FROM END TO END…
Elanders’ Annual and Sustainability Report 2022
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INTRODUCTION
This is Elanders 4
The year in summary 6
CEO comments 8
STRATEGY AND OPERATIONS
Business concept, goals
and strategies 12
Business model 14
Customers 16
External trends 18
Value creation 20
Sustainability 22
Inside Elanders – Interviews 26
BOARD OF DIRECTORS’
REPORT
Board of Directors’ report 38
Sustainability reporting
in accordance with
the Annual Accounts Act 43
Risks and uncertainty factors 44
Corporate governance report 47
FINANCIAL REPORTS
AND NOTES
Group 52
Parent company 92
Proposed appropriation
of profits 106
AUDITOR’S REPORT
Auditor’s report 107
SUSTAINABILITY REPORT
Introduction 112
Strategy and materiality
analysis 114
Environment 117
Social 122
Governance 125
Notes to the sustainability
report 131
EU taxonomy 138
OTHER INFORMATION
Five years in summary 140
Share information and
ownership structure 143
Reconciliation of alternative
performance measures 146
Financial definitions 148
Specific terms 149
Board of Directors 150
Group management, auditors
and nomination committee 152
Contact Elanders 154
Annual general meeting
and financial calendar 158
CONTENTS
… AND BEYOND
Supply Chain
Solutions
Print &
Packaging
Solutions
Health Care
Automotive
Industrial
Electronics
Fashion Other
Elanders’ Annual and Sustainability Report 2022
Introduction – This is Elanders
Elanders is a global logistics
company with a broad range of
services of integrated solutions in
supply chain management. The
business is mainly run through
two business areas, Supply Chain
Solutions and Print & Packaging
Solutions.
For Elanders sustainability is not just a respon-
sibility, it is also a business opportunity that can
improve profitability and create value for the
Group, it’s customers and society at large. There-
fore, it is an integrated part of Elanders’ business
and strategy.
The requirements regarding corporate social
responsibility imposed on large, multinational
companies also apply to partners such as
Elanders. Therefore, the sustainability work
within the Group is to a large extent affected by
the high demands placed on the customers.
They are required to reduce their environmental
impact and are often environmentally and quality
certified, which means suppliers must also meet
the same requirements.
Elanders has over 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. Customers are divided into six segments
according to the industry they are active in:
Automotive, Electronics, Fashion, Health Care,
Industrial and Other.
Elanders six
customer segments
Supply Chain Solutions
Elanders is one of the leading com-
panies in the world in global solutions
for supply chain management. The range of
services includes, among other things, taking
responsibility for and optimizing customers’
material and product flows, everything from
sourcing and procurement combined with
warehousing to after sales service.
Business areas
Print & Packaging Solutions
Through its innovative force and global presence,
the business area Print & Packaging Solutions offers
cost-effective solutions that can handle
customers’ 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.
GERMANY
43 locations
3,298 employees
USA
10 locations
1,145 employees
CZECH REPUBLIC
5 locations
339 employees
POLAND
3 locations
330 employees
SWEDEN
5 locations
176 employees
NETHERLANDS
7 locations
170 employees
SINGAPORE
3 locations
484 employees
CHINA
12 locations
441 employees
HUNGARY
4 locations
308 employees
UNITED KINGDOM
6 locations
202 employees
FROM END TO END AND BEYOND
Delivering sustainable solutions
Production &
Assembly
Distribution &
Outbound Services
Life Cycle
Management
Procurement
& Inbound Services
Elanders’ Annual and Sustainability Report 2022
Introduction – This is Elanders
TAIWAN
1 location
6 employees
ROMANIA
1 location
5 employees
CANADA
1 location
24 employees
ITALY
1 location
23 employees
BRAZIL
1 location
49 employees
MEXICO
1 location
32 employees
INDIA
2 locations
162 employees
AUSTRIA
1 location
51 employees
E-commerce
RetailConsumers
Hospitals
Factories
Services
Recipients
m
2
of production and
warehouse space
>,5,
Number of employees
,
Number of locations
>
Net sales, MSEK
,
Elanders’ Annual and Sustainability Report 2022
Introduction – The year in summary
This past year has demonstrated the strength in
Elanders’ strategy to diversify its offer, broaden
its customer base to additional industries and
increase the business’ geographic spread. Just
as intended the successive transformation in
recent years has made Elanders’ business model
more robust. The business continues to grow
organically, primarily driven by the business
area Supply Chain Solutions. Very strong
growth in the customer segment Fashion in
North America has compensated for more
restrained development in Asia and Europe, not
unlike the way Asia compensated for the other
parts of the world during the pandemic years.
Broadly speaking, the demand for logistic
services has not diminished as much as was
feared. However, development has been
characterized by fluctuating demand not only
geographically but between customer segments
and over time within each segment. Automotive
and Industrial, for example, initially suffered
from material and component shortages as a
result of the war in Ukraine. In the second half
of the year, the price for air and sea freight
dropped and global logistic capacity normalized.
During 2022, Elanders has also strengthened
its focus on sustainability and prepared for the
new regulations that are coming in this area.
IN SUMMARY
2022 was a turbulent year characterized by Russia’s war in Ukraine,
disturbances in customers’ supply chains, inflation, cost increases,
continued COVID-19 shutdowns in China, semiconductor shortages and
material delivery problems. Despite a very complex and unpredictable
environment Elanders delivered its best year ever result-wise.
The work has progressed with mapping the
Group’s greenhouse gas emissions in scope 1, 2
and 3. In conjuncture with preparing the
Annual Report, the Group has set and
communicated climate goals regarding
greenhouse gas emissions.
Adjusted EBITA improved
by 47 percent in 2022
47%
Three year overview
2022 2021 2020
Net sales, MSEK 14,974 11,733 11,050
EBITDA, MSEK 1,940 1,468 1,431
EBITA exl. IFRS 16, MSEK 1068 770 737
EBITA, MSEK 940 641 598
EBITA adjusted, MSEK 966 658 598
Result after financial items, MSEK 666 482 414
Result after tax, MSEK 487 331 292
Earnings per share, SEK
1)
13.29 9.12 8.12
Cash flow from operating activities per share, SEK 31.27 30.07 48.80
Equity per share, SEK 108.46 92.67 81.65
Dividend per share, SEK 4.15
2)
3.60 3.10
EBITA-margin, % 6.3 5.5 5.4
EBITA-margin adjusted, % 6.5 5.6 5.4
Return on total assets, % 11.6 6.3 6.4
Return on equity, % 13.0 10.4 9.9
Return on capital employed, % 8.3 8.5 8.6
Net debt/EBITDA ratio, times 3.7 3.6 2.0
Net debt/EBITDA ratio excl. IFRS16, times 2.8 3.3 1.5
Debt/equity ratio, times 1.9 1.6 1.0
Equity ratio, % 26.6 28.0 33.6
Average number of outstanding shares, thousands 35,358 35,358 35,358
1)
There is no dilution.
2)
Proposed by the board.
For Reconciliation Alternative Performance Measures and Financial Definitions, see pages 146–148.
Supply Chain Solutions Print & Packaging Solutions
Elanders’ Annual and Sustainability Report 2022
Introduction – The year in summary
Supply Chain Solutions is Elanders’ largest business area and makes
up three-fourths of the Group. This is the area where Elanders
see big growth potential going forward. The market as a whole is
expanding, outsourcing and online commerce is increasing, and
demand is driven by a growing middle class globally. New regula-
tions and changing behavior patterns will probably have a major
impact on future logistic flows, which puts high demands on players
who want to operate in the market.
The business area experienced fluctuating demand both geograph-
ically and within and between customer segments during 2022.
Initially the war in Ukraine created disturbances in the supply chain
in Europe for customer segments Automotive and Industrial. The
problems with other materials and components like semiconduc-
tors have continued throughout the second half of the year. Within
Electronics in Europe, the demand for products connected to
heating and reducing energy consumption increased while demand
for computers and TVs declined, as a result of skyrocketing energy
prices. In Asia, both demand and the supply chain were negatively
affected by reoccurring lockdowns in China due to the zero-toler-
ance policy on COVID-19 outbreaks.
The most important motor driving growth was customer segment
Fashion in North America. Here, as in other areas, online shop-
ping is growing rapidly, which in turn is pushing growth in logistic
services. This is one of the areas where Elanders needs to help
customers find more sustainable alternatives. The Group with its
broad geographic presence can in particular offer them warehous-
ing, delivery and return management close to the recipients of
their products, which reduces their environmental impact as well as
delivery and return times.
In general, the market for business area Print & Packaging Solutions
continues to be challenging. The market is being successively
consolidated, where some actors either give up or merge. However,
thanks to Elanders’ financial strength, this creates opportunities
for the Group to gain market shares. In the meanwhile, the shift
to digital print and more recipient-adapted products, instead of
traditional offset print with large editions, progresses.
During the first half of 2022 lack of materials and skyrocketing
prices put enormous pressure on the industry. For the business area
this led to a significantly lower result in the first half-year compared
to last year. Through hard work to raise prices and ensure material
supplies Elanders achieved a notable recovery during the second
half of the year. Although the price is higher, the supply of paper
appears to have stabilized.
Despite the difficult conditions Elanders has continued to gain mar-
ket shares during the year including winning a new major customer
in online print. Besides packaging this is one of the few areas in the
graphic industry showing organic growth. It makes it a prioritized
growth area for the Group. Through previous acquisitions and
successful sales work Elanders has become one of the largest sup-
pliers of online print in Central Europe. Examples of products are
personalized and recipient-adapted children’s books, invitations,
photo products and even smaller editions of books and catalogues.
NET SALES PER QUARTER ADJUSTED EBITA AND
ADJUSTED EBITA-MARGIN
EBITA adjusted, MSEK
EBITA adjusted, MSEK
2 EBITA-margin adjusted, %
EBITA-margin adjusted, %
0
50
100
150
200
250
300
350
2020 Rörelseresultat, Mkr
2019 Rörelseresultat, Mkr
Q4Q3Q2Q1
0 %
2 %
4 %
6 %
8 %
10 %
Rörelsemarginal
Rörelsemarginal
OPERATING CASH FLOW EXCLUDING
ACQUISITIONS PER QUARTER
Operating cash flow, MSEK
Operating cash flow, MSEK
0
100
200
300
400
500
2020
2019
Q4Q3Q2Q1
2021 Net sales, MSEK
Net sales, MSEK
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
2020
2019
Q4Q3Q2Q1
Introduction – CEO comments
Elanders’ Annual and Sustainability Report 2022
In 2022, Elanders’ capacity to handle a turbulent world
was really put to the test. Strong fluctuations in demand
as a result of the war in Europe, continued disturbances
in component flows, the energy crisis and soaring infla-
tion made the environment we operate in very complex
to navigate through.
External impact on the company shifted during the
year. When Russia invaded Ukraine quite a few of our
customers were hit by a shortage of components, which
together with a continuing scarcity of semi-conductors
slowed their rate of production and thereby demands for
our services. During the second half of the year rising
inflation had a negative effect on demand for specialty
consumer goods such as computers, TVs and household
goods. On the other hand, demand skyrocketed for
anything concerned with energy efficient heating, such as
heat pumps.
STABLE FINANCES
Elanders closed out the year with organic growth of six
percent, and it was profitable growth. Despite unstable
demand and rising costs for material, fuel and energy we
presented our best annual result ever. Adjusted result per
share was 42 percent higher than in 2021, which was
already a year of improved profit for Elanders.
We continue to have very stable financing although
rising interest rates put pressure on the bottom line.
Liquidity continues to be excellent and we have room to
grow, both organically and through acquisitions. As a
step in further improving our margins we decided at the
end of the year to close down unprofitable sections of our
road transportation operations in Germany. We also plan
to reduce our low-margin buy and sell business. Together
these measures will lower net sales, but they will improve
our margins and free up capital.
MOVING RAPIDLY AHEAD IN OUR
SUSTAINABILITY WORK
Elanders considers sustainability not just a responsibility
but a business opportunity as well that can create value
and improve profitability. With this in mind, we set a
rapid pace in our sustainability work during the year
(read more about it on pages 22–25). Among other
things, we have mapped the Group’s greenhouse gas
emissions within scope 1 and 2, begun mapping scope 3
emissions and set climate targets.
We have held interviews with customers to understand
what they expect of their subcontractors as well as signed
onto the UN Global Compact which has drawn up ten
principles that pertain to human rights, labor laws, the
environment and anti-corruption. In 2023, we will
prepare for CSRD, the EU directive on sustainability
reporting that enters into force in 2024. We also intend to
start planning in 2024 for the verification and approval
of our climate targets by the Science Based Targets
initiative.
SUPPLY CHAIN SOLUTIONS
For business area Supply Chain Solutions, 2022 was a
successful year with stable demand over the year as a
whole. The business area delivered a very good result
with organic growth and an improved profit margin.
Growth in North America was fantastic thanks to
our new subsidiary Bergen Logistics which is focused
on small and mid-sized Fashion customers that makes
it a good platform for growth in a challenging environ-
ment. We also delivered stable growth in Europe. When
customers in the Electronics segment suffered from the
consequences of China’s zero tolerance to COVID-19
outbreaks and customers in Automotive and Industrial
were hit by disturbances in component supply chains, we
could balance this with other customers and segments.
The advantage of the strategy to broaden our cus-
tomer base is obvious. As intended, weaker development
in some product areas was compensated by strength in
others. This, together with the fact that in recent years
we have also expanded Elanders’ offer with solutions
that cover a larger part of customers’ value chain, enables
continued organic growth in Supply Chain Solutions.
During the year we opened new facilities in the Nether-
lands and Germany. Looking ahead, in 2023 we plan to
open another two new sites in Mexico, one in the United
Kingdom and two in the USA.
To say that 2022 was a complex year is an
understatement at the very least. Despite
all the challenges, Elanders delivered good
organic growth and our best result ever.
Our strategy to broaden our customer
base to cover more industries and increase
our geographic reach has created a more
robust Elanders, better equipped to handle
vacillations in demand. The year has also
been characterized by accelerating our
work on sustainability, an area that is
becoming increasingly important.
RECORD RESULTS
A complex year with
Elanders’ Annual and Sustainability Report 2022
Introduction – CEO comments
Elanders closed out the year with organic
growth of six percent, and it was profitable
growth. Despite unstable demand and rising
costs for material, fuel and energy we presented
our best annual result ever.
MAGNUS NILSSON
President and Chief Executive Officer
Elanders’ Annual and Sustainability Report 2022
Acquisitions are an important part of our strategy
aimed at developing our offer and spreading the Group
geographically. A good example of this is Bergen Logistics
which brought us both a big footprint in the USA and a
unique platform. We can now offer small and mid-sized
Fashion segment customers a global solution, which can
be expanded to include other customers with similar
needs. During 2022 Bergen Logistics gained 65 new
customers. We implemented the company’s business
model in the United Kingdom and in 2023 we plan to
do the same in several European countries as well as in
Asia and South America. In addition to providing our
multinational Fashion customers with a global solution,
we want to be a natural partner for growth companies
that want a simple way to become established and grow
on new markets (read more about our offer in Fashion on
pages 26–29).
During the year our subsidiaries LGI and Mentor
Media continued to develop their offers and take on new,
larger projects for both existing and new customers in all
our customer segments. For instance, we gained several
interesting customers in Electronic and Healthcare. In
the Annual Report we highlight our offer in Healthcare
encompassing a number of recently added value-adding
services and new facilities (read more on pages 30–33).
