1,203,392,733
The Board of Directors believes that the proposed dividends are justifi-
able in relation to the demands that the business’ nature, scope, and risks
make on group equity and the Group’s consolidation needs, liquidity, and
its position in general.
AUDITED ANNUAL REPORT – BOARD OF DIRECTORS’ REPORT
47
ANNUAL AND SUSTAINABILITY REPORT 2021
AUDITED ANNUAL REPORT – BOARD OF DIRECTORS’ REPORT
UNCERTAINTY FACTORS
Risks and
Elanders divides risks into business risks (customer concentration,
operational risk, risks in operating expenses, contracts and disputes),
financial risks (currency, interest, financing/liquidity and credit risk)
as well as circumstantial risks (COVID-19 pandemic, business cycle
sensitivity and the future of the services/products). For more detailed
information than given below, as well as a sensitivity analysis,
please see note 20 in the consolidated financial statements.
WHAT ELANDERS DOES
Customer concentration
Elanders’ strategy is not only to be a supplier to our larger
customers but to be a strategic partner who builds the basis for
long-term business relations. Elanders has worked together with
several of the Group’s largest customers for many years.
Operational risk
Elanders work to identify and prevent risks that can lead to
disturbances in production. The work involves regular controls
of the production sites where identified improvement areas are
the basis for action plans. The Group also has business interrup-
tion insurance that covers the loss of margins for up to twelve
months. Elanders also works continuously to ensure processes
for follow-up and control regarding IT security in order to be
able to meet increased threats to cyber security. Elanders has
also developed training to increase employees’ awareness of IT
security.
Risks in operating expenses
The Group does not see any direct risk that any of these costs
will rise in the near future to such a degree that it would have a
material effect on group results. Elanders has also the possibil-
ity within some agreements to pass on increased costs to the
customers.
Contracts and disputes
Elanders is not aware of any dispute that may have any sig-
nificant effect on the Group’s financial position. The Group’s
insurance program contains global liability insurance that
covers general liability, product liability, crime fidelity, business
interruption and limited protection against environmental dam-
age. The Group also has liability insurance for members of the
Board and officers.
RISKS AND UNCERTAINTY FACTORS
Customer concentration
The Group’s major customers are primarily active in the
manufacturing industry and agreements with these customers
normally run over two or three years. Elanders’ ten largest cus-
tomers represent 53 (55) percent of net sales in 2021. Elanders
has two customers whose sales exceed 10 percent of the Groups’
net sales. In 2021, sales to the Group’s largest customer repre-
sent 14 (14) percent while sales to the next largest customer
represent 12 (13) percent of the total net sales. Sales to these
customers is made to several of their divisions, on several conti-
nents and is based on multiple stand-alone agreements.
Operational risk
Elanders is dependent of IT-systems for production, logistics and
sales. Disruptions or cyberattacks on the systems can mean dis-
turbances and have a negative impact on the Groups reputation,
profitability and financial position. Otherwise, the risk that the
Group will suffer a major stop in production is relatively
small. There are now critical interdependencies between the
units within the respective business area or between the business
areas. There are only a few cases where there are no alternative
suppliers of critical input goods.
Risks in operating expenses
Elanders’ main operating costs are cost for goods for resale and
other production material MSEK 2,529 (2,737), personnel costs
MSEK 2,789 (2,600) and freight costs MSEK 2,870 (2,437).
These categories represent 73 (74) percent of total operating
costs in 2021.
Contracts and disputes
In business daily operations can give rise to disputes.
Business risk
Elanders encounters risks in operations daily, and normally these are within the
Group’s control. Group Management’s close collaboration with the dierent
group operations is a key factor in controlling these risks.
48
ANNUAL AND SUSTAINABILITY REPORT 2021
FÖRVALTNINGSBERÄTTELSEAUDITED ANNUAL REPORT – BOARD OF DIRECTORS’ REPORT
RISKS AND UNCERTAINTY FACTORS
Currency risk
The Group runs into currency risk through transactions in
currencies other than the companies’ local currency (transaction
exposure) or when converting net result and net assets from
foreign subsidiaries (translation exposure).
Interest risk
Exposure in the form of changes in the interest rate stems
mainly from group interest-bearing liabilities with floating
interest. Outstanding liabilities are primarily in EUR and USD.
Financing/liquidity risk
Elanders is dependent on obtaining financing from credit
institutions. The Group’s financing needs comprises current
operations and preparedness for possible future investments.
The availability of financing depends on factors such as the
general availability of capital and Elanders’ credit rating.
Credit risk
The Group is exposed to losses through the risk of a counter-
party not meeting their obligations. Credit risk can be divided
into financial credit risk and commercial credit risk where the
financial risk primarily concerns investing surplus liquidity and
trading exchange derivative instruments, and the commercial
risk concerns accounts receivable. Elanders’ commercial credit
risk is spread out over a large number of customers and at the
same time a few customers represent a large part of the Group’s
accounts receivable.
WHAT ELANDERS DOES
Currency risk
Receivables and liabilities as well as in some cases purchase and
sales orders are partly hedged by using forward exchange con-
tracts. Exposure of net assets in foreign subsidiaries is mainly
connected to EUR and USD and hedging has been made in part
through loans in EUR and USD. Apart from this hedging, no
other hedging has been made to counter the translation risk.
Interest risk
Elanders strives to achieve a balance between cost-effective
financing and the risk exposure of a negative influence in the
result if interest levels suddenly changed significantly. In light
of the low interest rates expected by the market, no hedging has
been made regarding interest rates. Elanders is following deve-
lop ments closely and may enter into hedging arrangements.
Financing/liquidity risk
The Group has signed a new credit agreement during 2021.
The agreement runs for three years with an option to extend it
one plus one year. The counterparties of the agreement are one
German and two Swedish banks.
Credit risk
The financial credit risk is limited and controlled by the fact
that financial transactions may only be carried out with finan-
cial institutions that are approved of by Group Finance. The
commercial credit risk is primarily handled by each subsidiary
through external checks on credit ratings, regular communica-
tion with customers, monitoring their ability to pay and follow-
ing up their financial reports.
Financial risk
The greatest financial risks for Elanders are currency risk, interest risk and
financing/liquidity risk.
AUDITED ANNUAL REPORT – BOARD OF DIRECTORS’ REPORT
RISKS AND UNCERTAINTY FACTORS
COVID-19 pandemic
The COVID-19 pandemic has resulted in many deaths and
infections. It has also entailed widespread disturbances in many
countries, among them many of Elanders’ most important
markets. There is a risk that the pandemic can continue to
impact financial activities and the uncertainty around this is
great. There is therefore a risk that the Group’s business will be
negatively affected in the coming quarters since the demand for
the Group’s services and products can contract. No one knows
how long the pandemic will continue or how it will develop.
Nor is it possible to predict how long the crisis measures and
infection control restrictions implemented in different countries
will continue or what further steps might be taken.
Business cycle sensitivity
The most tangible business cycle sensitivity is in group opera-
tions that supply our customers in the manufacturing industry,
particularly in automotive and consumer electronics. Sales to
customers in foodstuffs, cosmetics, pharmaceuticals and the
public sector as well as to consumers are less affected by the
general economic situation.
The war in Ukraine
Russia invaded Ukraine in February 2022. The war has so far
not had any significant negative impact on Elanders’ operations.
However, some of the Group’s customers have subcontractors in
Ukraine and Russia. These customers have therefore started to
have some problems with their supply chain.
There is still a great deal of uncertainty about how long the
conflict will last and the extent of it. It is therefore difficult to
predict the exact impact. Increased sanctions and an increased
scope of the conflict could have a significant impact on the
Group’s operations.
Circumstantial risk
The external factors that have and may have the greatest impact on Elanders operations
are the ongoing pandemic, the global economy and the war in Ukraine. Since these
factors are outside of Elanders’ control the Group continuously work to adjust operations
to meet the new conditions.
WHAT ELANDERS DOES
COVID-19 pandemic
Elanders’ first priority is to protect our employees and their
surroundings as much as possible against the spread of the
infection. Measures have been taken to protect our employees
and the guidelines and recommendations of the respective
authorities are followed. In order to soften any effects from
lower demand from customers, we are keeping in close touch
and working together with our customers and other partners.
To a certain extent Elanders can adapt operations to changes in
demand through furloughs, fewer temps and by making adjust-
ments in costs.
Business cycle sensitivity
We work consciously to reduce the influence of business cycles
by increasing sales to customers in less sensitive trades and
customer groups as well as by increasing the geographic spread
of sales. In most cases the expansions in supply chain do not
involve significant investments in fixed assets and lease agree-
ments are signed to match the customer contracts. A large part
of the running costs in new projects are variable and can be
adjusted in case of volumes changes.
The war in Ukraine
Elanders follows the course of events closely and works with
various action plans for the various possible scenarios that may
arise. The Group currently has no operations in Ukraine and
only one sales office in Russia.
Various parts of the Group help with humanitarian
support on the ground in Europe, both for the employees
affected and the refugee wave that is expected.
50
ANNUAL AND SUSTAINABILITY REPORT 2021
CORPORATE GOVERNANCE REPORT
This Corporate Governance Report, a part of the Board of Directors’
Report in the Annual Report, describes Elanders’ corporate governance,
which comprise the management and the administration of the company
operations as well as internal control over financial reporting.
T
he role of corporate governance in Elanders is to create a good
foundation for active and responsible ownership, a suitable distri-
bution of responsibility between the different company bodies as
well as good communication with all of the company’s interested parties.
SWEDISH CODE OF CORPORATE GOVERNANCE
Elanders follows the Swedish Code of Corporate Governance (“the
Code”). The Code is based on the principle “follow or explain”, mean-
ing that a company following the Code can deviate from certain rules,
but then needs to explain why. The following deviations from the Code
at Elanders are:
• The Chairman of the Board is the Chairman of the
nomination committee.
This deviation is further explained in the section on the nomination
committee. More information about the Code can be found at
www.corporategovernanceboard.se.
CORPORATE GOVERNANCE IN ELANDERS – A BRIEF OVERVIEW
Corporate governance in Elanders is based on legal requirements
(primarily the Companies Act), accounting regulations, the articles of
association, NASDAQ OMX Stockholm’s issuer rules, internal regula-
tions, policies, and the Code.
The Elanders Group’s corporate governance, management and control
are shared by the shareholders at the Annual General Meeting, the Board
of Directors, and the Chief Executive Officer in accordance with the
Companies Act, the articles of association as well as the Group Manage-
ment. Shareholders appoint the company’s nomination committee, Board
and external auditors at the Annual General Meeting.
SHAREHOLDERS
On 31 December 2021, there were 4,557 (3,684) shareholders. The
foreign ownership in Elanders was 12 (11) percent of shares and 8 (8)
percent of votes.
The only direct or indirect shareholding exceeding a tenth of the votes
in the company per 31 December 2021 was Carl Bennet AB with 66 (66)
percent. No shares are owned by personnel through pension foundations
or the like.
ANNUAL GENERAL MEETING
Shareholders execute their influence at the Annual General Meeting, the
company’s highest decision-making body. All shareholders in the share
register that have declared their intention to participate in the Annual
General Meeting within the stated time limit have the right to participate
in the Meeting. Shareholders that cannot participate in person can elect a
representative. At the Annual General Meeting a Class A share repre-
sents ten votes and a Class B share represents one vote. Class A shares
and Class B shares have the same right to a share of company assets and
profit. At the Annual General Meeting each person with voting rights is
AUDITED ANNUAL REPORT – BOARD OF DIRECTORS’ REPORT
Annual General Meeting 2021
The Annual General Meeting on 28 April 2021 decided:
• to adopt the Annual Report for 2020,
• to distribute a dividend of SEK 3.10 per share for 2020,
• to discharge the members of the Board of Directors
and the Chief Executive Ocer from liability for 2020,
• to grant according to a proposal in the summons
the Board and committee remuneration for a total of
SEK 4,119,000 to be divided within the Board,
• to appoint the following Board Members:
– Carl Bennet (re-elected)
– Eva Elmstedt (new elected)
– Pam Fredman (re-elected)
– Dan Frohm (re-elected)
– Erik Gabrielson (re-elected)
– Linus Karlsson (re-elected)
– Cecilia Lager (re-elected)
– Anne Lenerius (re-elected)
– Magnus Nilsson (CEO) (re-elected)
– Johan Stern (re-elected)
– Caroline Sundewall (re-elected)
• to appoint Carl Bennet Chairman of the Board,
• to elect PricewaterhouseCoopers as company auditors
until the Annual General Meeting 2022,
• that the Nomination Committee prior to the next
Annual General Meeting shall be formed and fulfill
tasks in accordance with the proposal in the notice,
and,
• to approve the remuneration report submitted by
the Board regarding remuneration to leading senior
ocers.
51
ANNUAL AND SUSTAINABILITY REPORT 2021
entitled to vote for their entire holding or represented holding without
restrictions. Elanders’ Class A shares are included in pre-emption as
stated in the articles of association.
The Annual General Meeting decides on changes in the articles of
association, chooses a Chairman, the Board and external auditors,
adopts the annual accounts, decides on dividends, if any, and any other
disposition of the result as well as discharges the Board from liability.
Furthermore, the Annual General Meeting decides on guidelines for
salaries and other remuneration for leading senior officers, any new
share issue, and the manner in which the nomination committee is to
be elected. Any shareholder with a matter they would like the Annual
General Meeting to deal with should present their proposal to the Chair-
man of the Board or present any nomination proposal to the nomination
committee. Minutes from Elanders’ Annual General Meetings can be
downloaded from www.elanders.com under Corporate Governance.
ANNUAL GENERAL MEETING 2022
The next Annual General Meeting for shareholders in Elanders will be
held on Thursday 21 April, 2022. More information will be published
in connection with the notice convening of the Annual General Meeting
and will also be published on www.elanders.com.
NOMINATION COMMITTEE
The nomination committee prepares proposals for the Annual General
Meeting concerning the election of, and remuneration to, the Chair-
man of the Board, Board members, committee members, and external
auditors, the latter having been proposed by the audit committee. The
nomination committee meets as needed and at least once a year. The
nomination committee met twice last year and discussed the work of the
Board, the independence of Board members, Board members’ evaluation
of the work of the Board, the work of the committees, the audit and the
composition of the nomination committee. This year the committee has
consisted of Carl Bennet, Chairman (Carl Bennet AB), Hans Hedström
(Carnegie Funds), Fredrik Carlsson (Svolder) and Adam Gerge (Didner
& Gerge Funds). During the year, Carl Gustafsson was replaced by
Adam Gerge as a representative from Didner & Gerge. No remuneration
has been paid to the nomination committee. The members’ contact
information is found on page 127 in the Annual Report and on
www.elanders.com under Corporate Governance.
The Chairman of the Board is also the chairman of the nomination
committee, which is a deviation from the Code. Elanders believes it is
reasonable that the shareholder with the largest number of votes be the
chairman of the nomination committee since he ought to have a decisive
influence on the composition of the nomination committee, because he
has a majority of the votes at the Annual General Meeting.
THE BOARD OF DIRECTORS AND ITS WORK IN 2021
The Board is elected by the Annual General Meeting and proposed by
the nomination committee. The Board is ultimately responsible for the
management of the company, monitoring the work of the Chief Execu-
tive Officer, and continuously following developments in operations
as well as the reliability of the company’s internal control. The Board
also decides on significant changes in the organization, investments and
divestitures, adopts the budget, and approves the annual accounts. The
Board is ultimately responsible for ensuring that the Group has adequate
systems for internal control, that the accounts are prepared, and that
they are reliable when published. The Group and its management have
several methods to control the risks connected to operations. The Board
supports Group Management by continually monitoring and identifying
business risks in a structured manner as well as steering the work in the
Group in how it handles the most significant risks. In conclusion this
constitutes the Board’s responsibility for corporate governance.
Elanders Board members are evaluated and appointed based on the
company’s business, development phase and other relevant circumstances.
The diversity of education, knowledge, and experience as well as age
and gender represented in the Board is also taken into account. When
considering the election and re-election of Board members these factors
have been used to make the Board as diverse and efficient as possible.
In accordance with Elanders’ articles of association the Board of
Directors should consist of at least three and no more than ten members
with a maximum of two deputies. During the year the Board consisted
of nine members without deputies: Carl Bennet (Chairman), Johan Stern
AUDITED ANNUAL REPORT – BOARD OF DIRECTORS’ REPORT
Remuneration
Committee
Audit
Committee
Chief Executive
Ocer
Group
Management
Elanders’
Shareholders
Annual General
Meeting
Nomination
Committee
Board of
Directors
External
Auditors
ELANDERS’ CORPORATE GOVERNANCE
52
ANNUAL AND SUSTAINABILITY REPORT 2021
(Vice Chairman), Eva Elmstedt, Dan Frohm, Erik Gabrielson, Cecilia
Lager, Anne Lenerius, Magnus Nilsson, and Caroline Sundewall. In
addition, employees were represented by Martin Schubach with Martin
Afzelius as deputy. All the members of the Board elected by the Annual
General Meeting have an independent relationship to the company
except Magnus Nilsson. Eva Elmstedt, Cecilia Lager, Anne Lenerius, and
Caroline Sundewall are independent in relationship to the company’s
largest owner. Carl Bennet is dependent with regards to the shareholder
Carl Bennet AB where he is Chairman of the Board and owner. Dan
Frohm, Erik Gabrielson, and Johan Stern are also dependent in relation
to Carl Bennet AB where Dan Frohm, Erik Gabrielson, and Johan Stern
are members of the Board.
The Board has produced and adopted a work plan that regulates the
division of responsibility between the Board, its Chairman and the Chief
Executive Officer. It also includes a general meeting plan and instructions
on financial reports as well as the other matters that must be put before
the Board. The work plan is revised once a year or as needed.
The Board has seven ordinary meetings per year; four of them in
conjunction with the year-end report and quarterly reports, one meeting
dedicated to strategic matters, one meeting to adopt the coming year’s
budget and one constitutional meeting following the Annual General
Meeting. In addition, the Board is called to further meetings as needed.
The Group’s external auditors participate in the meeting that deals with
the report for the first nine months of the year as well as the meeting
regarding the year-end report to inform the Board in its entirety about
the result of their audit.
The Board followed the meeting plan for the year. The Board also met
on four occasions relating to matters and decisions in connection with
the refinancing as well as decisions regarding acquisitions.
At the constitutional meeting of the Board, the work plan and instruc-
tions for the Chief Executive Officer are reviewed and the customary
decisions concerning authorized signatories are taken. In addition, the
work plans for the remuneration and audit committees are adopted and
their members appointed. At the constitutional meeting of the Board
after the Annual General Meeting 2021, Johan Stern was made Vice
Chairman. The Board in its entirety was authorized to sign for the
company or one of the Chairman of the Board and the Chief Executive
Officer, respectively. At the meeting concerning the year-end report,
the Board met the auditors without the presence of the Chief Executive
Officer or any other member from Group Management.
The Board travels as often as possible to visit and hold its meetings in
one of the Group’s subsidiaries. The Board members’ remuneration and
presence are presented in detail in the table below.
Further information about the Board and the members can be found
on pages 124–125.
THE CHAIRMAN OF THE BOARD
The Chairman leads and organizes the Board and is responsible for
making sure the Board meets its responsibilities and that the members
receive the information necessary to ensure the work done by the Board
is of high quality and performed according to legal stipulations and the
contract with the stock exchange. The Chairman of the Board must also
make sure that during the year an evaluation of the Board’s work is car-
ried out and that the nomination committee is informed of the results.
The evaluation is carried out annually in the form of a questionnaire and
encompasses the Board’s composition, remuneration, materials, admin-
istration, work methods, meeting content, reports from the committees,
and education. In addition, the Chairman of the Board represents the
AUDITED ANNUAL REPORT – BOARD OF DIRECTORS’ REPORT
MEMBERS OF THE BOARD, REMUNERATION, ATTENDANCE, ETC.
Member
Board,
attendance
(number of
meetings)
Remuneration
Committee,
attendance
(number of
meetings)
Audit
Committee,
attendance
(number of
meetings)
Total
atten-
dance, %
Remuneration
Board +
Committee
work,
SEK ’000s
Share-
holding
)
Independent
Members chosen by the AGM
Carl Bennet, Chairman () () Notmember
A
B Noowner
Johan Stern, Vice Chairman () () ()
B Noowner
Eva Elmstedt () Notmember () B Yes
Pam Fredman
2)
() () Notmember - – Yes
Dan Frohm () Notmember () B Noowner
Erik Gabrielson () () Notmember – Noowner
Linus Karlsson
2)
() () Notmember - – Yes
Cecilia Lager () Notmember () B Ye s
Anne Lenerius () Notmember () B Yes
Magnus Nilsson, CEO
() Notmember Notmember Employee B Nocompany
Caroline Sundewall () Notmember () B Yes
Employee representatives
Martin Afzelius () Notmember Ingårej Employee – Nocompany
Martin Schubach () Notmember Ingårej Employee B Nocompany
Total
)
ShareholdingasofDecemberThenumberofsharesisonlystatedforthepeoplewhowereintheBoardofDirectorsatthistime
)
ResignedfromtheBoardofDirectorsattheAnnualShareholders’meetingonAprilth
company in ownership matters and communicates viewpoints from the
owners to the Board. The Chairman of the Board is elected by the An-
nual General Meeting. Carl Bennet has been the Chairman of the Board
since 1997. Dan Frohm, who has been a board member of Elanders AB
since 2017, will be proposed by the Nomination Committee as the new
Chairman of the Board at the Annual General Meeting on April 21,
2022.
REMUNERATION COMMITTEE
The remuneration committee is composed of Board members with
the highest competence in this field. It deals with matters concerning
remuneration to the Chief Executive Officer and officers that report
directly to him. Decisions concerning remuneration to other employees
in management positions in the Group are made by each individual’s
closest superior in consultation with their closest superior, also known as
the “grandfather principle”. During the year, the remuneration committee
held one meeting during which they adopted their work plan and
prepared a proposal for remuneration. During the year the remuneration
committee consisted of Carl Bennet, Chairman, Erik Gabrielson and
Johan Stern. The guidelines for remuneration to senior officers adopted
at the Annual General Meeting 2021 can be found in note 5 in the
consolidated financial statements and on the company’s website,
www.elanders.com under Corporate Governance. The guidelines for
remuneration to senior officers for 2021 and the Board of Director’s
proposal for guidelines for 2022 can be found on pages 45–46 in the
Annual Report 2021. The company has not issued, and will not issue,
any share-based payment obligation, or any similar incitement programs.
AUDIT COMMITTEE
The audit committee is appointed from within the Board based on
members’ experience of, and expertise in financial reporting, accounting,
and internal control. The committee follows a work plan adopted by the
Board. Its primary task is monitoring internal control, procedures for
financial reporting, compliance of related laws and regulations as well
as the external audit in the Group. The committee also evaluates the
external auditors’ qualifications and independence. The audit committee
reports their observations on a regular basis to the Board and provides,
as needed, external auditor candidates to the nomination committee.
The committee meets at least three times a year and as needed. The
external auditors normally participate in committee meetings. The com-
mittee met three times in 2021. The auditors reported on the audit of the
nine-month report, and the year-end report, the company’s situation with
the Code of Corporate Governance and internal control were discussed.
The members of the audit committee were Johan Stern, Chairman,
Eva Elmstedt, Dan Frohm, Cecilia Lager, Anne Lenerius, and Caroline
Sundewall.
CHIEF EXECUTIVE OFFICER
The Chief Executive Officer is the President of the Group, a member
of the Board, and leads the Group’s operations. The Chief Executive
Officer’s work is steered by the Companies Act, other laws and regula-
tions, current laws for listed companies including the Code, the articles
of association, and the framework established by the Board in, among
other things, the CEO instruction. The Chief Executive Officer is
authorized to sign for Elanders AB, as well as sign for all significant
subsidiaries. The Chief Executive Officer is responsible for providing
the Board with continual reports on group results and financial position
as well as the information the Board needs to make qualified decisions.
The Chief Executive Officer also keeps the Chairman of the Board
apprised of developments in operations. All the managing directors in
the Group’s subsidiaries receive written instructions. These instructions
contain guidelines the managing director must observe in the running of
operations.
GROUP MANAGEMENT
The President and Chief Executive Officer lead the work performed
by Group Management and make decisions in consultation with
members of Group Management. Group Management is responsible for
day-to-day financial and commercial management and follow-up in the
Group. It also strives to continually achieve synergies, identify acquisi-
tions and structural opportunities as well as to adapt group operations
to market demands and short and long-term developments. Group
Management makes sure that the competence and capacity of the Group
is coordinated and adjusted to be as useful and profitable as possible in
the short and long term. Group Management meets on a quarterly basis,
often in conjunction with a visit to a unit within the Group. Elanders’
Group Management consists of:
• Magnus Nilsson, President and CEO
• Andréas Wikner, CFO
• Bernd Schwenger, responsible for Supply Chain Solutions (LGI)
• Kok Khoon Lim, responsible for Supply Chain Solutions
(Mentor Media)
• Sven Burkhard, responsible for Print & Packaging Solutions
• Kevin Rogers, responsible for Global Sales
Further information about Group Management and the members
can be found on pages 126–127.
THE BOARD’S REPORT ON INTERNAL CONTROL
OVER FINANCIAL REPORTING
The purpose of internal control over financial reporting is to ensure that
it is reliable and that the financial reports follow
generally accepted accounting principles and otherwise follow
applicable laws and regulations concerning listed companies.
According to the Swedish Companies Act and the Code of
Corporate Governance the Board is ultimately responsible for
an effective, functioning internal control in the Group. Internal control is
based on the framework for internal control published by COSO (Com-
mittee of Sponsoring Organizations of the Treadway
Commission) and which comprises the control environment, risk assess-
ment, control activities, information, communication as well as follow-
up. The Chief Executive Officer is responsible for an organization and
processes that ensure the quality of financial reports to the Board and the
market.
AUDITED ANNUAL REPORT – BOARD OF DIRECTORS’ REPORT
Control environment
The control environment at Elanders is characterized by the proximity
between Group Management and the operating units. The majority of
the members in Group Management, except the Chief Executive Officer
and the Chief Financial Officer, are also MDs in one or more of the
larger operative units in the Group. The framework for internal control
over financial reporting in Elanders consists of routines and distribu-
tion of responsibility that are clearly communicated in internal policies
and different kinds of manuals. The Board has adopted a work plan
that regulates the Board’s responsibility and the manner in which work
is done in committees. The Board also has an audit committee that is
responsible for ensuring that established principles in financial reporting
and internal control are complied with and developed. It also maintains
regular contact with the external auditors. In order to maintain an
effective control environment and good internal control the Board has
delegated the practical responsibility to the Chief Executive Officer and
established a CEO instruction which defines the division of responsibi-
lity between the Board and the Chief Executive Officer. Elanders has an
internal control function which reports to the CEO and the CFO. The in-
ternal control function performs audits of the entities within the Group.
The procedures and processes in the entities are evaluated and testing
performed regarding the entities’ internal controls.
Risk assessment
It is the responsibility of the Board to identify and handle any major
financial risks and the risk of mistakes in financial reporting. This
includes identifying areas in financial reporting where the risk of
making a crucial mistake is higher as well as developing control systems
to prevent and discover these faults. This is primarily done by identifying
situations in operations and events in the outside world that could have
an impact on financial reporting.
Control procedures
The aim of the control procedures is to ensure that financial reporting
is correct and complete and that it is based on the Group’s requirements
for internal control over financial reporting. Control procedures consist
of general and detailed controls and can be both preventive and detec-
tive. For instance, the Board continuously follows developments in the
operations through monthly reports containing detailed financial infor-
mation as well as the Chief Executive Officer’s comments on operations
and result and financial position. Representatives from Group Finance
or Group Internal Control regularly visit the entities within the Group
and evaluate internal control and financial reporting. The MD in each
subsidiary is responsible for making sure group governance regulations
are implemented and followed and that any deviations are reported.
Companies in the Elanders Group also make an annual self-assessment
of how internal control functions in relation to the Group’s goals.
Information and communication
In order to make Elanders employees aware of the Group’s policies and
manuals, the information is communicated yearly, and when changes are
made, to all affected employees within the Group. To ensure that infor-
mation communicated externally is correct and complete, the Board has
adopted an Information Policy that dictates what should be communi-
cated, by whom and how the information should be released.
Follow-up
The Board follow-up of the internal control over financial reporting
is first and foremost handled by the audit committee. The observations
and potential areas of improvement in internal control that have been
identified in the external audit are processed by the audit committee
together with the external auditors and the Chief Financial Officer. The
results from the audits performed by Group Internal Control and the an-
nual self-assessment of internal control in the entities within the Group is
reported to the audit committee and the external auditors.
EXTERNAL AUDIT
The Annual General Meeting 2020 chose the authorized public accounting
company PricewaterhouseCoopers AB until the next Annual General
Meeting. The Head auditor is the authorized public accountant Tomas
Hilmarsson. Once a year, the auditors meet the Board in its entirety
without the Chief Executive Officer or any other member of Group
Management present, normally at the meeting that deals with the year-
end report. The auditors also participate in the Board meeting dealing
with the report for the first nine months of the year.
AUDITED ANNUAL REPORT – BOARD OF DIRECTORS’ REPORT
55
ANNUAL AND SUSTAINABILITY REPORT 2021
AUDITED ANNUAL REPORT – BOARD OF DIRECTORS’ REPORT
SUSTAINABILITY REPORT
Elanders’ sustainability work is based on the UN global goals and the
focus areas Environment and climate, Employees, Social conditions and
human rights and Ethics and anticorruption.
Elanders believes
the success of a
company should
be measured
in more than just
numbers and we
are truly engaged
in creating a
good balance
between building
up a successful
company and
taking
responsibi lity
for social,
ethical and
environmental
issues.
S
ustainability is an integrated part of Elanders’
business and strategy and Elanders considers it to
be both a responsibility and a business opportunity
that can provide great opportunities to create value and
improve profitability. In 2021, work continued to be
focused on the health and safety of employees due to the
ongoing pandemic. At the same time the company has
continued to invest in sustainability, for instance by
recruiting Nathalie Bödtker-Lund as Sustainability Director
and by acquiring ReuseIT within Life Cycle Management.
SUSTAINABLE DEVELOPMENT
Since Elanders’ listing on the stock market in 1989, the
Group has been slowly transforming from being a purely
graphic company with operations primarily in Sweden
into a global service supplier with operations on four
continents. Elanders has always strived to follow current
trends like digitalization and globalization, current issues
like climate change and shrinking natural resources as
well as structural changes in the graphic industry. Along
the way, acquisitions have contributed to the company’s
ability to expand into new markets, customer segments
and services.
Elanders believes the success of a company should
be measured in more than just numbers and are truly
engaged in creating a good balance between building up
a successful company and taking responsibility for social,
ethical and environmental issues. Elanders is convinced
that the best way to reach targeted goals is by having
clearly formulated social, ethical and environmental
principles, and then making sure they are being complied
with. Elanders sees opportunities in working actively
with sustainability to create value for the company and
stakeholders and at the same time improve profitability
through, for instance, greater resource efficiency and
reducing costs like those for raw materials, energy and
transportation.