We are an experienced and reliable partner for customers
in this area and offer solutions that cover the whole life-
cycle of their products, including warehousing, delivery,
installation, reparation, returns and more.
PRINT & PACKAGING SOLUTIONS
The first half of 2022 was very challenging for business
area Print & Packaging Solutions, marked by a severe
hike in paper prices and even a shortage of paper. To-
gether with other higher expenses this resulted in a much
lower result compared to the corresponding period last
year. However, the business area recovered very well in
the second half of the year thanks to skillfully implement-
ed price increases and continued growth in Online Print.
This development was similar in all our regions.
Elanders organic growth in the business area during
the second half-year was primarily driven by successes in
Online Print (read more on pages 34–37). Another factor
is how well we have developed our offer to existing and
new customers by taking responsibility for a larger por-
tion of their value chain through managing other prod-
ucts along with various logistics services. For example,
in 2022 Elanders in the United Kingdom success fully
implemented Bergen Logistics business concept for
Fashion customers, which means that in 2023 we will be
expanding our capacity for supply chain services there.
The market for traditional printed matter is contract-
ing and severely competitive. A consequence of this is
the constant need to optimize operations and make them
more efficient to keep them profitable. The advantage
for Elanders is that we often compete with smaller, local
companies with limited ability to continuously streamline
their business. Because of our size we have other avenues
to maximize the capacity utilization of our production
equipment by, for example, specializing our various units
in different products and placing work for customers
where we can best produce it.
Size is also an advantage in the growth area Online
Print. For the small editions produced here it is not
enough to have very sophisticated solutions with auto-
mated order flows, the latest technology in digital print
and continuous product development. Large volumes are
a necessity for profitability. The German digital printer
Schätzl we acquired in 2021 has helped our business in
this area and in 2022 we secured several new, important
customers. In order to meet the growth in Online Print
we have greatly increased our capacity in digital print
during the year with the latest technology and expanded
our after sales capacity.
Lower print volumes in general also mean constantly
working on developing our offer. We want to grow in
customers’ value chains, discover new kinds of products
and manage changes in delivery patterns as well as mar-
ket new business concepts. One example of this is a new
concept we sell to publishers. It combines digital print
with traditional print in order to reduce their inventory
stores and discards, which is good for the environment,
and also reduces working capital.
ON TO NEW OPPORTUNITIES
In summary, 2022 was a year where Elanders demon-
strated how well we have developed into a robust Group
that stands on several legs and is rock solid even in a
buffeting world. We have chosen a path we intend to con-
tinue down, always on the lookout for new opportunities
that emerge from the ongoing transition to a circular
economy, and a more sustainable society.
I want to end with a heartfelt thanks to all our
employees. Everyone really does their best every day
to deliver on the highest level and thereby contribute to
continued success for Elanders. Naturally, I also want to
thank our investors and customers for their confidence in
us. Together, we will continue to develop Elanders into
one of one the world’s leading companies in supply chain
management.
MAGNUS NILSSON
President and Chief Executive Officer
Introduction – CEO comments
Introduction – CEO comments
2022 was a year where Elanders
demonstrated how well we have
developed into a robust Group that
stands on several legs and is rock
solid even in a buffeting world.
Elanders’ Annual and Sustainability Report 2022
0
5
10
15
20
25
20262020
Elanders’ Annual and Sustainability Report 2022
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 has a particular focus on advanced logistic
solutions with a large portion of value-added services.
Together with the customers, Elanders develops their
business, strengthens their competitiveness and makes
their supply chain more sustainable. Managing the supply
chain optimally reduces resource consumption in produc-
tion, warehousing and transportation, which makes
customers more cost-efficient and sustainable.
BUSINESS CONCEPT
Elanders is a global and strategic partner to custom-
ers 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
Elanders’ overarching goal is to be a leader in global solutions within
supply chain management in a connected and sustainable world.
SUSTAINABLE PROFITABILITY
IN A NEW ERA
Elanders delivers
Elanders has identified four areas where there is clear underlying
growth: e-commerce, 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%
)
Source: Third-party industry
research.
2020: US $ 12.5 billion
2026: US $ 25 billion
)
Source: Third-party industry
research.
General print market, 80%
Online print, 20%
)
Source: zipcon consulting and
management estimates. Represents
North America and Europe.
Currently insourced
US $ 300 billion, 70%
Outsourced US $ 130 billion, 30%
)
Source: Third-party industry research.
Represents North America and Europe.
Strategy and operations – Business concept, goals and strategies
Strong growth
opportunities
in Fashion and
Electronics
Online print has
a yearly growth
of 10%
Growth
opportunities
within all our
customer
segments
0
1
2
3
4
5
6
7
8
Mål 3-5%
Omsättningstillväxt
20222021202020192018
–5
0
5
10
15
20
25
30
Mål 3-5%
Omsättningstillväxt
20222021202020192018
0
1
2
3
4
Mål 3-5%
Omsättningstillväxt
20222021202020192018
Elanders’ Annual and Sustainability Report 2022
Long-term financial targets
NET SALES GROWTH, %
At least 3–5 percent annually
over a business cycle
EBITA MARGIN, %
>7 percent
NET DEBT/EBITDA
The ratio should be under <2.5
Elanders’ long-term financial targets are as follows:
needs on new geographic markets increases, which
deepens the customer relationship.
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 criterion for
acquisitions is that they provide access to new or further
develop geographic markets or customer segments.
Elanders’ acquisition strategy primarily prioritizes acqui-
sitions in the four above-named growth areas. Acquisi-
tions within these areas will help the Group to grow
while improving profitability. The objective is that acqui-
sitions 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.
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 underlying
growth: e-commerce, Life Cycle Management, out-
sourcing 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 so-
lutions that are then implemented globally for customers.
As the Group expands, its capacity to meet customers’
Strategy and operations – Business concept, goals and strategies
The new goals should be able to reach within a few years.
Goal achieved Goal not achieved Goal
Net sales grew by
28 percent in 2022
28%
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
Health Care
Automotive
Industrial
Electronics
Fashion
Other
Elanders’ Annual and Sustainability Report 2022
SUSTAINABLE BUSINESS MODEL
A diversified, robust and
Read more about how our six
customer segments provide long-
term growth on pages 16–17.
Elanders six
customer segments
With sustainability as an intrinsic part of the Group’s business and strategy,
Elanders is a global logistics company that offers a broad range of integrated solutions
in supply chain management. Elanders considers sustainability both a responsibility
and a business opportunity that can improve profitability and create value.
Elanders’ customers come from a broad spectrum of indus-
tries and are divided into six customer segments: Automo-
tive, Electronics, Fashion, Health Care, Industrial and Other.
Whether or not customers engage Elanders for single services
or tailor-made total solutions the Group contributes to in-
creasing their productivity, profitability and sustainability.
Elanders can support them through every step of a
product’s lifecycle with services from the moment product
components go into production until they have served their
final purpose and are ready for recycling. On behalf of
customers Elanders manages and optimizes the flow of raw
materials, components, finished products, payments and
information throughout a product’s entire lifecycle. Elanders’
offer includes handling everything from order management,
procurement, purchasing components, customs management
and warehousing to production logistics, manufacturing,
configuration, quality control and delivery. The Group also
handles payment flows, synchronizing purchasing and ware-
Strategy and operations – Business model
Life Cycle Management
• Service & Installation
• Reverse Logistics
• Redistribution
• Warranty Handling
• Spare Parts
• Repair & Refurbishment
• Renewed Tech
Elanders’ Annual and Sustainability Report 2022
Read more about how our services
contribute to a more sustainable
world on pages 112–139.
E-commerce
RetailConsumers
Hospitals
Factories
Recipients
housing with demand and provides after-sales services such
as managing returned or worn-out products for recycling or
resales. The value-added services are tailored to individual
customers’ needs and desires – for example installation,
testing, reparation, off and on loading and repackaging
products. In e-commerce, Elanders can, in combination with
logistic services, create and take responsibility for customers’
webshops including content production and management,
customer service and financial services.
The Group also provides global total solutions within
print that are run very efficiently and flexibly and include
everything from the production of printed matter and pack-
aging to other related services such as kitting and packing for
just-in-time or sequence deliveries. In addition to packaging,
most of the growth in graphic services is in online print where
Elanders has both its own, efficient order platforms and
delivers printed matter to a number of other well-established
companies.
Strategy and operations – Business model
Elanders’ Annual and Sustainability Report 2022
Strategy and operations – Customers
ELANDERS’ SIX CUSTOMER SEGMENTS
Elanders divides its customers into six segments according to the industry they work in: Automotive,
Electronics, Fashion, Health Care, Industrial and Other. The Group strives to have a good spread
and customer mix in the segments. Diversification makes Elanders more robust in business cycle
fluctuations, swings in demand and global crises.
The automotive industry is going through a period of enor-
mous and challenging transitions as developments shift to
electric cars, self-driving vehicles and demands for climate
neutrality. Today brand name owners want to focus on their
core business and therefore put high demands on their supply
chain regarding both quality and reliability.
Automotive
18%
Growth prospects:
Medium
Business cycle sensitivity:
High
Electronics
28%
Growth prospects:
High
Business cycle sensitivity:
Medium
In a world characterized by a growing middle class the con-
sumption of electronics is on the rise, both for companies and
consumers. This goes for everything from computers, surveil-
lance systems and TV’s to heat pumps and data centers. At the
same time, requirements on resource effectiveness and sustain-
ability are getting more stringent.
In the Fashion industry, sales is shifting from traditional sales in
stores to more digital online shopping. Many customers are look-
ing for a partner that can take an extensive and comprehensive
responsibility and be deeply integrated into their e-commerce and
other business. At the same time managing returns and recycling
are becoming an increasingly important part of the supply chain.
Fashion
28%
Business cycle sensitivity:
Medium
Growth prospects:
High
Elanders’ Annual and Sustainability Report 2022
Strategy and operations – Customers
Industrial manufacturers currently require low manufacturing costs,
high product quality, short lead times and high delivery precision. From
production to the after-sales market, logistics are a key factor.
12%
Growth prospects:
Medium
Business cycle sensitivity:
High
Industrial
10%
Other
Customers in online print represent by far the largest portion of net
sales in customer segment Other. As opposed to traditional, com-
mercial offset print, volumes continue to grow in mass production of
individually customized printed matter ordered online.
Business cycle sensitivity:
Medium
Growth prospects:
Medium
Health Care
Customers in Health Care operate in 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 extremely high. A quality-
ensured and broad offer that covers customers’ needs has consider-
able potential in this area.
4%
Growth prospects:
Medium
Business cycle sensitivity:
Low
Elanders’ Annual and Sustainability Report 2022
Strategy and operations – External trends
Globalization causes new trends to spread quickly all over the
world and increases the demand for international products.
Growing cities become financially more important and commerce
can be affected by laws restricting transportation, regulations
and fees. At the same time urbanization contributes to more
efficient deliveries as more people are gathered in one location.
These developments also increase the need for efficient freight
forwarding. The trend in regional and international shipping is
shifting towards network solutions with big logistics terminals and
consolidated repacking warehouses with automated goods man-
agement. The various crises over the past few years has spot-
lighted weaknesses in the global just-in-time supply chains, which
increases the need for local warehousing and a higher share of
sourcing of components and material from nearby suppliers.
Globalization and urbanization
In the worldwide drive to create a sustainable society the chal-
lenges are enormous, particularly regarding the ever-growing
global flow of goods. Current demands for reduced emissions,
lower energy consumption and recycling, in combination with
a society that has to become more circular, a so-called circular
economy, will push existing structures to their limits. Future
supply flows will have to change fundamentally to be sustainable.
There are already a slew of new restrictions on heavy goods
vehicles being implemented in cities. All of this greatly increases
the complexity in the supply chain flow, putting even higher
demands on intelligent IT solutions, automation and control as
well as modern, sustainable transportation solutions.
Sustainability
CHANGE WITH THE WORLD AROUND US
Ready to develop and
Elanders constantly follows developments in the outside world and responds to
important trends with a bearing on the Group’s operations and offer.
WHAT ELANDERS DOES
Elanders’ strong position in Europe, Asia and North and
South America provides a good base for handling greater in-
ternational commerce and competition as well as customers’
needs for both local and 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
collaboration and opening up new facilities. Through unique
logistics solutions with networks and consolidation points
for goods, Elanders is able to reduce heavy goods vehicles
in city centers and at the same time streamline and optimize
distribution.
WHAT ELANDERS DOES
Sustainability aspects permeate Elanders work on all levels
and essentially the operations are all about optimizing
customers’ material and component flows and stream-
lining their logistics. This leads to lower climate impact and
minimizes costs. Another vital area for Elanders is the service
area Life Cycle Management that includes the concept
Renewed Tech. Instead of scrapping cell phones, computers,
computer screens and printers Elanders can restore them
on behalf of our customers and give the products a second
life. This extends the life of the products considerably and
contributes to a more sustainable society, in other words a
win-win concept for everyone involved.
Elanders’ Annual and Sustainability Report 2022
Strategy and operations – External trends
By outsourcing parts of, or their entire, supply chain companies
increase delivery reliability while reducing overhead for plants,
personnel and systems. Shifting investments and risks over to
their logistics partner this way gives companies the strength
to fully concentrate on their core business. A greater focus on
more dependable global supply chains is further reinforcing this
development.
Increased outsourcing
All 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 and it appears the shift is here to stay.
Escalating online sales change the need for logistic services, and
in many cases create a new direct relation to the end customer
where the company’s own brand is on the line. In addition to
logistics, services like webshops, customer service and financial
transactions have to be handled optimally.
Increased e-commerce
WHAT ELANDERS DOES
Demand for efficient supply chain services increases with
greater outsourcing. By using multi-sites where several
customers and similar operations are combined, Elanders can
even out fluctuations in volumes and create scale advan-
tages. The Group also has expertise in contract logistics and
offers advanced end-to-end solutions where we take care of
the product directly from the customer’s supplier and deliver
it to the end customer. In order to meet customers’ needs
and desires Elanders continues to expand, both geographi-
cally and into new services.
WHAT ELANDERS DOES
Elanders offers logistic services and a number of value-
adding services that make it easier for customers to manage
consumers’ new purchasing habits. Elanders offers optimized
concepts that can be set up quickly for small and mid-sized
customers as well as concepts that suit the needs of larger
customers. Logistic services can be combined with different
kinds of additional services such as Elanders taking responsi-
bility for the creation of a customer’s webshop, including, for
example, content production, customer service and financial
services.
Elanders’ Annual and Sustainability Report 2022
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
management. The business is mainly
run through two business areas, Supply
Chain Solutions and Print & Packaging
Solutions.
Elanders has over 7,000 employees
and operates in some 20 countries on
four continents. The most important
markets are China, Germany, the United
Kingdom, Singapore, Sweden and the
USA. Customers are divided into six
segments according to the industry they
are active in: Automotive, Electronics,
Fashion, Health Care, Industrial and
Other.
STRATEGIES
Elanders should be a leader in global
end-to-end solutions in supply chain
management and be best at meeting
customer demands on efficiency and
deliveries focusing on sustainability.
THE STRATEGY IS BUILT ON:
• continuously developing our offer,
• integrated total solutions,
• implementation of innovative
technology,
• continuous growth, partly through
organic growth, partly through
acquisitions
Elanders
employees in some 20 countries
>7,000
HUMAN CAPITAL
• More than 7,000 employees in
some 20 countries
FINANCIAL CAPITAL
• Equity of SEK 3.9 (3.3) bn
• Total assets of SEK 14.6 (11.8) bn
RELATIONAL CAPITAL
• Thousands of customers with strong
local and global brands
• Long-term investors / owners
• Multi-cultural operations
We have identified a number of mega-
trends we believe could potentially
impact Elanders’ business in the future.
By understanding them we can develop
our offer and create a platform to keep
and strengthen the leading position that
Elanders has on selected markets and
thereby generates long-term profitable
growth.
Our resources Trends
MANUFACTURED CAPITAL
• >100 sites with close to 1.5 million
sqm of production and warehouse
space
• Existing machinery
SUSTAINABILITY
GLOBALIZATION AND
URBANIZATION
INCREASED E-COMMERCE
INCREASED OUTSOURCING
Strategy and operations – Value creation
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Elanders’ Annual and Sustainability Report 2022
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
Customer segments
Automotive, Electronics,
Fashion, Health Care,
Industrial, Other
Value creation
EMPLOYEES
• Paid salaries of SEK 2.9 (2.2) bn
• Safe and sustainable workplaces
• Ongoing training and education
INVESTORS AND FINANCIERS
• Operating result of MSEK 849 (580)
• Paid interest of MSEK 188 (92)
• Dividend policy of 30–50% of result after
tax
SOCIETY AND THE ENVIRONMENT
• Lower environmental impact through
more efficient logistical flows
• Paid income tax and social security
contributions of MSEK 676 (524)
CUSTOMERS
• More than 1 million deliveries to end
customers
• Considerable savings through sustainable
and efficient material and component
flows
• Innovative supply chain management
solutions
Strategy and operations – Value creation
Elanders’ Annual and Sustainability Report 2022
Strategy and operations – Sustainability
SUSTAINABLE WORLD
Heading for a more
Elanders’ sustainability work covers the Group’s entire business
model and permeates the company at every level. Elanders considers
sustainability both a responsibility and a business opportunity that
can create value and improve profitability.
Sustainability matters are an integrated part
of Elanders operations and decision-making.
The goal is to have a positive impact on the
environment. Elanders should also contribute
to sustainable social development and be a
responsible and attractive employer.
As a global logistics company, the Group has
a social responsibility to work actively with
social, ethical and environmentally-related
issues. Within the Group this work is based
on clearly formulated principles and targets,
and the compliance and fulfillment of them is
ensured and monitored. In the long run solid
sustainability work creates greater shareholder
value and added-value for all the company’s
stakeholders – for customers, investors and
society in general.
FRAMEWORK
Elanders has chosen to structure both its
sustainability work and reporting based on
an ESG perspective (Environment, Social and
Governance). The company believes this will
help further clarify communication to its stake-
holders such as customers, suppliers, personnel
and shareholders.
Elanders’ ESG framework, which is
described in more detail in the Sustainability
Report, consists of eleven categories; “Green-
house gas emissions”, “Material and waste”,
“Health and safety”, “Employee relations”,
“Diversity, equity and inclusion”, “Human
rights”, “Business ethics”, “Data ethics”,
“Sustainable procurement”, “Responsible
taxpayer” and “Society”.
In addition to ESG, Elanders continues
to use the UN global goals for sustainable
development as guidance in identifying the
business’ impact. In 2023 Elanders signed
onto the UN Global Compact which, based on
the global goals, has drawn up ten principles
that pertain to human rights, labor laws, the
environment and anti-corruption. In order to
increase transparency and raise the quality of
the Group’s environmental and climate data,
emission calculations and data compilation are
based on and supported by the GHG Protocol.
The GHG Protocol stands for the Greenhouse
Gas Protocol and is a global standard that can
aid in reporting on greenhouse gas emissions.
In 2022, the Group also reported to Carbon
Disclosure Project (“CDP”) for the first time.
It is a not-for-profit organization that helps
investors, companies, cities, countries and
regions with climate and environmental impact
charting and disclosure.
AN EVER-CHANGING WORLD
Elanders has come a long way from the pure
printing company operating mainly in Sweden
it once was to being a global service supplier
with operations on four continents. During
this transition the Group has made acquisitions
that have enabled expansion into new markets,
customer segments and services. Through this
expansion, Elanders has built a more stable and
resistant organization with more industries and
geographies to stand on. This diversified busi-
ness model has become a source of strength in a
world marked by growing insecurity.
Elanders’ risk analysis takes uncertainties
and changes in both the physical and social
environment into consideration. It comprises
such factors as climate change, changes in
access to natural resources and disturbances in
global supply chains as well as the transition
to a more circular economy. This also includes
adjusting to steering the company more sustain-
ably in general, together with different expecta-
tions and demands from customers and other
external forces. For more details, please see the
Sustainability Report.
In 2022, Elanders
reduced its
greenhouse gas
emissions in
scope 1 and 2
by nine percent
9%
Elanders’ Annual and Sustainability Report 2022
Strategy and operations – Sustainability
RESPONSIBLE EMPLOYER
Elanders’ ambition is to create attractive, inclu-
sive and sustainable work environments where
employees are engaged, develop and deliver
results. The Group believes in authentic leader-
ship characterized by courage, engagement and
sustainability. This is why great emphasis is
placed on continually developing and improv-
ing the systematic work with employees’ work
environment, labor conditions and education
and training. All employees at Elanders also
have a personal responsibility to have a posi-
tive impact on the environment, improve work-
ing conditions, increase equality and prevent
corruption.
A CIRCULAR ECONOMY
Elanders has for many years managed both
production and aftermarket logistics for some
of the largest PC-makers in the world. In
recent years the Group has added several more
climate friendly services. In Renewed Tech
Elanders takes care of used IT equipment like
computers and servers. Personal and sensitive
information is erased, the unit is renovated
and then sold to new users on the second-
hand market. The previous owner receives the
data wipe certificate and an environmental
certificate declaring the carbon dioxide savings.
There is a huge sustainability factor in extend-
ing the life of equipment before it is finally
recycled, since most of a product’s environmen-
tal impact comes from producing it. In 2022,
Elanders handled around 85,000 decommis-
sioned units that were given new life with new
users. This corresponded to emission savings of
over 24,500 tons CO
2
equivalents.
CONTINUOUS TRANSITION
Elanders has built up an organization over
a number of years that is good at changing
quickly and adjusting operations to follow
developments in the world around it. The
Group has the ability to keep in step with the
times and handle the transformations whether
they be digitalization, pandemics, production
disturbances, climate changes or something
else. In an ever-changing world there are
always external threats that everyone has to
deal with. Elanders flips this perspective and
considers these challenges opportunities to
development and the foundation for new
innovative solutions and creative business
models which benefit both people and the
planet.
1)
The CO
2
savings in CO
2
equivalents have been
calculated in accordance with the principles set out in
the report “Analys av återbrukade IT-produkter”
(Eng: “Analysis of recycled IT products”), produced
by the research institute RISE in collaboration with
Elanders.
thousand tons of emission savings
1)
~24.5
We are determined to reduce our own emissions
within scope 1 and 2 by 50 percent by 2030
and that all our operations will be climate
neutral by 2050 at the latest.
Strategy and operations – Sustainability
Elanders’ Annual and Sustainability Report 2022
ACHIEVING THE .-DEGREE TARGET
Elanders’ journey towards
With unique and customized services Elanders helps customers grow and expand globally.
During the year the Group has decided on priorities and set targets in order to take the
social responsibility of a global actor, and to meet customers’ need for comprehensive
solutions that also live up to growing external demands regarding sustainability.
Climate goals have been set for the entire
Group that will in time put the business in
line with the 1.5-degree target. At the same
time awareness is growing about how, in turn,
Elanders’ business is constantly affected by an
ever-changing world.
In order to move forward it is important to
start where the Group is currently standing and
comprehend the impact of our own operations.
Elanders has committed to reducing emissions
within scope 1 and 2 by 50 percent by 2030.
However, the biggest impact appears to
come from the services the Group purchases,
especially from the emissions generated by the
transportation Elanders procures and manages
for its customers. Decisions about what kind
of transportation to use, and to what extent,
are made by customers. The only way Elanders
can impact this is by being transparent about
the effect of their choices and, to the extent
possible, by providing other alternatives that
are better for the environment.
In a first and necessary step Elanders will
carry out an in-depth study of the entire
Group’s scope 3 emissions, which is expected
to be completed during the second half of
2023. Through greater control and transpar-
ency, Elanders can contribute to customers’
achieving their own climate targets. Transition
to more sustainable logistic services in the
Group, in particular phasing out fossil fuels, is
largely dependent on regulatory reforms being
carried out externally. It is also dependent on
developing new technology and alternative
fuels. Elanders actively follows these develop-
ments and constantly strives to supply new
solutions that meet both current and future
needs.
The Sustainability Report contains more
information on Elanders’ footprint and the
sustainability work being done in the Group.
In it you will find a detailed compilation of
ESG data, which also includes the Group’s
greenhouse gas emissions within scope 1
and 2. Elanders calculates its emissions from
2022 based the GHG Protocol’s principles and
standards.
Greenhouse gas emissions within the Group
Scope 3
Other indirect
emissions
Scope 2
Power & heating
Transports
managed on behalf of
the customers
Raw
material
Capital
goods
Transport of raw
material & components
for own production
Business
travel
Employees
commuting
Upstream
The size of the circles indicates the amount of carbon dioxide emissions related to this activity at Elanders. The larger the circle, the higher amount of carbon dioxide emissions.
Strategy and operations – Sustainability
Elanders’ Annual and Sustainability Report 2022
Mapping of scope 1
and scope 2 emissions
completed.
2022
Application is sent to the Science Based Targets initiative to get
Elanders’ climate targets scientifically validated.
Implementation of the new EU directive for sustainability reporting.
2024
2023
Operations aligned with the 1.5 degree target according to
the Paris Agreement.
Scope 1 and scope 2 emissions have been reduced by 50%.
Scope 3 emissions related to our own operations have been
reduced by 30%.
2030
Scope 1 and scope 2 emissions have
been reduced by 75%.
2040
The Group will have achieved net zero
emissions over the entire value chain.
2050
Transports managed on
behalf of the customers
Transports of by Elanders
manufactured products
Scope 3
Other indirect
emissions
Scope 1
Own operations
Scope 2
Power & heating
Use of fuel etc. Use of electricity
Downstream
Buildings and vehicles
operated by Elanders
Climate targets set for the Group and
externally communicated.
Elanders signs on to the United Nations
Global Compact.
Commitment letter is sent to Science
Based Target initiative
Preparations for the new EU directive,
CSRD, the Corporate Sustainability
Reporting Directive.
Mapping of the entire Group’s
value chain emissions (scope 3)
and preparation of an action
plan to reduce emissions.
Elanders’ Annual and Sustainability Report 2022
Strategy and operations – Inside Elanders – Interviews
Lindig, CEO at Elanders subsidiary ITG, Elanders’ other
subsidiary specializing in fashion.
“It is pivotal with a good understanding of the busi-
ness. For example, you may need to deal with a variety
of price tags, adjust deliveries according to the wishes
of different wholesale chains, or make sure that online
customers get the right brand experience when opening
a package. For us, the key is to continuously develop
our own software solution that makes it possible to meet
these types of customization needs,” says Charles Ickes,
President & COO of Bergen.
BOTH STANDARDIZED AND CUSTOMIZED
Through the two subsidiaries ITG and Bergen, Elanders
today offers different concepts for different types of cli-
ents within the world of fashion, catering to their differ-
ing needs. Small to medium-sized businesses can benefit
from a highly standardized third-party logistics concept
that can be easily integrated with their own systems
and quickly let them reach the markets that they need,
wherever these are located in the world. At the same time,
the Group also offers more complex concepts for mature
brands that crave more customization and flexibility from
their logistics partner.
No matter the type of concept, the great advantage
clients get from Elanders is that they can focus on their
core business, which is designing clothes (or other fashion
The Fashion customer segment includes not only clothes,
but also accessories, perfumes and other lifestyle items.
Although there are differences in nuance between differ-
ent types of clients, one common characteristic for the
fashion industry is a fast pace with at least three new
collections in a year. With the advent of so-called “fast
fashion”, sales cycles have become even shorter and some
brands can launch as many as 24 collections per year.
“As a logistics partner you must be able to keep up
with the speed of the industry. You have to help to make
sure that the right goods are available in stores and ready
for online orders at the right time. The end-customer’s
experience must also be excellent, both when it comes to
service and the speed of delivery,” explains Florian Beck,
General Manager Europe for Elanders’ subsidiary Bergen
Logistics (“Bergen”), which specializes in Fashion.
Add to that the complexity that comes from the fact
that volumes can fluctuate in the extreme, for example
during the hectic seasons of Black Friday and the Christ-
mas rush.
“The number of orders can go from 15,000 one day
to 3,000 the next. This volatility means that you need
to adjust your entire system and infrastructure for a
highly flexible operating model. With huge, multi-client
centers and a good mix of business-to-consumer and
business-to-business clients as well as different seasonal-
ity among them, we can balance the flows,” says Patrick
In the last couple of years, Fashion has grown to become Elanders’
largest customer segment. The Group now offers global supply chain
services suitable for new brands who just set up shop, for well-
established giants present in most consumers’ wardrobes, as well
as for everyone somewhere on the scale between these two extremes.
FASHION SOLUTIONS
FOR ALL SIZES
INTERVIEW
Charles Ickes, President &
COO, Bergen Logistics
Patrick Lindig, CEO, ITG Florian Beck, General
Manager Europe, Bergen Logistics
Elanders’ Annual and Sustainability Report 2022
Strategy and operations – Inside Elanders – Interviews
Through the two subsidiaries ITG and Bergen,
Elanders today offers different concepts for
different types of clients within the world of
fashion, catering to their differing needs.
Elanders’ Annual and Sustainability Report 2022
Strategy and operations – Inside Elanders – Interviews
and in stores. The company’s own warehouse manage-
ment system (WMS) CloudX is continuously being
developed and can easily be integrated with all the major
platforms like Shopify, Magento and Core Commerce,
providing a seamless workflow and automated e-com-
merce fulfillment. Clients can furthermore buy a range of
value-added services like custom embroidery, customized
branded packaging or subscription box fulfillment. Work-
ing with its sister company ITG, Bergen also offers freight
forwarding worldwide.
“Another type of service we offer that is interesting
for overseas brands expanding to the American market,
is our back-office solutions. Brands with no presence
of their own in the US can rely on us for support with
back office functions like product and order manage-
ment, payment processing, reporting and so on,” says
Charles Ickes.
PLUG-AND-PLAY WMS
At Bergen, all parts of the client’s physical fulfillment are
handled by CloudX which is a very mature and state-
of-the-art software solution that will actually be made
available as a stand-alone product in the near future.
This will make it possible for clients to use the software
in their own fulfillment centers in their home market,
while turning to Bergen for fulfillment on a global scale.
A great advantage with CloudX is the ease and speed of
integration with all major shop systems that a brand may
use, as well as many marketplaces, ERPs
1)
and retailers.
“You can almost describe it as a plug-and-play soft-
ware solution. A new client can very quickly integrate
with Bergen and set up a fulfillment solution or expand
it to a new market. Furthermore, we have a strong orga-
nizational set-up as well. As a client you get a dedicated
service team with a customer account manager working
as your eyes and ears on the shop floor and making sure
that you get a 100 percent delivery on the customer expe-
rience,” continues Florian Beck.