The demands regarding CSR made on major, multi-
national companies are just as high for their partners.
Elanders’ sustainability work is largely governed by the
very high demands made by customers who in their
own environmental and quality documentation stipulate
requirements that suppliers must meet as well.
Every employee at Elanders is responsible for contri-
buting to positive effects on the environment, improving
the work environment, increasing equality, and counter-
acting corruption. Elanders works according to guidelines
concerning CSR and is intent on contributing to develop-
ing society in the countries where the Group operates.
INTEGRATED SUSTAINABILITY
Elanders’ sustainability work covers the Group’s entire
business model and permeates the company at every level.
Sustainability matters are an integrated part of operations
and decision-making. The goal is to have a positive im-
pact on the environment. Elanders should also contribute
to a sustainable social development and be a responsible
and attractive employer.
As a way of focusing on developing sustainable and
circular solutions Elanders has employed Nathalie
Bödtker-Lund as Sustainability Director. The aim is to
develop a sustainability strategy that comprises the entire
Group and that will generate concrete and comprehensive
goals for Elanders.
ABOUT THE SUSTAINABILITY REPORT
This Sustainability Report refers to the financial year
2021 and regards Elanders as the Group appeared at
the end of 2021. The acquisitions during the year did
not affect the scope of the Sustainability Report. The
Sustainability Report includes subsidiaries held by the
Group during most of the year.
The report covers the sustainability areas considered
material to Elanders and its stakeholders within financial,
environmental, and social aspects. The objective of the
Sustainability Report is to present a fair image of the
sustainability work performed within the Group. The
Sustainability Report is published once a year and is
integrated in the Annual Report.
Elanders’ aim is to further increase the transparency
regarding the sustainability work by increasing the collec-
tion and analysis of sustainability data as well as increas-
ing the scope of its presentation. The ambition is to be
able to present the Sustainability Report in accordance
with the GRI Standards onwards.
ÅRS- OCH HÅLLBARHETSREDOVISNING 2021
56
ANNUAL AND SUSTAINABILITY REPORT 2021
STAKEHOLDER DIALOGUE
Elanders maintains a continuous dialogue with stakeholders to ensure that the
prioritizations in the business are relevant over time. The five overriding stake-
holder groups shown below have been identified as valuable for continuous devel-
opment and improving Elanders’ sustainability work. The continuous dialogues
also forms a basis for the Sustainability Report.
MATERIALITY ANALYSIS
Elanders has performed a materiality analysis based on financial, environmental,
social, and ethical aspects. The analysis is based on continuous dialogues with
different stakeholder groups as well as information from the Board, Group
Management, and other leading officers. The materiality analysis resulted in four
material areas that Elanders’ sustainability work is mainly focused on. Underlying
aspects and key ratios linked to these four areas were also identified for Elanders’
sustainability work. The main material areas will be reviewed continuously to en-
sure that Elanders is working with issues relevant to its business and stake holders,
and contributes to development over time.
MATERIALITY ANALYSIS
Stakeholder dialogue and
AUDITED ANNUAL REPORT – BOARD OF DIRECTORS’ REPORT
STAKEHOLDER
GROUP
COMMUNICATION WITH
STAKEHOLDER GROUPS
FinancialreportsAnnualGeneral
MeetingInvestormeetings
WebsitePressreleases
Shareholders and
investors
Employees
Suppliers
Customers
Society
DevelopmentdiscussionsIntranet
otherinternalcommunication
channelsDialoguewithunions
Continuousdialogue
Procurementsandpurchasing
negotiations
Continuousdialogue
Customersurveys
LocalcooperationParticipation
innetworksTraineesandstudent
essays
Environment
and climate
Historically, Elanders’ operations have
primarily had a direct impact on the
environment through noise and solvent
emissions. Since the acquisition of LGI in
2016 Elanders has a fleet of around 280
trucks with trailers. This fleet of trucks
has a direct impact on the environment
through transportation performed on
behalf of customers. The extent of
use for these trucks is largely beyond
Elanders control, as it depends on the
customers’ volumes. Transportation
adds to noise levels, air pollution, acidi-
fication, over fertilization and increased
greenhouse eects.
Another aspect of Elanders’ climate
impact is energy consumption. Energy
in Group facilities is mainly used in
manufacturing, heating, lighting and
cooling.
WHAT ELANDERS DOES
Elanders work to reduce its negative
impact on the environment and climate,
and the Group places great importance
on strictly following legal requirements
concerning the environment.
Elanders also strives for driving as en-
vironmentally friendly as possible, using
transportation solutions that are as cost
and energy-ecient as possible, and
also optimizing the customers’ trans-
portation. Elanders is also evaluating
electric trucks as a potential transport
solution.
Elanders also works continuously
to reduce energy consumption and to
increase the proportion of renewable
electricity in the operations.
The following areas are considered ma-
terial for Elanders’ environmental work:
• Materials
• Energy consumption
• Emissions
The following key ratios have been
identified in the area:
• Percent of renewable electricity
• Emissions from transportation
57
ANNUAL AND SUSTAINABILITY REPORT 2021
AUDITED ANNUAL REPORT – BOARD OF DIRECTORS’ REPORT
Employees
The Elanders Group has 7,019
employees in some 20 countries.
To actively work with human resources
is essential since employees that are
healthy and motivated contributes to
Group development and success on
every level.
WHAT ELANDERS DOES
Work concerning employees is
governed by the Group’s Code of
Conduct. Employees receive training
continuously to ensure awareness
of the Group’s common values.
Central monitoring takes place every
other year and continually by each
company to ensure that the Code of
Conduct and Anti-Corruption Policy
have been communicated to all
employees. Each company is
responsible for creating their own
procedures and guidelines to ensure
conformance with the code.
The following areas are considered
material for Elanders’ work concern-
ing employees:
• Common values
• Health and safety
• Equality, equal opportunity and
diversity
The following key ratios have been
identified in the area:
• Personnel turnover
• Absence due to illness
• Gender distribution
Ethics and
anti-corruption
An ethical and transparent approach
is fundamental to Elanders reducing
the risk for conflicts of interest as well
as having a profitable and sustainable
business with a strong brand.
WHAT ELANDERS DOES
Elanders follows all applicable
laws and regulations, locally and
internationally. Elanders has an
Anti-Corruption Policy that comprises
all employees, the Board and other
persons that act in Elanders’ name.
The following areas are considered
material for Elanders’ work concerning
ethics and anti-corruption:
• Policies and education
Elanders has zero-tolerance for any
type of corruption or bribe, which
means the number of incidents
concerning corruption is an important
key ratio to monitor and the target
number is zero.
Social conditions
and human rights
Because Elanders is a global business
with operations on several continents,
it is imperative to work with social
conditions and human rights. Although
ensuring fair working conditions on
every level is a given, constant focus
and follow-up is a necessity. As a
globally active and influential group,
Elanders intends to be one of the best
regarding CSR and corporate engage-
ment in every area the company is
engaged in.
WHAT ELANDERS DOES
Elanders’ work regarding social condi-
tions and human rights is based on
the Group’s Code of Conduct. Elanders
intends to be one of the best regarding
CSR and corporate engagement and
all companies in the Group are encour-
aged to support and get involved in
both global as well as regional/local
projects where they believe their
contributions can make a dierence.
The following areas are considered
material for Elanders’ work concerning
social conditions and human rights:
• CSR
• Equal rights
58
ANNUAL AND SUSTAINABILITY REPORT 2021
AUDITED ANNUAL REPORT – BOARD OF DIRECTORS’ REPORT
ELANDERS’ CODE OF CONDUCT
Elanders’ Code of Conduct stipulates that both Elanders and its employ-
ees’ actions and behavior must be characterized by honesty, integrity,
personal responsibility, sincerity, loyalty and respect for others and the
environment. The Code of Conduct comprises all employees, the Board
and other people that act on Elanders’ behalf. Elanders’ Code of Con-
duct also comprises suppliers and business partners to ensure that the
code has an impact throughout the entire value chain.
At the end of 2019, the Code of Conduct and Anti-Corruption Policy
was communicated to every company in the Group. Employees have
received training during the year and this will continue in 2022 when
classroom training, which was postponed due to COVID-19, will
hope fully become available in the later part of the fall. Central monitor-
ing takes place every other year and continuously by each company to
ensure that the Code of Conduct and Anti-Corruption Policy have been
communicated to all employees. In 2021 81 percent of all white-collar
workers in Elanders completed the training.
ENVIRONMENT AND CLIMATE
Elanders works systematically to reduce its environmental impact and
develop products, services, and processes to achieve optimal quality. The
overriding environmental goal is to reduce the Group’s environmental
impact in every company without lowering quality. Almost all companies
are certified according to established quality and environmental stan-
dards like ISO 9001 and ISO 14001. The Group places great importance
on strictly following legal requirements and compliance with other
requirements in the regular environmental reviews performed according
to ISO 14001 and in the investigations involved in acquisitions.
During the year, Elanders continued to work on reducing the environ-
mental impact, everything from measures to reduce energy consumption
and greenhouse gas emissions to generating less hazardous waste. Each
company in the Group is responsible for its own environmental and
quality work to meet local regulations and the quality and environmen-
tal reviews initiated by Elanders’ customers. A previous example that
demon strates good results from this work, and which is still being evalu-
ated, comes from LGI. Together with the customer Porsche, Elanders
invested in a completely new electrical truck that daily transports com-
ponents from Elanders’ warehouse in Freiberg, Germany to Porsche’s
production plant. Changing to an electrical truck reduces emissions
by more than 30 tons annually and is a milestone on the road to more
environmentally friendly logistics at Elanders.
Material
The connection between quality-assured production and manufacturing
with a lower environmental impact is becoming evident to more and
more companies. Environmental demands from customers and authori-
ties can vary greatly from one geographic market Elanders operates to
another, but the general trend is clear. Offering sustainable production
on every level is becoming a prerequisite to be able to compete, particu-
larly in global business.
Paper is a comprehensive part of the material used in production in
the business area Print & Packaging Solutions and the Group works on
monitoring, analyzing, reducing, and actively dealing with paper waste.
When possible, Elanders produces print-on-demand, which reduces the
risk of unused editions that will be scrapped at a later date. Elanders has
several ecolabels in different operations such as the Swan, FSC
®
Forest
Stewardship Council, Carbon Footprint and Climate Neutral Company.
Energy consumption
Reducing energy consumption and improved energy efficiency is an
important focus area at Elanders and part of the continuous improve-
ment work to save energy in operations. Elanders’ goal is to reduce
energy consumption and use as much renewable electricity as possible on
the markets where it is available. Energy consumption and energy costs
are regularly monitored to ensure the goal is met and that measures are
always being taken to save energy.
Elanders primarily uses electricity and natural gas. When making new
investments, Elanders selects the best possible technique from an energy
efficiency perspective. For instance, many forklifts in the Group’s facili-
ties are electric.
Elanders’ Code of Conduct and anti-corruption policy
comprises all employees and contains guidelines and
regulations for the way Elanders’ employees should relate
to customers, suppliers and society in general. All busi-
ness in Elanders is conducted with social responsibility
and ethics. Taking social responsibility includes promo-
ting human rights and fair working conditions as well as
counteracting corruption. It is the responsibility of each
company’s management that these rules are followed by
formulating and communicating guidelines and policies
adapted to their specific company.
Elanders’ Code of Conduct also comprises suppliers
and business partners to ensure the Code of Conduct
permeates in every part of the value chain.
The Code of Conduct is based on international principles
such as the UN Universal Declaration of Human Rights,
the UN Global Compact, ILO Declaration on Fundamental
Principles and Rights in Working Life and the OECD
guidelines for multinational companies.
Elanders’ Code of Conduct and Anti-Corruption Policy
AUDITED ANNUAL REPORT – BOARD OF DIRECTORS’ REPORT
Percentage of renewable electricity
All operations
ThepercentageofelectricityconsumedbytheGroupthatcomesfrom
renewablesourceshasincreasedcomparedtolastyearThisislargelydue
tooperationsinSupplyChainSolutionsreplacingmostoftheirenergy
supplywithrenewableelectricityasofJanuaryAtthesametime
theworktosaveenergyhascontinuedamongotherthingsthroughthe
installationofLEDlightinginproductionspaceandoceslessenergy
usedinrelationtomachinehoursaswellastheimplementationofenergy
ecientelectronicequipmentandsystemsformonitoringandcontrolling
energyconsumption
Emissions
Transportation is currently an indisputable necessity to Elanders’ cur-
rent financial and social development. At the same time transportation
has a negative effect on people’s health and the environment. Elanders’
emissions into the air primarily consist of carbon dioxide and are largely
generated by transportation.
Progress is continually being made in different areas to reduce the
negative effects of transportation in Elanders, particularly in business
area Supply Chain Solutions with its fleet of around 280 trucks. Utiliza-
tion of this fleet is to a large extent steered by customer volumes and
the kind of transportation a customer needs. However, Elanders tries to
make driving as environmentally friendly as possible, find transportation
solutions that are as cost and energy efficient as possible, and to optimize
customers’ transportation. As a result of continuously upgrading the
fleet, Elanders has drastically lowered carbon dioxide emissions. In
2021, all trucks complied with the Euro 6 norm of a maximum of
80 mg/km NOx emissions. A consequence of this high standard has
been a dramatic reduction in fuel consumption in the past few years.
Elanders also works continuously to streamline transportation, thereby
reducing environmental impact. Efficient motors, well-developed GPS
systems, driver training, and awarding the most fuel-efficient drivers are
all activities that contribute to reducing fuel consumption.
Elanders uses different types of solvent in producing printed matter
– mostly vegetable solvents, aliphatic solvents as well as isopropanol.
Elanders’ goal is to eliminate the use of aromatic solvents since they have
a severe negative effect on both health and the environment. The kind of
solvents in use are routinely monitored.
According to the Environmental Code in Sweden and corresponding
legislation in other countries, several printing plants are required to have
permits or submit reports depending on their total consumption of sol-
vents. Local companies are responsible for making sure they comply with
the laws, regulations, and standards valid for their operations and that
the necessary measures are taken to meet all requirements.
Using solvents also causes emissions of VOC (Volatile Organic
Compounds). Elanders continually looks for ways to reduce the environ-
mental impact of these emissions without affecting product quality
negatively, for example through more efficient methods that reduce
consumption or by switching to less volatile alternatives. During the
year more investments were made in digital presses with new technology
which means lower emissions of VOC and ozone as well as significantly
lower energy consumption.
Elanders’ long-term goal is to reduce direct and indirect emissions
of greenhouse gases. The Group’s greatest impact comes from carbon
dioxide emissions from the transportation fleet.
Emissions
Averagecarbondioxideemissions
perkmtons
Averagefuelconsumption
perkmliters
Averagecarbondioxideemissionsperkmtonsisonparwiththe
previousyearandisconsideredtoprovideafairviewofaveragecarbon
dioxideemissionsfromoperationsovertimesinceitisnotlinkedtothe
numberoftrucksinuse
Averagefuelconsumptionforandhasbeenadjustedbased
onmoreexactcalculationmethodsInfuelconsumptionper
kmdecreasedslightlycomparedtoMeasurestoreducefuel
consumptionarebeingtakencontinuouslyforinstancebythegradual
replacementofbatteriesindividualfollow-upanddrivertrainingaswell
asimplementingbonusprogramsconnectedtofuelconsumptionThis
workiscontinuous
THE EU TAXONOMY CLIMATE DELEGATED ACT
In accordance with the Taxonomy regulation ((EU 2020/852) and its
delegated acts (the “taxonomy”), companies should identify the eco-
nomic activities that are environmentally sustainable based on technical
audit criteria. For a certain economic activity to be classified as environ-
During the year more investments were
made in digital presses with new technology
which means lower emissions of VOC and
ozone as well as significantly lower energy
consumption.
60
ANNUAL AND SUSTAINABILITY REPORT 2021
AUDITED ANNUAL REPORT – BOARD OF DIRECTORS’ REPORT
mentally sustainable, it should materially contribute to one, or several, of
six defined environmental objectives, not cause significant damage to any
of the objectives and abide by fundamental labor law conventions and
human rights.
In 2021, three key financial ratios will be reported that show how
much of the business comes under taxonomy’s technical audit criteria
regarding climate change. Based on this Elanders has concluded that the
Group financial operations that this reporting encompasses are services
regarding road transportation (EU Taxonomy 6.6 Freight transport
services by road) under Elanders’ auspices. These services are supplied by
business area Supply Chain Solutions. Road transportation is carried out
either with owned or leased trucks. The type of vehicle used is decided
through dialogue with customers. Based on the customers’ requirements,
Elanders works continually to ensure that transportation is as environ-
mentally friendly as possible, using as the most cost- and energy-efficient
solutions as possible while optimizing customers’ transportation.
The following items linked to the above-mentioned road transport
have been included in taxonomic activities; revenues from road trans-
port; capital expenditures relating to acquired trucks and new right-of-
use assets relating to trucks; operating costs related to the above trucks,
such as maintenance and repair costs. Since this activity only takes place
within one business area, no double counting should be possible.
Total
(MSEK)
Shareof
taxonomy-
eligible
activities(%)
Shareof
non-taxonomy-
eligible
activities(%)
Turnover
)
Capitalexpenditure
)
Operatingexpenses
)
)
TheGroup’stotalnetsalesreportedaccordingtoprinciplein
note
)
Currentyear’sinvestmentsintangibleintangibleandright-of-
useassetsThisalsoincludescorrespondingassetsfrom
businesscombinationsbutnotgoodwillcustomerrelationships
andtrademarkswithindefiniteusefullifeSeedetailsinnote
and
)
Directcostformaintainingthefixedassetscoveredbythe
taxonomyregulations
LIFE CYCLE MANAGEMENT
In Life Cycle Management, Elanders has taken the initiative to create
more climate friendly services. There is a huge sustainability factor in
extending the life of, and reusing, equipment before it is finally recycled,
since most of a product’s environmental impact comes from producing
it. In the service area Renewed Tech for IT equipment, Elanders handles
obsolete units like computers, monitors, cell phones, servers and other
computer accessories. IT equipment is picked up from the customer and
each unit is inspected, refurbished and all data, for example company
information and personal data, are wiped. Then the products are sold
on the second-hand market. Equipment and parts that cannot be reused
are properly recycled. Refurbishing equipment can double the product’s
lifetime, generating considerable carbon dioxide savings.
By using Elanders’ services customers can take a global responsibility
for their IT units and reduce their climate impact and thereby contribute
to a more circular economy. At the same time, they receive a correct
valuation of their equipment which can often be very valuable on the
second-hand market today. Customers are also offered full transparency
throughout the entire process, which is greatly appreciated.
During the year Elanders strengthened its offer in sustainable services
by acquiring ReuseIT that is specialized in purchasing, securely erasing,
renovating, reselling and renting out used IT equipment. The acquisition
of ReuseIT is another step in Elanders’ investments within sustainable
services that contribute to a circular economy.
As a further step in Elanders’ sustainability work and to actively
contri bute to a more circular economy, a partnership with Universeum
was initiated at the end of 2020. Universeum is Sweden’s national
science center and a powerful arena for academic and popular education
in science, technology, and sustainable development. The partnership is
focused on reusing electronics, thereby increasing the lifetime of these
products, which leads to considerable environmental gains.
EMPLOYEES
Through a number of acquisitions around the world, the number of
employees has more than quadrupled in recent years. The majority of the
increase in employees came through the acquisitions of Mentor Media
in 2014 and LGI in 2016. Elanders’ companies are to a large degree
autonomous and follow the valid laws and regulations in their respective
countries and regions. Nonetheless, it is important to have a set of com-
mon values within the Group in order to achieve a stable value founda-
tion. These values are communicated to the employees through the Code
of Conduct, which was updated in 2019. At the end of the year, 7,019
people were employed in some 20 countries on four continents.
North- and South America
Europe
Asia
NUMBER OF EMPLOYEES PER REGION
Americas
EU
Asien
Lorem ipsum
CO
2
-SAVINGS
CO
2
-savings
1)
in thousands of ton
from Elanders’ Renewed Tech operations
)
TheCO
savingsietheCO
equivalenthavebeencalculatedinaccordance
withtheprinciplesstatedinRapportBProduktdatabasermiljöfördelar
medåterbrukdevelopedbyIVLSvenskaMiljöinstitutetincollaboration
withInregoAB
~17
61
ANNUAL AND SUSTAINABILITY REPORT 2021
AUDITED ANNUAL REPORT – BOARD OF DIRECTORS’ REPORT
Personnelturnover%
Allemployees
Therateofpersonnelturnoverhasdecreasedcomparedtotheprevious
yearduetofewertemporaryandseasonalstaHowevertemporaryand
seasonalstacontinuetocontributetoarelativelyhighrateofturnover
Health and safety
Employees are Elanders’ greatest asset and their health and safety have
the highest priority. A healthy and secure work environment leads to
healthy employees that work safely, are more productive, and contribute
to society at large. Elanders has a zero vision concerning injuries at the
workplace and works continuously on reducing risks that can lead to
serious injuries. Elanders’ policy concerning the work environment is
found in the Group’s Code of Conduct, where guidelines concerning the
identification, management, and prevention of potential safety risks and
emergencies are described in order to promote a good working environ-
ment and reduce the risk of injuries and illness. It is the responsibility of
each company’s management that these rules are followed by formulat-
ing and communicating guidelines and policies adapted to their specific
work environment.
An important indication of how the work environment functions
is absence due to illness and Elanders continuously strives to create
conditions for as little absence due to illness as possible. In addition to
following the guidelines in the Code of Conduct, Elanders continuously
identifies improvement measures for personnel in the work environment,
such as automation in production and ergonomic workplaces. Most
injuries occur in production and the most common workplace injuries at
Elanders are minor cuts or wounds from falling.
In 2021, Elanders continued to be focused on the health and safety
of its employees due to the ongoing pandemic. Preventative measures
include working from home when possible, measuring temperatures
before allowing entrance to offices and plants for both employees and
guests, minimizing trips and holding digitalized meetings. Elanders’
subsidiaries LGI and ITG also launched a joint occupational health
vehicle where the employees could get vaccinated against COVID-19 if
they so wished. When the vaccination campaign is over, the truck will
become an integrated part of occupational health and will be used for
other care purposes when visiting the different locations. Together with
all the other measures that Elanders has taken, this is another milestone
that contributes to battling the coronavirus pandemic as well as keeping
Group employees healthy.
Last year, Elanders, via the subsidiary Mentor Media, donated one
million surgical masks, and 100,000 face shields and isolation gowns
to different hospitals in Singapore. It was part of a joint initiative, SG
United Initiative, where Mentor Medias’ role was to provide personal
protection equipment to the hospitals and other companies provided the
logistics around it.
Absenceduetoillness%
Allemployees
Short-termabsence
Long-termabsence
Absenceduetoillnesshasdroppedcomparedtolastyearprimarilydue
toCOVID-Asinthepreviousyeartheincreaseinlong-termabsenceis
primarilyrelatedtoCOVID-
Equality, equal opportunity, and diversity
Because of the development Elanders has gone through in the past few
years, partly through major acquisitions, the Group’s composition of
employees has changed and it is now significantly more spread out geo-
graphically. This has not, however, changed Elanders’ basic premise that
long-lasting profitability can only be reached if there is equality, equal
opportunity and diversity in the workplace. Among other things, this
means that all employees should have the same opportunities to advance
their careers. During the year, the work in this area continued as well as
the development of a formal Equal Opportunity Plan for the Group that
will be regularly evaluated by Elanders’ Board and Group Management.
In addition, each company works continuously with matters concerning
equality, equal opportunity, and diversity in their respective organiza-
tions.
Genderdivision%
Men
women
Men
women
Men
women
Allemployees
Middlemanagement
GroupManagement
BoardofDirectors
SOCIAL CONDITIONS AND HUMAN RIGHTS
CSR
As an active global group, Elanders wants to be among the best
regarding CSR and corporate commitment everywhere the company is
involved. There are several different projects concerning social responsi-
bility and aid going on in the Group. Each company decides themselves
which projects they want to be involved in and support through, for
instance, donations and support to regional and local organizations such
as schools and orphanages.
One example is how Elanders in the USA has supported The United
Way of the Quad Cities for many years. The organization helps city
residents through activities that improve their health and increase their
financial stability, and by providing education. In 2021, as in previous
years, Elanders sponsored a campaign where for a week, employees
focused on contributing as much as possible to the organization through
diverse activities, events, and collections. Another example is support for
the program Rede Cultural Beija-Flor for vulnerable children in Brazil
through financial aid, printed material, and internships to give children a
better start and reduce the number of street kids in the area.
LGI and ITG launched a joint occupational health vehicle during 2021.
62
ANNUAL AND SUSTAINABILITY REPORT 2021
AUDITED ANNUAL REPORT – BOARD OF DIRECTORS’ REPORT
Together with around ten other Swedish companies, Elanders initiated
a collaboration with the organization Pratham Education Foundation
in 2017. The innovative education organization was started in 1995 to
improve the quality of education in India. Pratham has become one of
the largest charitable organizations in the world today. Its founding prin-
ciple is to help as many children as possible to achieve higher levels of
knowledge through education programs that take into consideration the
gaps in the Indian educational system. Pratham’s educational methods,
which are based on the student’s actual level of knowledge, have been
formed and developed together with researchers Esther Duflo, Abhijit
Banerjee, and Michael Kremer who have carried out several field studies
on Pratham’s work. They were awarded the Swedish Central Banks Prize
in Economic Sciences in Memory of Alfred Nobel 2019 for their work in
this area.
The project was severely affected in 2021 by the coronavirus pandemic,
which has affected India hard. Pratham has worked intensively to
keep in touch with the children and villages to ensure that the students
continued to receive an education. The work has largely been online,
where children have had homework sent to their parents’ or siblings’
cell phones and later submitted it or presented it in a video conversation.
The aim of the activities implemented during the year was to create the
best prerequisites possible for the children when the school opens again
and society goes back to normal. In 2021, around 5,000 volunteers were
recruited in Assam and West Bengal who enabled more than 400 villages
to continue participating in Pratham’s activities.
Fair conditions
Elanders’ values regarding fair conditions are established in the Code of
Conduct which stipulates that Elanders works to protect international
human rights. The Code of Conduct strictly prohibits any kind of forced
labor, human trafficking, and child labor. It is self-evident for Elanders
to work for children’s right to education and to protect children from
economic exploitation and dangerous or harmful jobs. Elanders’ work
is based on the UN Universal Declaration of Human Rights and the UN
Convention on the Rights of the Child.
Elanders’ Code of Conduct also contains prohibition of any kind of
harassment or discrimination. Everyone is offered the same opportunities
and is treated with respect. Elanders actively supports freedom of speech,
freedom of movement, and religious freedom within the framework of
applicable legislation, and the Group does not tolerate human rights
violations. In addition to this, Elanders provides fair working conditions
at the same time as national and local laws are respected in the countries
where operations are run. All Elanders employees have the right to a
written employment contract.
Elanders’ Code of Conduct also comprises suppliers and business part-
ners to ensure the Code of Conduct permeates every part of the value
chain. Elanders has therefore produced a “Suppliers Code of Conduct”,
which is communicated to suppliers and business partners. Each com-
pany is currently responsible for making sure that suppliers also comply
with the Code of Conduct where considered relevant. In the same way,
Elanders controls its suppliers, Elanders is often reviewed by customers
to make sure fair conditions are used in production.
Elanders has not found a relevant, quantitative key ratio for its work
on fair conditions. For the time being, Elanders will continue to focus on
making sure the Code of Conduct is communicated to all employees as
well as suppliers and business partners.
Sustainability initiative
Since 2000 Elanders is one of thirteen organizations that contribute to
the prize sum of SEK 1 million for WIN WIN Gothenburg Sustainability
Award (previously The Gothenburg Award for Sustainable Development).
Today the WIN WIN organization is a recognized catalyst for regional,
national and global sustainable development, with a particular focus on
younger generations. The WIN WIN Youth Award was instituted in 2018
and the organization works with alternate annual themes in ecology,
economy and social sustainability.
Some of the more well-known laureates are Gro Harlem Brundtland
(2002), Al Gore (2008), and Kofi Annan (2011). In 2021 the Icelandic
whistleblower Jòhannes Stefànsson was awarded the WIN WIN Gothen-
burg Sustainability Award on the theme anti-corruption for his disclo-
sure of the so-called Fishrot Files, a corruption scandal with its roots on
Iceland and in Namibia. The theme for 2022 is Sustainable Aquaculture.
ETHICS AND ANTI-CORRUPTION
Elanders’ reputation, ethical behavior, and trustworthiness are highly
valued by the Group and its customers and any kind of corruption could
impact the Group’s image very negatively. Elanders follows applicable
laws and regulations locally and internationally regarding both ethical
rules and corruption. The Group’s Anti-Corruption Policy “Anti-Cor-
ruption, Anti-Fraud and Anti-Money Laundering Policy” contains guide-
lines for handling corruption, fraud and money laundering, describes
the way Group employees should relate to customers, suppliers, other
stakeholders, and society in general. It clearly states that Elanders has
absolutely zero tolerance for any kind of fraud, bribes, or other actions
that create unfair advantages, and which transgress against Elanders’
policy, local laws and regulations, industry standards, and ethics codes in
the countries the Group is active in. Employees may not accept, be prom-
ised, demand, or swindle any kind of advantages in connection with their
position in the company. The policy also states that all employees are
obliged to comport themselves with integrity and ensure that they under-
stand and follow Group guidelines. The policy also contains instructions
on how to report any irregularities or deviations from the policy.
The updated Anti-Corruption Policy was communicated at the end
of 2019 together with an e-learning training for Group employees. In
2021, a total of 81 (77) percent of all white-collar workers at Elanders
completed the course. Education of Group employees is an ongoing
process. In 2022 the intention is to produce material for use in classroom
training, which was postponed due to COVID-19. There will be annual
follow-ups to ensure that all employees in the Group have completed
the anti-corruption course. The anti-corruption policy also contains
instructions for reporting deviations from the policy, i.e., a whistleblower
function. In 2021 one case was reported in the whistleblower function.
Actions were taken and the case has now been closed.
No significant incidents of fraud, corruption, bribes, or money laun-
dering have been reported in 2021.
THE EU GENERAL DATA PROTECTION REGULATION (GDPR)
GDPR became law in 2018 and is intended to protect individuals’ basic
rights, which is a human right. At the end of 2019, Elanders therefore
produced a course to ensure that employees are knowledgeable about,
and act in accordance with, the stipulations of GDPR. In 2021, a total
of 81 (75) percent of all white-collar workers at Elanders completed
the course. As with the anti-corruption training classroom training will
hopefully commence during the latter part of 2022 after a postponement
due to COVID-19. There will be annual follow-ups to ensure that all
Elanders employees have been trained in GDPR.
In the beginning of 2021, Elanders’ Binding Corporate Rules were
approved by the Swedish Authority for Privacy Protection (IMY),
making it only the third company in Sweden. These rules regulate how
Elanders handles personal data to ensure that data protection regula-
tions are followed when transferring personal data to Group companies
outside the EU/EES. Approval was received after an exhaustive review by
IMY and other co-reviewer European data protection authorities as well
as an opinion from the European Data Protection Board, EDPB.
63
ANNUAL AND SUSTAINABILITY REPORT 2021
AUDITED ANNUAL REPORT – BOARD OF DIRECTORS’ REPORT
Take urgent action to combat climate change
and its impacts.
Reducing energy consumption is fundamental
when Elanders makes new investments.
As far as possible, the company uses renew-
able energy in the markets where it is available.
Continuously upgrading the transportation fleet,
ecient motors, well-developed GPS systems,
continuously training drivers and awarding the
most fuel-ecient drivers contribute to reducing
fuel consumption.
Build resilient infrastructure, promote
inclusive and sustainable industrialization, and
foster innovation.
Ensure sustainable consumption and
production patterns.
Solutions for streamlining and consolidating
material flows and deliveries contribute sig-
nificantly to reducing Elanders customers’
environmental impact. Life Cycle Management
is an important part of the oer where Elanders
helps customers in every phase of a product’s
life cycle. For instance, the handling of returns
of worn-out IT equipment when delivering new
products to the customer, recycling computers,
monitors and printers and restoring products
for reuse on behalf of customers in a sustainable
way.
Constant appraisals to reduce Elanders’
environmental impact from emissions of volatile
organic compounds (VOC) in print operations
without negatively aecting quality, e.g., more
ecient methods that reduce consumption or
switching to less volatile solvents.
Promote sustained, inclusive, and sustainable
economic growth, full and productive employ-
ment and decent work for all.
Fair working conditions for all employees
through a clear Code of Conduct and continu-
ously monitoring the work environment and
workers’ rights.
Achieve gender equality and empower all
women and girls.
Reduce income inequality within and among
countries.
Elanders believes all people are equal indepen-
dent of age, gender, ethnicity, sexual orienta-
tion, religious beliefs, etc. The Code of Conduct
contains the strict prohibition of any kind of
harassment or discrimination.
Ensure an inclusive and equitable education and
promote lifelong learning opportunities for all.
Elanders supports several projects that promote
raising knowledge levels through education. For
example, Elanders works together with around
ten other Swedish companies with the organiza-
tion Pratham Education Foundation that strives
to improve the quality of education in India.
Agenda 2030, the UN’s 17 Sustainable Development Goals were adopted by most of the
world leaders in 2015 to promote socially, economically and environmentally sustainable
development. Elanders contributes to the goals in varying degrees. The ambition is that
Elanders sustainability work will create value for all stakeholders and thereby also
contribute to these goals. The following seven goals have been identified as the most
material for Elanders’ sustainability work:
DEVELOPMENT GOALS
UN’s sustainable
64
ANNUAL AND SUSTAINABILITY REPORT 2021
AUDITED ANNUAL REPORT – BOARD OF DIRECTORS’ REPORT
LIFE CYCLE
MANAGEMENT
Sustainability aspects:
• Waste, recycling and reuse
• Carbon dioxide emissions
How Elanders creates value:
• Extending the life of products and less
waste from IT equipment means greater
resource eciency and lower carbon
dioxide emissions.
• Substantial environmental gains can be
achieved by investing in and developing
unique solutions in companies within
Renewed Tech. With Elanders’ global
infrastructure these companies can scale
up their operations more quickly.
Elanders’ power to have an impact:
HIGH
Electronics’ greatest environmental impact
comes from producing them, which is why
extending the life of a product as long as
possible is so important. Creating solutions
for reusing electronics generates environ-
mental gains since the electronic compo-
nents come to good use instead of being
recycled or discarded.
PROCUREMENT &
INBOUND SERVICES
Sustainability aspects:
• Sustainable resource solutions
• Warehousing eciency
How Elanders creates value:
• Resource eciency – products and
services delivered eciently at the right
time.
• Elanders helps customers optimize their
product flows, warehouse levels and
storage space.
Elanders’ power to have an impact:
MEDIUM
Elanders works together with our partners
on a strategic, tactical, and operational
level in order to provide a combined pur-
chasing and procurement process which
means that redundant or unnecessary
costs are minimized by delivering products
and services eciently at the right time.
ORGANIZATION
Sustainability aspects:
• Health and safety
• Equality, equal opportunity, and diversity
• Social conditions, human rights, ethics,
and anti-corruption
How Elanders creates value:
• Elanders’ Code of Conduct and Anti-corruption
Policy comprises all employees, suppliers and
business partners. All business in Elanders is
conducted with social responsibility and ethically.
Elanders’ power to have an impact:
HIGH
Employees are Elanders’ greatest asset and
their health and safety have the highest priority.
A healthy and safe work environment leads
to healthier employees that work safely, are more
productive and contribute to society at large.
SUSTAINABLE VALUE CHAIN
Elanders creates value through the
Sustainability is an integrated part of Elanders’ offer and
Elanders aims to create value by being a resource-efficient
and sustainable company.
65
ANNUAL AND SUSTAINABILITY REPORT 2021
AUDITED ANNUAL REPORT – BOARD OF DIRECTORS’ REPORT
PRODUCTION
& ASSEMBLY
Sustainability aspects:
• Materials and chemicals in
products
• Energy consumption and energy use
• Social conditions, human rights, ethics,
and anti-corruption
How Elanders creates value:
• Our goal is to eliminate the use of
aromatic solvents and reduce paper
waste through print-on-demand.
• Lower energy consumption and using as
much renewable electricity as possible.
• Elanders’ Code of Conduct and
Anti-corruption Policy comprise all
employees, suppliers, and business
partners. All business in Elanders is
conducted with social responsibility
and ethics.
Elanders’ power to have an impact:
MEDIUM
Elanders works systematically to reduce
our environmental impact and develop
products, services, and processes in order
to achieve optimal quality without com-
promising on sustainability aspects.
DISTRIBUTION &
OUTBOUND SERVICES
Sustainability aspects:
• Carbon dioxide emissions
• Transportation eciency
How Elanders creates value:
• Lower fuel consumption through
ecient motors, well-developed GPS
systems and continuous driver training.
Using trucks that comply with the Euro
6 norm of a maximum of 80 mg/km
NOx emissions.
• Cost-eective transport solutions that
optimize customers’ transportation.
Elanders’ power to have an impact:
MEDIUM
Transportation on behalf of custom-
ers is out of Elanders’ hands since the
utilization of our fleet of trucks is steered
by customer volumes and the kind of
transportation customers need. However,
we strive to ensure driving as environ-
mentally friendly as possible, realize the
most cost and energy eective transpor-
tation solutions possible and optimize our
customers’ transportation. For example,
we already help customers with transport
by rail instead of by boat from Asia.
Read more about our
Business Model on
pages 16–17.
AUDITED ANNUAL REPORT – GROUP
66
ANNUAL AND SUSTAINABILITY REPORT 2021
MSEK Note 2021 2020
Net sales 2, 3 11,733.1 11,050.1
Cost of products and services sold –10,088.3 –9,478.5
Gross profit 1,644.8 1,571.6
Selling expenses –336.9 –317.4
Administrative expenses –782.0 –733.0
Other operating income 4 82.6 68.6
Other operating expenses 4 –28.2 –43.9
Operating result 5, 6, 7, 28 580.3 545.9
Financial income 8 25.2 27.2
Financial expenses 8 –123.5 –159.1
Result after financial items 482.0 414.0
Taxes 9 –151.0 –122.2
Result for the year 331.1 291.9
Result for the year attributable to
– parent company shareholders 322.3 287.1
– non-controlling interests 8.7 4.8
Earning per share, SEK
)
10 9.12 8.12
)
Therehavebeennodilutioneffects
MSEK 2021 2020
Result for the year 331.1 291.9
Items that will not be reclassified to the income statement
Actuarial gains/losses on defined benefit pensions plans 8.8 –8.9
Tax eect on actuarial gains/losses on defined benefit pensions plans –2.6 2.6
Items that will be reclassified to the income statement
Translation dierences 178.5 –224.9
Change in fair value of the hedge of the net investment abroad –9.6 15.7
Tax eect on the change in fair value of the hedge of net investments abroad 2.0 –3.2
Other comprehensive income 177.1 –218.7
Total comprehensive income for the year 508.2 73.2
Total comprehensive income attributable to
– parent company shareholders 499.2 69.5
– non-controlling interests 9.0 3.7
INCOME STATEMENTS
STATEMENTS OF COMPREHENSIVE INCOME
AUDITED ANNUAL REPORT – GROUP
67
ANNUAL AND SUSTAINABILITY REPORT 2021
MSEK Note 2021 2020
Operating activities
Result after financial items 482.0 414.0
Adjustments for items not included in cash flow 12 847.7 892.3
Paid taxes 9, 11 –128.0 –41.8
Cash flow from operating activities before changes in working capital 1,201.7 1,264.5
Cash flow from changes in working capital
Increase (–)/decrease (+) in inventory –128.3 76.8
Increase (–)/decrease (+) in operating receivables –253.6 326.3
Increase (+)/decrease (–) in operating payables 243.4 57.7
Cash flow from operating activities 1,063.2 1,725.3
Investing activities
Investments in intangible and tangible assets 13, 14 –139.5 –92.7
Divestment of tangible assets 14 11.6 5.7
Acquired and divested operations 29 –1,266.8 –29.5
Change in long-term receivables 0.3 0.8
Cash flow from investing activities –1,394.4 –115.7
Financing activities
Amortization of borrowing debts 22 –2,075.4 –166.8
Amortization of lease liabilities 22 –647.6 –657.9
New loans 22 3,089.0 –
Other changes in interest-bearing liabilities 12, 22 –199.7 –292.7
Dividend to shareholders –112.1 –
Transactions with shareholders with non-controlling interest – 57.6
Cash flow from financing activities 54.2 –1,059.8
Cash flow for the year 11 –277.0 549.9
Cash and cash equivalents at the beginning of the year 1,101.4 655.2
Translation dierence in cash and cash equivalents 73.7 –103.7
Cash and cash equivalents at year-end 19 898.1 1,101.4
STATEMENTS OF CASH FLOW
AUDITED ANNUAL REPORT – GROUP
68
ANNUAL AND SUSTAINABILITY REPORT 2021
MSEK Note 2021 2020
ASSETS
Fixed assets
Intangible assets 13 4,516.5 3,084.9
Tangible assets 14, 27 698.2 518.7
Right-of-use assets 15 2,673.6 1,736.8
Investments in associated companies 16 – –
Deferred tax assets 9 341.1 286.5
Other financial assets 11.3 10.5
Total fixed assets 8,240.7 5,637.3
Current assets
Inventory 17 400.4 232.9
Accounts receivable 20 1,822.1 1,343.5
Current tax receivables 9 28.3 22.0
Other receivables 133.3 101.2
Prepaid expenses and accrued income 18 276.7 200.8
Cash and cash equivalents 19, 23 898.1 1,101.4
Total current assets 3,558.9 3,001.8
Total assets 11,799.6 8,639.1
EQUITY AND LIABILITIES
EQUITY
Share capital 353.6 353.6
Other contributed capital 1,275.6 1,275.6
Retained earnings 1,647.3 1,257.7
Equity attributable to parent company shareholders 21 3,276.5 2,887.0
Equity attributable to non-controlling interests 27.4 20.9
Total equity 3,303.9 2,907.8
LIABILITIES
Long-term liabilities
Lease liabilities 20, 22 2,065.8 1,180.0
Other interest-bearing liabilities 20, 22, 23, 27 3,161.5 1,980.7
Provisions for post-employment benefits 23, 24 98.6 107.7
Other provisions 25 19.3 19.4
Deferred tax liabilities 9 233.6 168.4
Total long-term liabilities 5,578.8 3,456.2
Short-term liabilities
Lease liabilities 20, 22 689.0 608.7
Other interest-bearing liabilities 20, 22, 23, 27 131.9 78.3
Accounts payable 20 875.4 641.7
Current tax liabilities 9 109.0 71.4
Other liabilities 160.8 118.8
Accrued expenses and deferred income 26 812.0 595.4
Other provisions 25 138.8 160.8
Total short-term liabilities 2,916.9 2,275.1
Total equity and liabilities 11,799.6 8,639.1
STATEMENTS OF FINANCIAL POSITION
AUDITED ANNUAL REPORT – GROUP
69
ANNUAL AND SUSTAINABILITY REPORT 2021
Equityattributabletoparentcompanyshareholders
Equity
ofnon-
controlling
interest
Total
equityMSEK
Share
capital
Other
contributed
capital
Retained
earnings Total
OpeningbalanceasofJan 353.6 1,275.6 1,147.7 2,777.0 – 2,777.0
Transactionswithshareholderswith
non-controllinginterest – – 40.5 40.5 17.2 57.5
Resultfortheyear – – 287.1 287.1 4.8 291.9
Othercomprehensiveincome – – –217.6 –217.6 –1.1 –218.7
ClosingbalanceasofDec 353.6 1,275.6 1,257.7 2,887.0 20.9 2,907.8
Dividendtoshareholders – – –109.6 –109.6 –2.5 –112.1
Resultfortheyear – – 322.3 322.3 8.7 331.1
Othercomprehensiveincome – – 176.8 176.8 0.3 177.1
ClosingbalanceasofDec 353.6 1,275.6 1,647.3 3,276.5 27.4 3,303.9
Retained earnings include other reserves amounting to MSEK 227.0 (56.6 ).
STATEMENTS OF CHANGES IN EQUITY
AUDITED ANNUAL REPORT – GROUP, NOTES
70
ANNUAL AND SUSTAINABILITY REPORT 2021
Revenue recognition
NetsalesconsistsofsalesofbothproductsandservicesSince
allproductsareessentiallyintegratedpartsofservicedeliveries
tocustomersasplitofrevenuesintoproductsandservicesisnot
meaningful
Revenueisrecognizedwhenthecontrolhasbeentransferred
tothecustomerinconnectionwithfinaldeliveryRevenuefrom
contractswithcustomersareeitherrecognizedatonepointin
timeorovertimeastheserviceisperformedinaccordancewith
thecontract
Lease agreements
Leaseagreementsarerecognizedasright-of-useassetswitha
correspondingleaseliabilityinthebalancesheetwhenthelease
assetisavailabletousebyElanders
Leaseliabilitiesarerecognizedasthepresentvalueoffuture
leasepaymentsEachpaymentisdividedbetweenamortization
oftheleaseliabilityandafinancialcostThefinancialcostisallo-
catedovertheleasetermsothateachreportingperiodischarged
withanamountcorrespondingtoafixedinterestratefortheliabil-
ityrecognizedduringeachperiodLeasepaymentsarediscounted
withtheinterestrateimplicitintheleaseifthisratecaneasilybe
determinedOtherwisetheGroup’sincrementalborrowingrateis
appliedbasedoncurrencyandmaturityofleasecontracts
Theright-of-useassetsarerecognizedatcostandincludeinitial
presentvalueoftheleaseliabilityRestorationcostsareincluded
intheassetifacorrespondingprovisionforrestorationcosts
existsTheright-of-useassetisdepreciatedonastraight-line
basisovertheassetsusefullifeandtheleasetermwhicheveris
theshortest
Theleasetermisdeterminedasthenon-cancellableperiodof
theleasetogetherwithperiodscoveredbyanoptiontoextend
orterminatetheleaseifitisreasonablycertainthattheoption
willbeexercisedEvaluationofthecertaintythattheoptionwill
beexercisedismadebymanagementwhoconsiderallavailable
informationsuchascostsforterminationandtheimportanceof
theassetforthebusiness
Elandersleasesmainlycompriseofright-of-useassetsforprem-
isesmachineryandequipmentandvehiclesShort-termleases
andleasesforwhichtheunderlyingassesisoflowvalueare
exemptedandisexpensedonastraight-linebasisintheincome
statementLeasesoflowvaluemainlyincludeIT-equipmentand
oceequipment
Foreign currency
Itemsthatareincludedinthefinancialreportsfromthevarious
unitsintheGroupareoriginallyrecognizedinthecurrencyused
intheprimaryeconomicenvironmentwheretherespectiveunit
chieflyoperates(functionalcurrency)Intheconsolidatedfinan-
cialstatementsallamountsaretranslatedtoSwedishkronawhich
istheparentcompany’sfunctionalandreportingcurrency
Transactions and balance sheet items
Transactionsinforeigncurrencyarereportedineachunitbased
ontheunit’sfunctionalcurrencyaccordingtothetransactionday
exchangerateMonetaryassetsandliabilitiesinforeigncurrency
aretranslatedtobalancesheetdateratesandtranslationdier-
encesarereportedundertheresultfortheperiodTranslationdif-
ferencesinoperatingreceivablesandpayablesarerecordedunder
operatingresultswhiledierencesinfinancialassetsandliabilities
arereportedunderfinancialitems
Translation of foreign subsidiaries
Whenpreparingtheconsolidatedfinancialstatementsthebalance
sheetsofforeignoperationsaretranslatedtoSwedishkronawith
balancesheetdaterateswhileincomestatementsaretranslated
totheaverageexchangeratesfortheperiodTranslationdier-
General information
Elanders AB (publ.), corporate identity number 556008-1621,
is a limited company registered in Sweden . The parent company
is registered in Mölndal . Elanders is listed on NASDAQ OMX
Stockholm, Mid Cap. The company’s primary business and its
subsidi aries are described in the Board of Directors’ Report in this
Annual Report. The annual accounts for the financial year ending
on 31 December 2021 were approved by the Board and will be
presented to the Annual General Meeting on 21 April 2022 for
adoption.
Accounting principles
Financial reporting
TheGrouphaspreparedtheannualaccountsaccordingtothe
AnnualAccountsActtheEUapprovedInternationalFinancial
ReportingStandards(IFRSs)andtheinterpretationsofthe
InternationalFinancialReportingInterpretationsCommittee
(IFRIC)endorsedbytheEuropeanUnionasofDecember
InadditiontheGroupfollowstheSwedishFinancialReporting
BoardRecommendationRFRSupplementalAccountingRegula-
tionsforGroupswhichspecifiestheadditionstoIFRSsinforma-
tionthatarerequiredaccordingtotheprovisionsintheAnnual
AccountsActIngroupaccountingallitemsarevaluedatacquisition
valueunlessotherwisespecifiedTheGroupreportsinSwedish
kronaAllamountsaregiveninmillionsofSwedishkronaunless
otherwisespecifiedThefollowingisadescriptionoftheaccounting
principlesconsideredelemental
Consolidation
GroupaccountingcomprisestheparentcompanyElandersAB
andcompaniesinwhichElandersABdirectlyorindirectlyholds
acontrollinginterestSubsidiariesareallentities(including
structuredentities)overwhichthegrouphascontrolThegroup
controlsanentitywhenthegroupisexposedtoorhasrightsto
variablereturnsfromitsinvolvementwiththeentityandhasthe
abilitytoaectthosereturnsthroughitspowerovertheentity
Subsidiariesarefullyconsolidatedfromthedateonwhichcontrol
istransferredtothegroupTheyaredeconsolidatedfromthedate
thatcontrolceasesEquityintheGroupiscomprisedofequity
intheparentcompanyandthepartoftheequityinsubsidiaries
generatedafteracquisitionAlltransactionsandbalancesbetween
groupcompaniesareeliminatedintheconsolidatedaccounts
Associated companies
Associatedcompaniesarecompaniesinwhichthegrouphasa
significantinfluencenormallywhentheholdingequalatleast
percentbutlessthan percentofthevotesHoldingsinasso-
ciatedcompaniesarerecognizedinaccordancewiththeequity
method
Business combinations
Subsidiariesarereportedinaccordancewiththeacquisitionmethod
Acquiredidentifiableassetsliabilitiesandcontingentliabilities
arerecordedatfairvaluebasedonthedateofacquisitionThe
surplusarisingfromthedierencebetweenthecostoftheshares
insubsidiariesandthefairvalueoftheacquiredidentifiableassets
andliabilitiesisrecordedasgoodwillAcquisitionvalueisthefair
valueoftheassetsleftasreimbursementtotheselleraswellas
theliabilitiestakenoverontheacquisitiondateIftheacquisition
priceislowerthanthefairvalueoftheacquiredsubsidiary’snet
assetsthedierenceisrecordeddirectlyintheincomestatement
Additionalpurchasesumsarerecordedasfinancialliabilitiesuntil
theyaresettledAllacquisitioncostsareexpensedCompanies
acquiredinthecurrentyearareincludedingroupaccountingfrom
theacquisitiondateDivestedcompaniesareincludedingroup
accountingupuntilthedivestituredate
NOTE 1 – ACCOUNTING PRINCIPLES
AUDITED ANNUAL REPORT – GROUP, NOTES
71
ANNUAL AND SUSTAINABILITY REPORT 2021
encesarerecognizedastranslationreservesunderequityThe
accumulatedtranslationdier encesareredistributedandreported
aspartofcapitalgainslossesintheeventofadivestitureof
aforeignoperationGoodwillandadjustmentstofairvalueat-
tributabletoacquisitionswithanotherfunctionalcurrencythan
Swedishkronaarereportedasassetsandliabilitiesintheacquired
unit’scurrencyandtranslatedtobalancesheetdaterates
Remuneration to employees
Remunerationtoemployeesintheformofwagespaidvacation
andsickleavebonuspensionsandsoforthisreportedasitis
earnedPensionsandotherpost-employmentcontributionsare
classifiedasdefinedcontributionplansordefinedbenefitplans
Defined contribution plans
Inthecaseofdefinedcontributionplansthecompanypaysafixed
feetoaseparateindependentlegalentityandisnotobligatedto
payfurtherfeesGrouppaymentsfordefinedcontributionplans
arerecordedasanexpenseastheyareearnedwhichisnormally
thesameperiodthepremiumispaid
Defined benefit plans
Theliabilityreportedinthebalancesheetreferringtodefined
benefitplansisequivalenttothedefinedbenefitplanobligation
onthebalancesheetdatelessthefairvalueofplanassetsActu-
arialchangesarerecordedwithinothercomprehensiveincome
IntheElandersGroupthereareanumberofemployeesthathave
definedbenefitITPplansinAlectawhichareclassifiedasdefined
benefitmulti-employerpensionplanThismeansthatacompany
mustreporttheirproportionalshareofthedefinedbenefitpen-
sionobligationandtheplanassetsandexpensesthatareconnect-
edtothispensionplanSinceAlectacannotprovidethenecessary
informationthesepensionobligationsarerecognizedasdefined
contributionpensionplansaccordingtopointinIAS
Government grants
Governmentgrantsarerecognizedinthebalancesheetasprepaid
incomewhenthereisreasonableassurancethatgrantswillbe
receivedandthatElanderswillmeettheconditionsassociated
withthegrantsGrantsarereportedasacostreductionandac-
cruedoverthesameperiodsastherelatedcoststhatthegrantis
intendedtocompensate
Taxes
Theperiod’staxexpenseorincomeconsistsofcurrenttaxand
deferredtaxCurrenttaxisbasedonthefiscalresultfortheyear
Theannualfiscalresultdiersfromtheresultreportedfortheyear
duetoadjustmentsfornon-taxableandnon-deductibleitems
Deferredtaxistaxrelatingtotaxableortax-deductibletempo-
rarydierencesthatcauseorreducetaxinthefutureDeferred
taxiscalculatedaccordingtothebalancesheetmethodbasedon
temporarydierencesbetweenrecordedandfiscalvaluesofas-
setsandliabilitiesCalculationoftheamountsisbasedonhowthe
temporarydierencesareexpectedtoreverseusingenactedtax
ratesortaxratesannouncedonthebalancesheetdateDeferred
taxliabilitiesthatrefertotaxdeficitsanddeductibletemporary
dierencesareonlyreportedincaseswhereitisprobablethat
taxdeficitscanberecognizedagainsttaxsurplusesinthefuture
Deferredtaxisreportedasanincomeoranexpenseintheincome
statementexceptincaseswhereitreferstoatransactionthatis
recordedinothercomprehensiveincomeThenthetaxeectis
recordeddirectlyinothercomprehensiveincomeDeferredtax
assetsandliabilitiesareosetagainsteachotheriftheyreferto
incometaxthatischargedbythesametaxauthorityandwhere
theGroupintendstopaythenetamountintax
Earnings per share
Earningspershareiscalculatedbydividingtheresultfortheyear
attributabletoparentcompanyshareholderswiththeaverage
numberofoutstandingsharesduringtheperiodTheaverage
numberofoutstandingsharesduringtheperiodisadjustedforall
potentialdilutionofordinaryshareswhencalculatingearningsper
shareafterdilution
Tangible assets
Tangibleassetsarereportedattheiracquisitionvalueless
accumulateddepreciationandwrite-downsTangibleassets
arestraight-linedepreciatedovertheestimatedusefullifeof
theassetNodepreciationonlandismadeCostsforrepairs
andmaintenancearerecordedasexpensesThefollowinguseful
livesareusedtocalculatedepreciation
•Buildings –years
•Servicefacilitiesinbuildings –years
•Landimprovements years
•Printingpressesoset –years
•Printingpressesdigital –years
•Othermechanicalequipment –years
•Computerequipment
andsystems –years
•Vehicles years
•Otherequipment –years
Theresidualvalueandusefullifeofassetsaretestedonevery
closingdayCapitalgainslossesfromthesaleoftangibleassets
arerecordedasOtheroperatingincomerespectivelyOtheroper-
atingexpenses
Intangible assets
Goodwill
Goodwillisthedierencebetweentheacquisitionvalueandthe
Group’sshareofthefairvalueoftheacquiredsubsidiary’sassoci-
atedcompany’sorjointlycontrolledentity’sidentifiableassets
liabilitiesorobligationsonthedateofacquisitionIfatacquisi-
tionthefairvalueoftheacquiredassetsliabilitiesorobligations
exceedtheacquisitionpricethedierenceisrecordeddirectly
asincomeintheincomestatementGoodwillhasanindefinite
usefullifeandisrecordedatacquisitionvaluelessaccumulated
write-downsWhenacompanyissoldtheportionofgoodwill
attributabletothatcompanywhichhasnotbeenwritten-downis
calculatedincapitalgainslosses
Other intangible assets
Otherintangibleassetsarecustomerrelationsbrandsfavorable
contractsidentifiedatthetimeofanacquisitionaswellasthe
costofpurchasinganddevelopingsoftwareInternallycreated
intangibleassetsarereportedasanassetonlyincaseswherean
identifiableassethasbeencreateditisfairlycertainthatthe
assetwillleadtofinancialgainsandinvestedexpensesfor
develop mentscanbecalculatedreliablyIfitisnotpossible
toreportaninternallycreatedintangibleassetthecostsfor
developmentarerecordedasexpensesintheperiodinwhich
theyoccurOtherintangibleassetsfromacquisitionsarereported
atfairvalueonacquisitiondateandinsubsequentperiodsother
intangibleassetsarereportedwithadeterminedusefullifeat
acquisitionvaluelessaccumulatedamortizationandwrite-downs
Trademarkswithindefiniteusefullifearerecordedatacquisition
valuelessaccumulatedwrite-downsUsefullifeforotherintangible
assetsbesidestrademarkswithindefiniteusefullifeisnormally
–years
NOTE 1 – ACCOUNTING PRINCIPLES (CONT.)
AUDITED ANNUAL REPORT – GROUP, NOTES
72
ANNUAL AND SUSTAINABILITY REPORT 2021
Impairment losses
Groupassetsareassessedateveryreportingdatetodetermine
whetherornotthereareapotentialneedforawrite-downPoten-
tialimpairmentlossesrelatingtogoodwillandintangibleassets
withindefiniteusefullifeishowevertestedatleastonceayear
Whenthisismadetherecoverableamountoftheassetiscalcu-
latedGoodwillandIntangibleassetswithindefiniteusefullifeare
allocatedtothesmallestcashgeneratingunitwhichcorresponds
togroupoperatingsegmentsTherecoverableamountisthe
highestofthevalueinuseorthenetrealizablevalueoftheasset
Thevalueinuseisthecurrentvalueofallinandoutpayments
attributabletotheassetduringitsestimatedusefullifetogether
withthecurrentnetrealizablevalueattheendoftheassetsuseful
lifeIfthecalculatedrecoverableamountislowerthanthebook
valueawrite-downismadeequivalenttotheasset’srecoverable
amountPriorwrite-downsarerecoveredwhenachangeoccursin
thepremisesthatwerethebasisfordecidingtheassets’recover-
ableamountwhenitwaswritten-downandwhichentailsthat
thewrite-downisnolongerconsiderednecessaryRecoveriesof
priorwrite-downsaretestedindividuallyandarerecordedinthe
incomestatementImpairmentlossesrelatingtogoodwilland
intangibleassetswithindefiniteusefullifearenotrecoveredina
followingperiod
Inventory
Inventoryisvaluedatthelowerofcostandnetrealizablevalue
CostiscalculatedinaccordancewiththeFirst-inFirst-out
method(FIFO)orweightedaveragepricesAcquisitionvalue
includesthecostofmaterialsdirectlaborcostsandoverhead
chargesinvolvedinproductionofthegoodsNetrealizablevalue
isthecalculatedsalesvaluelesssalesexpenses
Financial instruments
Afinancialassetorliabilityisrecordedinthebalancesheetwhen
Elandersbecomesapartyintheinstrument’scontractualcondi-
tionsAfinancialassetisderecognizedfromthebalancesheet
whentherightsinthecontractarerealizedhavematuredorthe
companylosescontroloverthemAfinancialliabilityisderecog-
nizedfromthebalancesheetwhentheobligationinthecontract
ismetorresolvedinsomeotherwayFinancialinstrumentsare
valuedthefirsttimeatfairvalueplustransactioncostswhich
appliestoallfinancialassetsandliabilitiesnotrecognizedatfair
valuethroughtheresultFinancialassetsandliabilitiesrecog-
nizedatfairvaluethroughtheresultarevaluedthefirsttimeat
fairvaluewhileattributabletransactioncostsarevaluedthrough
theresultAcquisitionsanddivestituresoffinancialassetsare
recordedonthedateofbusinesswhichisthedatethecompany
pledgestoacquireorselltheassetexceptincaseswherethe
companyacquiresorsellslistedsecuritiesinwhichcasesettle-
mentdateaccountingisappliedFinancialassetsarecontrolled
ateveryexternalreportinginstancetodeterminewhetherornot
thereareobjectiveindicationsthatoneoragroupoffinancialas-
setsshouldbewritten-downFinancialinstrumentsarerecorded
attheiramortizedcostorfairvaluedependingontheinitialclas-
sification
Calculation of fair value for financial instruments
Ocialquotationsatyear-endareusedtodeterminethefairvalue
oflong-termderivativeinstrumentsThemarketvalueofother
financialassetsandliabilitiesisdeterminedbygenerallyaccepted
methodssuchasdiscountingoffuturecashflowswiththequoted
interestratecorrespondingtotheperiodofthecontract
Amortized cost
Amortizedcostiscalculatedwiththehelpofthecompoundinter-
estmethodwhichmeansthatpremiumsordiscountstogether
withdirectlyrelatedexpensesorincomeisrecordedoverthe
periodthecontractisvalidwiththehelpofthecalculatedcom-
poundinterestTheamortizedcostisthevaluegeneratedfroma
presentvaluecalculationwiththecompoundinterestrateasthe
discountfactor
Osetting financial assets and liabilities
Financialassetsandliabilitiesaresetoagainsteachotherand
presentedasnetamountinthebalancesheetwherethereexistsa
legalrighttosetoandwheretheintentionistosettletheitems
withanetamountorrealizetheassetandliabilityatthesame
time
Cash and cash equivalents
Cashandcashequivalentsarecashinfinancialinstitutionsand
short-termliquidplacementswithatermoflessthanthree
months
Accounts receivable
AccountsreceivablearecategorizedasLoansandreceivablesare
initiallyrecognizedattheamountofconsiderationthatisuncon-
ditionalAccountsreceivableareamountsduefromcustomersfor
servicesperformedintheordinarycourseofbusinessorgoods
soldTheyaregenerallydueforsettlementwithin–days
andthereforeareallclassifiedascurrentThegroupholdsthe
tradereceivableswiththeobjectivetocollectthecontractualcash
flowsandthereforemeasuresthemsubsequentlyatamortized
costThegroupappliesthesimplifiedapproachtomeasuring
expectedcreditlosseswhichusesalifetimeexpectedlossallow-
anceTomeasuretheexpectedcreditlossestradereceivables
andcontractassetshavebeengroupedbasedonsharedcredit
riskcharacteristicsandthedayspastdueTheexpectedlossrates
arebasedonthepaymentprofilesandhistoricalcreditlosses
experiencedwithinthisperiodTradereceivablesarewritteno
whenthereisnoreasonableexpectationofrecoveryImpairment
lossesarepresentedasnetimpairmentlosseswithinoperating
profitSubsequentrecoveriesofamountspreviouslywritteno
arecreditedagainstthesamelineitemTheGroupusesfactoring
whichmeansthatcertainaccountsreceivablearetransferredtoa
factoringcompanyinexchangeforcashWiththetransfertothe
factoringcompanythecreditriskalsotransitionsandtheGroup
isthereforenotreportingthetransferredassetsinthebalance
sheet
Long-term receivables, current receivables and other receivables
ThereceivablesabovearecategorizedasLoansandreceivables
whichmeanstheyarerecordedatamortizedcostInthecasethe
termofareceivableisshortitisrecordedatitsnominalvalue
withoutadiscountaccordingtothemethodforamortizedcost
Derivative instruments
Derivativeinstrumentsarerecordedattheirfairvalueinthebal-
ancesheetChangesinthevalueofcashflowhedgesarereported
inparticularcategoriesunderothercomprehensiveresultsuntil
thehedgeditemisrecordedintheincomestatementAnyresult
onhedgeinstrumentsattributabletotheeectivepartofthe
hedgearerecordedasequityunderhedgeprovisionsAnyresult
onhedgeinstrumentsattributabletotheineectivepartofthe
hedgearerecordedintheincomestatementHedgesofnet
investmentsinforeignsubsidiariesarerecordedinthesameway
ascashflowhedgeswiththeexceptionthatanyeectsfromthe
hedgeisrecordedinthetranslationreserve
NOTE 1 – ACCOUNTING PRINCIPLES (CONT.)