The secret behind the speed of integration is a highly
standardized concept. At the same time, Bergen is very
flexible to customers’ system integration needs and has
a large software development team that quickly can add
integration capability to CloudX.
“As you grow more mature as a brand, however, you
might develop a need for a very sophisticated and dedi-
cated logistics and fulfillment solution that is more tai-
lored to your particular model and gives more advantages
of scale to your particular set-up. Then you can still stay
with Elanders, by switching to ITG,” says Florian Beck.
SCALABILITY AND FLEXIBILITY
ITG is a subsidiary of LGI, which is a part of the Elanders
group since 2016. ITG has a target group made up of
clients that need to customize procedures and processes
to a higher degree. Often, albeit not always, this is larger
companies who are not willing, or able, to adjust to
someone else’s standard set-up.
“Outsourcing of logistics is driven by achieving scal-
ability and flexibility, which is what we can offer our cli-
ents in a very mature way. The key to success is software.
We have developed an IT infrastructure with highly-
items) and handling the manufacturing, while achieving
one single point of contact and integration for their
global fulfillment needs.
“If you are a brand starting out, what you want to
put your effort into is design, manufacturing, marketing,
connecting to end-customers through web and physical
shops, working with the online platforms you want to
integrate with and so on. With us, you get a partner who
can take care of physical fulfillment for you, with high
quality and an extremely short onboarding process,”
explains Florian Beck.
A CONSISTENT SHOPPING EXPERIENCE
Bergen was acquired by Elanders in the fall of 2021. This
considerably expanded the Group’s presence in North
America and grew the Fashion segment of Elanders’ busi-
ness. For Bergen, becoming part of the Group has acceler-
ated a global expansion that had already begun. With
seven sites in North America, two in the Netherlands, one
in China and one in the UK, the company is planning to
open another site in North America in 2023, as well as
looking at new possible sites in China, Brazil, Germany
and Vietnam.
Bergen offers omni-channel fulfillment from centers
servicing a great number of clients and delivering a
consistent shopping experience across all channels, online
ITG and Bergen have a
total of around 100 and
500 active customers
respectively
ITG has a total of
close to 250,000 m
2
in floor area at its
facilities
600
250'
ITG provides end-to-end services along the entire value chain of the customer, with
one single contact and one system integration process.
1)
ERP = Enterprise Resource Planning system.
Elanders’ Annual and Sustainability Report 2022
Strategy and operations – Inside Elanders – Interviews
“This is an example of how third-party logistics com-
panies today can act as an enabler for growth for clients.
At a more fundamental level, the ability to have the right
products in the inventory and deliver them fast and with
the right brand impression is ever more important due to
the growth of e-commerce. Rather than just being sup-
pliers, logistics providers nowadays enter into strategic
partnerships with clients,” says Patrick Lindig.
FOCUS ON GROWTH
An advantage within fashion for the Elanders group is
that it can today offer solutions in the right size for every-
one, from extra-small to extra-large.
“ITG is a well-known brand on the European market
and a lot of customers approach us. Before, we had to
turn some of them down because their business was too
small for our set-up. Now we can instead address them
to Bergen, which has the right concept for them,” says
Patrick Lindig.
Just like Bergen, ITG’s strategic focus is on further
growth. In 2021/2022, a modern, state-of-the-art facility
opened in in Oberhausen in two steps, with two buildings
and a total surface of 80,000 m2. Equipped with a lot of
textile-finishing equipment, it is well set up for value-
added services while also strengthening the local presence
in central Germany.
“With the right clients, fashion is an optimistic indus-
try with potential for growth even in times of possible
recession,” concludes Patrick Lindig.
developed WMS functionalities in combination with
carrier management functionality to manage parcel pro-
viders. We also have a high-performance reporting system
that provides up-to-date transparency both internally at
ITG and for the client,” explains Patrick Lindig.
ITG provides end-to-end services along the entire value
chain of the customer, with one single contact and one
system integration process. The service can start by ITG
picking up goods where they are produced and shipping
them to one of its nine logistics centers, of which six are
located in Germany, one in the USA and two in China.
Here the goods are stored until items are picked up,
packed and shipped to either retail channels or end-
customers ordering online from a webshop or market-
place.
VALUE-ADDED SERVICES
“Along the main logistics processes, we also provide a lot
of value-added services, which is a particular strength for
us. We do quality inspections on the inbound goods and
manage returns where we can check and grade the goods,
clean garments and so on. We have a lot of expertise
within textiles and do work on products, such as per-
sonalization services, flocking, repairs and adjustments,”
says Patrick Lindig.
Furthermore, ITG offers so-called managed
e-commerce services where clients get help developing
front-ends for webshops, as well as complete back-end
services, including financial services and web content
production together with a partner.
An advantage within fashion for the Elanders group is that it can today offer
solutions in the right size for everyone, from extra-small to extra-large.
Bergen has a total of
close to 230,000 m
2
in floor area at its
facilities
230'
ITG and Bergen have
nine and eleven sites
globally, respectively.
20
The Fashion customer
segment accounts for
28% of Elanders’ sales
28%
Strategy and operations – Inside Elanders – Interviews
Elanders’ Annual and Sustainability Report 2022
A fundamental certification for the industry is ISO 13485, which contains a
quality management system for medical devices. Both Mentor Media and LGI
have this certification along with others, like the GDPMDS (Good Distribution
Practice for Medical Devices) certification.
Elanders’ Annual and Sustainability Report 2022
Strategy and operations – Inside Elanders – Interviews
a real plus for dealing with medical technology. Health
care relationships need to evolve over time, though. There
is no room for failure with equipment that could, for
instance, be used in surgery at a hospital. Clients really
don’t want to jump right in and let you start handling
critical stuff right away. You have to start small and build
trust over time,” explains Bernd Schwenger, CEO &
President of LGI.
Over the years, LGI has managed to build that trust
with several clients and is now an expert in medical
logistics, managing entire logistics chains and ensuring
that the end-customers are provided with the equipment,
spare parts and consumables they need, at the right time.
LGI handles all aspects of logistics and transport, as well
as providing and coordinating value-added services for
sensitive health care equipment and in vitro diagnostics.
This also includes temperature-controlled storage in dif-
ferent climate zones down to –80 degrees Celsius.
“The most crucial strength of our offer is our team,
however. Our people is what really makes the difference
for clients. We are big enough to work with global play-
ers on global solutions, but still manage to be accessible
and personal, working on individual products, programs
and solutions,” continues Bernd Schwenger.
EXTENSIVE VALUE-ADDED SERVICES
LGI’s fulfillment solutions include storage of medical
devices and in vitro diagnostics, a repair center for ana-
lytical instruments, cold chain, temperature and humidity
management and clean room capabilities for highly
sensitive goods. This is supplemented with extensive
value-added services, for example kitting, re-labeling
and re-packaging, demo pool and trade fair services,
repair, maintenance and testing, field support service and
management.
Health care clients turn to Elanders starting from
procurement and inbound services, through production
and assembly, distribution and outbound services and on
to after-market services and dealing with used pieces of
equipment. The segment is interesting in part because it is
less sensitive to cyclical fluctuations and thus can balance
out certain other segments. Furthermore, there is a great
growth potential for the industry due to the fast-paced
scientific and technological development, combined with
an aging global population.
Elanders’ subsidiaries LGI, headquartered in Germany,
and Mentor Media, with its head office in Singapore,
are both active in the health care customer segment. This
entails considerable investments in order to meet the
industry’s special regulations and strict demands when it
comes to things like sterile handling of equipment, parts
and consumables.
“In many respects a logistics company needs the same
skills regardless of industry. When it comes to health care,
however, regulations naturally have to be tighter because
of how products will be used. Human health and life
are the most precious commodities there are,” says Kok
Khoon Lim, CEO & President of Mentor Media.
A fundamental certification for the industry is ISO
13485, which contains a quality management system for
medical devices. Both Mentor Media and LGI have this
certification along with others, like the GDPMDS (Good
Distribution Practice for Medical Devices) certification.
DECADES OF EXPERIENCE
LGI has long experience as a provider of logistics services
for med tech companies. The longest customer relation-
ship goes as far back as the turn of the millennium and is
connected to LGI’s background within electronics and IT.
“I think a proven track record within technology is
SERVICING THAT WHICH
IS MOST PRECIOUS
INTERVIEW
Health care is an important customer segment for Elanders. Primarily
focusing on medical technology (med tech), the Group offers clients end-
to-end supply chain services throughout the life cycle of their products.
Bernd Schwenger, CEO &
President, LGI
Kok Khoon Lim, CEO &
President, Mentor Media
Martina Weihing, Head of
Electronics & Health Care, LGI
Elanders’ Annual and Sustainability Report 2022
Strategy and operations – Inside Elanders – Interviews
DEMO POOL SERVICE
One example of how LGI can customize value-added
services is the demo pool service set up for a well-
known med tech company manufacturing products
for ophthalmology and microsurgery. Before buying
these costly and elaborate products, end-customers
most often want to assess them by trying them out
in practice. To simplify the process, LGI developed a
demo pool management system that lets the client’s
sales representative go online and see which dates a
demo pool device is available and book it right away.
LGI then handles everything so that the end-cus-
tomer, usually a hospital or physician, gets the device
delivered on the specified date with all the necessary
accessories, the right language settings and so on,
including assembly, installation and recovery of
the empty box. At the end of the demo period,
LGI returns and brings the device back to the
warehouse, where it is thoroughly disinfected,
function-tested and all customer data is erased in
a certified manner, before the equipment is put in
storage until next time.
“I am really proud of the unique software that we
developed for this solution and which has been very
“We manage more than 10,000 orders per day in the
segment. This includes a very broad range, from big
heavy machines down to tiny screws as exchange parts,”
says Martina Weihing, Head of the Electronics & Health
Care division at LGI.
These contract logistics services can also be combined
with transport services. LGI maintains a Europe-wide
high-tech network for the distribution of technical equip-
ment, including two-man handling and installation ser-
vice, and can take on global procurement and distribution
logistics via its air and sea freight network. The acquisi-
tions of the technical logistics companies Eijgenhuijsen in
the Netherlands and Bonds in the UK further strengthens
LGI’s capabilities when it comes to delivering equipment
all the way to the points of use, including setting it up, as
well as packing up and removing old equipment.
“We are committed to delivering the highest quality
levels without any compromises, and are continuously
monitoring our concepts to improve them together with
our clients. This takes a team of experienced and highly-
skilled experts on design and management levels as well
as continuously trained employees within daily opera-
tions. The skilled staff of our clients can then concentrate
on their core business,” continues Martina Weihing.
Elanders handles
over 10,000 orders
to various customers
within Health Care
every day
10'
The Health Care
customer seg-
ment accounts for
4% of Elanders’
sales
4%
In expanding Elanders’ supply chain services in med tech, Mentor Media have invested in a clean room for sterile
packaging for delivery of equipment and consumables to hospitals at their site in Singapore.
Elanders’ Annual and Sustainability Report 2022
Strategy and operations – Inside Elanders – Interviews
appreciated by the client. We now plan to develop it into
a scaleable software for the demo pool market,” explains
Martina Weihing.
GLOBAL FOOTPRINT
Mentor Media has a truly global footprint with presence
in Asia, Europe and the Americas. Electronics is by far
the largest segment for this Elanders subsidiary, but the
company has started to also focus on the great potential
for supply chain services aimed at the med tech industry.
Just like within IT, Mentor Media aims to be a one-stop
shop for clients end-to-end in the product’s lifecycle.
“We offer before-market services starting from the
sourcing of parts, through quality checking and sched-
uled delivery of parts for manufacturing. We also offer
value-added services like putting parts together, flashing
software and consolidating orders before they are deliv-
ered to end-customers. Furthermore, we can also manage
some financial services, cross border tax management and
collecting sales proceeds,” explains Kok Khoon Lim.
Mentor Media also provides after-market services
including providing spare parts, handling software or
battery upgrades and collecting old equipment either for
refurbishing and selling on the second-hand market, or
for reuse of parts and/or recycling. These services are
today mainly provided within the Electronics segment,
but has great potential also within health care.
POSITIONING FOR INCREASED OUTSOURCING
“Outsourcing is less common within med tech today, but
I am convinced that it will evolve and follow the same
trajectory as the IT industry. That is why Mentor Media
is investing to make value-added services available to
existing and potential health care clients. In expanding
our supply chain services in med tech, we have invested
in a clean room for sterile packaging for delivery of
equipment and consumables to hospitals at our site in
Singapore and in 2023 we plan to open another such
clean room in our site in Warsaw, Indiana in the USA,
says Kok Khoon Lim.
Mentor Media offers services on a global basis. Pro-
cesses are standardized and can be replicated all over the
world so that clients can start at any location. There is a
strong focus on value-added services that make life easier
for clients and let them focus on their core business. Here
Kok Khoon Lim sees great future possibilities in the med
tech industry.
“Our challenge within health care is that we need
to get enough experience within this specialized area.
Starting with a smaller penetration you need to collect
credentials and get traction. I believe that we have to
allow this to take some time, but am sure that we will
realize our potential in this customer segment,” continues
Kok Khoon Lim.
NEW STATE-OF-THE-ART SITE
As LGI has worked long within health care, the company
has already considerable traction, with total sales of
around €32 million in 2022. The investments are there
as well, with the new multi-user site in Ketsch, Germany,
offering 35,000 m
2
of state-of-the-art logistics space with
a 12-meter-high ceiling.
Here, LGI has set up the perfect conditions for logistics
services specifically tailored to the health care segment,
with a walled-in mezzanine certified for high-end, high-
tech tests and repairs. For the entire site, tight physical
security is combined with comprehensive organizational
measures for strengthened security.
“The site in Ketsch is a new start for our health care
business that will let it accelerate. In 2022, we moved one
of our biggest clients quite seamlessly there, but we also
have plenty of space for new clients and are counting on
further growth in the segment, using the new site as a
showcase,” says Bernd Schwenger.
“We also aim to grow in other geographical regions,
like at our site in Dordrecht, Netherlands, where we are
already servicing med tech clients. In Hamburg, we are
looking at enlarging our services with more space for med
tech and next year we are planning to open a new med
tech site in Erfurt,” says Martina Weihing.
Thus, Elanders journey in this segment is far from over
and the business will continue to grow on a global scale.
LGI alone is expecting total health care sales of some €40
million in 2023, which would constitute a 25 percent
growth.
Elanders has a wide
range of relevant
certifications:
– ISO 13485
– ISO 9001
– ISO 14001
– ISO 27001
– GDPMDS
– AEO-F
LGI handles all aspects of logistics and transport, as well as providing and coordinating
value-added services for sensitive health care equipment and in vitro diagnostics. This also
includes temperature-controlled storage in different climate zones down to –80 degrees
Celsius.
Elanders’ Annual and Sustainability Report 2022
Strategy and operations – Inside Elanders – Interviews
customizing them in runs down to one single copy. This
targets consumers, but can also cover the needs of small
businesses, for example providing unique packaging or
other printed material.
“For consumers we are mainly talking photobooks,
wall art, calendars, children’s books with personalized
names, invitations, greeting and Christmas cards and
so on. But we have also started to adjust other types
of products from the business-to-business world to a
consumer offering. For example, for your child’s birthday
party you can order hamburger and french fries boxes
with his or her photo and name printed on them,”
explains Sven Burkhard.