AUDITED ANNUAL REPORT – GROUP, NOTES
73
ANNUAL AND SUSTAINABILITY REPORT 2021
Accounts payable
AccountspayablearecategorizedasOtherfinancialliabilities
whichmeanstheyarereportedatamortizedcostAccountspay-
ablearerecordedattheirnominalvaluewithoutadiscountdueto
theirexpectedshort-term
Other financial liabilities
LiabilitiestocreditinstitutionsarecategorizedasOtherfinancial
liabilitieswhichmeanstheyarereportedatamortizedcostand
directlyrelatedexpensessuchasarrangementfeesaredistributed
throughouttheperiodoftheloanwiththehelpofthecompound
interestmethodFinancialliabilitiesareclassifiedasshort-term
unlesstheGrouphasanunconditionalrighttopostponethe
paymentofthedebtforatleastmonthsaftertheendofthe
reportingperiod
Other liabilities at fair value
Otherliabilitiesatfairvaluecompriseliabilitiesattributable
toputcalloptionsrelatedtoacquisitionsofnon-controlling
interestsTheamountthatmaybepaidiftheoptionisexercised
isinitiallyrecognizedasafinancialliabilityatthepresentvalue
ofthestrikepriceapplicableattheperiodintimewherethe
optioncanfirstbeexercisedChangesinvaluearerecognized
overequity
Provisions
Provisionsarerecordedinthebalancesheetwhenacompanyhas
aformalorinformalobligationasaresultofapasteventanditis
likelythatanoutflowofresourceswillbenecessarytoresolvethe
obligationandareliableestimationoftheamountcanbemade
ProvisionsforrestructuringcostsarereportedwhentheGroup
hasanestablisheddetailedrestructuringplanthathasbeenan-
nouncedtothepartiesconcernedandthereisaclearexpectation
thattheplanwillbeimplementedProvisionsarereconsidered
everytimeanexternalreportismade
Reporting on segments
Thetwobusinessareasarereportedasoperatingsegments
sincethisishowtheGroupisgovernedThePresidenthasbeen
identifiedasthehighestexecutivedecision-makerandfollows
thedevelopmentoftheoperatingsegmentsbasedonsalesand
operatingprofitbutnotassetsorliabilitiesperreportable
segmentTheoperationswithineachreportablesegmenthave
similareconomiccharacteristicsandresembleeachotherregard-
ingthenatureoftheirproductsandservicesproductionpro-
cessesandcustomertypesSalesbetweensegmentsaremadeon
marketsterms
Whenpresentinggeographicalsalesthecustomer’slocationhas
determinedwhichgeographicareasalesareallocatedto
Alternative performance measures
TheAnnualreportincludesalternativeperformancemeasures
formonitoringtheGroup’soperationsAlternativeperformance
measuresareperformancemeasuresthathavenotbeendefined
byIFRSForreconciliationoftheprimaryalternativeperformance
measuresandfinancialdefinitionsseepages–
Important estimations and assessments
Whenpreparingthefinancialreportsestimationsandassumptions
aremadeaboutthefuturethateectbalancesheetandincome
statementitemsintheannualaccountsTheseassessmentsare
basedonhistoricexperienceandthevariousassumptionsthat
GroupManagementandtheBoardofDirectorsconsiderplausible
underexistingcircumstancesIncaseswhereitisnotpossibleto
ascertainthebookvalueofassetsandliabilitiesthroughinforma-
tionfromothersourcestheseestimationsandassumptionsform
thebasisofthevaluationIfotherassumptionsaremadeorother
circumstancesinfluencethemattertheactualoutcomecandier
fromtheseassessmentsIndividualassessmentscanhaveapar-
ticularlysignificanteectonElanders’resultandpositioninthe
areasofgoodwillimpairmenttestingvaluationoftaxlosscarry
forwardsandprovisions
Goodwill and trademarks
Goodwillandtrademarksthathasanindefiniteusefullifeissub-
jecttoimpairmenttestsannuallyorwhenthereisanindication
thatawrite-downmaybeneededTestingisperformedonthe
lowestidentifiedcashgeneratinglevelwhichforElandersisthe
operatingsegmentlevelTheimpairmenttestcontainsanumber
ofassumptionsthatcanaccordingtodierentassessmentshave
asignificantimpactonthecalculationofrecoverablevaluessuch
as
•operatingmarginsresults
•discountinterest
•growthinflation
Essentialassumptionswhentestingtheneedforwrite-downsand
adescriptionoftheeectofplausiblepossiblechangesinthese
assumptionsthatarebasisofthecalculationsarefoundinnote
Valuation of tax loss carry forwards
Deferredtaxassetsconcerningtaxlosscarryforwardsreported
bytheGrouphavebeentestedatyear-endanditisdeemed
probablethatthesecanbesetoagainsttaxablegainsThetax
assetsprimarilyrefertoSwedishtaxlosscarryforwardsthatcan
beutilizedforanunlimitedamountoftimeTheGroup’sSwedish
operationshavehistoricallybeenprofitableandareexpectedto
generateasubstantialsurplusinthefutureElanderstherefore
believesitissafetosaythatitwillbepossibletosetothedeficit
deductionwhichthetaxassetsstemfromagainstfuturetaxable
surpluses
New standards, amendments and interpretations of
existing standards
Standards, amendments and interpretations of existing standards
that came into eect during 2021
Duringtheyearnointerpretationsoramendmentsofexisting
standardshavecomeintoeectandhadasignificanteecton
Elanders’financialreports
Standards, amendments and interpretations of existing standards
that have not yet come into eect
Noneworamendedstandardsthathavenotyetcomeintoeect
areexpectedtohaveamaterialimpactonElanders’financial
reports
NOTE 1 – ACCOUNTING PRINCIPLES (CONT.)
AUDITED ANNUAL REPORT – GROUP, NOTES
74
ANNUAL AND SUSTAINABILITY REPORT 2021
REPORTING BY SEGMENT
SupplyChain
Solutions
Print&Packaging
Solutions
MSEK
Net sales
Operating expenses – – – –
Operating result
Net financial items – – – –
Result before tax
Investments
Depreciation and amortization – – – –
Goodwill
Trademarks with indefinite useful life – –
Groupfunctions Eliminations TheGroup
MSEK
Net sales – –
Operating expenses – – – –
Operating result – – – –
Net financial items
– – – – – –
Result before tax – – – –
Investments – –
Depreciation and amortization – – – – – –
Goodwill – – – –
Trademarks with indefinite
useful life – – – –
FinancialincomeandexpensesarenotallocatedtotherespectivebusinessareassincethefinancingoftheGroupismanagedbyGroupFinance
Thetwobusinessareasarereportedasoperatingsegmentssince
thisishowtheGroupisgovernedandthePresidenthasbeen
identifiedasthehighestexecutivedecision-makerTheoperations
withineachoperatingsegmenthavesimilareconomiccharac-
teristicsandresembleeachotherregardingthenatureoftheir
productsandservicesproductionprocessesandcustomertypes
Theseoperationshavethusbeenmergedintooneoperatingseg-
mentwhichforElandersisthesameasareportablesegment
Salesbetweensegmentsaremadeonmarketterms
NOTE 2 – SEGMENT REPORTING
AUDITED ANNUAL REPORT – GROUP, NOTES
75
ANNUAL AND SUSTAINABILITY REPORT 2021
SALES BY GEOGRAPHIC AREA
MSEK
Germany
USA
Singapore
China
Sweden
United Kingdom
Hungary
Switzerland
Poland
Netherlands
Other countries
Total
FIXED ASSETS BY GEOGRAPHIC AREA
MSEK
Germany
USA
Netherlands
Czech Republic
Singapore
United Kingdom
Sweden
Poland
Hungary
China
Other countries
Total
Information concerning the Group’s largest customers
Elandershastwocustomerswhosesalesexceedpercentofthe
Groups’netsalesInsalestotheGroup’slargestcustomer
represent()percentwhilesalestothenextlargestcustomer
represent()percentofthetotalnetsalesSalestothese
customersismadetoseveraloftheirdivisionsonseveral
continentsandisbasedonmultiplestand-aloneagreements
Thethreelargestcustomersaremainlyattributabletothe
segmentSupplyChainSolutionsTheGroup’stenlargest
customerstogetherrepresents()percentoftotalnetsales
Fixedassetsaboveincludeotherintangibleassetstangiblefixedassetsaswellasright-of-useassetsGoodwillandtrademarkswith
indefiniteusefullifeandabookvalueofMSEK()havenotbeenallocatedbygeographyTheyareonlyallocatedbysegment
NOTE 2 – SEGMENT REPORTING (CONT.)
AUDITED ANNUAL REPORT – GROUP, NOTES
76
ANNUAL AND SUSTAINABILITY REPORT 2021
Revenuehasbeendividedintogeographicmarketsmainrevenue
streamsandcustomersegmentssincethesearethecategories
theGroupusestopresentandanalyzerevenueinothercontexts
Incomeforeachcategoryispresentedperoperatingsegment
TheGroup’scustomercontractsareeasytoidentifyandproducts
andservicesinacontractarelargelyconnectedanddependenton
eachotherandthereforepartofanintegratedoer
Mainrevenuestreamsarepresentedbasedontheinternal
namesusedintheGroupSourcing&Procurementservicesrefer
tothepurchaseandprocurementofproductsforcustomersas
wellashandlingtheflowsconnectedtotheseproductsFreight
andtransportationservicesrefertorevenuefromfreightand
transportationwithourowntrucksaswellaspurefreightfor-
wardingOthersupplychainservicessuchasfulfillmentkitting
warehousingassemblyandaftersalesservicesarepresented
underOthercontractlogisticsservicesOtherworkservicesrefer
topureprintservicesandotherservicesthatdonotfitintoanyof
thefirstthreecategoriesIntra-groupinvoicingregardinggroup
functionsisreportednetinnetsalestogroupcompanies
Supply Chain Solutions
Print &
Packaging Solutions Total
MSEK
Total net sales
Less: net sales to group companies – – – – – –
Net sales
Supply Chain Solutions
Print &
Packaging Solutions Group
MSEK
Customer segments
Automotive
Electronics
Fashion & Lifestyle
Health Care & Life Science
Industrial
Other
Net sales
Main revenue streams
Sourcing and procurement services – –
Freight and transportation services
Other contract logistics services
Other work/services
Net sales
NOTE 3 – DISAGGREGATION OF REVENUE
AUDITED ANNUAL REPORT – GROUP, NOTES
77
ANNUAL AND SUSTAINABILITY REPORT 2021
Supply Chain Solutions
Print &
Packaging Solutions Group
MSEK
Geographic markets
Europe
Germany
Sweden
United Kingdom
Hungary
Switzerland
Poland
Netherlands
Other countries
Europe total
Asia
Singapore
China
India
Other countries
Asia total
North and South America
USA
Other countries
North and South America total
Other
Net sales
OTHER OPERATING INCOME
MSEK
Exchange rate gains
Gains from the sales of fixed
assets
Insurance compensations
Other
Total
OTHER OPERATING EXPENSES
MSEK
Result from investments in
associated companies – –
Exchange rate losses – –
Losses from the sales of fixed
assets – –
Other – –
Total – –
NOTE 3 – DISAGGREGATION OF REVENUE (CONT.)
NOTE 4 – OTHER OPERATING INCOME AND OTHER OPERATING EXPENSES
AUDITED ANNUAL REPORT – GROUP, NOTES
78
ANNUAL AND SUSTAINABILITY REPORT 2021
SALARIES AND OTHER REMUNERATION
BoardandCEO
Basicwageincl
otherbenefits Variableremuneration Otheremployees
MSEK
Parent company
Subsidiaries
Total
Salariesandremuneration
Socialsecurity
contributions Pensioncontributions
MSEK
Parent company
Subsidiaries
Total
AVERAGE NUMBER OF EMPLOYEES
Women Men Total
Parent company
Sweden
Subsidiaries
Germany
China
Singapore
Hungary
Czech Republic
Poland
USA
India
United Kingdom
Sweden
Netherlands
Brazil
Austria
Italy
Mexico
Taiwan
Romania
Russia – –
Canada – – – –
France – –
Total
NOTE 5 – PERSONNEL
AUDITED ANNUAL REPORT – GROUP, NOTES
79
ANNUAL AND SUSTAINABILITY REPORT 2021
GENDER DISTRIBUTION IN MANAGEMENT
Women Men Total
Board members
Group Management – –
Supervisors
TheBoardalsoincludestwoemployeerepresentatives
REMUNERATIONTOTHEBOARDCHIEFEXECUTIVEOFFICERANDOTHERSENIOROFFICERS
SEK ’000s
Basic wage/
Board
remuneration
Variable
remuneration
Other
benefits
Pension
contributions Total
Chairman of the Board – – –
Board members (8 persons) – – –
Chief Executive Ocer
Other senior ocers (6 persons)
Total remuneration to the Board,
CEO and senior ocers
ForallocationoftheremunerationtoeachBoardmemberpleaseseepage
REMUNERATIONTOTHEBOARDCHIEFEXECUTIVEOFFICERANDOTHERSENIOROFFICERS
SEK ’000s
Basic wage/
Board
remuneration
Variable
remuneration
Other
benefits
Pension
contributions Total
Chairman of the Board – – –
Board members (8 persons) – – –
Chief Executive Ocer
Other senior ocers (6 persons)
Total remuneration to the Board,
CEO and senior ocers
NOTE 5 – PERSONNEL (CONT.)
AUDITED ANNUAL REPORT – GROUP, NOTES
80
ANNUAL AND SUSTAINABILITY REPORT 2021
Basic wage/Board remuneration
TheChairmanoftheBoardandBoardmembersreceivecompen-
sationfortheirparticipationontheBoardandcommitteework
fromthetotalremunerationsumfortheBoarddeterminedbythe
AnnualGeneralMeetingBoardmembersanddeputiesemployed
intheGroupdidnotreceiveanyfeesorbenefitsinadditionto
thosepertainingtotheiremploymentTheChairmanoftheBoard
hasnotreceivedanycompensationotherthanBoardandcommit-
teeremunerationRemunerationtotheChiefExecutiveOcerthe
formerChiefExecutiveOcerandotherseniorocersconsists
ofabasicsalaryvariableremunerationotherbenefitsandpen-
sionSeniorocersarethepersonswhotogetherwiththeChief
ExecutiveOcercomprisedGroupManagementin
Variable remuneration
Theproportionbetweenbasicsalaryandvariableremuneration
correspondstotheocer’sresponsibilityandauthorityForthe
ChiefExecutiveOcerandtheChiefFinancialOcervariablere-
munerationshouldnotexceed()and()percentrespec-
tivelyoftheirannualsalaryFortheotherseniorocersvariable
remunerationmaynotexceedpercentoftheirannualsalary
Variableremunerationisbasedonresultsinrelationtoindividually
targetedgoals
PensionbenefitsaswellasotherbenefitstotheChiefExecutive
OcerandseniorocersarepartofthetotalremunerationThe
variableremunerationrepresentstheexpenseforthefinancial
yearwhichisnormallypaidoutin
ThevariableremunerationfortheChiefExecutiveOcer
isbasedongoalsestablishedbytheBoardForothersenior
ocersvariableremunerationisbasedongoalsestablishedby
thePresidenttogetherwiththeremunerationcommitteeNo
variableremunerationoranyotherkindofremunerationhada
dilutioneect
Other benefits
“Otherbenefits”referstohousingcompanycarsetc
Pensions
TheGrouphasbothdefinedbenefitanddefinedcontribution
pensionplansPensioncostisthecostthataectstheresultfor
theyearOneformeremployeeandmemberofGroupManage-
menthaddefinedbenefitanddefinedcontributionpensionplans
Thepresentvalueofthedefinedbenefitobligationunderthose
plansDecemberwasMSEK()onthebalancesheet
dateAllpensionsarefullyvestediethereisnodependencyon
futureemployment
ThecurrentChiefExecutiveOceronlyhasadefinedcontribu-
tionpensioncorrespondingtopercentofthesalarypension
ThesalarypensionisbasedonthebasicsalaryTheretirement
ageisyears
Fortheotherseniorocerstheretirementageisyears
Pensionprovisionsarenomorethanpercentofthebasicwage
orifapplicablenomorethantheITPcostandthelegalgeneral
pensionortheequivalent
Financial instruments
Thereisnocompensationorbenefitsintheformoffinancial
instruments
Other remuneration
Nootherremunerationshavebeendistributed
Severance payments
TheperiodofnoticeforterminationoftheChiefExecutiveOcer
bythecompanyismonthsTheperiodofnoticefromtheChief
ExecutiveOcerismonthsTheperiodofnoticefortermina-
tionofotherseniorocersisnormallymonthsUsuallyno
severancepayispaidnomatterwhichpartygivesnoticeNormal
wagesarepaidduringtheperiodofnotice
Deviations from the guidelines
TheBoardisentitledtodeviatefromtheaboveguidelinesifthe
Boarddeterminesthattherearespecialreasonsthatinspecific
casescanjustifythisTheBoardhasduringtheyeardeviatedfrom
theguidelinesforoneoftheseniorocersregardingthevariable
remunerationandthelimitationatpercentofthebasicwage
Preparation and decision process
Theremunerationcommitteehasduringtheyearpresentedthe
Boardwithrecommendationsconcerningprinciplesfortheremu-
nerationofseniorocersTherecommendationshaveincluded
proportionsbetweenfixedandvariableremunerationaswellas
thesizeofpossibleraisesInadditiontheremunerationcommit-
teehasproposedcriteriafordecidingonvariableremunerationas
wellaspensiontermsandseverancepayTheBoardhasdiscussed
theremunerationcommittee’sproposalsandmadeitsdecisions
guidedbytheirrecommendations
TheBoardhasdeterminedtheremunerationfortheChief
ExecutiveOcerforthefinancialyearofbasedontheremu-
nerationcommittee’sproposalsTheChiefExecutiveOcerhas
determinedtheremunerationforotherseniorocersafterconsul-
tationwiththechairmanoftheremunerationcommittee
Membersoftheremunerationcommitteeduringtheyearwere
CarlBennetChairmanPamFredmanErikGabrielsonLinus
KarlssonandJohanSternTheremunerationcommitteemeets
whennecessarybutatleastonceayeartoprepareproposalsfor
theremunerationoftheChiefExecutiveOcerandagreeordis-
agreetohisproposalforremunerationandconditionsforsenior
ocerswhoreportdirectlytohimInadditiontheremuneration
committeedrawsupprinciplesforsalarylevelsandemployment
termsforGroupManagementTheremunerationcommitteepro-
posesremunerationtermsandprinciplestotheBoardthatthen
decidesonthesemattersTheremunerationcommitteehasmet
onceinWhennecessarythecommitteehasbeensupported
byexternalexpertiseinmattersconcerningcompensationlevels
andstructures
NOTE 5 – PERSONNEL (CONT.)
AUDITED ANNUAL REPORT – GROUP, NOTES
81
ANNUAL AND SUSTAINABILITY REPORT 2021
MSEK
PwC
Audit assignment
Audit-related services – –
Tax advisory services –
Other services –
Other
Audit assignment
Audit-related services
Tax advisory services
Other services
Total
Theauditassignmentreferstofeesforthestatutoryauditieworkthatwasnecessarytodelivertheauditor’sreportaswellas
so-calledauditadviceprovidedinconnectionwiththeauditengagementThetotalfeetoPwCanditsnetworkamountedto
MSEK()duringtheyearofwhichMSEK()wasthefeefortheauditassignment
TheparentcompanyhaspaidMSEK()inremunerationtotheauditfirmPricewaterhouseCoopersABfortheauditengagement
ofwhichMSEK()relatedtootherservices
NOTE 6 – FEES TO THE AUDITORS
NOTE 7 – COSTS CLASSIFIED BY NATURE
MSEK
Costs for goods for resale and other production material
Personnel costs
Freight costs
Other production costs
Costs for depreciation and write-downs
Cost for advertising and other selling expenses
Other costs
Total
Thetableshowsthetotalcostforsoldproductsandservicessalescostsandadministrativecostsallocatedpertypeofcost
AUDITED ANNUAL REPORT – GROUP, NOTES
82
ANNUAL AND SUSTAINABILITY REPORT 2021
FINANCIAL INCOME
MSEK
Interest income
Exchange rate gains
Other
Total
FINANCIAL EXPENSES
MSEK
Interest expenses leasing liabilities – –
Interest expenses other liabilities – –
Exchange rate losses – –
Other – –
Total – –
NOTE 8 – FINANCIAL INCOME AND EXPENSES
RECORDED TAX
MSEK
Current tax on the result for the year – –
Withholding tax on dividends and other taxes – –
Correction of previous years’ current tax expense – –
Deferred tax –
Recorded tax – –
RECONCILIATION OF RECORDED TAX
MSEK
Result before taxes
Tax according to Swedish tax rate of 20,6 (21.4)% – –
Tax eect of:
Dierences in tax rates for foreign subsidiaries – –
Non-deductible costs – –
Revaluation of deferred taxes – –
Correction of previous years’ tax expense – –
Withholding tax on dividends – –
Other – –
Recorded tax – –
NOTE 9 – TAXES
AUDITED ANNUAL REPORT – GROUP, NOTES
83
ANNUAL AND SUSTAINABILITY REPORT 2021
DEFERRED TAX ASSETS AND LIABILITIES BY NATURE, NET
MSEK
Tax loss carryforwards
Fixed assets – –
Other items
Less:
Tax losses carried forward not
valued – –
Closing value, net
Unrecordeddeferredtaxassetsrefertonotvaluedtaxlosscarry-
forwardsForinformationconcerningthevaluationofthetaxloss
carryforwardspleaseseenotesection“Importantestimations
andassessments”onpage
ALLOCATION OF DEFERRED TAX ASSETS AND LIABILITIES IN
THE STATEMENT OF FINANCIAL POSITION
MSEK
Deferred tax assets
Deferred tax liabilities – –
Closing value, net
CHANGE IN DEFERRED TAX
MSEK
Opening value, net
Acquisition of operations – –
Recorded deferred tax on the result
for the year –
Tax items charged directly
against other comprehensive income – –
Translation dierences –
Closing value, net
Taxitemschargeddirectlyagainstothercomprehensiveincome
refertotheGroup’shedgereserveandhedgingofnetinvestments
abroad
DUE DATE STRUCTURE – DEFERRED TAX ASSETS RELATING TO
TAX LOSS CARRYFORWARDS
MSEK
Due within one year
Due within 2–10 years –
Due after 10 years
No due date
Closing value
NOTE 9 – TAXES (CONT.)
MSEK
Cash flow from operating activities
Financial items
Paid taxes
Acquired and divested operations
– –
Other items included in cash
flow from investing activities – –
Operating cash flow –
Operatingcashflowisdefinedascashflowfromoperatingactivi-
tiesexcludingfinancialitemsandpaidtaxesandcashflowfrom
investingactivities
Result for the year attributable
to parent company share holders,
MSEK
Average number of outstanding
shares, in thousands
Earnings per share, SEK
Earningspershareiscalculatedbydividingtheresultattributable
totheparentcompany’sshareholderswiththeaveragenumberof
outstandingsharesduringtheyearThereisnodilution
NOTE 10 – EARNINGS PER SHARE NOTE 11 – OPERATING CASH FLOW
AUDITED ANNUAL REPORT – GROUP, NOTES
84
ANNUAL AND SUSTAINABILITY REPORT 2021
Cash and cash equivalents
Cashandcashequivalentsconsistprimarilyofcashandbank
balancesShort-termplacementsareclassifiedascashandcash
equivalentswhen
–theriskofchangesintheirfairvalueisinsignificant
–theyareeasilyconverted
–theymatureinlessthanthreemonthsfromthedatethey
wereacquired
ADJUSTMENT FOR ITEMS NOT INCLUDED IN CASH FLOW
MSEK
Depreciation, amortization and write-downs of intangible and tangible assets
Changes in provisions that aect cash flow –
Result from disposal of tangible assets –
Unrealized exchange rate gains and losses – –
Other changes –
Total
PAID AND RECEIVED INTEREST
MSEK
Paid interest – –
Received interest
Total – –
Other changes in interest-bearing liabilities
TheitemOtherchangesininterest-bearingliabilitiesmainlyrefers
tochangesstemmingfromutilizationofrevolvingcredits
NOTE 12 – SUPPLEMENTARY INFORMATION TO CASH FLOW STATEMENTS
AUDITED ANNUAL REPORT – GROUP, NOTES
85
ANNUAL AND SUSTAINABILITY REPORT 2021
Goodwill Trademarks
1)
MSEK
Opening acquisition value
Investments – – – –
Acquired and divested operations –
Disposals – – – –
Reclassification – – – –
Translation dierence – –
Closing acquisition value
Opening accumulated amortization and write-downs – – – –
Acquired and divested operations – – – –
Amortization for the year – – – –
Disposals – – – –
Translation dierence – – – –
Closing accumulated amortization and write-downs – – – –
Net residual value
Other intangible assets
2)
Total
MSEK
Opening acquisition value
Investments
Acquired and divested operations
Disposals – – – –
Reclassification
Translation dierence – –
Closing acquisition value
Opening accumulated amortization and write-downs – – – –
Acquired and divested operations – – – –
Amortization for the year – – – –
Disposals
Translation dierence – –
Closing accumulated amortization and write-downs – – – –
Net residual value
)
Trademarkswithindefiniteusefullife
)
Customerrelationstrademarkswithdefinedusefullifesoftwareandleasehold
NOTE 13 – INTANGIBLE ASSETS
AUDITED ANNUAL REPORT – GROUP, NOTES
86
ANNUAL AND SUSTAINABILITY REPORT 2021
AMORTIZATION SPECIFIED BY FUNCTION IN THE INCOME STATEMENT
MSEK
Cost of products and services sold – –
Selling expenses – –
Administrative expenses – –
Total – –
INTANGIBLE ASSETS WITH INDEFINITE USEFUL LIFE DIVIDED BY CASH GENERATING UNIT
MSEK
Supply Chain Solutions
Print & Packaging Solutions
Total
Forfurtherdetailsregardingintangibleassetswithindefiniteusefullifeseenotepage
Impairment test
Goodwillandtrademarkswithindefiniteusefullifearesubjected
toimpairmenttestsannuallyandwhenthereareindicationsthat
awrite-downmaybenecessaryNormallytestsaremadeonthe
cashgeneratingunitconnectedtotheasset
Therecoverableamountforeachcashgeneratingunitisbased
onacalculationofthevalueinuseImpairmenttestsareper-
formedonthelowestidentifiedcashgeneratinglevelwhichfor
Elanderscorrespondstoitsoperatingsegments
Thevalueinuseforthedierentcashgeneratingunitsiscalcu-
latedasthepresentvalueofendlesscashflowsCashflowsfor
thefirstfouryearsarebasedonbudgetsandstrategicplans
Significantvariablesinthetestsareforexamplegrowthrate
operatingmarginandinvestmentlevelIntheyearsfollowingthe
initialfouryearperiodaninflationof()percentandgrowth
rateof()percentisassumedforbusinessareaSupply
ChainSolutionsForthebusinessareaPrint&PackagingSolutions
aninflationrateof()percentandagrowthof()per-
centhasbeenassumedFortheimpairmenttestadiscountrate
aftertaxhasbeencalculatedbasedontheweightedaveragecost
ofcapital(WACC)Forthecurrentyearitwas()percent
Basedontheassumptionsgivenabovetheusefulvalueexceeds
therecordedvalueforallcashgeneratingunits
Sensitivity analysis
Anumberofsensitivityanalyseshavebeenmadetoevaluate
whetherornotfeasibleunfavorablechangescouldleadtoneed
forwrite-downsTheanalyseshavefocusedoniftheaver age
growthrateoroperatingmarginwasreducedwithonepercentage
unitorthediscountratewasincreasedwithonepercentageunit
Theanalyseshavenotshownanyneedforimpairmentandthe
recoverablevalueexceedsthebookvalueforbothbusinessarea
Print&PackagingSolutionsandSupplyChainSolutionsAneed
forimpairmentisidentifiedfirstatadiscountrateofpercent
and percentforSupplyChainSolutionsandPrint&Packaging
Solutionsrespectively
NOTE 13 – INTANGIBLE ASSETS (CONT.)