Elanders’ offering within short run on demand printing
makes it possible for publishers and other companies to
print hard- and softcover books on demand and in the
geographical markets where they are needed. This has
obvious advantages for sustainability. The customers get
what they really need printed, where they need it. Waste-
ful printing of copies that are never sold or used is elimi-
nated, while the carbon footprint of transportation can
be limited. Added value products, finally, can for example
be personalized cups and other items that are offered and
delivered together with a calendar or photobook.
THE WORKFLOW IS KEY
Sven Burkhard underlines the importance of a reliable,
scalable and smooth workflow solution in order to
success fully provide Online Print services. Customers
expect a very high service level.
“How do you produce a unique book in 24–48 hours,
drop-shipped to the respective customer within 30,000
other books on the production floor? You will need a
process-focused mindset, skilled people and cutting-edge
technology at all the steps of the workflow to handle
With its own print production sites in a number of
countries and collaborations within a several networks
and partnerships, Elanders is a global provider of print
and packaging. Although traditional commercial offset
printing is experiencing continuously decreasing volumes,
the story is quite the opposite when it comes to various
forms of digital print ordered online. The latter is a grow-
ing business today, driven by digitalization and the use of
social media.
“With the rise of digitalization, a lot of printed
products have disappeared, and this development has
accelerated due to the corona pandemic. On the other
hand, digitalization is driving the growth of personal-
ized products and on demand printing. That is why the
printing industry is not dying, but rather changing. Our
challenge is to be at the forefront of this transformation,”
says Sven Burkhard, President of Elanders’ business area
Print & Packaging Solutions.
For Elanders, Online Print is a strategic growth area.
Elanders is one of the biggest digital print providers in
mainland Europe that doesn’t belong to an e-commerce
brand. The company is working both as a print provider
to major brands and selling directly to companies and
consumers through its own channels and branded web-
shops. In 2022, Elanders’ turnover stemming from Online
Print increased from 30 to 36 million euros. The total
volume of hardcover books increased with 26 percent,
calendars with 10.5 percent and cards with 15 percent.
UNIQUE AND ON DEMAND
The three main product areas for Elanders’ Online Print
business are mass customized output, short run on
demand and print added value products. Mass custom-
ization is basically taking printed products that were
traditionally produced identically in high quantities and
INTERVIEW
THE GROWING SIDE OF PRINT
Ulrich Schätzl, Director of
Mass Customization
Sven Burkhard, President,
Print & Packaging Solutions
An important area of growth for Elanders’ business area Print &
Packaging Solutions is Online Print, with a range of digital print
services offered to both small and large businesses as well as to
consumers. These include mass customization, short run on demand
printing and added value products.
Elanders’ Annual and Sustainability Report 2022
Strategy and operations – Inside Elanders – Interviews
With its own print production sites in a number
of countries and collaborations within a several
networks and partnerships, Elanders is a global
provider of print and packaging.
Elanders’ Annual and Sustainability Report 2022
Strategy and operations – Inside Elanders – Interviews
START-UP MENTALITY
While larger customers especially appreciate Elanders’
process and fulfillment excellence, smaller brands also
profit from its start-up mentality, speed and flexibility.
Another advantage is that customers can choose to use
Elanders’ shop system, integrating it with their own
systems, while labeling the website and products with
their own brand. If desired, this can include support, IT
development and design.
“We also stand out through our innovative and
automation-driven mindset. Things are developing all the
time, so you always have to come up with new products
and services, while at the same time working to improve
your efficiency. A major challenge in our industry is find-
ing employees, so to grow today you have to invest in au-
tomation. In 2022, we have been upgrading our produc-
tion capabilities and in 2023 we are focusing investments
on automated packaging,” explains Sven Burkhard.
BEST PRACTICE ACQUIRED
The acquisition in 2021 of Bavaria-based company
Schätzl Druck & Medien, with its huge, state-of-the-art
production site in Donauwörth, added significant capac-
ity to Elanders. The site is mainly supplying e-commerce
brands through a highly automated manufacturing
process with editions of all sizes, all the way down to
individualized output.
Schätzl also added even more experience to the lessons
learned by Elanders over the years of providing Online
Print services. Prior to the acquisition, Schätzl had com-
pleted an impressive transition from a traditional offset
printing business to a leading actor within Online Print.
“We managed to prove that it is possible to change
the complete mindset in a printing company. Now that
Schätzl is part of Elanders, we can use this transition as a
best practice when we continue the same transition across
all Elanders’ sites around the world,” explains Ulrich
Schätzl, former owner of Schätzl and now Director of
Mass Customization at Elanders.
FURTHER GROWTH EXPECTED
Looking forward, Sven Burkhard notes that Online Print
is an area that keeps growing year-on-year and predicts
that ever more products will be offered online, mass
customized and/or on demand. As companies are increas-
ingly focusing on sustainability this only becomes even
more relevant. High-end inkjet technology also keeps
improving, which means that there is less and less reason
to use offset printing for quality and price reasons.
“With the new machine we just invested in at our
site in Waiblingen, close to Stuttgart, we will realize both
gains in quality and important cost savings, because the
print quality is very close to offset printing and we don’t
have to use costly, special coated materials anymore,”
he says.
Considering the positive outlook for the Online Print
business, there might also be more acquisitions in the
future to complement Elanders’ existing business and
network.
“Our aim is to keep growing this business and we
can see that there are some hidden champions and niche
players with really good figures that could possibly be of
interest to us,” concludes Sven Burkhard.
the type of volumes we are talking about at business
peaks. It is a very seasonal segment, where as much as 80
percent of total orders are placed in the period leading
up to Christmas. You have no margin of failure and need
a well-controlled IT process and workflow, including
backup solutions,” he explains.
It is important to continuously work on optimizing
your processes and workflow, which is done on a daily
basis at Elanders. Constantly improving and making use
of the latest, state-of-the-art technology is what keeps a
provider ahead of the game. That is why large customers
appreciate the financial strength of Elanders. They want
to work with a healthy and reliable global company with
enough resources.
“In 2022, we saw a demonstration of this trust in our
capabilities when the largest business-to-consumer player
within photobooks in Europe chose to concentrate their
complete photobook volume in Germany and France to
us,” says Sven Burkhard.
How do you produce
a unique book in
24–48 hours, drop-
shipped to the respec-
tive customer within
30,000 other books on
the production floor?
Elanders’ offering within short run on demand printing makes it possible for
publishers and other companies to print hard- and softcover books on demand
and in the geographical markets where they are needed.
Elanders’ Annual and Sustainability Report 2022
Strategy and operations – Inside Elanders – Interviews
PRINT EMOTION
Special print products with surprise
effects for businesses
Print Emotion are print products with
movement and emotions. Specialized in
advertising material, mailings and cards
made of paper and cardboard with folding,
jumping and sliding techniques. Products
that are really fun, stand out from the crowd
and are remembered by the recipient.
Elanders’ branded Online Print webshops
MYPHOTOBOOK
Photobooks and other personalized
products
There is nothing more beautiful than
unforgettable moments captured in
photographs. Based on this belief,
myphotobook offers high-quality
photo products that bring out the
best in your personal photo stories.
Whether it’s a photo book, a photo
calendar, wall art, or a small photo gift
– the ability to custom design ensures
that each of our products is unique.
PRINTSMARTER
Standard print products for businesses
Printsmarter has one goal: to give you
what you deserve! There are no compro-
mises in this venture. Your online print
shop with the intention not only to deliver
a high-quality product, but also to serve
you as an independent person with indi-
vidual wishes.
PACK YOUR FOOD
Customized food packaging for small
businesses
The answer to clever street food packaging
solutions. The street food movement
has revolutionized gastronomy and it is
impossible to imagine cities without it.
Starting with burgers and hot dogs, the
range today is so diverse and of such
high quality that sustainable, practical and
individualized packaging is just the logical
next step!
Print capacity
calendars: max
650'
650,000 per year
Inkjet short run online
print books
2,000'
2,000,000 per year
5,000,000 per year
Online Print books
5,000'
Photobooks
4,000'
4,000,000 per year
550,000 per season
Calendars
550'
Print capacity hardcover
books: max
40'
40,000 per day
Average: 30,000 per day in peak season and
10,000 per day off-season.
Elanders’ Annual and Sustainability Report 2022
Board of Directors’ report
BOARD OF DIRECTORS’ REPORT
The Board of Directors and the President and Chief Executive
Officer of Elanders AB (publ), corporate identity no 556008-1621,
herewith present their annual report and the consolidated financial
statements for 2022.
company’s B shares are listed on NASDAQ OMX Stockholm, Mid Cap.
Elanders AB (publ) is a subsidiary to Carl Bennet AB , corporate identity
no 556379-0715, registered in Gothenburg. Carl Bennet AB prepares
consolidated financial statements that include Elanders.
OUR BUSINESS
in some 20 countries on four continents. The most important markets
are China, Singapore, the United Kingdom, Sweden, Germany, and
Electronics, Fashion, Health Care 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.
NET SALES AND RESULT
Net sales increased by MSEK 3,241 to 14,974 (11,733) compared to
the same period last year. Cleared of exchange rate fluctuations and
acquisitions, net sales increased by six percent. Organic growth was
primarily generated by the European division of Supply Chain Solutions.
Demand from customers continued to be good during the period even if
some customers in Automotive and Industrial still suffered disruptions in
production due to the shortage of components and raw material. Bergen
Logistics, which was acquired in 2021, had strong organic growth result-
ing in high double-digit growth figures, but this is not reported in its
entirety as organic growth for the Group.
Adjusted EBITA, i.e. the operating result adjusted for amortization
of assets identified in conjunction with acquisitions and one-off items,
increased by MSEK 308 to MSEK 966 (658). Changes in exchange rates
compared to the same period last year had a positive effect on EBITA
by about MSEK 47. If one-off items are included, EBITA increased from
MSEK 641 to 940.
The period’s one-off items amounted to net MSEK –26 (–17). These
mainly consisted of a reevaluation of the shares in the associated
company LOGworks, which affected the result in the second quarter
positively by around MSEK 50, and the action plan announced in the
fourth quarter which entailed one-off item costs of MSEK –48. In addi-
tion to these items, provisions were made for additional considerations
for acquisitions that developed better than expected. Last year’s one-off
items referred to costs in conjuncture with acquisitions.
The improvement in the result compared to the previous year was
mainly associated with business area Supply Chain Solutions. The
increase was primarily generated by the acquisitions made in the second
half of last year. Air & Sea operations in Europe in the same business
area also contributed to improving the result. Component and material
shortages, price hikes in general, high levels of sick leave at the begin-
ning of the year and the war in Ukraine have had a negative effect on
the result and profitability, as well as China’s previous zero tolerance
concerning COVID-19 outbreaks has had.
Higher net debt and higher interest rates also had a growing impact
on the income statement, where interest rate expenses have increased
considerably compared to last year.
Despite the relatively weak first half of the year, primarily due to the
war in Ukraine and its consequences, the full year 2022 was Elanders’
best year ever in terms of result.
Supply Chain Solutions
Net sales increased by MSEK 3,063 to 12,267 (9,204) in the business
area. The increase was mainly driven by Bergen Logistics which was
acquired at the end of 2021.
Organic net sales grew by nine percent, generated mainly by the
business area’s European division. Growth was driven in part by higher
shipping rates for freight forwarding volumes as well as good demand
in general. During the second half of the year the tide turned and freight
prices from Asia to the rest of the world dropped dramatically. At the
same time a decline in consumer demand became noticeable for TVs,
electrical tools, computers and household appliances. The latter created
a need for extra storage space for several of the Group’s customers. At
the same time, the energy crisis increased demand for heat pumps and
other energy-saving equipment, which generated extra volumes for the
business area.
Adjusted EBITA increased to MSEK 843 compared to MSEK 529 the
previous year. One-off items affected the business area’s result with net
MSEK –8 (–17). The one-off items referred primarily to the reevalua-
tion of a long-term holding which had a positive effect on the result
by around MSEK 50, and structural costs that had a negative effect of
MSEK 48. Last year’s one-off items referred to consultancy fees linked
to acquisitions. Component shortages continued to create disruptions
in production for customer segments Automotive and Industrial, but to
a lesser extent than previously. Disturbances lead to irregular capacity
utilization at Elanders when customers took away or add shifts on short
notice. This, in combination with higher energy and fuel prices and
higher expenses in general, put some pressure on profitability. Elanders
has been able to raise some prices in certain customer contracts that par-
tially compensated for higher costs. China’s zero tolerance to COVID-19
breakouts also had some negative effect on the result.
The acquisition of Bergen Logistics has provided Elanders with a com-
pletely new platform on the North American market, particularly in the
Elanders’ Annual and Sustainability Report 2022
Board of Directors’ report
customer segment Fashion. In 2023, a new facility close to Atlanta, USA,
will be put into full use. This facility will in part be used for the Group’s
subscription box operations. The business area Supply Chain Solutions
will take over the responsibility for this unit from Print & Packaging
Solutions as of January 1, 2023. The new facility will, however, mainly
be used for further expansion and growth in the segment Fashion.
In 2023 Elanders will invest in another new unit in Indiana, USA,
where a fully equipped clean-room facility will be built with the latest
technology. This unit, where products and articles can be handled in a
sterile environment, is primarily dedicated to customers in Healthcare.
Print & Packaging Solutions
For business area Print & Packaging Solutions, 2022 was a pretty
challenging year. There was shortage of material in the wake of the war
in Ukraine. Paper mills for fine paper shut down which led to a shortage
of fine paper causing a severe hike in paper prices. The energy crisis
caused prices for material and other expenses to skyrocket. This has led
to financial problems for many competitors. Despite this, net sales in-
creased in the business area by MSEK 233 to 2,839 (2,606). The increase
refers entirely to fluctuations in exchange rates. Net sales fell organically
by two percent for the full year, but increased organically by 12 percent
in the fourth quarter. A contributing factor to the increase was the new
contract within online print that was signed around midyear. At the same
time, the market clearly recovered in the second half of the year. With
the new contract for online print, Elanders acts as a subcontractor for
a larger actor on the market in this area. Sales are expected to reach
around MSEK 100 annually, with the bulk of it coming in the fourth
quarter. Online print is one of the areas Elanders invests in. It is one of
the few areas showing underlying organic growth. The trend in general
is that otherwise there is a clear shift towards digital printing and more
receiver-adapted products, instead of traditional off-set print in big series.
Adjusted EBITA was MSEK 171 (171). The business area was affected
negatively by higher material and electricity prices as well as a shortage
of material and components at customers. The latter meant that several
business area customers suffered disruptions in their supply chains
and production in segments Automotive and Industrial, although the
situation was better during the second half of the year. During the year,
Elanders has been able to raise some prices in certain customer contracts,
which partially compensated for higher costs. Included in the result for
the year were also negative one-off items of around MSEK 19 that refer
to provisions for additional considerations for acquisitions that have
developed better than expected.
As of 2023, the operations that handle subscription boxes will be
included in business area Supply Chain Solutions. In these operations,
plucking and packing are combined with freight forwarding as one com-
prehensive service and there are considerable synergies with parts of the
operations in Supply Chain Solutions.
Otherwise, the Group continues to consolidate production capacity in
the business area, 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 already been success-
ful in Brazil, Sweden and the USA.
SIGNIFICANT EVENTS DURING THE YEAR
Structural measures in Germany
In December 2022, it was decided to shut down part of the Group’s road
transportation operations in Germany. The operations are part of Busi-
ness area Supply Chain Solutions and have had problems with profit-
ability for some time. Closing down these operations entails a reduction
in annual net sales by around MSEK 400, of which MSEK 300 during
2023, starting in the second quarter. In total some fifty employees are
affected and these operations will be completely shut down by the
summer of 2023.
The structural measures entailed one-off costs of around MSEK 50
that charge this year’s result. The one-off costs consist of provisions for
termination wages, onerous contracts and the remaining rental costs
on existing premises. The restructuring measures are expected to save
around MSEK 35 per year, with full effect as of 2023.
The war in Ukraine and its consequences
Russia invaded Ukraine in February 2022. Some Group customers had
subcontractors in or were dependent on components or raw material
from Russia and Ukraine. These customers have therefore had problems
with their supply chains. In the wake of the war, inflation has increased
sharply and an energy crisis ensued.
There is still a great deal of uncertainty about how long this situation
will continue as well as the scope of it. That makes it also difficult to
foresee its exact effect in the coming year. Increased sanctions, scope of
the war and electricity shortages could have a significant impact on the
Group’s operations.
Merger of associated company
In 2018, Elanders’ subsidiary, LGI Logistics Group International
GmbH, entered a strategic partnership with Adecco, whereby LGI
divested 51 percent of the shares in its staffing company LOGworks to
Adecco Group Deutschland.
In May 2022, Elanders’ associated company LOGworks merged with
ProServ, which was also controlled by Adecco, but together with the
Michelin Group. In connection with the transaction, Elanders’ shares
in the merged company were measured at fair value. The valuation
was carried out by an independent party. The reevaluation resulted in a
non-recurring revenue of approximately MSEK 50, which had a positive
impact on the Elanders Group’s operating result in the second quarter.
The transaction had no cash flow effect. After the merger, Elanders owns
14 percent of the shares in the merged company.
The COVID-19 pandemic
COVID-19 has since the beginning of 2020 spread quickly. 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, which has affected both their operations and Elanders’
negatively. The year 2022 began with high sick leave rates in Europe, but
then normalized at the end of the first quarter.
There is still a great deal of uncertainty regarding how long the
COVID-19 pandemic will continue, which makes it difficult to predict its
exact effect in the coming year. New outbreaks stemming from muta-
tions and dramatic measures to limit the spreading of the virus can have
a significant effect on Group business.
Elanders’ Annual and Sustainability Report 2022
Board of Directors’ report
Semiconductor and material shortages
The current semiconductor and material shortages in some industries
have had a negative impact on the Group’s business. The shortage
creates an uneven capacity utilization in production when shift patterns
are changed on short notice.
Acquisitions
Bonds Worldwide Holdings Ltd
In July 2022, Elanders acquired all the shares in Bonds Worldwide
Holdings Ltd with subsidiaries Bonds Worldwide Express Ltd. and
Bonds Technical Couriers Limited (together “Bonds”). Bonds is a leading
actor in special transportation and installation of advanced technical
equipment in the United Kingdom. The company was privately owned
and net sales were around MGBP 5 in 2021 with good profitability.
Bonds has been consolidated into the Group as of July 1, 2022. The
purchase price was around MGBP 5 on a debt-free basis.
Acquisition costs were less than MSEK 2 and consisted primarily of
consultancy fees connected to the acquisition.
INVESTMENTS AND DEPRECIATION
Net investments for the year amounted to MSEK 274 (1,394), of which
purchase prices for acquisitions were MSEK 44 (1,267). Depreciation and
write downs amounted to MSEK 1,091 (888).
FINANCIAL POSITION, CASH FLOW AND FINANCING
Operating cash flow for the year increased to MSEK 1,210 (–105),
whereof purchase prices regarding acquisitions of operations amounted
to MSEK –44 (–1,267).
Net debt increased to by MSEK 2,027 to MSEK 7,276 compared to
MSEK 5,249 at the beginning of the year. Changes in exchange rates and
new leases contributed to the increase by MSEK 665 and MSEK 1,178
respectively. Leases primarily consisted of new long-term leases for logis-
tic buildings. Net debt also includes debts related to put and call options
measured at fair value. The increase in net debt also includes changes in
fair value for these options of MSEK 177, which is primarily related to
the positive development in Bergen Logistics. The change in fair value
also includes the exchange rate translation effect.
Excluding IFRS 16 effects, net debt at the end of the period amounted
to MSEK 3,022 compared to MSEK 2,539 at the beginning of the year.
Of the MSEK 483 increase, MSEK 326 were exchange rates fluctuations.
Financing is primarily in euro and US dollars, and both of these curren-
cies have become stronger against the Swedish krona during the year.
Increased working capital also contributed to the increase in net debt.
Over a rolling twelve-month period, the net debt/EBITDA ratio was
3.7 compared to 3.6 at the beginning of the year. The increase in the
ratio was mainly due to the signing of several new long-term leases. The
new leases generate a somewhat skewed view of the net debt/EBITDA
ratio. The entire leasing liability is reported directly while the EBITDA
contribution is slight, particularly if the leases run for 10–15 years, and
especially at the beginning of the first year. Excluding IFRS 16 effects and
acquisition costs, and adjusting it for proforma results in acquisitions as
well as one-off items, the net debt/EBITDA ratio would be 2.7.
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, but is adjusted
for proforma results in acquisitions and excluding acquisition costs. This fi-
nancial covenant was with a good margin met as of the balance sheet date.
Several central banks have raised interest rates, which are very likely
to lead to increased interest expenses in the future since Group financing
is largely based on a floating interest rate.
RESEARCH AND DEVELOPMENT
The Group continuously develops different offers that are usually
produced in connection with specific customer projects. Continuous
development 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 7,248 (6,288),
whereof 167 (150) in Sweden. At the end of the period the Group had
7,245 (7,019) employees, whereof 176 (152) in Sweden .
Further information concerning the number of employees, as well as
salaries, remuneration, and terms of employment is presented in note 5
of the consolidated financial statements.
PARENT COMPANY
The parent company has provided intragroup services. The average
number of employees during the period was 13 (11) and at the end of the
period 13 (12).
Other information concerning the number of employees, salaries,
remuneration, and conditions of employment is presented in note 5 of
the consolidated financial statements.
INFORMATION CONCERNING COMPANY SHARES
On 31 December 2022, 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 represent. 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 2022 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.
Elanders’ Annual and Sustainability Report 2022
Board of Directors’ report
GUIDELINES FOR REMUNERATION TO SENIOR OFFICERS
The company’s current guidelines for remuneration to senior officers
was adopted at the Annual General Meeting on April 21, 2022. The
guidelines are as follows:
Senior officers are persons who, together with the Chief Executive
Officer, constitute Group Management. The guidelines are valid for
employment 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, includ-
ing 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 remuneration 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 respectively 50 percent of the basic wage. For other
executives, variable cash remuneration may amount to, at most, 40
percent of the basic wage. Additional variable cash remuneration, how-
ever not more than 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.
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
industrial 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 vari-
able cash remuneration has been satisfied shall be evaluated when the
measure ment period has ended (normally calendar year). The remunera-
tion committee is responsible for the evaluation so far it concerns vari-
able cash remuneration to the CEO. For variable cash remuneration to
other executives, the CEO is responsible for the evaluation. For financial
objectives, the evaluation shall be based on the latest financial informa-
tion 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
Elanders’ Annual and Sustainability Report 2022
Board of Directors’ report
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 2022, 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
No major events have taken place between the balance 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 1,179,721,277 in the parent
company at the disposition of the Annual General Meeting should be
dealt with accordingly:
• SEK 4.15 per share is distributed to the shareholders SEK 146,734,667
• the remaining balance is to be carried forward SEK 1,032,986,610
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.
Elanders’ Annual and Sustainability Report 2022
Board of Directors’ report – Sustainability reporting in accordance with the Annual Accounts Act
SUSTAINABILITY REPORTING
IN ACCORDANCE WITH
THE ANNUAL ACCOUNTS ACT
environment and climate. The councils are responsible for disseminating
information and ensuring the implementation of Elanders’ sustainability
strategy.
The management of significant risks in the sustainability area is part
of the Group’s overall work with identifying and handling risks. The
process, identified risks and the management of these risks are described
in the Board of Directors’ report.
For the financial year 2022, companies are required to report the
portion of the sales, operating costs and investments covered by the
EU Sustainable Finance Taxonomy. The outcome of Elanders’ review is
presented on pages 138–139.
In accordance with the Swedish Annual Accounts Act Chapter 6,
Section 11, Elanders has produced a combined Annual Report and
Sustainability Report 2022. This report relates to Elanders AB (publ)
and its subsidiaries. The Sustainability Report was submitted to the
auditor at the same time as the Annual Report and is presented on pages
112–139 and divided by area according to the table below.
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.
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, as well as its stake-
holders, and at the same time improve profitability.
The governance of the sustainability agenda is established in Elanders’
Board of Directors and Group Management and is described in more
detail on page 115. To ensure that sustainability work permeates
governance of all subsidiaries, in addition to Group Management,
Elanders has three group-wide councils in IT, social sustainability and
Area General Environment Social Governance
Policies 112 117 122 125
Descriptions 114–116 118–121 123–124 126–130
Notes to the Sustainability Report 131 132–134 135–136 –
Elanders’ Annual and Sustainability Report 2022
Board of Directors’ report – Risks and uncertainty factors
Elanders operates in many different customer segments and geographical
areas. A general economic downturn on a global scale for example caused
by a pandemic or in one of the world’s leading economies can reduce the
demand for the Group’s offers and services.
UNCERTAINTY FACTORS
Risks and
Customer concentration
The Group’s major customers are primarily active in the manufac-
turing industry and agreements with these customers normally run
over two or three years. Elanders’ ten largest customers represent
46 (53) percent of net sales in 2022. Elanders has two customers
whose sales exceed 10 percent of the Group’s net sales. In 2022,
sales to the Group’s largest customer represent 14 (14) percent
while sales to the next largest customer represent 12 (12) percent
of the total net sales. Sales to these customers are made to several
of their divisions, on several continents and is based on multiple
stand-alone agreements.
Customer concentration
Elanders’ strategy is not only to be a supplier to our larger custom-
ers 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.
Essential risks and uncertainty factors What Elanders does
Elanders encounters risks in operations daily, and normally these are within the
Group’s control. Group Management’s close collaboration with the different
group operations is a key factor in controlling these risks
Business risk
Elanders divides risks into business risks
(customer concentration, operational risk,
risks in operating expenses, contracts and
disputes and employees), financial risks
(currency, interest, financing/liquidity and
credit risk) as well as circumstantial risks
(pandemics, business cycle sensitivity, wars and
conflicts and increased demands in a chang-
ing world). For more information regarding
the financial risks, please see note 24 in the
consolidated financial statements.
Elanders’ Annual and Sustainability Report 2022
Board of Directors’ report – Risks and uncertainty factors
Operational risk
Elanders is dependent of IT-systems for production, logistics
and sales. Disruptions or cyberattacks on the systems can mean
disturbances and have a negative impact on the Group’s reputa-
tion, 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 3,342 (2,529), personnel costs
MSEK 3,583 (2,789) and freight costs MSEK 3,522 (2,870). These
categories represent 73 (73) percent of total operating costs in
2022.
Contracts and disputes
In business daily operations can give rise to disputes.
Employees
Elanders needs access to competent and committed employees.
Competition in the labor market is fierce, and there are high
demands on the companies’ ability to attract, develop and retain
competent abilities as well as to ensure the availability of good
leaders in order to achieve the Group’s operational and strategic
goals. Achieving expectations from employees today requires a
strong focus on areas such as leadership, opportunities for influ-
ence, work environment, sustainability, human rights, the Group’s
culture and values and more.
Operational risk
Elanders work to identify and prevent risks that can lead to dis-
turbances 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 interruption 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 mate-
rial effect on group results. Elanders has also the possibility 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 significant
effect on the Group’s financial position. The Group’s insurance pro-
gram contains global liability insurance that covers general liability,
product liability, crime fidelity, business interruption and limited
protection against environmental damage. The Group also has
liability insurance for members of the Board and officers.
Employees
To attract the right workforce, Elanders works to be an attractive
employer and to prioritize the well-being of our employees. The
Group strives to offer a modern, inspiring and safe working environ-
ment, which is done by focusing on good leadership, transpar-
ency and respect for each other. Elanders also strives to be at the
forefront regarding sustainability issues, which is important both
strategically and to attract the new generation of employees.
Essential risks and uncertainty factors What Elanders does
Elanders’ Annual and Sustainability Report 2022
Board of Directors’ report – Risks and uncertainty factors
Pandemics
Global outbreaks of pandemics, such as the ongoing COVID-19
pandemic, can bring widespread disruptions in many countries,
among them many of Elanders’ most important markets. There is a
risk that COVID-19 can continue to impact financial activities, and
there is great uncertainty surrounding it. If it should continue or
worsen, there is a risk that the Group’s operations will be negatively
affected as demand for the Group’s services and products may
decrease. 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 operations
that supply our customers in the manufacturing industry, particu-
larly 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.
Wars and conflicts
Wars, conflicts and other political unrest can have a devastating
effect on the world around us. When it occurs in areas the Group
operates in, it also has a direct impact on Elanders’ operations and
the countries in which the Group operates. The Group has been
affected in many ways since Russia invaded Ukraine in Febru-
ary 2022. 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. At the same time,
inflation has increased sharply and an energy crisis has emerged.
There is still a great deal of uncertainty about how long the war 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 war could have a significant impact on the Group’s
operations.
Increased demands in a changing world
The need for drastically reduced emissions and transparency of
companies’ negative impact on the environment is driving new
regulations in regions where Elanders operates. Customers may
demand new types of logistics solutions. Increased demands to
quickly adapt to new technologies create increased needs for
investments and financial resources to carry out shifts and phase
out old technology.
Pandemics
Elanders’ first priority is to protect our employees and their
surroundings as much as possible against the spread of the infec-
tion. 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 adjustments 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 management do not
involve significant investments in fixed assets and lease agreements
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.
Wars and conflicts
Elanders follows the course of events closely and works with various
action plans for the various possible scenarios that may arise.
The political unrest in general also affect us in the long term in how
and where Elanders choose to do business. The Group currently
has no operations in Ukraine and previously had only one sales
office in Russia, that the Group chose to close when the war started.
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 to continue.
Increased demands in a changing world
Elanders is following the development closely and maintains a
continuous dialogue with customers and other stakeholders. New
technology is continuously evaluated.
Generated positive cash flows going forward create the conditions
needed for investment in new technology. Should additional fund-
ing be required, discussion will be held with shareholders or other
external financiers.
Essential risks and uncertainty factors What Elanders does
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.
Circumstantial risk
Elanders’ Annual and Sustainability Report 2022
Board of Directors’ report – Corporate governance report
The role of corporate governance in Elanders is to create a good founda-
tion for active and responsible ownership, a suitable distribution 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”) and this Corporate Governance Report has been prepared in
accordance with the Code and the Swedish Annual Accounts Act. Elanders
have also provided information on the company’s website in line with
the Code requirements. The Code is available at the website of the
Swedish Corporate Governance Board, 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 2022, there were 4,662 (4,557) known shareholders.