AUDITED ANNUAL REPORT – GROUP, NOTES
87
ANNUAL AND SUSTAINABILITY REPORT 2021
Buildings
and land
)
Plant and
machinery
Equipment, tools,
fixtures and fittings
MSEK
Opening acquisition value
Investments
Acquired and divested operations – –
Disposals – – – – – –
Reclassification
Translation dierence – – –
Closing acquisition value
Opening accumulated depreciation and write-downs
– – – – – –
Acquired and divested operations
– – – – – –
Depreciation for the year – – – – – –
Disposals
Reclassification – – –
Translation dierence – – –
Closing accumulated depreciation and write-downs – – – – – –
Net residual value
Fixed assets
under construction
)
Total
MSEK
Opening acquisition value
Investments
Acquired and divested operations –
Disposals – – –
Reclassification – – –
Translation dierence – –
Closing acquisition value
Opening accumulated depreciation and write-downs – – – –
Acquired and divested operations – – – –
Depreciation for the year – – – –
Disposals – –
Reclassification – – – –
Translation dierence – – –
Closing accumulated depreciation and write-downs – – – –
Net residual value
)
BuildingsandlandincludelandwithabookvalueofMSEK()
)
FixedassetsunderconstructionincludeadvancesrelatedtotangibleassetsofMSEK()
TherewerenosignificantinvestmentobligationsperDecemberor
NOTE 14 – TANGIBLE ASSETS
AUDITED ANNUAL REPORT – GROUP, NOTES
88
ANNUAL AND SUSTAINABILITY REPORT 2021
DEPRECIATION SPECIFIED BY FUNCTION IN THE INCOME STATEMENT
MSEK
Cost of products and services sold – –
Selling expenses – –
Administrative expenses – –
Total – –
NOTE 14 – TANGIBLE ASSETS (CONT.)
NOTE 15 – RIGHT-OF-USE ASSETS
Buildings
and land Plant and machinery
MSEK
Opening acquisition value
Investments
Acquired and divested operations – –
Disposals – – – –
Translation dierence – –
Closing acquisition value
Opening accumulated depreciation and write-downs –881.4 –526.3 – –
Depreciation for the year – – – –
Disposals
Translation dierence – –
Closing accumulated depreciations and write-downs – – – –
Net residual value
AUDITED ANNUAL REPORT – GROUP, NOTES
89
ANNUAL AND SUSTAINABILITY REPORT 2021
NOTE 15 – RIGHT-OF-USE ASSETS (CONT.)
Equipment, tools,
fixtures and fittings Total
MSEK
Opening acquisition value
Investments
Acquired and divested operations – –
Disposals – – – –
Translation dierence – –
Closing acquisition value
Opening accumulated depreciation and write-downs – – – –
Depreciation for the year – – – –
Disposals
Translation dierence – –
Closing accumulated depreciations and write-downs – – – –
Net residual value
DEPRECIATION SPECIFIED BY FUNCTION IN THE INCOME STATEMENT
MSEK
Cost of products and services sold – –
Selling expenses – –
Administrative expenses – –
Total – –
EXPENSES RECOGNIZED IN THE INCOME STATEMENT
MSEK
Depreciation right-of-use assets – –
Interest expenses lease liability – –
Expenses related to short-term leases and leases with low value – –
Expenses related to variable leasing fees that is not included in the valuation of the lease liability – –
Total – –
ThetotalcashflowforleasingcontractsamountedtoMSEK()
AUDITED ANNUAL REPORT – GROUP, NOTES
90
ANNUAL AND SUSTAINABILITY REPORT 2021
MSEK
Raw materials and consumables
Work in process
Finished goods
Total
CostsrelatingtoobsolescenceexpensedduringtheyearamountedtoMSEK()andatyear-endtheobsolescencereservewas
MSEK()
NOTE 17 – INVENTORY
MSEK
Services performed, not invoiced
Other prepaid expenses
Other accrued income
Total
NOTE 18 – PREPAID EXPENSES AND ACCRUED INCOME
NOTE 16 – SHARES IN ASSOCIATED COMPANIES
MSEK
Fixed assets
Current assets
Total assets
Equity
Short-term liabilities
Total equity and liabilities
Shares in associated companies
Percentage
holding
Carrying
value, MSEK
LOGworks GmbH –
The table below shows summarized income statement and balance
sheet for the Group’s associated companies.
MSEK
Net sales
Operating result
Result for the year
AUDITED ANNUAL REPORT – GROUP, NOTES
91
ANNUAL AND SUSTAINABILITY REPORT 2021
Financial goals regarding capital structure
ThemajorfinancialgoalofElandersistocreatevalueforthe
ownersofthecompanyThepurposeofthegoalsregardinggroup
capitalstructurearetoensurethecompany’sabilitytocontinue
operationsandgeneratereturnstoitsshare holdersaswellasbe
usefultootherinterestedpartiesAchievingagoodbalancebe-
tweenequityandloanfinancingensurestheflexibilitytheGroup
needsinordertobeabletoinvestinoperationswhilemaintain-
ingcontroloverthecostofcapitalDividendstoshare holders
redemptionofsharesissuingnewsharesordivestingassetsare
examplesofmeasurestheGroupcanusetoadjustitscapital
structure
ElandershasthegoalofnetdebtinrelationtoEBITDAasa
maximumoftimesInthisquotawas()times
Financial risk management
Themajorpurposeofgroupfinancialriskmanagementistoiden-
tifycontrolandminimizetheGroup’sfinancialrisksRiskmanage-
mentiscentralizedtoGroupFinanceFinancialrisksintheGroup’s
subsidiariesaremanagedbyGroupFinancethatalsoactsasan
internalbankTheexceptioniscommercialcreditriskswhich
arehandledbyeachsub sidiaryThefinancialpolicyadoptedby
theBoardsteerswhichcurrencyrisksarehedgedaswellashow
interestfinancingandliquidityrisksarehandledThegreatest
financialriskstheGroupisexposedtoarecurrencyriskinterest
riskfinancingriskandcreditrisk
Currency risk
Elandersrunsintoacurrencyriskprimarilythroughtrans actionsin
anothercurrencythanthatofthecompany’slocalcurrency(trans-
actionexposure)andwhenconvertingnetprofitandnetassets
fromforeignsubsidiaries(translationexposure)
Transaction exposure
Actualreceivablesandpayablesalongwithcontractedpurchase
andsalesorderswithpaymentflowswithinatwelve-monthperiod
arehedgedtosomeextentAnticipatedorbudgetedflowsarenot
hedged
TheGroupusesforwardexchangecontractstohandle
exchangeriskexposureandhedgeaccountingforcon tracted
futurepaymentflowsaswellastranslationoffinancialassets
andliabilitiesThehedgereserveforforwardexchangecontracts
perDecemberamountedtoMSEK()andwillbe
returnedtotheincomestatementsin
Translationdierencesonoperatingreceivablesandpayablesas
wellasforwardexchangecontractsthatareheldforhedgingpur-
posesarereportedasotheroperatingincomeorexpensesTrans-
lationdierencesonfinancialliabilitiesandassetsandtheassoci-
atedhedginginstrumentsarereportedunderfinancialitems
Translation exposure
Elanders’resultsfromforeignsubsidiariesinforeigncurrencycon-
sistprimarilyofUSDandEURandtheGroupresultissensitiveto
fluctuationinthesecurrenciesBelowisananalysisofhowaposi-
tiveornegativechangeofpercentoftheaverageexchanges
ratesonthesecurrenciesshouldhaveaectedtheGroupnetsales
andoperatingresultin
Estimated eect from changes
in exchange rates by %
MSEK Net sales
Operating
result
Result
before tax
EUR – – –
USD – – –
EUR & USD – – –
Inregardstonetassetsinforeignsubsidiariestheexposureis
primarilyinEURandUSDHedgingofthenetinvestmentsmadein
foreignsubsidiarieshaspartlybeenmaderegardingtheopera-
tionsinGermanyUSAandSingaporethroughloansinEURand
USDIftheexchangeratesinEURandUSDchangedbypercent
itwouldaectequitybyMSEK()includingtheabove
describedhedging
Currency hedges
ThetablebelowshowsacompilationovertheGroup’soutstanding
forwardexchangecontractsperDecemberAllthecon-
tractsareduewithinayearThenominalamountreferstohedged
currencytranslatedtoSEK
Currencies
Nominal
amount
MSEK
Average
hedging rate
SEK/EUR
EUR/PLN
USD/PLN
USD/SEK
PLN/SEK
NOTE 20 – FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT
MSEK
Cash and bank
Cash and cash equivalents
TranslationdierencesincashandcashequivalentsfortheyearwereMSEK(–)
NOTE 19 – CASH AND CASH EQUIVALENTS
AUDITED ANNUAL REPORT – GROUP, NOTES
92
ANNUAL AND SUSTAINABILITY REPORT 2021
Interest risk
Interestriskisdefinedastheriskoflowerprofitscausedbya
changeininterestratesTheGroupstrivestoachieveabalance
betweencostecientborrowingandtheriskexposureifasudden
substantialinterestratechangeshouldoccurandnegativelyinflu-
enceprofitsandcashflowIfthereisachangeinmarketinterest
ratesbyonepercentageunit(ontheutilizedcreditfacilitiesat
yearendwhicharecoveredbytheagreementwiththeGroup’s
mainbanks)theGroup’sprofitaftertaxwouldhavebeenaected
byapproximatelyMSEK()Thefollowingtablepresentsthe
allocationofinterest-bearingandnon-interest-bearingfinancial
assetsandliabilitiesReservesforpensionshavebeenincludedin
interest-bearingliabilitiesInthetableregardingdividingfinan-
cialinstrumentsintocategoriesfurtherdowninthisnotetheyare
includedinnon-financialliabilities
MSEK
Floating
interest
Non-
interest-
bearing
Current receivables –
Cash and bank –
Long-term liabilities – –
Current liabilities – –
Total –
Financing/liquidity risk
Financingliquidityriskisdefinedastheriskofnotbeingableto
meetpaymentobligationsasaresultofinsucientliquidfunds
ordicultiesinfindingfinancingDuringtheyearanewcredit
facilityagreementhasbeensignedwiththeGroup’smainbanks
TheGroupnowhasthree(two)mainbanksTheagreementruns
forthreeyearswithanoptiontoextenditoneplusoneyear
RelatedtotheGroup’sinterest-bearingliabilitiesthereare
covenantsfromthecreditinstitutionsregardingdebtequityratio
andnetdebtinrelationtoEBITDAAsofDecemberall
covenantswerefulfilledwithagoodmarginSeepage
concerningduedatestructureregardingfinancialliabilities
Credit risk
Creditriskisdefinedastheriskofacounterpartynotmeeting
theirobligationsCreditriskcanbedividedintofinancialcredit
riskandcommercialcreditrisk
Financial credit risk
ThemostcrucialfinancialcreditriskfortheGroupariseswhen
tradingexchangederivativeinstrumentsandinvestingsurplus
liquidityHenceinordertoreducetheriskthefinancialpolicy
stipulatesthatonlycounterpartsthathavebeenapprovedby
GroupFinanceshouldbeusedOnDecembertotal
exposureregardingfinancialcreditriskswasMSEK()
Theexposureisbasedontherecordedvalueofallfinancialassets
exceptshareholdingsandaccountsreceivable
Commercial credit risk
Thecommercialcreditriskconsistsofthepaymentabilityof
customersandishandledbythesubsidiariesthroughcarefulmoni-
toringofpaymentabilityfollowupofcustomers’financialreports
andgoodcommunicationTheGroup’stotalcreditriskisspread
outovermanydierentcompaniesHoweverinactualityafew
customersrepresentalargepartoftheGroup’saccountsreceiv-
ableThesecustomersareforthemostpartlargelistedcompanies
thathavebeenthoroughlyinvestigatedThetotalcommercialcredit
exposureisequivalenttothebookvalueofaccountsreceivableand
amountedtoMSEK()perDecember
IncreditlossesamountedtoMSEK()
Operational risks
InadditiontothefinancialrisksaboveElandersisexposedtorisks
tiedtodailyoperationsHandlingoperationalrisksispartofthe
day-to-dayworkinoursubsidiariesandinGroupManagement
Intermsofresponsibilityallgroupoperationsarerepresentedin
GroupManagementwhichmeetsandcommunicatesonaregular
basis
Sensitivity analysis
Thetablebelowpresentshowgroupresultsaftertaxwouldhave
beenaectedbyachangeofonepercentageinthevariables
connectedtoElandersvariousoperationalrisksEachvariable
hasbeentreatedindividuallyundertheconditionthattheothers
remainconstantItisassumedthatachangeinnetsaleswill
aectthevalueaddedonthemarginwhichthere afterwill
presumablyfallstraightthroughtheincomestatementAchange
inpersonnelcostsismultipliedwithtotalpersonnelcosts
Achangeinmaterialcostsismultipliedwiththetotalcostsof
materialandisnotassumedtobeabletobechargedfromthe
customerTheanalysisdoesnotpretendtobeexactItismerely
indicativeandaimstoshowthemostrelevantmeasurablefactors
inthisconnectionThefiguresarepresentedinMSEK
•Netsales –
•Personnelcost –
•Costofmaterial –
NOTE 20 – FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (CONT.)
AUDITED ANNUAL REPORT – GROUP, NOTES
93
ANNUAL AND SUSTAINABILITY REPORT 2021
DUEDATESTRUCTUREREGARDINGFINANCIALLIABILITIES
DuedatestructureregardingfinancialliabilitiesincludinginterestexpensesispresentedinthetablebelowTheamountsarefuture
undiscountedcashflowsDuringtheyearanewcreditfacilityagreementhasbeensignedwiththeGroup´smainbanksTheGroupnow
hasthree(two)mainbanksTheagreementrunsforthreeyearswithanoptiontoextenditoneplusoneyearIntheduedatestructure
regardingthefinancialliabilitiestheinterestandcurrencyexchangeratesasofyearendhavebeenused
MSEK
Jan–Mar
Apr–Dec
– –
Borrowing debts –
Finance lease liabilities
Accounts payable – – –
Other financial liabilities – –
Interest
Total
Otherfinancialliabilitiesmaturing–referstomandatorycallputoptionsrelatingtoacquisitionsofnon-controllinginterests
Financial instruments – initial assessment
Financialinstrumentsarevaluedthefirsttimeatfairvalue
plustransactioncostswhichappliestoallfinancialassets
andliabilitiesnotrecognizedatfairvaluethroughprofitorloss
Financialassetsandliabilitiesrecognizedatfairvaluethrough
profitorlossarevaluedthefirsttimeatfairvaluewhile
attributabletransactioncostsarevaluedthroughprofitorloss
Mandatorycallputoptionsareinitiallyrecognizedasfinancial
liabilityatthepresentvalueoftheredemptionpricethatapplies
atthetimewhentheoptioncanfirstbeexercised
RECEIVABLES OVERDUE BUT NOT WRITTEN-DOWN
MSEK
–daysoverdue
–daysoverdue
–daysoverdue
–daysoverdue
Morethandaysoverdue
Total
OnlyaccountsreceivablesareincludedinthetableaboveNo
otheroverduereceivablesexistedasofDecemberor
AccountsreceivableamountingtoMSEK()areoverduewith
morethandayswithoutanyidentifiedneedforwrite-down
Thereceivablesreferstocustomerswithoutanyhistoryofpayment
diculties
CHANGE IN PROVISION FOR DOUBTFUL RECEIVABLES
MSEK
Opening provision for doubtful
receivables – –
Bad debt provision in acquired
operations – –
Reversal of provision from
previous year
Utilized provisions for confirmed
losses –
Provisions during the year – –
Translation dierence –
Closing provision for doubtful
receivables
– –
INTEREST INCOME AND EXPENSES STEMMING FROM
FINANCIAL ASSETS AND FINANCIAL LIABILITIES
MSEK
Interest income from financial
assets
Interest expenses due to
financial liabilities – –
Total – –
Thereasontheresultisnotthesameastheinterestresultre-
cordedunderfinancialitemsismainlyduetothefactthatfinancial
itemsstemmingfrompensionshavebeenexcluded
NOTE 20 – FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (CONT.)
AUDITED ANNUAL REPORT – GROUP, NOTES
94
ANNUAL AND SUSTAINABILITY REPORT 2021
NOTE 20 – FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (CONT.)
Categorization of financial instruments
Thecategorizationoffinancialassetsandliabilitiesandtheirbook
valueinthebalancesheetsforandarepresentedinthe
tablesbelowForinformationregardingfinancialassetsandliabi-
litiesvaluedatfairvalueseepreviouspageForotherassetsand
liabilitiesshownbelowthefairvalueisestimatedtobeequivalent
totheirbookvalue
FINANCIALASSETSATAMORTIZEDCOST
MSEK
Accounts receivable
Other financial assets
Cash and cash equivalents
Total
LIABILITIESATAMORTIZEDCOST
MSEK
Trade payables and other financial
liabilities
Borrowings
Total
Net profit/loss for financial instruments recorded in the
income statement
Thetablebelowcontainsthefollowingitemsthathavebeen
recordedintheincomestatement
–Profitsandlossesstemmingfromexchangeratedierences
includingprofitsandlossesattributabletohedgeaccounting
–Profitsandlossesstemmingfromfinancialinstrumentswhere
hedgeaccountingisapplied
–Profitsandlossesstemmingfromderivativeswherehedge
accountingisnotapplied
MSEK
Loans and receivables –
Other financial liabilities –
Total – –
Financial assets and liabilities measured at fair value
ThefinancialinstrumentsrecognizedatfairvalueintheGroup’s
reportonfinancialpositionarederivativesidentifiedashedging
instrumentsThederivativesconsistofforwardexchangecontracts
andareusedforhedgingpurposesValuationatfairvalueoffor-
wardexchangecontractsisbasedonpublishedforwardratesonan
activemarketAllderivativesareincludedinlevelinthefairvalue
hierarchySinceallthefinancialinstrumentsrecognizedatfair
valueareincludedinleveltherehavebeennotransfersbetween
valuationlevelsThetablebelowpresentsfairvaluerespective
bookedvalueperclassoffinancialassetsandliabilitieswhichare
recordedgross
MSEK
Other current assets – Derivative
instruments in hedge accounting
relationships –
Short-term non-interest-bearing
liabilities – Derivative instruments in
hedge accounting relationships –
Mandatorycallputoptionsareinitiallyrecognizedasfinancial
liabilityatthepresentvalueoftheredemptionpricethatapplies
atthetimewhentheoptioncanfirstbeexercisedChangesinthe
fairvalueoftheseliabilitiesarerecognizedoverequity
Thefairvalueofotherfinancialassetsandliabilitiesvaluedat
theiramortizedpurchasepriceisestimatedtobeequivalentto
theirbookvalue
Hedge accounting
Financialinstrumentsusedtohedgecurrencyrisksincontracted
cashflowsaswellasnetinvestmentsabroadhavebeenrecorded
atmarketvalueinthebalancesheetHedgeeectivenessisdeter-
minedattheinceptionofthehedgerelationshipandthroughpe-
riodicassessmentstoensurethataneconomicrelationshipexists
betweenthehedgeditemandhedginginstrumentForhedgesof
foreigncurrencythegroupentersintohedgerelationshipswhere
thecriticaltermsofthehedginginstrumentmatchwiththeterms
ofthehedgeditemThegroupthereforeperformsaqualitative
assessmentofeectiveness
AUDITED ANNUAL REPORT – GROUP, NOTES
95
ANNUAL AND SUSTAINABILITY REPORT 2021
Pledged assets
Seenoteforinformationonpledgedassets
CHANGES IN INTEREST-BEARING LIABILITIES
MSEK
Opening liabilities
Reported liabilities relating to lease agreements entered during the year
Amortization of lease liabilities – –
Other changes in lease liabilities
Reported liabilities relating to new loans entered into during the year –
Amortization of borrowing debts – –
Other changes in borrowing debts –
Translation dierence –
Closing liabilities
TheGrouphadatotalofMSEK()perDecember
increditfacilitiesincludingfactoringofwhichMSEK()were
unutilized
Thefinancingcostispricedaccordingtoafixedinterestterm
andanagreedmarginTheGroup’saverageeectiveinterestrate
duringtheyearwas()percentAfeeischargedforgranted
creditfacilitiesthisisrecognizedwithinotherfinancialexpenses
NOTE 22 – INTEREST-BEARING LIABILITIES
Numberofregisteredsharesintheparentcompany
IssuedperJanuary
IssuedperDecember
Number
ofshares
Number
ofvotes
Share
capitalSEK
Ashares
Bshares
Total
AllsharesarecompletelypaidforNosharesarereservedfortransferaccordingtooptionagreementsorothercontracts
Theshares’quotavalueisSEK
NOTE 21 – SHARE CAPITAL
AUDITED ANNUAL REPORT – GROUP, NOTES
96
ANNUAL AND SUSTAINABILITY REPORT 2021
PROVISION FOR POST-EMPLOYMENT OBLIGATIONS
MSEK
Funded
plans
Unfunded
plans Total
Presentvalueofpost-employmentobligations
Thefairvalueofplanassets – – –
Total
Percent
Discount rate
1)
Expected return on plan assets
)
Thediscountrateisbasedontheanticipatedreturnsfromatypicalhigh-qualitycompanyeurobondwithAArating
Defined benefit pension plans
Definedbenefitpensionplansmainlycoverretirementpensions
andwidowpensionswheretheemployerhasanobligationtopay
alifelongpensioncorrespondingtoacertainguaranteedpercent-
ageofwagesoracertainannualsumRetirementpensionsare
basedonthenumberofyearsapersonisemployedTheem-
ployeemustberegisteredintheplanforacertainnumberof
yearsinordertoreceivefullretirementpensionForeachyear
atworktheemployeeearnsanincreasingrighttopensionwhich
isrecordedaspensionearnedduringtheperiodaswellasan
increaseinpensionobligationsTheseplansarefinancedthrough
paymentsmaderegularlybytheemployer
ThefairvalueoftheplanassetsintheElanders’definedbenefit
pensionplansamountedtoMSEK()asofDecember
andthepresentvalueofthepensionobligationsamounted
toMSEK()Thedefinedcontributionplansaremainly
attributabletotheoperationsinGermany
Theactuarialmeasurementofpensionobligationsandcostsfor
definedbenefitplansarebasedonthefollowingactuarialsignificant
assumptions
NOTE 24 – PROVISIONS FOR POST-EMPLOYMENT BENEFITS
MSEK
Cash
and cash
equivalents
Interest-
bearing long-
term liabilities
Interest-
bearing short-
term liabilities Total
NetdebtasofJan –
Acquiredanddivestedoperations –
Changeswithcasheect –
Changeswithnocasheect –
Translationdierence –
NetdebtasofDec –
NOTE 23 – NET INTEREST-BEARING DEBT
AUDITED ANNUAL REPORT – GROUP, NOTES
97
ANNUAL AND SUSTAINABILITY REPORT 2021
CHANGE IN CURRENT VALUE OF THE POST-EMPLOYMENT OBLIGATIONS
MSEK
Openingbalance
Interestexpense
Actuarialgains(-)losses()net –
Currentyearservicecost
Pensionspaidout – –
Translationdierence –
Closingbalance
CHANGE IN PLAN ASSETS FAIR VALUE
MSEK
Openingbalance
Returnonplanassets
Disbursement – –
Actuarialgains(-)losses()net –
Translationdierence –
Closingbalance
Defined contribution pension plans
Theseplansmainlycoverretirementsickandfamilypensions
Thepremiumsarepaidregularlyduringtheyearbyindividual
groupcompaniestodierentinsurancecompaniesThepremium
paymentsarebasedontheindiviuals’wagesandsalariesThe
pensioncostsforthecurrentperiodareincludedintheincome
statementandamounttoMSEK()
Theobligationsforretirementandsickpensionsforwhite-collar
workersforseveraloftheSwedishcompanieshavebeensafe-
guardedthroughaninsuranceinAlectaAccordingtoanopinion
fromtheSwedishFinancialReportingBoardUFRthisisa
definedbenefitmulti-employerplanTheGrouphasnothad
accesstotheinformationnecessarytoreporttheseplansas
definedbenefitpensionplansforthefinancialyearThisis
becauseAlectaisnotabletoprovidethespecificdefinedbenefit
obligationforthosebeinginsuredConsequentlythepension
plansthataresafeguardedthroughinsuranceinAlectaare
reportedasadefinedcontributionplanThepaymentsforpension
insurancesfromAlectatotaledMSEK()inFor
nosignificantchangesareexpectedregardingthetotalcostsfor
pensioninsurancefromAlecta
NET EXPENSE RECOGNIZED IN THE INCOME STATEMENT REGARDING DEFINED BENEFIT PLANS
MSEK
Currentyearservicecost
Interestexpense
Returnonplanassets – –
Pensioncostsfordefinedbenefitplans
NOTE 24 – PROVISIONS FOR POST-EMPLOYMENT BENEFITS (CONT.)
AUDITED ANNUAL REPORT – GROUP, NOTES
98
ANNUAL AND SUSTAINABILITY REPORT 2021
MSEK
Holiday pay liability
Social security contributions
Accrued salaries and remuneration
Accrued expenses for services and goods received
Other accrued expenses and deferred income
Total
NOTE 26 – ACCRUED EXPENSES AND DEFERRED INCOME
NOTE 25 – OTHER PROVISIONS
MSEK
Guarantee
commitments
Restructuring
measures
Restoration
costs Other Total
OpeningbalanceasofJan
Providedforduringtheyear
Utilizedduringtheyear – – – – –
Reversalofunutilizedamounts – – – – –
Acquiredoperations –
Translationdierence
ClosingbalanceasofDec
Ofwhich
Current
Non-current
MSEK
Guarantee
commitments
Restructuring
measures
Restoration
costs Other Total
OpeningbalanceasofJan
Providedforduringtheyear
Utilizedduringtheyear – – – – –
Reversalofunutilizedamounts – – – – –
Acquiredoperations – – – –
Translationdierence – – – – –
ClosingbalanceasofDec
Ofwhich
Current
Non-current
AUDITED ANNUAL REPORT – GROUP, NOTES
99
ANNUAL AND SUSTAINABILITY REPORT 2021
Thetransactionsbetweensubsidiarieshavetakenplacewith
normalbusinesstermsandatmarketpricesDuringtheyearintra-
groupsalesofproductsandservicesamountedtoMSEK
()Intra-grouptransactionsandbalanceshavebeenelimi-
natedandarethereforenotincludedinthefiguresbelowconcern-
ingtheGroup
Sales of products and services
Duringandtherehavenotbeenanysalesof
productsandservicestorelatedparties
Purchase of products and services
ErikGabrielsonwhoismemberoftheBoardispartnerinVinge
LawFirmthatduringtheyearhasprovidedlegalcounseland
invoicedfeesamountingtoMSEK()
NoBoardmemberorseniorocerhasorhashaddirector
indirectparticipationinanybusinesstransactionsbetweenthem-
selvesortheGroupthatareorwereofanunusualnatureconcern-
ingtheterms
RemunerationtoBoardmembersandmanagementis
reportedinnote
NOTE 28 – TRANSACTIONS WITH RELATED PARTIES
NOTE 27 – PLEDGED ASSETS AND CONTINGENT LIABILITIES
PLEDGED ASSETS
MSEK
Floating charges
Other pledged assets
Total
Pledged to:
Credit institutions
Otherpledgedassetsreferprimarilytocollateralintheformof
sharesinsubsidiariesTheitemalsoincludesleasedassetsheld
underaretentionoftitleclause
CONTINGENT LIABILITIES
MSEK
Contingent liabilities
Total
NOTE 29 – ACQUIRED AND DIVESTED OPERATIONS
Acquisitionofoperationsin
ReuseITSwedenABandReuseITFinanceAB
InMarchElandersacquiredpercentofthesharesin
ReuseITSwedenABandReuseITFinanceAB(“ReuseIT”)ReuseIT
isarapidlygrowingcompanywithnetsalesinofalmost
MSEKandgoodprofitabilityTheyarespecializedinpurchasing
securelyerasingrenovatingresellingandrentingoutusedIT
equipmentTheacquisitionmakesElandersoneoftheleading
actorsontheSwedishmarketAtthesametimethisispartofa
largerstrategicinvestmentinglobalsustainableservices
Thecontractcontainsamandatoryputandcalloptionthat
givesElanderstherighttoacquiretheremainingsharesinthe
companyduringForthisreasonthecompanyisconsolidated
to percentfromtheacquisitiondateandnonon-controlling
interestsisreportedThepurchasepricefortheremainingshares
isbasedonthecompany’searningsinthecomingyearsandthe
assumedpurchasepricehasbeenrecognizedasaliabilityReuseIT
ispartofbusinessareaSupplyChainSolutionsandwasconsoli-
datedintotheGroupperMarchTheacquisitiondidnothave
anymaterialeectonnetsalesortheresultduringtheperiod
Thepurchasepriceandacquisitioncostschargedcashflowin
thefirstquarterbyaroundMSEKofwhichMSEKconsisted
ofconsultancyfeesTheacquisitionwasfinancedwithinElanders’
existingcreditframework
Thepurchasepriceallocationispreliminary
SchätzlDruck&MedienGmbH&CoKG
InJulyElandersacquiredallthesharesintheGermandigital
printcompanySchätzlDruck&MedienGmbH&CoKG(“Schätzl”)
Schätzlisspecializedasasubcontractorfordierentactorsin
onlineprintwhichisoneofthefewareasinthegraphicindustry
showingorganicgrowthElandersisalreadyawell-established
subcontractorinthisareaandtogetherwithSchätzlElanderswill
beoneoftheleadingactorsinEurope
SchätzlhadnetsalesofaroundMEURinthelasttwelve-
monthperiodwithgoodprofitabilityThepurchasepriceforthe
shareswasMEURonadebt-freebasisThesellermayalso
receiveanadditionalsumbasedontheearningsinthecoming
yearswhichwillbepaidin
SchätzlispartofbusinessareaPrint&PackagingSolutionsand
wasconsolidatedintotheGroupasofJulySincetheacqui-
sitionthecompanyhascontributedtoGroupnetsalesbyjustover
MSEKandtothenetresultbyMSEK
One-ocostsinconnectionwiththeacquisitionwerearound
MSEKandconsistedofconsultancyfeesTheacquisitionwas
financedwithinElanders’existingcreditframework
Thepurchasepriceallocationispreliminary
AUDITED ANNUAL REPORT – GROUP, NOTES
100
ANNUAL AND SUSTAINABILITY REPORT 2021
NOTE 29 – ACQUIRED AND DIVESTED OPERATIONS (CONT.)