The foreign ownership in Elanders was 13 (12) percent of shares and
9 (8) percent of votes.
The only direct or indirect shareholding exceeding a tenth of the votes
in the company per 31 December 2022 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
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,
Annual General Meeting 2022
The Annual General Meeting on 21 April 2022 decided:
• to adopt the Annual Report for 2021,
• to distribute a dividend of SEK 3.60 per share for 2021,
• to discharge the members of the Board of Directors and
the Chief Executive Officer from liability for 2021,
• to grant according to a proposal in the summons the
Board and committee remuneration for a total of
SEK 4,252,000 to be divided within the Board,
• to appoint the following Board Members:
– Carl Bennet (re-elected)
– Eva Elmstedt (new elected)
– Dan Frohm (re-elected)
– Erik Gabrielson (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 Dan Frohm Chairman of the Board,
• to elect PricewaterhouseCoopers as company auditors
until the Annual General Meeting 2023,
• 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,
• to approve the remuneration report submitted by the
Board regarding remuneration to leading senior officers,
and
• to approve the new guidelines for remunerations to
senior officers in accordance with the proposal in the
notice.
CORPORATE GOVERNANCE
REPORT
Elanders’
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.
Elanders’ Annual and Sustainability Report 2022
Board of Directors’ report – Corporate governance report
has a majority of the votes at the Annual General Meeting. No remu-
neration has been paid to the nomination committee. The members’
contact information is found on page 153 in the Annual Report and on
www.elanders.com under Corporate Governance.
THE BOARD OF DIRECTORS AND ITS WORK IN
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
Executive Officer, and continuously following developments in opera-
tions as well as the reliability of the company’s internal control. The
Board also decides on significant changes in the organization, invest-
ments 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 corpo-
rate governance.
Elanders Board members are evaluated and appointed based on
the company’s business, development phase and other relevant circum-
stances. 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: Dan Frohm (Chairman), Carl Bennet
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
The next Annual General Meeting for shareholders in Elanders will be
held on Friday 21 April, 2023. 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’ evalua-
tion 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), Dan Frohm
(Chairman of the Board), Fredrik Carlsson (Svolder), Jannis Kitsakis
(Fjärde AP-fonden) and Dag Marius Nereng (Protector Forsikring ASA.
The shareholder with the largest number of votes has been elected as the
chairman of the nomination committee since he ought to have a decisive
influence on the composition of the nomination committee, because he
Elanders’ corporate governance
Remuneration
Committee
Audit
Committee
Chief Executive
Officer
Group
Management
Elanders’
Shareholders
Annual General
Meeting
Nomination
Committee
Board of
Directors
External
Auditors
Elanders’ Annual and Sustainability Report 2022
Board of Directors’ report – Corporate governance report
The Board followed the meeting plan for the year. The Board also met
on two occasions relating to other topics.
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 2022, Carl Bennet 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 150–151.
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
(Vice Chairman), Eva Elmstedt, Erik Gabrielson, Cecilia Lager, Anne
Lenerius, Magnus Nilsson, Johan Stern and Caroline Sundewall. In
addition, employees were represented by Martin Schubach with Martin
Afzelius and Johan Lidbrink 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.
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
1)
Independent
Members chosen by the AGM
Dan Frohm,Chairman 9 (9) 1 (1) 1 (1) 100 784 + 82 27,206 B No, owner
Carl Bennet, Vice Chairman 9 (9) 1 (1) Not member 100 392 + 41
1,814,813 A
15,903,596 B No, owner
Eva Elmstedt 9 (9) Not member 3 (3) 100 392 + 160 5,000 B Yes
Erik Gabrielson 7 (9) 1 (1) Not member 78 392 + 41 – No, owner
Cecilia Lager 9 (9) Not member 3 (3) 100 392 + 80 37,521 B Yes
Anne Lenerius 9 (9) Not member 3 (3) 100 392 + 80 6,892 B Yes
Magnus Nilsson, CEO 9 (9) Not member Not member 100 Employee 88,577 B No, company
Johan Stern 9 (9) 1 (1) 1 (1) 100 392 + 41 110,000 B No, owner
Caroline Sundewall 9 (9) Not member 3 (3) 100 392 + 80 8,000 B Yes
Employee representatives
Martin Afzelius 9 (9) Not member Not member 100 Employee – No, company
Martin Schubach 9 (9) Not member Not member 100 Employee 267 B No, company
Johan Lidbrink (Deputy) 9 (9) Not member Not member 100 Employee – No, company
Total 98 4,133
1)
Shareholding as of December 31, 2022. The number of shares is only stated for the people who were in the Board of Directors at this time.
Elanders’ Annual and Sustainability Report 2022
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 acquisitions 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 coordi-
nated 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 152–153.
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 regula-
tions 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 (Committee 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.
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 distribution
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 respon-
carried 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,
administration, work methods, meeting content, reports from the
committees, and education. In addition, the Chairman of the Board
represents the company in ownership matters and communicates
viewpoints from the owners to the Board. The Chairman of the Board
is elected by the Annual General Meeting. Dan Frohm has been a board
member of Elanders AB since 2017 and was elected Chairman of the
Board at the Annual General Meeting in 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 Dan Frohm, Chairman, Carl
Bennet, Erik Gabrielson and Johan Stern. The guidelines for remunera-
tion to senior officers adopted at the Annual General Meeting 2022 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 can also be found on
pages 41–42 in this Annual Report. 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 Eva Elmstedt, Chairman,
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
Board of Directors’ report – Corporate governance report
Elanders’ Annual and Sustainability Report 2022
sibility between the Board and the Chief Executive Officer. Elanders has
an internal control function which reports to the CEO and the CFO.
The internal 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 in-
cludes 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 detective. For instance, the Board continuously
follows developments in the operations through monthly reports con-
taining detailed financial information 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 identi-
fied 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 annual
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 2022 chose the accounting firm
PricewaterhouseCoopers AB as the company’s auditor until the next
Annual General Meeting. The Auditor in charge is the authorized public
accountant Eric Salander and co-auditor is the authorized public
accountant Daniel Körner Rask. 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.
Board of Directors’ report – Corporate governance report
Financial reports and notes – Group
Elanders’ Annual and Sustainability Report 2022
Income statements
MSEK | Note | 2022 | 2021 |
Net sales | 2, 3 | ||
Cost of products and services sold | – | – | |
Gross profit | |||
Selling expenses | – | – | |
Administrative expenses | – | – | |
Other operating income | 4 | ||
Other operating expenses | 4 | – | – |
Operating result | 5, 6, 7, 29 | ||
Financial income | 8 | ||
Financial expenses | 8 | – | – |
Result after financial items | |||
Taxes | 9 | – | – |
Result for the year | |||
Result for the year attributable to – parent company shareholders | |||
– non-controlling interests | |||
| Earning per share, SEK | 10 |
1)
1)
There have been no dilution effects.
| Statements of comprehensive income | ||
MSEK | 2022 | 2021 |
Result for the year | ||
| Items that will not be reclassified to the income statement | ||
Actuarial gains/losses on defined benefit pensions plans | ||
Tax effect on actuarial gains/losses on defined benefit pensions plans | – | – |
| Items that will be reclassified to the income statement | ||
Translation differences | ||
Change in fair value of the hedge of the net investment abroad | – | – |
Tax effect on the change in fair value of the hedge of net investments abroad | ||
Other comprehensive income | ||
Total comprehensive income for the year | ||
Total comprehensive income attributable to – parent company shareholders | ||
– non-controlling interests | ||
Financial reports and notes – Group
Elanders’ Annual and Sustainability Report 2022
| Statements of cash flow | |||
MSEK | Note | 2022 | 2021 |
| Operating activities | |||
Result after financial items | |||
Adjustments for items not included in cash flow | 12 | ||
Paid taxes | 9, 11 | – | – |
Cash flow from operating activities before changes in working capital | |||
| Cash flow from changes in working capital | |||
Increase (–)/decrease (+) in inventory | – | – | |
Increase (–)/decrease (+) in operating receivables | – | – | |
Increase (+)/decrease (–) in operating payables | – | ||
Cash flow from operating activities | |||
| Investing activities | |||
Investments in intangible and tangible assets | 13, 14 | – | – |
Divestment of tangible assets | 14 | ||
Acquired and divested operations | 30 | – | – |
Change in long-term receivables | – | ||
Cash flow from investing activities | – | – | |
| Financing activities | |||
Amortization of borrowing debts | 22, 23 | – | – |
Amortization of lease liabilities | 22, 23 | – | – |
New loans | 22, 23 | ||
Other changes in interest-bearing liabilities | 12, 22, 23 | – | |
Dividend to shareholders | – | – | |
Cash flow from financing activities | – | ||
Cash flow for the year | 11 | – | – |
Cash and cash equivalents at the beginning of the year | |||
Translation difference in cash and cash equivalents | |||
Cash and cash equivalents at year-end | 20 | ||
Financial reports and notes – Group
Elanders’ Annual and Sustainability Report 2022
| Statements of financial position | |||
MSEK | Note | 2022 | 2021 |
| ASSETS | |||
| Fixed assets | |||
Intangible assets | 13 | ||
Tangible assets | 14, 28 | ||
Right-of-use assets | 15 | ||
Deferred tax assets | 9 | ||
Other financial assets | 16 | ||
Total fixed assets | |||
| Current assets | |||
Inventory | 17 | ||
Accounts receivable | 16, 18 | ||
Current tax receivables | 9 | ||
Other receivables | 16 | ||
Prepaid expenses and accrued income | 19 | ||
Cash and cash equivalents | 16, 20, 23 | ||
Total current assets | |||
Total assets | |||
Financial reports and notes – Group
Elanders’ Annual and Sustainability Report 2022
| Statements of financial position (cont.) | |||
MSEK | Note | 2022 | 2021 |
| EQUITY AND LIABILITIES | |||
| EQUITY | |||
Share capital | |||
Other contributed capital | |||
Other reserves | |||
Retained earnings | |||
Equity attributable to parent company shareholders | 21 | ||
Equity attributable to non-controlling interests | |||
Total equity | |||
| LIABILITIES | |||
| Long-term liabilities | |||
Lease liabilities | 22 | ||
Other interest-bearing liabilities | 22, 23, 28 | ||
Provisions for post-employment benefits | 23, 25 | ||
Other provisions | 26 | ||
Deferred tax liabilities | 9 | ||
Total long-term liabilities | |||
| Short-term liabilities | |||
Lease liabilities | 22 | ||
Other interest-bearing liabilities | 22, 23, 28 | ||
Accounts payable | 22 | ||
Current tax liabilities | 9 | ||
Other liabilities | |||
Accrued expenses and deferred income | 27 | ||
Other provisions | 26 | ||
Total short-term liabilities | |||
Total equity and liabilities | |||
Financial reports and notes – Group
Elanders’ Annual and Sustainability Report 2022
| Statements of changes in equity | |||||||
| Equity attributable to parent company shareholders | Equity | ||||||
| Other | of non- | ||||||
| contributed | Other | Retained | controlling | Total | |||
MSEK | Share capital | capital | reserves | earnings | Total | interest | equity |
Opening balance as of 1 Jan. 2021 | |||||||
Dividend to parent company shareholders | – | – | – | – | – | – | – |
Result for the year | – | – | – | ||||
Other comprehensive income | – | – | |||||
Closing balance as of 31 Dec. 2021 | |||||||
Dividend to shareholders | – | – | – | – | – | – | – |
| Change in fair value of put and call option | |||||||
to acquire non-controlling interest | – | – | – | – | – | – | – |
Result for the year | – | – | – | ||||
Other comprehensive income | – | – | |||||
Closing balance as of 31 Dec. 2022 |
1)
1)
Other reserves pertain hedges of net investments and translation differences.
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NOTE 3 – Disaggregation of revenue (cont.)
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NOTE 5 – Personnel (cont.)
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NOTE 5 – Personnel (cont.)
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NOTE 9 – Taxes (cont.)
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NOTE 13 – Intangible assets (cont.)
impairment and the recoverable value exceeds the book value for both
business area Supply Chain Solutions and Print & Packaging Solutions.
A need for impairment is identified first at a discount rate of 10.4 percent
for Supply Chain Solutions and 8.4 percent for Print & Packaging Solutions
respectively.
Financial reports and notes – Group
Elanders’ Annual and Sustainability Report 2022
NOTE 13 – Intangible assets (cont.)
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NOTE 14 – Tangible assets (cont.)
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Elanders’ Annual and Sustainability Report 2022
Financial reports and notes – Group
Elanders’ Annual and Sustainability Report 2022
NOTE 15 – Right-of-use assets (cont.)
Financial reports and notes – Group
Elanders’ Annual and Sustainability Report 2022
Financial reports and notes – Group
Elanders’ Annual and Sustainability Report 2022
NOTE 16 – Financial assets (cont.)
Financial reports and notes – Group
Elanders’ Annual and Sustainability Report 2022
NOTE 17 – Inventory (cont.)
Financial reports and notes – Group
Elanders’ Annual and Sustainability Report 2022
Financial reports and notes – Group
Elanders’ Annual and Sustainability Report 2022
Financial reports and notes – Group
Elanders’ Annual and Sustainability Report 2022
NOTE 22 – Financial liabilities (cont.)
Financial reports and notes – Group
Elanders’ Annual and Sustainability Report 2022
NOTE 22 – Financial liabilities (cont.)
Financial reports and notes – Group
Elanders’ Annual and Sustainability Report 2022
NOTE 23 – Net debt (cont.)
MSEK
Cash and cash
equivalents
Lease
liabilities
Provisions
for post-
employment
benefits
Other
interest-
bearing
liabilities Total
Net debt as of Jan 1, 2021 –1 101,4 1 788,7 107,7 2 059,0 2 854,0
Acquired and divested operations – 742,0 – 57,0 799,0
Changes with effect on cash-flow 277,0 –647,6 –2,7 997,0 623,7
Changes with no effect on cash-flow – 789,9 –8,0 121,4 903,3
Translation difference –73,7 81,8 1,6 59,1 68,8
Net debt as of Dec 31, 2021 –898,1 2 754,8 98,6 3 293,5 5 248,8
Financial reports and notes – Group
Elanders’ Annual and Sustainability Report 2022
NOTE 24 – Financial risk management (cont.)
Financial reports and notes – Group
Elanders’ Annual and Sustainability Report 2022
Financial reports and notes – Group
Elanders’ Annual and Sustainability Report 2022
NOTE 25 – Provisions for post-employment benefits (cont.)
Financial reports and notes – Group
Elanders’ Annual and Sustainability Report 2022
Financial reports and notes – Group
Elanders’ Annual and Sustainability Report 2022
Financial reports and notes – Group
Elanders’ Annual and Sustainability Report 2022
Financial reports and notes – Group
Elanders’ Annual and Sustainability Report 2022
NOTE 30 – Acquired and divested operations (cont.)