PRELIMINARYPURCHASEPRICEALLOCATION(PPA)BERGENLOGISTICS
MSEK
Recorded
valuesin
acquired
operations
Adjustments
tofairvalue
Recorded
valueinthe
Group
Intangibleassets
Otherassets
)
Currentassetsexcludingcashandcashequivalents
Cash and cash equivalents
Other non-interest-bearing liabilities – – –
Interest-bearingliabilities
)
– –
Identifiablenetassets
Goodwill
Total
Less:
Unpaid purchase price –
Cashandcashequivalentsinacquisitions –
NegativeeectoncashandcashequivalentsfortheGroup
)
Whereofright-of-useassetsMSEK
)
WhereofleaseliabilitiesMSEK
BergenShippersCorp
InNovemberElandersacquiredpercentoftheshares
intheAmericansupplychainmanagementcompanyBergen
ShippersCorpThecompanyoperatesunderthenameBergen
Logisticsandisspecializedincontractlogisticsservicesforthe
customersegmentFashion&LifestyleThisacquisitionmakesthis
customersegmentthelargestintheGroup
Thecompany’snetsalesinwereMUSDandoverMUSD
inThecompanywasvaluedatMUSDonadebt
freebasisandElandersinitiallyacquiredpercentoftheshares
forMUSDTheinitialpurchasepricechargedcashflowinthe
fourthquarterThecontractcontainsamandatoryputand
calloptionfortheremainingsharesinthecompanythatcanbe
usedduringForthisreasonthecompanyisconsolidated
to percentfromtheacquisitiondateandnonon-controlling
interestsisreportedThepurchasepricefortheremainingshares
isbasedonthecompany’searningsinandtheassumed
purchasepricehasbeenrecognizedasaliabilityBergenLogistics
ispartofbusinessareaSupplyChainSolutionsandwasconsoli-
datedintotheGroupperNovemberSincetheacquisition
thecompanyhascontributedtoGroupnetsalesbyjustover
MSEKandtothenetresultbyMSEKexcludingacquisition
costsbutincludingfinancingcosts
One-ocostsinconnectionwiththeacquisitionwerearound
MSEKandconsistedprimarilyofconsultancyfeesBergen
Logisticsisexpectedtocontributepositivelytoearningspershare
duringTheacquisitionwasfinancedwithanacquisitionloan
viatheGroup’sthreeprincipalbanks
Thepurchasepriceallocationispreliminary
EijgenhuijsenExploitatieBV
AttheendofNovemberElandersacquiredalltheshares
inEijgenhuijsenExploitatieBVanditssubsidiaryEijgenhuijsen
PrecisievervoerBV(togetherEijgenhuijsen)Throughthisacquisi-
tionElanderswillbeabletooerspecialtransportationinstalla-
tionandretrievingofadvancedtechnicalequipmentEijgenhuijsen
isaleadingactorintheNetherlandsinthisfieldTheacquisitionis
astepinaugmentingvalue-addingservicestocustomerssuchas
thoseinElectronicsandHealthcare&LifeScienceEijgenhuijsenis
privatelyownedandhadnetsalesofMEURin
EijgenhuijsenispartofbusinessareaSupplyChainSolutions
andwasconsolidatedintotheGroupperDecemberTheac-
quisitiondidnothaveanymaterialeectonnetsalesortheresult
duringtheperiod
ThepurchasepricewasaroundMEURonadebt-freebasis
TheacquisitionwasfinancedwithinElanders’existingcredit
frameworkandacquisitioncostswerearoundMSEK
Thepurchasepriceallocationispreliminary
AUDITED ANNUAL REPORT – GROUP, NOTES
101
ANNUAL AND SUSTAINABILITY REPORT 2021
NOTE 30 – EVENTS AFTER THE BALANCE SHEET DATE
NOTE 29 – ACQUIRED AND DIVESTED OPERATIONS (CONT.)
Acquisitionofoperationsin
InOctoberElanderssignedacontracttoacquirepercent
ofthesharesinAzaleaGlobalITABAzaleahasnetsalesof
aroundMSEKannuallygoodprofitabilityandisspecialized
inValueRecoveryServicesTheymanagetheentirechainfrom
purchasingusedITequipmentandrestoringandresettingitto
thensellingittoanetworkofcustomersTheacquisitionof
AzaleaisapartofElanders’investmentswithinsustainable
servicesthatcontributetoacirculareconomyTheacquisition
didnothaveanymaterialeectonnetsalesorprofitduring
theperiodInconnectionwiththeacquisitionintangibleassets
intheformofcustomerrelationshipsamountingtoMSEKand
goodwillamountingtoMSEKwereidentifiedTheagreement
containsamandatorycall&putoptionthatgivesElandersthe
righttoacquiretheremainingsharesinthecompanyin
Theoptionalsogivesthesellerstherighttoselltheremaining
sharesatadefinedpurchasepriceTheacquisitioncostsie
thecostsforadvisorsinconnectionwiththeacquisition
amountedtoMSEK
PRELIMINARYPURCHASEPRICEALLOCATION(PPA)OTHERACQUISITIONS
MSEK
Recorded
valuesin
acquired
operations
Adjustments
tofairvalue
Recorded
valueinthe
Group
Intangibleassets
Otherassets
)
Currentassetsexcludingcashandcashequivalents
Cash and cash equivalents
Other non-interest-bearing liabilities – – –
Interest-bearingliabilities
)
– –
Identifiablenetassets
Goodwill
Total
Less:
Unpaid purchase price –
Amortization of external loans in connection with acquisition
Cashandcashequivalentsinacquisitions –
NegativeeectoncashandcashequivalentsfortheGroup
)
Whereofright-of-useassetsMSEK
)
WhereofleaseliabilitiesMSEK
ThewarinUkraine
RussiainvadedUkraineinFebruaryThewarhassofar
nothadanysignificantnegativeimpactonElanders’operations
HoweversomeoftheGroup’scustomershavesubcontractorsin
UkraineandRussiaThesecustomershavethereforestartedto
havesomeproblemswiththeirsupplychain
Thereisstillagreatdealofuncertaintyabouthowlongthe
conflictwilllastandtheextentofitItisthereforedicultto
predicttheexactimpactinthecomingyearIncreasedsanctions
andanincreasedscopeoftheconflictcouldhaveasignificant
impactontheGroup’soperations
Apartfromthisnomajoreventshavetakenplacebetweenthe
balancesheetdateandthedatethisreportwassigned
AUDITED ANNUAL REPORT – PARENT COMPANY
102
ANNUAL AND SUSTAINABILITY REPORT 2021
MSEK Note
Net sales
Selling expenses – –
Administrative expenses – –
Other operating income
Operating result – –
Result from shares in subsidiaries
Interest income
Other financial income
Interest expenses – –
Other financial expenses – –
Result after financial items
Taxes – –
Result for the year
MSEK
Result for the year
Other comprehensive income – –
Total comprehensive income for the year
INCOME STATEMENTS
STATEMENTS OF COMPREHENSIVE INCOME
AUDITED ANNUAL REPORT – PARENT COMPANY
103
ANNUAL AND SUSTAINABILITY REPORT 2021
MSEK Note
Operating activities
Result after financial items
Adjustments for items not included in cash flow from operating activities –
Paid taxes – –
Cash flow from operating activities before changes in working capital –
Cash flow from changes in working capital
Increase (–)/decrease (+) in operating receivables –
Increase (+)/decrease (–) in operating liabilities
Cash flow from operating activities –
Investing activities
Acquisition of tangible assets and intangible assets –
Acquisition of subsidiaries – –
Received dividends from subsidiaries
Lending to and from subsidiaries –
Cash flow from investing activities –
Financing activities
Amortization of loans – –
New loans –
Other changes in interest-bearing liabilities – –
Dividend to parent company shareholders – –
Cash flow from financing activities –
Cash flow for the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at year-end
CASH FLOW STATEMENTS
AUDITED ANNUAL REPORT – PARENT COMPANY
104
ANNUAL AND SUSTAINABILITY REPORT 2021
MSEK Note
ASSETS
Fixed assets
Intangible assets
Tangible fixed assets
Shares in subsidiaries
Receivables from group companies
Deferred tax assets
Other financial assets –
Total fixed assets
Current assets
Receivables from group companies
Other receivables
Prepaid expenses and accrued income
Cash and bank balances
Total current assets
Total assets
EQUITY, PROVISIONS AND LIABILITIES
EQUITY
Share capital
Statutory reserve
Restricted equity
Unrestricted equity
Total equity
PROVISIONS
Provisions for pensions and similar obligations – –
Other provisions
Total provisions
LIABILITIES
Long-term liabilities
Liabilities to credit institutions
Liabilities to group companies
Other liabilities
Total long-term liabilities
Current liabilities
Liabilities to credit institutions
Accounts payable
Liabilities to group companies
Other liabilities
Accrued expenses and deferred income
Total current liabilities
Equity, provisions and liabilities
BALANCE SHEETS
AUDITED ANNUAL REPORT – PARENT COMPANY
105
ANNUAL AND SUSTAINABILITY REPORT 2021
MSEK Share capital
Statutory
reserve
Unrestricted
equity Total
OpeningbalanceasofJan
Resultfortheyear – –
Othercomprehensiveincome – – – –
ClosingbalanceasofDec
Dividend – – – –
Resultfortheyear – –
Othercomprehensiveincome – – – –
ClosingbalanceasofDec
STATEMENTS OF CHANGES IN EQUITY
AUDITED ANNUAL REPORT – PARENT COMPANY, NOTES
106
ANNUAL AND SUSTAINABILITY REPORT 2021
ApresentationofElanders’accountingprinciplescanbefound
innotetoElanders’consolidatedfinancialstatementsThepar-
entcompanyhasprepareditsannualaccountsaccordingtothe
AnnualAccountsActandtheSwedishFinancialReportingBoard
RecommendationRFRAccountingforlegalentitiesandwhere
applicablestatementsmadebytheSwedishFinancialReporting
BoardRFRrequirestheparentcompanytointheannual
accountsforthelegalentityusealltheEUapprovedIFRSsand
interpretationsasfaraspossiblewithintheframeworkofthe
AnnualAccountsActandtheSecurityLawtakingintoconsid-
erationtheconnectionbetweenaccountingandtaxationThe
parentcompanygenerallyfollowsthesamepreviouslydescribed
principlesastheGroupDierencesbetweengroupandparent
companyaccountingprinciplesarepresentedbelow
Taxes
Taxlawsallowprovisionsforspecialreservesandfundsthatare
reportedseparatelyintheparentcompanyThisallowscompanies
withinlimitstoallocateandretainrecordedresultsinoperations
withoutthembeingimmediatelytaxedTheuntaxedreservesare
notsubjecttotaxationuntiltheyaredissolvedIfcompanieslose
moneytheuntaxedreservescanbeusedtocoverthelosseswith-
outbeingtaxed
Intangible assets
Theparentcompanyamortizesgoodwillaccordingtoplan
whichisnotpermittedfortheGroupGoodwillisamortizedon
astraight-linebasisoveratwenty-yearperiodsinceitrelatesto
acquisitionsofastrategicnature
Shares in associated companies and jointly controlled
entities
Sharesinassociatedcompaniesjointlycontrolledentitiesand
subsidiariesarereportedintheparentcompanyaccordingtothe
acquisitionmethodAcquisition-relatedcostsforsubsidiaries
whichareexpensedingroupaccountingareincludedaspartof
theacquisitionvalueforparticipationinsubsidiariesReported
valuesaretestedoneverybalancesheetdateinordertodeter-
mineiftheneedforwrite-downsisindicated
Pensions
Theparentcompany’spensionobligationshavebeencalculated
andreportedbasedontheSwedishSecurityLawApplicationof
theSwedishSecurityLawisaprerequisiteforfiscaldeductions
Financial guarantee contracts
Theparentcompany’sfinancialguaranteecontractsconsistpri-
marilyofguaranteesonbehalfofsubsidiariesAfinancialguaran-
teecontractisacontractinwhichthecompanyhasacommitment
toreimbursetheholderofadebtinstrumentforlossitincurs
becauseaspecifieddebtorfailstomakepaymentwhendue
accordingtothecontracttermsTheparentcompanyapplies
RFRptoaccountforfinancialguaranteeswhichisarelief
comparedtotherulesinIASconnectedtoreportingandtaxa-
tionTheparentcompanyrecognizesfinancialguaranteecontracts
asaprovisiononthebalancesheetwhenthecompanyhasacom-
mitment
Group and shareholder contributions
Groupandshareholdercontributionsarerecognizedaccording
tothealternativeruleintheSwedishFinancialReportingBoard
RecommendationRFRThismeansthatreceivedandpaid
groupcontributionsarereportedasappropriationsShareholder
contributionsareactivatedinsharesandparticipationsaslongas
write-downsarenotrequired
Financial instruments and hedge accounting
Inviewoftheconnectionbetweenaccountingandtaxation
therulesonfinancialinstrumentsandhedgeaccountingarenot
appliedbytheparentcompanyasalegalentity
Intheparentcompanyfinancialassetsarevaluedatcostless
anyimpairmentandfinancialcurrentassetsatthelowervalueof
costornetrealizablevalue
Lease agreements
IFRSLeasesarenotappliedintheparentcompanyasexemp-
tionisallowedforapplicationinlegalentitiesThismeansthatthe
leasingfeesareexpensedonastraight-linebasisintheincome
statement
Standards, amendments and interpretations of existing
standards that have taken eect in 2021
Nonewstandardsamendmentsorinterpretationsthathavehad
significanteectonthecompany’sfinancialreportshavecome
intoeectduring
NOTE 1 – ACCOUNTING PRINCIPLES
AUDITED ANNUAL REPORT – PARENT COMPANY, NOTES
107
ANNUAL AND SUSTAINABILITY REPORT 2021
RESULT FROM SHARES IN SUBSIDIARIES
MSEK
Write-downs of shares in
subsidiaries – –
Dividends from subsidiaries
Total
INTEREST INCOME
MSEK
Interest income, external
Interest income, subsidiaries
Total
OTHER FINANCIAL INCOME
MSEK
Exchange rate gains
Total
INTEREST EXPENSES
MSEK
Interest expenses, external – –
Interest expenses, subsidiaries – –
Total – –
OTHER FINANCIAL EXPENSES
MSEK
Exchange rate losses – –
Other financial expenses – –
Total – –
MSEK
PwC
Audit assignment
Audit-related services
– –
Tax advisory services – –
Other services – –
Total
Nofeeswerepaidtootherauditingfirms
Auditassignmentisdefinedasthestatutoryauditiethework
necessarytoproducetheauditors’reportaswellassocalled
auditconsultationgiveninconnectionwiththeaudit
MSEK
Exchange rate gains
Other
Total
NOTE 2 – FEES TO THE AUDITORS NOTE 3 – OTHER OPERATING INCOME
NOTE 4 – PERSONNEL
NOTE 5 – RESULT FROM FINANCIAL ITEMS
Pleaseseenotetotheconsolidatedfinancialstatementsfor
personnelrelatedinformation
AUDITED ANNUAL REPORT – PARENT COMPANY, NOTES
108
ANNUAL AND SUSTAINABILITY REPORT 2021
TAX ON THE RESULT FOR THE YEAR
MSEK
Withholding tax on income from
foreign subsidiaries – –
Correction of previous years’ current
tax expense – –
Deferred tax – –
Total – –
DEFERRED TAX RECEIVABLES
MSEK
Tax loss carry forwards
Other
Total
RECONCILIATION OF RECORDED TAX
MSEK
Result before taxes
Tax according to Swedish tax rate
of ()%
– –
Tax eect of:
Non-taxable dividends from
subsidiaries
Write-downs of shares in
subsidiaries – –
Eect from change in tax rate –
Withholding tax on income
from foreign subsidiaries – –
Contribution, representation
and association costs – –
Other –
Total – –
Sales of products and services
Theparentcompanyreimburseitssubsidiariesforservicesmainly
relatingtomarketingITauditinginsuranceetcBesidesthis
therehavebeennosalesofproductsorservicestorelatedparties
Purchase of products and services
DuringtheyeartheParentCompanypurchasedservicesfrom
subsidiariesforMSEK()
ErikGabrielsonwhoismemberoftheBoardispartnerinVinge
LawFirmthatduringtheyearhasprovidedlegalcounseland
invoicedfeesamountingtoMSEK()
NoBoardmemberorseniorocerhasorhashaddirectorin-
directparticipationinanybusinesstransactionsbetweenthem-
selvesorthecompanythatareorwereofanunusualnature
concerningtheterms
RemunerationtoBoardmembersandGroupManagementis
reportedinnotetotheconsolidatedfinancialstatements
Profitandothernon-restrictedequityatthedispositionofthe
AnnualGeneralMeeting
MSEK
Retained earnings
Net result for the year
Total
TheBoardofDirectorsandtheChiefExecutiveOcerpropose
thattheprofitandothernon-restrictedequitywillbedealtwith
accordingly
MSEK
SEK 3.60 (3.10) per share is
distributed to the shareholders
Remaining balance to be carried
forward
Total
NOTE 6 – TAXES
NOTE 7 – TRANSACTIONS WITH RELATED PARTIES
NOTE 8 – PROPOSED APPROPRIATION OF PROFITS
AUDITED ANNUAL REPORT – PARENT COMPANY, NOTES
109
ANNUAL AND SUSTAINABILITY REPORT 2021
MSEK
Opening book value
Investments
Write-downs – –
Closing book value
SPECIFICATION OF SHARES IN SUBSIDIARIES
Identity no. Registered oce
Number
of
shares
Percen-
tage
holding
Book
value
of hol-
ding,
MSEK
d|o|m Deutsche Online Medien GmbH HRB Waiblingen
Germany
–
myphotobook GmbH HRB BerlinGermany – –
Elanders do Brasil Representações Ltda - SãoPauloBrazil –
Mentor Gerenciamento de Supply Chain (Brasil) Ltda - SãoPauloBrazil –
Elanders France SARL ParisFrance –
Elanders GmbH HRB Waiblingen
Germany
–
Elanders International AB - MölndalSweden – –
Mentor Media Ltd H Singapore – –
Asiapack Limited HongKongChina – –
Asiapack (Shenzhen) Co., Ltd E ShenzhenChina – –
Chengdu Mentor Media Co., Ltd A ChengduChina – –
Mentor Internet Solution Pte Ltd M Singapore – –
Mentor Media (Chongqing) Co., Ltd ChongqingChina – –
Mentor Media (Chongqing) Co., Ltd – Wuhan Branch MAKYTDKK WuhanChina – – –
Mentor Media (Kunshan) Co., Ltd KunshanChina – –
Mentor Media Ltd, Taiwan Branch TaoyuanTaiwan – –
Mentor Media (Shenzhen) Co., Ltd D ShenzhenChina – –
Mentor Media (USA) Supply Chain Management Inc C EastvaleUSA – –
Mentor Media (Xiamen) Co., Ltd M XiamenChina – –
Mentor Media CBZ (Chongqing) Co., Ltd ChongqingChina – –
Mentor Media Juárez S.A. de C.V. MMJN JuárezMexico – –
Mentor Media (Shenzhen) Logistics Ltd C ShenzhenChina – –
Mentor Printing and Logistics Private Limited UTNPTC ChennaiIndia – –
Mentor Shanghai Trading Co., Ltd A ShanghaiChina – –
Mentor Supply Chain (Chongqing-CBZ) Co., Ltd MAYRXH ChongqingChina – –
Mentor Supply Chain (Netherlands) BV Rotterdam
Netherlands
– –
Mentor Media Czech s.r.o. CZ BrnoCzech
Republic
– –
Mentor Supply Chain Mexico S.A. de C.V. MSCQH JuárezMexico – –
Shanghai Mentor Media Co., Ltd D ShanghaiChina – –
Tristellar Graphic Sdn. Bhd. T JohorMalaysia – –
NOTE 9 – SHARES IN SUBSIDIARIES
AUDITED ANNUAL REPORT – PARENT COMPANY, NOTES
110
ANNUAL AND SUSTAINABILITY REPORT 2021
SPECIFICATION OF SHARES IN SUBSIDIARIES (CONT.)
Identity no. Registered oce
Number
of
shares
Percen-
tage
holding
Book
value
of hol-
ding,
MSEK
Elanders Holding GmbH HRB HerrenbergGermany –
LGI Logistics Group International GmbH HRB243806 Herrenberg, Germany – –
Helix Software + Support GmbH HRB Herrenberg, Germany – –
ITG GmbH Internationale Spedition und Logistik HRB66157 Schwaig, Germany – –
ITG Fulfillment GmbH HRB33746 Oberhausen, Germany – –
ITG Air & Sea GmbH HRB250422 Munich, Germany – –
ITG International Transports Inc. 43240627 Boston, USA – –
LGI Netherlands BV Amsterdam, Netherlands – –
Eijgenhuijsen Exploitatie BV Ruurlo, Netherlands – –
Eijgenhuijsen Precisievervoer BV Ruurlo, Netherlands – –
OOO ITG International Transports + Logistics OGRN Moscow, Russia – –
LGI Austria GmbH FN 349601 w Laxenburg, Austria – –
LGI Espana s.l. B Cabanillas del Campo, Spain – –
LGI Hungaria Logisztikal Kft 13-09-140503 Páty, Hungary – –
LGI Logistics Group International AB - Arlöv, Sweden – –
LGI Logistics Group International Ltd GB 07251732 MiltonKeynesUK – –
LGI Polska Sp. z o.o. KRS Wroclaw, Poland – –
Logistics Worksolution Sp. z o.o. KRS 0000735255 Starachowice, Poland – –
LGI Romania s.r.l. J Arad, Romania – –
LGI Czechia s.r.o. CZ25204581 Zákupy, Czech Republic – –
LGI Deutschland GmbH HRB354685 Herrenberg, Germany – –
LGI FreightLog GmbH HRB761526 Freiberg am Neckar, Germany – –
LGI Logistics Solution GmbH HRB32410 Duisburg, Germany – –
LGI TechLog GmbH HRB513968 Herrenberg, Germany – –
Logistik Lernzentrum GmbH HRB Böblingen, Germany – –
Mölndal 1 GmbH HRB Herrenberg, Germany – –
Mölndal 2 GmbH HRB Herrenberg, Germany – –
Elanders Holding USA Inc. - Delaware, USA –
Bergen Shippers Corp New Jersey, USA – –
Bergen Logistics Canada, Inc. Brampton, Canada – –
Bergen Ventures BV Veghel, Netherlands – –
Bergen Logistics BV Veghel, Netherlands – –
Rey 11 LLC New Jersey, USA – –
Rex 11 SRL Chișinău, Moldova – –
Elanders Hungary Kft -- ZalalövőHungary –
Elanders Infologistics AB - MölndalSweden
Elanders Sverige AB - BoråsSweden – –
Elanders Italy S.r.l. PonzanoVenetoItaly –
NOTE 9 – SHARES IN SUBSIDIARIES (CONT.)
AUDITED ANNUAL REPORT – PARENT COMPANY, NOTES
111
ANNUAL AND SUSTAINABILITY REPORT 2021
SPECIFICATION OF SHARES IN SUBSIDIARIES (CONT.)
Identity no. Registered oce
Number
of
shares
Percen-
tage
holding
Book
value
of hol-
ding,
MSEK
Elanders Ltd GB NewcastleUK –
Elanders McNaughtan’s Ltd SC GlasgowUK – –
Spreckley Ltd NewcastleUK – –
Elanders Polska Sp. z o.o. KRS PłońskPoland –
Elanders UK Ltd GB HarrogateUK –
fotokasten GmbH HRB WaiblingenGermany –
Midland Information Resources Company - DavenportUSA
ElandersUSA, LLC - AtlantaUSA – –
Goldcup 20533 AB - MölndalSweden
Azalea Global IT AB - GöteborgSweden – –
ReuseIT Sweden AB - VäxjöSweden – –
ReuseIT Finance AB - VäxjöSweden – –
Schmid Druck + Medien GmbH HRB KaisheimGermany –
Schätzl Druck & Medien GmbH HRB DonauwörthGermany – –
Total
Nobookvalueisstatedforthecompaniesnotdirectlyownedbytheparentcompany
NOTE 9 – SHARES IN SUBSIDIARIES (CONT.)
AUDITED ANNUAL REPORT – PARENT COMPANY, NOTES
112
ANNUAL AND SUSTAINABILITY REPORT 2021
MSEK
Salaries and holiday pay
Social security contributions
Interest
Other accrued expenses and deferred income
Total
NOTE 12 – ACCRUED EXPENSES AND DEFERRED INCOME
Equipment, tools,
fixtures and fittings
MSEK
Opening acquisition value
Acquisitions –
Closing acquisition value
Opening accumulated depreciation – –
Depreciation for the year – –
Closing accumulated depreciation – –
Net residual value
Depreciationhasbeenchargedentirelytoadministrativeexpenses
Therehasbeennofinancialleasing
NOTE 11 – TANGIBLE FIXED ASSETS
NOTE 10 – INTANGIBLE ASSETS
Goodwill Other intangible assets Total
MSEK
Opening acquisition value
Acquisitions
– – – –
Closing acquisition value
Opening accumulated
amortization and write-downs – – – – – –
Amortization of the year – – – – – –
Closing accumulated
amortization and write-downs
– – – – – –
Net residual value
Otherintangibleassetsrefertosoftware
AMORTIZATION SPECIFIED PER FUNCTION IN THE INCOME STATEMENT
MSEK
Selling expenses – –
Administrative expenses – –
Total – –
AUDITED ANNUAL REPORT – PARENT COMPANY, NOTES
113
ANNUAL AND SUSTAINABILITY REPORT 2021
BANKOVERDRAFTFACILITIES
Utilizedamountsandavailablecreditingroupbankoverdraft
facilitiesaregivenbelow
MSEK
Bank overdraft facilities,
utilized amount – –
Bank overdraft facilities,
granted amount
Not utilized overdraft
CHANGES IN INTEREST-BEARING LIABILITIES
MSEK
Opening liabilities
New loans –
Amortization of loans – –
Other changes in interest-bearing
liabilities – –
Translation dierence –
Closing liabilities
AllliabilitiestocreditinstitutionsareborrowingdebtsLoansfromElanders’mainbanksfollowsthetermsinthecreditagreementand
maturityisinJulyElandersABhasloansinUSDandEURTheinterestrateontheloansperDecemberwasintheinterval
–(–)percent
Pleaseseenotetotheconsolidatedfinancialstatementsforinformationregardingfinancialriskmanagement
NOTE 13 – LIABILITIES TO CREDIT INSTITUTIONS
PLEDGED ASSETS
MSEK
Floating charges
Other pledged assets
Total
Given to:
Credit institutions
Total
Otherpledgedassetsprimarilyrefertocollateralintheformof
sharesinsubsidiaries
CONTINGENT LIABILITIES
MSEK
Surety and contingent liabilities
given for subsidiaries
Total
Exemption rules for subsidiaries
TheparentcompanyhasissuedaguaranteeunderSection(C)
oftheUKCompaniesActfortheyearendedDecember
inrespectofthesubsidiariesElandersLtdElandersUKLtd
ElandersMcNaugthan’sLtdandSpreckleyLtdregisteredinthe
UnitedKingdomlistedinnoteTheparentcompanyguarantees
alloutstandingliabilitiestowhichthesubsidiarycompaniesare
subjecttoonDecemberuntiltheyaresatisfiedinfulland
theguaranteeisenforceableagainstthecompanybyanyperson
towhomthesubsidiarycompaniesareliableinrespectofthose
liabilitiesThesubsidiarieshavetakenadvantageoftheexemption
fromauditbyvirtueofSection(A)oftheCompaniesAct
Theparentcompanyhasissuedaguaranteetothesubsidiaries
SchmidDruckMedienGmbHElandersGmbHandElanders
HoldingGmbHallregisteredinGermanyTheparentcompany
guaranteesforallobligationsofSchmidDruckMedienGmbH
ElandersGmbHandElandersHoldingGmbHexistingasof
Decemberuntiltheendofthefollowingfinancialyear
AsaconsequenceofthisSchmidDruckMedienGmbHElanders
GmbHandElandersHoldingGmbHincludingitsGermansubsidi-
ariesLGILogisticsGroupInternationalGmbHLGIDeutschland
GmbHLGIFreightLOGGmbHLGITechLogGmbHHelixSoftware
SupportGmbHLogistikLernzentrumGmbHLGILogistics
SolutionGmbHITGGmbHInternationaleSpeditionundLogistik
ITGFulfillmentGmbHandITGAir&SeaGmbHlistedinnote
applytheexemptionrulessetoutinsec()GermanCommer-
cialCode(HGB)Thoserulesexemptfromlegalauditandpub-
lishingandallowspreparationreliefsofthefinancialstatements
Furthermoreaccordingtosec()and()GermanCom-
mercialCode(HGB)ElandersHoldingGmbHLGILogisticsGroup
InternationalGmbHITGGmbHInternationaleSpeditionund
LogistikITGAir&SeaGmbHandElandersGmbHareexempted
fromthepreparationofconsolidatedfinancialstatementsandthe
managementcommentaryastheyareincludedintheconsolidated
financialstatementsofElandersAB
NOTE 14 – PLEDGED ASSETS AND CONTINGENT LIABILITIES
AUDITED ANNUAL REPORT – PARENT COMPANY, NOTES
114
ANNUAL AND SUSTAINABILITY REPORT 2021
PAID AND RECEIVED INTEREST
MSEK
Paid interest – –
Received interest
Total
DIVIDENDS RECEIVED FROM SUBSIDIARIES
MSEK
Azalea Global IT AB –
d|o|m Deutsche Online Medien
GmbH –
fotokasten GmbH –
Elanders GmbH
Elanders Hungary Kft
Elanders Italy S.r.l. –
Elanders Polska Sp. z o.o.
Midland Information Resources
Company –
Total
ADJUSTMENT FOR ITEMS NOT INCLUDED IN CASH FLOW
FROM OPERATING ACTIVITIES
MSEK
Depreciation, amortization and
write-downs of intangible and
tangible assets
Dividends from subsidiaries – –
Unrealized exchange rates gains
and losses –
Other items –
Total –
Cash and cash equivalents
Cashandcashequivalentsconsistprimarilyofcashandbank
balancesShort-terminvestmentsareclassifiedascashandcash
equivalentswhen
–theriskforchangesintheirfairvalueisinsignificant
–theyareeasilyconverted
–theymatureinlessthanthreemonthsfromthedatetheywere
acquired
NOTE 15 – SUPPLEMENTARY INFORMATION TO THE STATEMENTS OF CASH FLOW
115
ANNUAL AND SUSTAINABILITY REPORT 2021
The Board of Directors and Chief Executive Officer hereby certify that
the Annual Report has been prepared in accordance with good account-
ing practice in Sweden and that the consolidated financial statements
have been prepared in accordance with International Financial Report-
ing Standards (IFRSs), referred to in the European Parliament’s and
Council’s directive 1606/2002 of 19 July 2002 regarding the application
of International Financial Reporting Standards, and that they give a true
and fair view of the parent company’s and Group’s financial position and
result, and that the Board of Directors’ Report provides a true and fair
view of the development of the parent company’s and Group’s opera-
tions, financial position and result and describes significant risks and
uncertainties that the parent company and the companies within the
Group face.
The Board of Directors and Chief Executive Officer propose that the
profit and other unreserved funds of SEK 1,330,680,637 in the parent
company at the disposition of the Annual General Meeting should be
dealt with accordingly:
• SEK 3.60 per share, a total of SEK 127,287,904, is distributed
to the shareholders
• the remaining balance of SEK 1,203,392,733 is to be carried
forward.
The Board of Directors believes that the proposed dividends are justifi-
able in relation to the demands that the business’ nature, scope and risks
make on Group equity and on the Group’s consolidation needs, liquidity
and its position in general.
This Annual Report will be presented at the Annual General Meeting
21 April 2022 for adoption.
MÖLNDAL 16 MARCH 2022
OUR AUDITOR’S REPORT WAS ISSUED ON 16 MARCH 2022
PRICEWATERHOUSECOOPERS AB
Carl Bennet
Chairman of the Board
Johan Stern
Vice Chairman of the Board
Eva Elmstedt Dan Frohm
Erik Gabrielson Cecilia Lager Anne Lenerius Caroline Sundewall
Tomas Hilmarsson
Authorized Public Accountant
Auditor in Charge
Martin Afzelius Magnus Nilsson
Chief Executive Ocer
Martin Schubach
AUDITED ANNUAL REPORT – PROPOSED APPROPRIATION OF PROFITS
APPROPRIATION OF PROFITS
Proposed
116
ANNUAL AND SUSTAINABILITY REPORT 2021
Our audit approach
Audit scope
We designed our audit by determining materiality and assessing the risks
of material misstatement in the consolidated financial statements. In par-
ticular, we considered where management made subjective judgements;
for example, in respect of significant accounting estimates that involved
making assumptions and considering future events that are inherently
uncertain. As in all of our audits, we also addressed the risk of manage-
ment override of internal controls, including among other matters
consideration of whether there was evidence of bias that represented a
risk of material misstatement due to fraud.
We tailored the scope of our audit in order to perform sufficient work
to enable us to provide an opinion on the consolidated financial state-
ments as a whole, taking into account the structure of the Group, the
accounting processes and controls, and the industry in which the group
operates.
Materiality
The scope of our audit was influenced by our application of materiality.
An audit is designed to obtain reasonable assurance whether the finan-
cial statements are free from material misstatement. Misstatements may
arise due to fraud or error. They are considered material if individually
or in aggregate, they could reasonably be expected to influence the eco-
nomic decisions of users taken on the basis of the consolidated financial
statements.
Based on our professional judgement, we determined certain quantitative
thresholds for materiality, including the overall group materiality for the
consolidated financial statements as a whole. These, together with quali-
tative considerations, helped us to determine the scope of our audit and
the nature, timing and extent of our audit procedures and to evaluate
the effect of misstatements, both individually and in aggregate on the
financial statements as a whole.
Key audit matters
Key audit matters of the audit are those matters that, in our professional
judgment, were of most significance in our audit of the annual accounts
and consolidated accounts of the current period. These matters were
addressed in the context of our audit of, and in forming our opinion
thereon, the annual accounts and consolidated accounts as a whole, but
we do not provide a separate opinion on these matters.
REPORT ON THE ANNUAL ACCOUNTS AND
CONSOLIDATED ACCOUNTS
Opinions
We have audited the annual accounts and consolidated accounts of
Elanders AB (publ) for the year 2021 except for the corporate gover-
nance statement and the statutory sustainability report on pages 50–54
and 55–65 respectively. The annual accounts and consolidated accounts
of the company are included on pages 43–115 in this document.
In our opinion, the annual accounts have been prepared in accor -
dance with the Annual Accounts Act and present fairly, in all material
respects, the financial position of parent company and the group as of
31 December 2021 and its financial performance and cash flow for the
year then ended in accordance with the Annual Accounts Act. The con-
solidated accounts have been prepared in accordance with the Annual
Accounts Act and present fairly, in all material respects, the financial
position of the group as of 31 December 2021 and their financial per-
formance and cash flow for the year then ended in accordance with
International Financial Reporting Standards (IFRS), as adopted by
the EU, and the Annual Accounts Act. Our opinions do not cover the
corporate governance statement and the statutory sustainability report
on pages 50–54 and 55–65 respectively. The statutory administration
report is consistent with the other parts of the annual accounts and
consolidated accounts.
We therefore recommend that the general meeting of shareholders
adopts the income statement and balance sheet for the parent company
and the group.
Our opinions in this report on the annual accounts and consolidated
accounts are consistent with the content of the additional report that has
been submitted to the parent company’s audit committee in accordance
with the Audit Regulation (537/2014) Article 11.
Basis for opinions
We conducted our audit in accordance with International Standards
on Auditing (ISA) and generally accepted auditing standards in Sweden.
Our responsibilities under those standards are further described in the
Auditor’s Responsibilities section. We are independent of the parent
company and the group in accordance with professional ethics for
accountants in Sweden and have otherwise fulfilled our ethical responsi-
bilities in accordance with these requirements. This includes that, based
on the best of our knowledge and belief, no prohibited services referred
to in the Audit Regulation (537/2014) Article 5.1 have been provided
to the audited company or, where applicable, its parent company or its
controlled companies within the EU.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinions
AUDITED ANNUAL REPORT – AUDITOR’S REPORT
AUDITOR’S REPORT
To the general meeting of the shareholders of Elanders AB (publ), corporate identity number 556008-1621
117
ANNUAL AND SUSTAINABILITY REPORT 2021
VALUATION OF INTANGIBLE ASSETS
With reference to Note 1 and Note 13.
Goodwill and other intangible assets with an indefinite useful life
represents a significant part of the Balance Sheet of Elanders.
The Company performs an impairment assessment of the assets
based on a calculation of the discounted cash flow for the cash
generating units in which goodwill and other intangible assets are
reported.
This impairment test is based on a high level of judgments and
assumptions regarding future cash flows. Information is provided
in Notes 1 and 13 as to how the Company’s management has
undertaken its assessments, and also provides information on
important assumptions and sensitivity analyses. Key variables in
the test are growth rate, profit margins and discount factor (cost
of capital). It is presented that no impairment requirement has
been identified based on the assumptions undertaken.
In our audit, we have evaluated the calculation model applied by
management.
We have reconciled and critically tested essential variables
against budget and strategic plan for the Company. We have
analyzed the accuracy on how previous years assumptions
have been met and assessed any adjustments to assumptions
compared to previous year, as a result from changes in the busi-
ness and external factors.
We have tested the sensitivity analysis for key variables in order
to assess the risk of need for impairment.
We have also assessed the correctness of the disclosures included
in the financial statements.
RECOGNITION OF ACQUISITIONS
With reference to Note 1 and Note 29.
In the financial year 2021, Elanders made a number of acquisitions.
Information on these acquisitions is presented in Note 29.
The recognition of acquisitions involves a high degree of judge-
ment by management. Significant estimates and judgements refer
to the allocation of fair value in acquisition analyses for assets and
liabilities, as well as referring to adjustments for adaptation to the
group’s accounting principles.
Our audit of the acquisitions were partially based on assessing
the acquisition agreements as well as supporting documents
for opening balances in the acquired companies. We have also
evaluated the implemented adjustments for adaptation to the
group’s accounting principles.
Our audit has also included an assessment of significant estimates
and judgements made in connection with the allocation of fair
value in the acquisition analyses and earn out liabilities. We have
also assessed the basis for the judgements and comparing those
judgements with similar acquisitions in the group in previous
years.
We have also assessed the correctness of the disclosures of
acquisitions included in the financial statements and assessed
supporting documentation for the accounting of the acquisitions.
KEY AUDIT MATTERS HOW OUR AUDIT ADDRESSED
THE KEY AUDIT MATTER
AUDITED ANNUAL REPORT – AUDITOR’S REPORT
Other information than the annual accounts
and consolidated accounts
This document also contains other information than the annual accounts
and consolidated accounts and is found on pages 1–42 and 120–130.
The Board of Directors and the Managing Director are responsible for
this other information.
Our opinion on the annual accounts and consolidated accounts does
not cover this other information and we do not express any form of
assurance conclusion regarding this other information.
In connection with our audit of the annual accounts and consolidated
accounts, our responsibility is to read the information identified above
and consider whether the information is materially inconsistent with
the annual accounts and consolidated accounts. In this procedure we
also take into account our knowledge otherwise obtained in the audit
and assess whether the information otherwise appears to be materially
misstated.
If we, based on the work performed concerning this information,
conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this
regard.
Responsibilities of the Board of Director’s
and the Managing Director
The Board of Directors and the Managing Director are responsible
for the preparation of the annual accounts and consolidated accounts
and that they give a fair presentation in accordance with the Annual
Accounts Act and, concerning the consolidated accounts, in accor-
dance with IFRS as adopted by the EU. The Board of Directors and the
Managing Director are also responsible for such internal control as they
determine is necessary to enable the preparation of annual accounts and
consolidated accounts that are free from material misstatement, whether
due to fraud or error.
In preparing the annual accounts and consolidated accounts, The
Board of Directors and the Managing Director are responsible for the
assessment of the company’s and the group’s ability to continue as a
going concern. They disclose, as applicable, matters related to going
concern and using the going concern basis of accounting. The going
concern basis of accounting is however not applied if the Board of
Directors and the Managing Director intend to liquidate the company,
to cease operations, or has no realistic alternative but to do so.
The Audit Committee shall, without prejudice to the Board of
Director’s responsibilities and tasks in general, among other things over-
see the company’s financial reporting process.
118
ANNUAL AND SUSTAINABILITY REPORT 2021
Auditor’s responsibility
Our objectives are to obtain reasonable assurance about whether the
annual accounts and consolidated accounts as a whole are free from
material misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes our opinions. Reasonable assurance is a
high level of assurance, but is not a guarantee that an audit conducted
in accordance with ISAs and generally accepted auditing standards in
Sweden will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these
annual accounts and consolidated accounts.
A further description of our responsibility for the audit of
the annual accounts and consolidated accounts is available on Revisors-
inspektionen’s website: www.revisorsinspektionen.se/revisornsansvar.
This description is part of the auditor’s report.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
Opinions
In addition to our audit of the annual accounts and consolidated
accounts, we have also audited the administration of the Board of
Director’s and the Managing Director of Elanders AB (publ) for the year
2021 and the proposed appropriations of the company’s profit or loss.
We recommend to the general meeting of shareholders that the profit
be appropriated in accordance with the proposal in the statutory admin-
istration report and that the members of the Board of Director’s and the
Managing Director be discharged from liability for the financial year.
Basis for opinions
We conducted the audit in accordance with generally accepted auditing
standards in Sweden. Our responsibilities under those standards are
further described in the Auditor’s Responsibilities section. We are inde-
pendent of the parent company and the group in accordance with profes-
sional ethics for accountants in Sweden and have otherwise fulfilled our
ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinions.
Responsibilities of the Board of Director’s
and the Managing Director
The Board of Directors is responsible for the proposal for appropria-
tions of the company’s profit or loss. At the proposal of a dividend, this
includes an assessment of whether the dividend is justifiable considering
the requirements which the company’s and the group’s type of opera-
tions, size and risks place on the size of the parent company’s and the
group’ equity, consolidation requirements, liquidity and position in
general.
The Board of Directors is responsible for the company’s organization
and the administration of the company’s affairs. This includes among
other things continuous assessment of the company’s and the group’s
financial situation and ensuring that the company’s organization is
designed so that the accounting, management of assets and the com-
pany’s financial affairs otherwise are controlled in a reassuring manner.
The Managing Director shall manage the ongoing administration accord-
ing to the Board of Directors’ guidelines and instructions and among
other matters take measures that are necessary to fulfill the company’s
accounting in accordance with law and handle the management of assets
in a reassuring manner.
Auditor’s responsibility
Our objective concerning the audit of the administration, and thereby
our opinion about discharge from liability, is to obtain audit evidence to
assess with a reasonable degree of assurance whether any member of the
Board of Directors or the Managing Director in any material respect:
• has undertaken any action or been guilty of any omission which can
give rise to liability to the company, or
• in any other way has acted in contravention of the Companies Act, the
Annual Accounts Act or the Articles of Association.
Our objective concerning the audit of the proposed appropriations of the
company’s profit or loss, and thereby our opinion about this, is to assess
with reasonable degree of assurance whether the proposal is in accor-
dance with the Companies Act.
Reasonable assurance is a high level of assurance, but is not a guaran-
tee that an audit conducted in accordance with generally accepted audit-
ing standards in Sweden will always detect actions or omissions that can
give rise to liability to the company, or that the proposed appropriations
of the company’s profit or loss are not in accordance with the Companies
Act.
A further description of our responsibility for the audit of the
administration is available on Revisorsinspektionen’s website:
www.revisorsinspektionen.se/revisornsansvar. This description
is part of the auditor’s report.
The auditor’s examination of the corporate
governance statement
The Board of Directors is responsible for that the corporate governance
statement on pages 50–54 has been prepared in accordance with the
Annual Accounts Act. Our examination of the corporate governance
statement is conducted in accordance with FAR’s auditing standard
RevU 16 The auditor’s examination of the corporate governance state-
ment. This means that our examination of the corporate governance
statement is different and substantially less in scope than an audit
conducted in accordance with International Standards on Auditing and
generally accepted auditing standards in Sweden. We believe that the
examination has provided us with sufficient basis for our opinions.
A corporate governance statement has been prepared. Disclosures in
accordance with chapter 6 section 6 the second paragraph points 2–6 of
the Annual Accounts Act and chapter 7 section 31 the second paragraph
the same law are consistent with the other parts of the annual accounts
and consolidated accounts and are in accordance with the Annual
Accounts Act/ the Annual Accounts Act for Credit Institutions and
Securities Companies/ the Annual Accounts Act for Insurance
Companies.
The auditor’s opinion regarding the statutory
sustainability report
The Board of Directors is responsible for the statutory sustainability
report on pages 55–65, and that it is prepared in accordance with
the Annual Accounts Act. Our examination has been conducted in
accordance with FAR:s auditing standard RevR 12 The auditor’s opinion
regarding the statutory sustainability report. This means that our exami-
nation of the statutory sustainability report is different and substantially
less in scope than an audit conducted in accordance with International
Standards on Auditing and generally accepted auditing standards in
Sweden. We believe that the examination has provided us with
sufficient basis for our opinion. A statutory sustainability report has
been prepared.
AUDITED ANNUAL REPORT – AUDITOR’S REPORT
119
ANNUAL AND SUSTAINABILITY REPORT 2021
AUDITED ANNUAL REPORT – AUDITOR’S REPORT
THE AUDITOR’S EXAMINATION OF THE ESEF REPORT
Opinions
In addition to our audit of the annual accounts and consolidated
accounts, we have also examined that the Board of Directors and the
Managing Director have prepared the annual accounts and consolidated
accounts in a format that enables uniform electronic reporting (the Esef
report) pursuant to Chapter 16, Section 4(a) of the Swedish Securities
Market Act (2007:528) for Elanders AB (publ) for the financial year
2021.
Our examination and our opinion relate only to the statutory
requirements.
In our opinion, the Esef report #[checksum] has been prepared in a
format that, in all material respects, enables uniform electronic reporting.
Basis for opinions
We have performed the examination in accordance with FAR’s recom-
mendation RevR 18 Examination of the Esef report. Our responsibility
under this recommendation is described in more detail in the Auditors’
responsibility section. We are independent of Elanders AB (publ) in
accordance with professional ethics for accountants in Sweden and have
otherwise fulfilled our ethical responsibilities in accordance with these
requirements.
We believe that the evidence we have obtained is sufficient and appro-
priate to provide a basis for our opinion.
Responsibilities of the Board of Director’s
and the Managing Director
The Board of Directors and the Managing Director are responsible for
ensuring that the Esef report has been prepared in accordance with
the Chapter 16, Section 4(a) of the Swedish Securities Market Act
(2007:528), and for such internal control that the Board of Directors and
the Managing Director determine is necessary to prepare the Esef report
without material misstatements, whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to form an opinion with reasonable assurance
whether the Esef report is in all material respects prepared in a format
that meets the requirements of Chapter 16, Section 4(a) of the Swedish
Securities Market Act (2007:528), based on the procedures performed.
RevR 18 requires us to plan and execute procedures to achieve reason-
able assurance that the Esef report is prepared in a format that meets
these requirements.
Reasonable assurance is a high level of assurance, but it is not a
guarantee that an engagement carried out according to RevR 18 and
generally accepted auditing standards in Sweden will always detect a
material misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in aggregate, they
could reasonably be expected to influence the economic decisions of
users taken on the basis of the ESEF report.
The audit firm applies ISQC 1 Quality Control for Firms that Perform
Audits and Reviews of Financial Statements, and other Assurance and
Related Services Engagements and accordingly maintains a compre-
hensive system of quality control, including documented policies and
procedures regarding compliance with professional ethical requirements,
professional standards and legal and regulatory requirements.
The reasonable assurance engagement involves obtaining evidence,
through various procedures, that the Esef report has been prepared in a
format that enables uniform electronic reporting of the annual accounts.
The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement in the report, whether
due to fraud or error. In carrying out this risk assessment, and in order
to design procedures that are appropriate in the circumstances, the
auditor considers those elements of internal control that are relevant
to the preparation of the Esef report by the Board of Directors and the
Managing Director, but not for the purpose of expressing an opinion
on the effectiveness of those internal controls. The reasonable assur-
ance engagement also includes an evaluation of the appropriateness and
reasonableness of assumptions made by the Board of Directors and the
Managing Director.
The procedures mainly include a technical validation of the Esef
report, i.e. if the file containing the Esef report meets the technical
specification set out in the Commission’s Delegated Regulation (EU)
2019/815 and a reconciliation of the Esef report with the audited annual
accounts and consolidated accounts.
Furthermore, the procedures also include an assessment of whether the
Esef report has been marked with iXBRL which enables a fair and com-
plete machine-readable version of the consolidated statement of financial
performance, statement of financial position, statement of changes in
equity and the statement of cash flow.
PricewaterhouseCoopers AB was appointed auditor of Elanders AB
(publ) by the general meeting of the shareholders on the 28 April 2021
and has been the company’s auditor since the 21 April 2008.
Mölndal, 16 March 2022
PricewaterhouseCoopers AB
Tomas Hilmarsson
Authorized Public Accountant
Auditor in charge
120
ANNUAL AND SUSTAINABILITY REPORT 2021
Reconciliation
ALTERNATIVE
PERFORMANCE
MEASURES
MSEK
Average total assets
Average cash and cash equivalents – – – – –
Average non-interest-bearing liabilities – – – – –
Average capital employed
Operating result
Return on capital employed %
Interest-bearing long-term liabilities
Interest-bearing short-term liabilities
Cash and cash equivalents – – – – –
Net debt
Interest-bearing long-term liabilities excl. IFRS 16
Interest-bearing short-term liabilities excl. IFRS 16
Cash and cash equivalents – – – – –
Net debt excl. IFRS 16
Operating result
Depreciation and write-downs
EBITDA
Operating result excl. IFRS 16
Depreciation and write-downs excl. IFRS 16
EBITDA excl. IFRS 16
Net debt/EBITDA ratio, times
Net debt/EBITDA ratio excl. IFRS 16, times
Operating result
Amortization of assets identified in conjunction
with acquisitions
EBITA
Adjustments for one-o items – – –
EBITA adjusted
Net sales
EBITA-margin, %
EBITA-margin adjusted, %
OTHER INFORMATION – RECONCILIATION ALTERNATIVE PERFORMANCE MEASURES
121
ANNUAL AND SUSTAINABILITY REPORT 2021
OTHER INFORMATION – RECONCILIATION ALTERNATIVE PERFORMANCE MEASURES
MSEK
Share price at year-end, SEK
Number of shares as per balance sheet date, in thousands
Net debt
Equity attributable to non-controlling interests
–
Enterprise value, MSEK
Total assets
Cash and cash equivalents – – – – –
Non-interest-bearing liabilities – – –
Capital employed, MSEK
Averageshareprice
Dividends per share, SEK
)
–
Dividend yield % –
Share capital
SharecapitalpershareSEK
Cash flow from operating activities –
Net financial items
Paid tax
Net investments – – – – –
Operating cash flow – –
Averagenumberofsharesinthousands
OperatingcashflowpershareSEK
– –
Volumeonthestockmarketinthousands
Turnover rate
)
Proposedbytheboardfortheyear
122
ANNUAL AND SUSTAINABILITY REPORT 2021
OTHER INFORMATION – FINANCIAL DEFINITIONS
Added value
Net turnover minus material costs
and forward invoiced disburse-
ments for outwork.
Added value ratio
Added value in relation to net
turnover.
Average number of employees
The number of employees at
the end of each month divided
number of months.
Average number of shares
Weighted average number of
shares outstanding during the
period.
Capital employed
Total assets less liquid funds and
non-interest-bearing liabilities.
Capital turnover rate
Net sales in relation to average
total assets.
Cash-flow per share
Cash-flow from operating activi-
ties divided by the average num-
ber of shares.
Debt/equity ratio
Net debt in relation to reported
equity, including non-controlling
interests.
Dividend yield
Dividends in relation to average
share price.
Earnings per share
Result for the year divided by the
average number of shares.
EBIT
Earnings before interest and
taxes; operating result.
EBITA
Earnings before interest, taxes
and amortization; operating result
plus amortization of assets identi-
fied in conjunction with acquisi-
tions.
EBITA adjusted
Earnings before interest, taxes
and amortization; operating
result plus amortization of assets
identified in conjunction with
acquisitions adjusted for one-o
items.
EBITDA
Earnings before interest, taxes,
depreciation and amortization;
operating result plus depreciation,
amortization and write-downs
of intangible assets and tangible
fixed assets.
Enterprise value
Market value plus net debt and
non-controlling interests.
Equity per share
Equity divided by the number of
outstanding shares at balance
sheet date.
Equity ratio
Equity, including non-controlling
interests, in relation to total
assets.
Interest coverage ratio
Operating result plus interest
income divided by interest costs.
Net debt
Interest-bearing liabilities less
liquid funds.
Operating cash flow
Cash flow from operating activi-
ties and investing activities, ad-
justed for paid taxes and financial
items.
Operating cash flow per share
Operating cash flow divided by
the average number of shares.
Operating margin
Operating result in relation to net
sales.
Operating result
Earnings before financial items;
EBIT.
P/E ratio
Share price at year-end in relation
to earnings per share.
Profit margin
Result after financial items in rela-
tion to net turnover.
Proportion of risk capital
Risk capital in relation to total
assets.
P/S ratio
Share price at year-end in relation
to net turnover per share.
Return on capital employed
(ROCE)
Operating result in relation to
average capital employed.
Return on equity
Result for the year in
relation to average equity.
Return on total assets
Operating result plus financial
income in relation to average total
assets.
Risk capital
Equity plus deferred tax liabilities.
Turnover rate
Volume on the stock market
divided by the average number
of shares.
Financial
DEFINITIONS
123
ANNUAL AND SUSTAINABILITY REPORT 2021
OTHER INFORMATION – SPECIFIC TERMS
After sales
Provision of services, support and
spare parts after making an initial
sale. This occurs for example in
the provision of products which
requires regular upgrades.
Block-chain technology
A block-chain is a growing list of
records, called blocks, which are
linked using cryptography. Each
block contains a cryptographic
hash of the previous block, a time-
stamp and transaction data. By
design, a blockchain is resistant to
modification of the data. It is “an
open, distributed ledger that can
record transactions between two
parties eciently and in a verifi-
able and permanent way”. By
using block-chain technology
the user can ascertain that the
product is genuine, as the whole
supply chain for the product can
be verified.
Business-to-business (B2B)
Sale of goods and services
between businesses, such as
between a manufacturer and a
wholesaler, or between a whole-
saler and a retailer.
Business-to-consumer (B2C)
Sale of goods and services
between a company and
consumers.
Contract Logistics
Contract logistics is a business
model within the framework of
supply chain management, which
is based on a long-term coopera-
tion between a manufacturer or
a dealer of goods and a logistics
service provider. The model is
normally regulated by a service
contract, comprises a considerable
business volume and is individually
formed.
Cross-docking
Unloading materials from incom-
ing transports and loading these
directly into outbound transports,
with little or no storage in be-
tween. This may be done to
change the type of package, to
sort material intended for dier-
ent destinations, or to combine
material from dierent origins into
transports with the same or similar
destinations.
Digital print
The transfer of information to
paper via a digital file that is then
printed out with the help of a
high-speed printer. This technique
is a prerequisite for print-on-
demand and makes quick deliver-
ies in small editions possible. O-
set technique is still more ecient
for larger editions.
E-commerce
Online sales, also known as
electronic commerce or internet
commerce, refers to the buying
and selling of goods or services
using the internet, and the transfer
of money and data to execute
these transactions.
End-to-end solution
An end-to-end solution refers to a
comprehensive solution, where all
the middle layers or steps are elim-
inated to optimize performance
and eciency in a process.
Fulfillment
This term used to describe a
number of steps in the process be-
tween production and distribution.
They can include assembly, con-
figu ration, bar-coding, packaging
for end customers.
Just-in-time (JIT)
Delivery precision – delivery
exactly when the need arises. The
concept also entails that custom-
ers do not need to store their
products.
Life Cycle Management
Services that are carried out
during the whole or parts of a
product’s life cycle, from when the
product is manu factured to it is
recycled. Examples of services are
delivery, installation, training,
maintenance, wiping of data,
upgrade of software, refurbish-
ment and reselling or recycling.
The service aims to maximize the
product’s life and optimize logis-
tics flow in order to reduce the
environmental impact.
Oset print
A printing method in which ink
and water are spread out on a
printing plate that is then pressed
against a rubber blanket. This
absorbs the ink and transfers it to
the paper. The expression oset
comes from the fact that the print-
ing plate never touches the paper.
Omni-channels
An integrated way of thinking
about people’s relationships with
organizations. Rather than working
in parallel, communication chan-
nels are designed to cooperate
and build a coherent, evolving,
cross-channel experience. The
approach includes channels such
as physical locations, FAQ web
pages, social media, mobile
applications and telephone com-
munication. Companies that use
omni-channels give their custom-
ers the ability to be in contact with
them through multiple avenues at
the same time.
Online print
A service where printed matter
can easily be ordered via a web-
based interface and the user can
create their own unique design.
Typical products are business
cards, catalogues, books, photo
products, newsletters, calendars
and brochures.
Outsourcing
Companies or organizations
choose to let an external party
handle an activity or a process.
This activity or process is then said
to be outsourced.
Packaging
A product manufactured to pro-
tect, handle, deliver and present
an item.
Reverse logistics
Normally, logistics deal with events
that bring the product towards the
customer. In the case of reverse
logistics, the product goes back
in the supply chain. For instance,
goods move from the customer
back to the distributor or to the
manufacturer. The reverse logistics
process includes the management
of surplus equipment, returns as
well as defective products includ-
ing testing, dismantling, repairing,
recycling or disposing the product.
Supply chain
The movement and storage of
goods and or information from
point of origin to end-users.
Supply chain manage ment can
be defined as the design, planning,
execution, control and monitoring
of activities with the objective of
creating net value, building a com-
petitive infrastructure, leveraging
worldwide logistics, synchronizing
supply with demand and measur-
ing performance globally.
Value Recovery
The process of maximizing the
value of unused or end-of-life
assets through eective reuse,
recycling or divestment.
Specific
TERMS
124
ANNUAL AND SUSTAINABILITY REPORT 2021
CARL BENNET
Chairman of the Board.
Born: 1951.
B.Sc. (Econ.), Ph.D. h.c. (Med.),
Ph.D. h.c. (Tech.)
Elected in: 1997.
Appointments on the Elanders
Board: Chairman of the nomination
committee and remuneration
committee.
Other appointments: Chairman and
CEO of Carl Bennet AB. Chairman of
the board of Lifco AB. Deputy Chair-
man of the board of Arjo AB and
Getinge AB. Member of the board
of Holmen AB and L E Lundberg-
företagen AB.
Previous appointments: President
and CEO of Getinge AB.
Shareholding through companies:
1,814,813 Class A shares and
15,903,596 Class B shares.
JOHAN STERN
Deputy Chairman of the Board.
Born: 1951.
Bachelor of Science (Econ.).
Elected in: 1998.
Appointments on the Elanders
Board: Chairman of the audit
committee and member of the
remuneration committee.
Other appointments: Chairman of
the board of Fädriften Invest AB,
HealthInvest Partners AB,
Rolling Optics AB, Skanör Falsterbo
Kallbadhus AB and Harry Cullbergs
Fund Foundation. Member of the
board of Carl Bennet AB, Estea AB,
and Lifco AB.
Previous appointments: Active
within SEB’s operations in Sweden
and the USA.
Shareholding: 110,000 Class B
shares.
ANNE LENERIUS
Member of the Board.
Born: 1956.
Business Administration.
Elected in: 2014.
Appointments on the Elanders
Board: Member of the audit
committee.
Other appointments: Member of
the branch board Handelsbanken
Älvsborg. Member of the board and
CEO of Arado AB.
Previous appointments: Chief
Financial Ocer of Carl Bennet AB.
Group Controller at Ernström
Holding AB. Finance Manager at
JMS/Q Systemhydraulik AB. Chair-
man of the Board of Entercircle
Konfektion AB.
Shareholding: 6,892 Class B shares.
MAGNUS NILSSON
Member of the Board.
President and Chief Executive
Ocer of Elanders AB.
Born: 1966.
Education in Graphic Technology,
Design, Business Administration and
Marketing.
Elected in: 2010.
Employed in Elanders since 1999.
Shareholding: 88,577 Class B shares.
OTHER INFORMATION – BOARD OF DIRECTORS
ERIK GABRIELSON
Member of the Board.
Born: 1962.
Master of Laws.
Elected in: 2012.
Appointments on the Elanders
Board: Member of the remuneration
committee.
Other appointments: Lawyer
and partner of the law firm Vinge.
Chairman of the board of Eldan
Recycling A/S. Member of the board
of BuildData Group AB, Carl Bennet
AB and Lifco AB.
Shareholding: None.
Board of
DIRECTORS
125
ANNUAL AND SUSTAINABILITY REPORT 2021
CECILIA LAGER
Member of the Board.
Born: 1963.
Business Administration.
Elected in: 2009.
Appointments on the Elanders
Board: Member of the audit
committee.
Other appointments: Chairman of
the board of Navigera AB. Member
of the board of Altor Fund Manager
AB, Clemondo Group AB, Headsent
AB, Mobilaris AB, SignUp Software
AB and Sveab Holding AB.
Previous appointments: CEO SEB
Funds. Marketing Director Alecta.
Member of the board of Cinnober
Financial Technology AB, Collector
AB, Collector Bank AB, Evolution
Gaming AB, Greengold Group AB
and Knowit AB.
Shareholding: 37,521 Class B shares.
MARTIN SCHUBACH
Employee representative.
Born: 1974.
Upper secondary education.
Elected in: 2015.
Work: Data and automation at
Elanders Sverige AB.
Shareholding: 267 Class B shares.
MARTIN AFZELIUS
Employee representative.
Born: 1969.
Education in Graphic Technology,
Community College and University
education.
Elected in: 2019.
Work: Machine operator at
Elanders Sverige AB.
Shareholding: None.
JOHAN LIDBRINK
Deputy employee representative.
Born: 1979.
Upper secondary education.
Elected in: 2020.
Work: Warehouse worker at
Elanders Sverige AB.
Shareholding: None.
DAN FROHM
Member of the Board.
Born: 1981.
M.Sc. in Industrial Engineering
and Management.
Elected in: 2017.
Appointments on the Elanders
Board: Member of the audit
committee.
Other appointments: Member
of the board of Arjo AB, Carl
Bennet AB, Getinge AB, Lifco AB
and Swedish-American Chamber of
Commerce, Inc.
Previous appointments:
Management consultant at Applied
Value LLC (New York oce).
Shareholding (own and related
parties): 27,206 Class B shares.
CAROLINE SUNDEWALL
Member of the Board.
Born: 1958.
Master of Science in Business
Administration, Stockholm School of
Economics.
Elected in: 2015.
Appointments on the Elanders Board:
Member of the audit committee.
Other appointments: Member of the
board and CEO of Caroline Sundewall
AB. Member of the board of BSÖ
Holding AB and Mertzig Asset
Management. Chairman of the board
of the Streber Cup Foundation.
Previous appointments in selection:
Chairman of the board of Cloetta
and Svolder. Member of the Board
of Cramo (Finland), Hemfosa,
TeliaSonera, Electrolux, Lifco, Haldex,
Pågen, Ahlsell, SinterCast and Södra
Skogs ägarna.
Shareholding: 8,000 Class B shares.
EVA ELMSTEDT
Member of the Board.
Born: 1960.
Bachelor’s degree in Economics
and Computer Science, Stockholm
School of Economics and Indiana
University of Pennsylvania, USA.
Elected in: 2021.
Appointments on the Elanders
Board: Member of the audit
committee.
Other appointments: Chairman
of the board of Omegapoint AB,
Proact IT Group AB, Semcon AB
and Telia Carrier AB. Member of the
board of AddLife AB, Arjo AB and
Smart Eye AB.
Previous appointments: Business
Area Manager for Global Services
and member of the management
team for Nokia Networks and Nokia
Siemens Networks. Business Area
Manager Ericsson, CIO/IT Manager
at the telecom operator 3, CEO of
subsidiaries at Semcon. Member of
the board of Addtech, Knowit and
Thule.
Shareholding (own and related
parties): 1,500 Class B shares.
126
ANNUAL AND SUSTAINABILITY REPORT 2021
OTHER INFORMATION – GROUP MANAGEMENT
MAGNUS NILSSON
President & CEO.
Born: 1966.
Employed since 1999. Education
in Graphic Technology, Design,
Business Administration and
Marketing. Active within the
graphic industry since 1987. Head
of production Elanders in Hungary
2002. MD Elanders Berlings Skogs
2003–2005 and Elanders in China
2005–2009.
Shareholding: 88,577 Class B
shares.
ANDRÉAS WIKNER
CFO.
Born: 1971.
Employed since 2007. Master of
Science in Business Administration.
Auditor during 1997–2007. Approved
Public Accountant 2004. Autho-
rized Public Accountant 2005.
Shareholding: 4,664 Class B
shares.
BERND SCHWENGER
Supply Chain Solutions (LGI),
President.
Born: 1972.
Employed since 2018. Diploma in
Transport Economics and Logistics.
Almost 20 years of experience
within Supply Chain Management
and Transportation Logistics, inclu-
ding 11 years as Manager at HP and
7 years as Director Transportation
and Managing Director at Amazon
Logistics in Germany.
Shareholding: None.
KOK KHOON LIM
Supply Chain Solutions
(Mentor Media), President.
Born: 1955.
Employed since 2014. Bachelor’s
degree in Electrical & Electronics
Engineering and Master of Science
(Industrial Engineering). More than
30 years of experience in world-
class multinational corporations
and positions such as General
Manager for Hewlett Packard’s
Handheld Mobile Products Division,
Vice President and Chief Technology
Ocer for Philips Consumer
Electronics Home Entertainment
Business Group and Managing
Directors for Technology Solutions
Business and Innovation Centre’s
at Wearnes Group. Joined Elanders
in connection with the acquisition
of Mentor Media in 2014, where he
was CEO.
Shareholding: None.
Group
MANAGEMENT
127
ANNUAL AND SUSTAINABILITY REPORT 2021
AUDITORS AND
NOMINATION
COMMITTEE
OTHER INFORMATION – AUDITORS AND NOMINATION COMMITTEE
AUDITORS
PricewaterhouseCoopers AB with
the authorized public accountant:
Tomas Hilmarsson
Born: 1981.
Company Auditor in Charge since
2021. Company Auditor since 2018.
Other appointments:
Lifco AB and Doro AB.
THE NOMINATION
COMMITTEE
Carl Bennet
Chairman and contact, represents
Carl Bennet AB.
Hans Hedström
Carnegie Funds.
Adam Gerge
Didner & Gerge Funds.
Fredrik Carlsson
Svolder AB.
Nomination committee
questions can be submitted by
e-mail or post mail to:
valberedning@elanders.com
Elanders AB
Att: Nomination Committee
Flöjelbergsgatan 1 C
431 35 Mölndal, Sweden
SVEN BURKHARD
Print & Packaging Solutions,
President.
Born: 1985.
Employed since 2017 and prior
to that was employed at, among
other places, the German company
Flyeralarm. Education in Graphic
Technology, Design and Business
Administration. More than 15 years’
experience in printing technologies,
E-commerce, Product Management
and Business Development.
Shareholding: None.
KEVIN ROGERS
President Global Sales.
Born: 1969.
Employed since 1999. Further
education qualifications in; Mathe-
matics, English, IT, Production
planning and a member of the
Chartered Institute of Marketing.
More than 25 years’ experience
in digital print technologies, sales
and marketing strategy, optimizing
workflow and eective leadership.
Joined Elanders in connection with
the acquisition of Hindson Print in
1999, where he was digital print
manager.
Shareholding: None.
HEAD OFFICE
Web: www.elanders.com
E-mail: info@elanders.com
Tel: +46 31 750 00 00
President & CEO: Magnus Nilsson
SUPPLY CHAIN SOLUTIONS
BERGEN LOGISTICS
Web: bergenlogistics.com
E-mail: info@bergenlogistics.com
CEO: Ron Roman
Bergen Logistics
Corporate HQ
5903 West Side Ave
North Bergen, NJ 07047, USA
Tel: +1 201 854 1512
USA
Bergen Logistics
5903 West Side Ave
North Bergen, NJ 07047, USA
Tel: +1 201 854 1512
Bergen Logistics
299 Thomas E. Dunn Memorial Hwy
Rutherford, NJ 07070, USA
Tel: +1 201 854 1512
Bergen Logistics
1055 Hanover St
Wilkes-Barre, PA 18706, USA
Tel: +1 201 854 1512
Bergen Logistics
16012 Arthur St
Cerritos, CA 90703, USA
Tel: +1 201 854 1512
CANADA
Canada INC
38 St Dennis Rd
Brampton, ON L6R 0B3, Canada
Tel: +1 905 792 8585
NETHERLANDS
Bergen Logistics EU
De Amert 445
5462 GH Veghel, Netherlands
Tel: +31 857 602 726
MOLDOVA
REX 11 S.R.L.
mun. Chișinău, sec. Centru,
str. Negreșteni, 9, ap.(of.) 11, Moldova
Tel: +1 201 854 1512
LGI
Web: www.lgi.de
E-mail: info@lgi.de
President: Bernd Schwenger
LGI Logistics Group International GmbH
Corporate HQ
Hewlett-Packard-Straße 1/1
71083 Herrenberg, Germany
Tel: +49 7032 2291 0
Fax: +49 7032 2291 625
GERMANY
AREA STUTTGART-KARLSRUHE
Böblingen
c/o LGI Deutschland GmbH
Hewlett-Packard-Straße 2
71034 Böblingen
Tel: +49 7031 3060 402
Fax: +49 7031 3060 420
c/o LGI Deutschland GmbH
Schickardstraße 27
71034 Böblingen
Tel: +49 7031 3060 208
c/o LGI Deutschland GmbH
Hans-Klemm-Straße 27
71034 Böblingen
Tel: +49 7031 3060 400
Fax: +49 7031 3060 465
Bondorf
c/o LGI Deutschland GmbH
Am Römerfeld 4
71149 Bondorf
Tel: +49 7457 955 6051
Fax: +49 7457 955 6309
Ehningen
c/o LGI Deutschland GmbH
Mercedesstraße 10
71139 Ehningen
Tel: +49 7031 3060 400
Fax: +49 7031 3060 465
Esslingen
c/o LGI Deutschland GmbH
Fritz-Müller-Straße 116
73730 Esslingen
Tel: +49 7032 2291 470
Fax: +49 711 45984 140
Freiberg am Neckar
c/o LGI FreightLog GmbH
Murrerstraße 1
71691 Freiberg am Neckar
Tel: +49 7032 2291 403
Gomaringen
c/o LGI Deutschland GmbH
Siemensstraße 4
72810 Gomaringen
Tel: +49 7121 9456 413
Großbottwar
c/o LGI Deutschland GmbH
Schleifwiesenstraße 25-27
71723 Großbottwar
Tel: +49 711 4598 4130
Herrenberg
c/o LGI Deutschland GmbH
Heisenbergstraße 2
71083 Herrenberg
Tel: +49 7032 2291 0
Fax: +49 7032 2291 111
Heilbronn
c/o LGI Deutschland GmbH
c/o AUDI AG
Alexander Baumann Straße 45
Building K40
74078 Heilbronn
Tel: +49 172 734 93 81
Horb am Neckar
c/o LGI Deutschland GmbH
Manfred-Volz-Straße 10
P3 Park Horb a. N.
72160 Horb am Neckar
Reutlingen
Max-Planck-Straße 77-83
72766 Reutlingen
Tel: +49 7032 8939 343
Fax: +49 7032 8939 310
c/o LGI Deutschland GmbH
Heubergstraße 6
72766 Reutlingen
Tel: +49 7121 9456 485
Sindelfingen
c/o Daimler AG
Building 46/48
71063 Sindelfingen
Tel: +49 172 8307245
Stuttgart
c/o LGI Deutschland GmbH
c/o Daimler AG
Am Nordkai 3
70327 Stuttgart
Tel: +49 162 2594881
Stuttgart Airport
c/o ITG Air & Sea GmbH
Gottlieb-Manz-Straße 12
70794 Filderstadt-Bernhausen
Tel: +49 711 797 309 0
Fax: +49 711 797 309 15
Waghäusel
c/o LGI Deutschland GmbH
Karlsruher Straße 61
68753 Waghäusel
Tel: +49 7254 9580 113
Fax: +49 7254 9580 199
Winnenden
c/o LGI Deutschland GmbH
Max-Eyth-Straße 14
71364 Winnenden
Tel: +49 711 4598 4130
AREA HAMBURG-BREMEN
Bremen
c/o ITG Air & Sea GmbH
Pieperstraße 1-3
28195 Bremen
Tel: +49 421 175 69 0
Fax: +49 421 175 69 19
Hamburg
c/o ITG Air & Sea GmbH
Weg beim Jäger 218-222
22335 Hamburg
Tel: +49 40 500 62 0
Fax: +49 40 598 033
Hamburg-Altenwerder
c/o LGI Deutschland GmbH
Altenwerder Hauptstraße 17-23
21129 Hamburg
Tel: +49 4033 3966 160
Fax: +49 4033 3966 190
Hamburg-Billbrook
c/o LGI Deutschland GmbH
Werner-Siemens-Straße 39
22113 Hamburg
Tel: +49 40 81973 523
Fax: +49 40 81973 520
c/o LGI Deutschland GmbH
Troplowitzstr. 10
22529 Hamburg
Tel: +49 162 3099593
AREA FRANKFURT-HEIDELBERG
Ketsch
c/o LGI Deutschland GmbH
Vorpommernstraße 2
68775 Ketsch
Tel: +49 6105 968 52 0
Fax: +49 6105 968 52 80
Mörfelden-Walldorf (Frankfurt Airport)
c/o ITG Air & Sea GmbH
Hessenring 13
64546 Mörfelden-Walldorf
Tel: +49 6105 968 52 0
Fax: +49 6105 968 52 80
Wiesloch
c/o LGI Deutschland GmbH
c/o Heidelberger Druckmaschinen AG
Gutenbergring 19
Building 2
69168 Wiesloch
Tel: +49 6222 8221 36
Fax: +49 6222 8265 812
AREA MUNICH-NUREMBERG
Kösching
c/o LGI Deutschland GmbH
Einsteinstraße 6
85092 Kösching
Tel: +49 8456 916 7147
Manching
c/o LGI Deutschland GmbH
Königsaue 2
85077 Manching
Tel: +49 8459 3334 150
Fax: +49 8459 3334 190
Nuremberg
c/o ITG Air & Sea GmbH
Andernacher Straße 53
90411 Nürnberg
Tel: +49 911 350 187 0
Fax: +49 911 350 187 19
Schwaig (Munich Airport)
c/o ITG GmbH Internationale
Spedition + Logistik
Eichenstraße 2
85445 Schwaig (Oberding)
Tel: +49 8122 567 1300
Fax: +49 08122 567 1301
c/o ITG Air & Sea GmbH
Eichenstraße 2
85445 Schwaig (Oberding)
Tel: +49 8122 567 1300
Fax: +49 8122 567 1301
AREA BERLIN-DRESDEN
Neustadt in Sachsen
c/o LGI Deutschland GmbH
Kirschallee 6
01844 Neustadt in Sachsen
Tel: +49 3596 586 60
Fax: +49 3596 586 699
Werder
c/o LGI Deutschland GmbH
Am Magna Park 4
OT Plötzin
14542 Werder (Havel)
Tel: +49 33 275749 120
Fax: +49 33 275749 190
AREA DÜSSELDORF
Düsseldorf Airport
c/o ITG Air & Sea GmbH
Ungelsheimer Weg 6
40474 Düsseldorf
Tel: +49 211 566 236 0
Fax: +49 211 566 236 30
Herten
c/o LGI Deutschland GmbH
Friedrich-Bergius-Straße 1-3
45699 Herten
Tel: +49 2366 5011 110
Fax: +49 2366 5011 190
Hünxe
c/o LGI Logistics Solution GmbH
Werner-Heisenberg-Straße 1
46569 Hünxe
Tel: +49 281 16400 102
Fax: +49 281 16400 109
Oberhausen
c/o ITG Fulfillment GmbH
Im Lekkerland 4
46147 Oberhausen
Tel: +49 208 94146 0
AREA ERFURT
Erfurt
c/o LGI TechLog GmbH
Joseph-Meyer-Straße 3
99095 Erfurt
Tel: +49 36204 722 201
AUSTRIA
LGI Austria GmbH
Vienna
Frankstahlstraße 1
2361 Laxenburg
Tel: +43 2236 860 936 110
Fax: +43 2236 860 936 111
CZECH REPUBLIC
LGI Czechia s. r. o.
Prague
Poděbradská 601
25090 Jirny
Tel: +420 281 049 080
Fax: +420 281 049 099
F.V.Veselého 2635/15
19300 Horní Počernice
Tel: +420 702 204 318
Zákupy
Nadrazni 295
47123 Zákupy
Tel: +420 487 828 018
Fax: +420 487 828 016
Mladá Boleslav
Plazy 129
29301 Mladá Boleslav
HUNGARY
LGI Hungária Logisztikai Kft.
Budapest
M1 Üzleti Park B/6 épület
H 2071 Páty
Tel: +36 23 312 978
Tormásrét utca 10.
H 2051 Biatorbágy
Tel: +36 23 311 504
NETHERLANDS
LGI Netherlands B.V.
Amsterdam
Kaapstadweg 34A
1047 HG Amsterdam
Tel: +31 20 8515 740
Fax: +31 20 8515 701
Nieuw-Vennep
Lireweg 5 F
2153 PH Nieuw-Vennep
Tel: +31 20 8515 700
Fax: +31 20 8515 701
Rotterdam
Van Weerden Poelmanweg 10
3088 EB Rotterdam
Tel: +31 10 8511 600
Fax: +31 10 8511 601
128
ANNUAL AND SUSTAINABILITY REPORT 2021
OTHER INFORMATION – CONTACT ELANDERS
Contact
ELANDERS
Ruurlo
Spoorstraat 15
7261 AE Ruurlo
Tel: +31 573 45 31 80
Fax: +31 573 45 32 72
Den Bosch
Aziëlaan 22A
5232 BA Den Bosch
Tel: +31 573 45 31 80
Fax: +31 573 45 32 72
Drachten
Galvanilaan 7
9207 HG Drachten
Tel: +31 573 45 31 80
Fax: +31 573 45 32 72
POLAND
LGI Polska Sp. z. o. o.
Wrocław
ul. Magazynowa 2
Bielany Wroclawskie
55-075 Kobierzyce
Tel: +48 71 38 22 525
Fax +48 71 72 24 142
ROMANIA
LGI Romania s.r.l.
Arad
I nr. 5A, Zona Industriala Vest
RO – 310502 Arad
Tel: +43 2236 860 465
RUSSIA
OOO ITG International Transport + Logistics
Moscow
Ul. Narodnogo Opoltscheniya 34/1
Oce 512
RU – 123423 Moscow
Tel: +7 495 604 19 84
Fax: +7 495 604 19 84
SWEDEN
LGI Logistics Group International AB
Borås
Viaredsvägen 14
504 64 Borås
Tel: +46 706 790 614
UNITED KINGDOM
LGI Logistics Group International UK
Milton Keynes
6 Deans Road
Old Wolverton
England
MK12 5NA Milton Keynes
Tel: +44 19 08318 748
USA
ITG International Transports, Inc.
Atlanta
100 World Drive
Suite 210
GA 30269 Peachtree City
Tel: +1 470 531 4500
Fax: +1 470 285 141
Boston
6 Kimball Lane
Suite 230
MA 01940 Lynnfield
Tel: +1 617 455 60 20
Fax: +1 617 455 60 15
MENTOR MEDIA
Web: www.mentormedia.com
E-mail: sales@mentormedia.com
President: Kok Khoon Lim
Mentor Media Ltd
Corporate HQ
47 Jalan Buroh, #08-02
Singapore 619491, Singapore
Tel: +65-6631 3333
Fax: +65-6896 3826
BRAZIL
Mentor Gerenciamento
de Supply Chain (Brasil) Ltda
Rod SP 073, 1.800 – KM 37 1 Galpao
Modulos 01, 02 E 03 – Bloco 300 – Distrito
Industrial Do Lageado – Salto – SP
Tel: +55 11 3195 3400
CHINA
Chengdu Mentor Media Co., Ltd
Floor3, BLDG 1, No.11 Zongbao Dadao
Yiduan, Gongxing Street, Shuangliu Area,
Chengdu City, 610213
Tel: +86-28 6708 2288
Fax: +86-28 6708 2285
Mentor Media (Chongqing) Co., Ltd
Unit 4, 5, 6, Level 3, HP PC Factory, No.22,
Xi Yuan Yi Lu, Shapingba District,
Chongqing City, 401332
Tel: +86-23 8625 9808
Fax: +86-23 8625 9828
Mentor Media CBZ (Chongqing) Co., Ltd
No. 6-2 Zongbao Road, Shapingba District,
Chongqing City, 401331
Tel: +86-23 6562 0388
Fax: +86-23 6566 0985
Mentor Supply Chain
(Chong Qing-CBZ) Co., Ltd
The ground floor, No. 6-2
Zongbao Road, Shapingba District,
Chongqing City, 401331
Tel: +86-23 6562 0388
Fax: +86-23 6566 0985
Mentor Media (Kunshan) Co., Ltd
No.48, Factory Building,
Central Avenue, Kunshan Export
Processing Zone, Kunshan City,
Jiangsu Province 215301
Tel: +86-512 5772 0005
Mentor Media (Shenzhen) Co., Ltd
Unit 302-303, No.6 Hongmian Dao,
Fu Bao Street, Futian District,
Shenzhen 518038
Tel: +86-755 8348 0418
Fax: +86-755 8359 5154
Mentor Media (Shenzhen) Logistics Ltd
Unit 302, No.6 Hongmian Dao,
Fu Bao Street, Futian District,
Shenzhen 518038
Tel: +86-755 8348 0418
Fax: +86-755 8359 5154
Mentor Media (Xiamen) Co., Ltd
No. 56 HuLi Dadao, 3rd Floor,
Unit S1 & S2, HuLi District,
Xiamen, Fujian, 361006
Tel: +86-592 570 3399
Fax: +86-592 570 3377
Shanghai Mentor Media Co., Ltd
Floor 2, Unit 4 East Side, Land 71#,
No. 211 Qinqiao Road, Pudong,
Shanghai, 201206
Tel: +86-21 5834 1893/5834
2368/5834 1699
Mentor Shanghai Trading Co., Ltd
Unit A-808C, No.188 Yesheng Road, China
(Shanghai) Pilot Free Trade Zone
(Yangshan), Shanghai, 201308
Tel: +86-21 6106 0899
Asiapack Ltd
2/F, Dorset House, Taikoo Place
979 King’s Road, Quarry Bay
Hong Kong
Web: asiapack.com
E-mail: info@asiapack.com
Tel: +852 2735 1163
Asiapack (Shenzhen) Co., Ltd.
3rd floor, Nb.2 Jinsheng 4th Rd,
Lanzhu Rd North side.
Shenzhen Export Processing Zone,
Pingshan, Shenzhen, 518118
Web: asiapack.com
E-mail: info@asiapack.com
Tel: +86 755 8966 6950
CZECH REPUBLIC
Mentor Media Czech s.r.o.
Vlastimila Pecha 1302/2
Brno, 627 00
Tel: +420 515 577 401
INDIA
Mentor Printing and Logistics Pvt. Ltd
Registered Oce and Print & Packaging
Operations – DTA Unit (Domestic Tari Area)
B-50, SIPCOT Industrial Park,
Irukkattukottai – 602 117,
Sriperumbudur Taluk, Tamilnadu.
Tel: +91 44 7110 3600
Fax: +91 44 7110 3902
SCM Operations – DTA Unit.
(Domestic Tari Area)
B-51, SIPCOT Industrial Park,
Irukkattukottai – 602 117,
Sriperumbudur Taluk, Tamilnadu.
Tel: +91 44 7110 3600
Fax: +91 44 7110 3902
SCM Operations – SEZ Unit –
(Special Economic Zone)
Plot No. DV-2,
SIPCOT HI-TECH SEZ,
Sriperumbudur, Kancheepuram
(Dist.) – 602 106, Tamilnadu.
Tel: +91 44 6714 4218
Fax: +91 44 6714 4246
MEXICO
Mentor Media Juárez S.A. de C.V.
Libre Comercio No. 2164
Parque Industrial Américas
Cd. Juárez, Chih. C.P. 32575 México
Tel: +52 656 257 1603
SINGAPORE
Mentor Media Ltd
Fulfillment Plant
24 Penjuru Road, #09-02
Singapore 609128
KWE Jurong Hub
3A, 3B, 4A, 4B, 7 Bulim Street
Singapore 648175
TAIWAN
Mentor Media Taiwan Branch
Rm. 2, 7F., No.146,Wenxing Rd.,
Guishan Township,
Taoyuan County 33377
Tel: +886-3-3279389#401
Fax: +886-3279382
USA
Mentor Media (USA)
Supply Chain Management, Inc
865 South Washington Ave
San Bernardino, CA, 92408
Tel: +1 909 930 0800
Fax: +1 909 930 0807
Elanders Sverige AB
Web: www.elanders.se
E-mail: info.sweden@elanders.com
Tel: +46 31 750 00 00
MD: Mattias Olofsson
Viared
Box 22035
501 14 Borås, Sweden
Vällingby
Box 518
162 15 Vällingby, Sweden
RENEWED TECH
Azalea Global IT AB
Web: www.azaleait.se
E-mail: info@azaleait.se
Tel: +46 31 313 32 59
MD: Henrik Cohn
Amalia Jönssons gata 27
421 31 Västra Frölunda, Sweden
(New address from 2022-05-01:
Första Långgatan 30,
413 27 Gothenburg, Sweden)
ReuseIT Sweden AB
Web: www.reuseit.se
E-mail: info@reuseit.se
Tel: +46 470 70 35 00
Site Manager: Micael Åhman
Renvägen 1
352 45 Växjö, Sweden
PRINT & PACKAGING SOLUTIONS
President: Sven Burkhard
GERMANY
d|o|m Deutsche Online Medien GmbH
Anton-Schmidt-Straße 5,
71332 Waiblingen
Web: www.deutsche-online-medien.de
E-mail: info@d-o-m.org
Tel: +49 71 51 165 17 0
Fax: +49 71 51 165 17 99
Elanders GmbH
Anton-Schmidt-Straße 15,
71332 Waiblingen
Web: www.elanders.com/ger
E-mail: info.germany@elanders.com
Tel: +49 71 51 95 63 0
Fax: +49 71 51 95 63 109
fotokasten GmbH
Anton-Schmidt-Straße 5,
71332 Waiblingen
Web: www.fotokasten.de
Tel: +49 71 51 165 17 0
Fax: +49 71 51 165 17 99
myphotobook GmbH
Oranienstraße 183
10999 Berlin
Web: www.myphotobook.de
Tel: +49 180 5 846 846
Fax: +49 3052 0 047 441
Schmid Druck + Medien GmbH
Gewerbepark 5
86687 Kaisheim
Web: www.druckerei-schmid.de
E-mail: info@druckerei-schmid.de
Tel: +49 90 99 96 95 0
Fax: +49 90 99 96 95 30
Schätzl Druck & Medien GmbH
Am Stillflecken 4
86609 Donauwörth
Web: www.schaetzl.com
E-mail: info@schaetzl.com
Tel: +49 90 67 06 34 0
Fax: +49 90 67 06 34 20
HUNGARY
Elanders Hungary Kft
Zalalövő
Újmajor u. 2,
8999 Zalalövő
Web: www.elanders.com/hun
E-mail: info.hungary@elanders.com
Tel: +36 92 57 25 00
Fax: +36 92 57 10 78
Jászberény
5100 Jászberény,
Fémnyomó u. 1.
Web: www.elanders.com/hun
E-mail: info.hungary@elanders.com
Tel: +36 92 57 25 00
Fax: +36 92 57 10 78
ITALY
Elanders Italy S.r.l.
Via Delle Industrie 8,
31050 Ponzano Veneto (TV)
Web: www.elanders.com/ita
Tel: +39 (0) 422 44 22 53
Fax: +39 (0) 422 44 22 53
POLAND
Elanders Polska Sp. z o.o.
Płońsk
Ul. Mazowiecka 2,
09-100 Płońsk
Web: www.elanders.com/pol,
www.elanders.pl
E-mail: recepcja.plonsk@elanders.com
Tel: +48 23 662 23 16
Fax: +48 23 662 31 46
Wrocław
Wrocławska str. 33D,
55-095 Długołęka
Web: www.elanders.com/pol,
www.elanders.pl
E-mail: recepcja.plonsk@elanders.com
Tel: +48 71 346 06 78
UNITED KINGDOM
Elanders Ltd
Merlin Way, New York Business Park,
North Tyneside, NE27 0QG, England
Web: www.elanders.co.uk
E-mail: addingvalue@elanders.com
Tel: +44 1912 80 04 00
Fax: +44 1912 80 04 01
Elanders McNaughtan’s Ltd
(Elanders Packaging)
Unit 4, 21 James Street Righead
Industrial Estate Bellshill
ML4 3LU, Scotland
Web: www.elanders.co.uk
E-mail: info.scotland@elanders.com
Tel: +44 1236 733 833
Spreckley Limited
79 Arnold Road Nottingham
NG6 0ED, United Kingdom
Web: www.spreckleys.com
E-mail: davidcorthorn@spreckleys.com
Tel: +44 115 978 3786
Fax: +44 115 978 3784
USA
ElandersUSA, LLC
Acworth
4525 Acworth Industrial Drive
Acworth, Georgia 30101
Web: www.elandersamericas.com
Tel: +1 770 917 70 00
Fax: +1 770 917 70 20
Kennesaw
Kennesaw 1925 Shiloh road
30144 Kennesaw, Georgia
Web: www.elandersamericas.com
Tel: +1 770 917 70 00
Fax: +1 770 917 70 20
Midland Information
Resources Company
5440 Corporate Park Drive
Davenport, IA 52807
Web: www.elandersamericas.com
Tel: +1 563 359 3696
Fax: +1 563 823 7651
129
ANNUAL AND SUSTAINABILITY REPORT 2021
OTHER INFORMATION – CONTACT ELANDERS
130
ANNUAL AND SUSTAINABILITY REPORT 2021
Annual General Meeting 21 April 2022
Quarterly Report Q1, 2022 21 April 2022
Quarterly Report Q2, 2022 12 July 2022
Quarterly Report Q3, 2022 17 October 2022
Year-end Report 2022 23 January 2023
Calendar and
ANNUAL GENERAL MEETING
Shareholders in Elanders AB (publ) are welcomed to the company’s
Annual General Meeting Thursday 21 April 2022.
Elanders AB’s Annual General Meeting will be held
on April 21, 2022, Södra Porten Konferenscenter,
Flöjelbergsgatan 1C, Mölndal, Sweden. More
information about the meeting and how the
shareholders who wish to participate can
register will be published in connection with
the notice convening the meeting and will also
be published on www.elanders.com.
Calendar
FSC
©
-labeled
ANNUAL AND
SUSTAINABILITY
REPORT
There have been tremendous developments concerning the environment
in the past few years and ecolabeled printed matter has become standard.
Elanders makes every effort to further this development. We do it for the
environment, for our customers, for ourselves and for the future. This
Annual Report is FSC
®
labeled.
For the Annual and Sustainability Report 2021, we have used the
100 percent recycled paper Circleoffset Premium White with a basis
weight of 120 g/m
2
for the inlay, and 300 g/m
2
for the cover. The paper’s
very high whiteness makes it suitable even for the most demanding
printed matter. It has high environmental performance and is certified
according to FSC Recycled, EU Ecolabel and Der Blau Engel.
PRODUCTION FACTS
Design: Narva.
Production: Elanders AB in
collaboration with Narva.
Paper:CoverCircleoset
PremiumWhiteg
InlayCircleosetPremiumWhite
g
Print: Schmid Druck + Medien
GmbH, Germany, a member of
Elanders Group.
PHOTO
AzaleaITpage
BergenLogisticspage
Elanderspage
LGIpages–
MikaelGöthagepages–
–
ReuseITpage
DISTRIBUTION POLICY
Elanders’ Annual Report is
distributed to those share holders
who have actively ordered a
printed version, certain customers
and other interested parties.
It is possible to download the
Annual Report both in Swedish
and English from Elanders’ web-
site. Those interested can via the
website read Elanders’ Annual
Reports from the last ten years.
TRANSLATION
Elanders, Narva and Camille
Forslund.
This document is essentially
a translation of the Swedish
language version. In the event
of any discrepancies between
this translation and the original
Swedish document, the latter
shall be deemed correct.