Financial reports and notes – Parent company
Elanders’ Annual and Sustainability Report 2022
Statements of comprehensive income
MSEK 2022 2021
Result for the year –23.6 264.1
Other comprehensive income – –
Total comprehensive income for the year –23.6 264.1
Income statements
MSEK Note 2022 2021
Net sales 45.3 38.9
Selling expenses –14.2 –9.6
Administrative expenses 2 –86.6 –78.0
Other operating income 3 5.1 4.7
Operating result 4, 7 –50.5 –44.0
Result from shares in subsidiaries 30.4 253.3
Interest income 154.6 104.7
Other financial income 302.1 69.4
Interest expenses –75.1 –26.9
Other financial expenses –398.7 –86.5
Result after financial items 5 –37.3 270.0
Taxes 6 13.7 –5.9
Result for the year –23.6 264.1
Financial reports and notes – Parent company
Elanders’ Annual and Sustainability Report 2022
Cash flow statements
MSEK Note 2022 2021
Operating activities
Result after financial items –37.3 270.0
Adjustments for items not included in cash flow from operating activities 15 163.0 191.6
Paid taxes – –0.1
Cash flow from operating activities before changes in working capital 125.7 461.5
Cash flow from changes in working capital
Increase (–)/decrease (+) in operating receivables –43.0 –23.7
Increase (+)/decrease (–) in operating liabilities 11.2 5.8
Cash flow from operating activities 93.9 443.6
Investing activities
Acquisition of tangible assets and intangible assets 10, 11 –1.4 –0.1
Acquisition of subsidiaries 9 – –629.6
Received dividends from subsidiaries 15 30.4 253.3
Lending to and from subsidiaries –28.9 –584.8
Cash flow from investing activities 0.1 –965.4
Financing activities
Amortization of loans 13 –123.1 –2,070.1
New loans 13 – 3,088.8
Other changes in interest-bearing liabilities 13 138.4 –203.5
Dividend to parent company shareholders –127.3 –109.6
Cash flow from financing activities –112.0 705.6
Cash flow for the year –18.0 183.8
Cash and cash equivalents at the beginning of the year 299.0 115.2
Cash and cash equivalents at year-end 281.0 299.0
Financial reports and notes – Parent company
Elanders’ Annual and Sustainability Report 2022
Balance sheets
MSEK Note 2022 2021
Assets
Fixed assets
Intangible assets 10 1.5 1.3
Tangible fixed assets 11 0.4 0.6
Shares in subsidiaries 9 2,079.6 2,092.6
Receivables from group companies 3,140.0 3,078.7
Deferred tax assets 6 114.0 100.3
Other financial assets 0.0 4.3
Total fixed assets 5,335.6 5,277.8
Current assets
Receivables from group companies 167.6 118.5
Other receivables 1.5 2.9
Prepaid expenses and accrued income 17.1 19.1
Cash and bank balances 280.9 299.0
Total current assets 467.1 439.4
Total assets 5,802.6 5,717.2
EQUITY, PROVISIONS AND LIABILITIES
EQUITY
Share capital 353.6 353.6
Statutory reserve 332.4 332.4
Restricted equity 686.0 686.0
Unrestricted equity 8 1,179.7 1,330.7
Total equity 1,865.7 2,016.6
PROVISIONS
Other provisions 1.5 4.9
Total provisions 1.5 4.9
LIABILITIES
Long-term liabilities
Liabilities to credit institutions 13, 14 3,132.4 2,796.7
Liabilities to group companies 6.9 6.7
Other liabilities 31.2 50.2
Total long-term liabilities 3,170.4 2,853.5
Current liabilities
Liabilities to credit institutions 13, 14 125.2 108.5
Accounts payable 2.4 4.0
Liabilities to group companies 585.7 689.6
Other liabilities 3.2 2.1
Accrued expenses and deferred income 12 48.5 37.9
Total current liabilities 765.0 842.1
Equity, provisions and liabilities 5,802.6 5,717.2
Financial reports and notes – Parent company
Elanders’ Annual and Sustainability Report 2022
Statements of changes in equity
MSEK Share capital
Statutory
reserve
Unrestricted
equity Total
Opening balance as of 1 Jan. 2021 353.6 332.4 1,176.1 1,862.1
Dividend – – –109.6 –109.6
Result for the year – – 264.1 264.1
Other comprehensive income – – – –
Closing balance as of 31 Dec. 2021 353.6 332.4 1,330.7 2,016.6
Dividend – – –127.3 –127.3
Result for the year – – –23.7 –23.7
Other comprehensive income – – – –
Closing balance as of 31 Dec. 2022 353.6 332.4 1,179.7 1,865.7
Financial reports and notes – Parent company
Elanders’ Annual and Sustainability Report 2022
NOTE 1 – Accounting principles
A presentation of Elanders’ accounting principles can be found in note 1
to Elanders’ consolidated financial statements. The parent company has
prepared its annual accounts according to the Annual Accounts Act and
the Swedish Financial Reporting Board Recommendation RFR 2 Accoun-
ting for legal entities and where applicable statements made by the
Swedish Financial Reporting Board. RFR 2 requires the parent company to,
in the annual accounts for the legal entity, use all the EU approved IFRSs
and interpretations as far as possible within the framework of the Annual
Accounts Act and the Security Law, taking into consideration the con-
nection between accounting and taxation. The parent company generally
follows the same previously described principles as the Group. Differences
between group and parent company accounting principles are presented
below.
Pensions
The Parent Company’s provisions for pensions are secured by the Pension
Obligations Vesting Act (Tryggandelagen). The main difference between
the rules of the Pension Obligations Vesting Act and IAS 19 Employee
Benefits in respect of pensions is that Swedish practice disregards future
increases in salaries and pensions when calculating the present value of
the pension obligation. Both defined contribution and defined benefit
plans exist in the Parent Company
Financial guarantee contracts
The parent company’s financial guarantee contracts consist primarily of
guarantees on behalf of subsidiaries. A financial guarantee contract is a
contract in which the company has a commitment to reimburse the holder
of a debt instrument for loss it incurs because a specified debtor fails to
make payment when due according to the contract terms. The parent
company applies RFR 2 p. 71 to account for financial guarantees, which
is a relief compared to the rules in IAS 39 connected to reporting and taxa-
tion. The parent company recognizes financial guarantee contracts as a
provision on the balance sheet when the company has a commitment.
Group and shareholder contributions
Group and shareholder contributions are recognized according to the al-
ternative rule in the Swedish Financial Reporting Board Recommendation
RFR 2. This means that received and paid group contributions are repor-
ted as appropriations. Shareholder contributions are activated in shares
and participations, as long as write-downs are not required.
Financial instruments and hedge accounting
In view of the connection between accounting and taxation, the rules on
financial instruments and hedge accounting are not applied by the parent
company as a legal entity.
In the parent company, financial assets are recorded at acquisition value
less any impairment and financial current assets at the lower value of
acquisition value or net realizable value.
Lease agreements
IFRS 16 Leases are not applied in the parent company as exemption is
allowed for application in legal entities. This means that the leasing fees
are expensed on a straight-line basis in the income statement.
Standards, amendments and interpretations of existing
standards that have taken effect in 2022
No new standards, amendments or interpretations that have had signi-
ficant effect on the company’s financial reports have come into effect
during 2022.
NOTE 2 – Fees to the auditors
MSEK 2022 2021
PwC
Audit assignment 2.3 2.0
Audit-related services – –
Tax advisory services – –
Other services – –
Total 2.3 2.0
No fees were paid to other auditing firms.
Audit assignment is defined as the statutory audit, i.e. the work neces-
sary to produce the auditor’s report as well as so called audit consultation
given in connection with the audit.
NOTE 3 – Other operating income
MSEK 2022 2021
Exchange rate gains 0.0 0.0
Other 5.1 4.7
Total 5.1 4.7
NOTE 4 – Personnel
Please see note 5 to the consolidated financial statements for personnel
related information.
Financial reports and notes – Parent company
Elanders’ Annual and Sustainability Report 2022
NOTE 5 – Result from financial items
RESULT FROM SHARES IN SUBSIDIARIES
MSEK 2022 2021
Write-downs of shares in subsidiaries – –
Dividends from subsidiaries 30.4 253.3
Total 30.4 253.3
INTEREST INCOME
MSEK 2022 2021
Interest income, external 1.9 0.0
Interest income, subsidiaries 152.7 104.7
Total 154.6 104.7
OTHER FINANCIAL INCOME
MSEK 2022 2021
Exchange rate gains 302.1 69.4
Total 302.1 69.4
INTEREST EXPENSES
MSEK 2022 2021
Interest expenses, external –72.4 –25.4
Interest expenses, subsidiaries –2.7 –1.5
Total –75.1 –26.9
OTHER FINANCIAL EXPENSES
MSEK 2022 2021
Exchange rate losses –388.0 –80.1
Other financial expenses –10.7 –6.4
Total –398.7 –86.5
NOTE 6 – Taxes
Accounting principles
Tax pooling in the Group is carried out through group contribu-
tions paid and received. When accounting for group contribu-
tions, the parent company applies the alternative rule according
to RFR 2 and recognize the net of group contributions paid
and received as appropriations. The parent company recogni-
zes most of the Group’s Swedish taxes. In the table below, the
expected tax expense is calculated based on profit before tax
multiplied with the current tax rate.
For estimations and assessments regarding valuation of tax
loss carry forwards, please refer to Note 9 for the Group on page
67.
TAX ON THE RESULT FOR THE YEAR
MSEK 2022 2021
Withholding tax on income from foreign
subsidiaries – –0,1
Correction of previous years’ current tax
expense – –2,0
Deferred tax 13,7 –3,8
Total 13,7 –5,9
RECONCILIATION OF RECORDED TAX
MSEK 2022 2021
Result before taxes –37,4 270,0
Tax according to Swedish tax rate
of 20.6 (20.6)% 7,7 –55,6
Tax effect of:
– non-taxable dividends from
subsidiaries 6,3 52,2
– withholding tax on income from
foreign subsidiaries – –0,1
– non tax-deductible contribution,
representation and association costs –0,2 –0,2
– other 0,0 –2,2
Total 13,7 –5,9
DEFERRED TAX RECEIVABLES
MSEK 2022 2021
Tax loss carry forwards 102,4 88,8
Other 11,6 11,5
Total 114,0 100,3
Financial reports and notes – Parent company
Elanders’ Annual and Sustainability Report 2022
NOTE 7 – Transactions with related parties
Sales of products and services
The parent company reimburse its subsidiaries for services mainly relating
to marketing, IT, auditing, insurance, etc. Besides this there have been no
sales of products or services to related parties.
Purchase of products and services
During the year, the Parent Company purchased services from subsidiaries
for MSEK 2.6 (2.5).
Erik Gabrielson, who is member of the Board, is partner in Vinge Law
Firm. Vinge has during the year provided legal counsel and invoiced fees
amounting to MSEK 0.4 (2.6).
No Board member or senior officer has or has had direct or in direct
participation in any business transactions, between them selves or the
company that are or were of an unusual nature concerning the terms.
Remuneration to Board members and Group Management is
reported in note 5 to the consolidated financial statements.
NOTE 8 – Proposed appropriation of profits
Profit and other non-restricted equity at the disposition of the Annual
General Meeting:
MSEK 2022 2021
Retained earnings 1,203.4 1,066.5
Net result for the year –23.7 264.1
Total 1,179.7 1,330.7
The Board of Directors and the Chief Executive Officer propose that the
profit and other non-restricted equity will be dealt with accordingly:
MSEK 2022 2021
SEK 4.15 (3.60) per share is distributed
to the shareholders 146.7 127.3
Remaining balance to be carried forward 1,033.0 1,203.4
Total 1,179.7 1,330.7
Accounting principles
Shares in associated companies, jointly controlled entities and subsidiaries are reported in the parent company according to the acquisition
method. Acquisition-related costs for subsidiaries, which are expensed in group accounting, are included as part of the acquisition value for
shares in subsidiaries. An annual assessment is made of whether there is any indication of impairment regarding shares in subsidiaries. The
need for impairment is examined individually and impairment occurs if the decrease in value is considered to be permanent.
Impairment
The impairment test means that the carrying amount of shares in subsidiaries is compared with consolidated equity. This year’s impairment
test of the book value of shares in subsidiaries has not resulted in any impairment.
Financial reports and notes – Parent company
Elanders’ Annual and Sustainability Report 2022
NOTE 9 – Shares in subsidiaries (cont.)
Financial reports and notes – Parent company
Elanders’ Annual and Sustainability Report 2022
NOTE 9 – Shares in subsidiaries (cont.)
Financial reports and notes – Parent company
Elanders’ Annual and Sustainability Report 2022
NOTE 9 – Shares in subsidiaries (cont.)
Financial reports and notes – Parent company
Elanders’ Annual and Sustainability Report 2022
NOTE 10 – Intangible assets
Accounting principles
The parent company amortizes goodwill according to plan, which is not permitted for the Group. Goodwill is amortized on a straight-line basis
over a twenty-year period since it relates to acquisitions of a strategic nature. Other intangible assets refer to software and is amortized over
3–5 years.
Goodwill Other intangible assets Total
MSEK 2022 2021 2022 2021 2022 2021
Opening acquisition value 2.0 2.0 6.2 6.2 8.2 8.1
Acquisitions – – 1.3 0.1 1.3 0.1
Disposals – – –2.3 – –2.3 –
Closing acquisition value 2.0 2.0 5.2 6.2 7.2 8.2
Opening accumulated amortization
and write-downs –1.8 –1.7 –5.1 –4.0 –6.8 –5.7
Amortization of the year –0.1 –0.1 –1.1 –1.0 –1.2 –1.1
Disposals – – 2.3 – 2.3 –
Closing accumulated amortization
and write-downs –1.9 –1.8 –3.9 –5.1 –5.7 –6.8
Net residual value 0.1 0.2 1.4 1.1 1.5 1.3
AMORTIZATION SPECIFIED PER FUNCTION IN THE INCOME STATEMENT
MSEK 2022 2021
Selling expenses –1.0 –0.9
Administrative expenses –0.2 –0.2
Total –1.2 –1.1
Financial reports and notes – Parent company
Elanders’ Annual and Sustainability Report 2022
NOTE 11 – Tangible fixed assets
Accounting principles
The parent company’s tangible fixed assets refer to office equipments and is depreciated over a straight-line basis over 3–5 years.
Equipment, tools,
fixtures and fittings
MSEK 2022 2021
Opening acquisition value 1.2 1.2
Acquisitions 0.0 –
Closing acquisition value 1.3 1.2
Opening accumulated depreciation –0.7 –0.5
Depreciation for the year –0.2 –0.2
Closing accumulated depreciation –0.9 –0.7
Net residual value 0.4 0.6
Depreciation has been charged entirely to administrative expenses. There has been no financial leasing.
NOTE 12 – Accrued expenses and deferred income
MSEK 2022 2021
Salaries and holiday pay 15.5 13.8
Social security contributions 16.3 14.5
Interest 0.4 0.1
Other accrued expenses and deferred income 16.3 9.5
Closing balance 48.5 37.9
Financial reports and notes – Parent company
Elanders’ Annual and Sustainability Report 2022
NOTE 14 – Pledged assets and contingent liabilities
Accounting principles
The parent company’s financial guarantee contracts consist primarily of guarantees on behalf of subsidiaries. A financial guarantee contract is a
contract in which the company has a commitment to reimburse the holder of a debt instrument for loss it incurs because a specified debtor fails
to make payment when due according to the contract terms. The parent company applies RFR 2 p. 71 to account for financial guarantees, which
is a relief compared to the rules in IAS 39 connected to reporting and taxation. The parent company recognizes financial guarantee contracts as a
provision on the balance sheet when the company has a commitment.
Exemption rules for subsidiaries
The parent company has issued a guarantee under Section 479(C) of the UK Companies Act 2006 for the year ended 31 December 2022 in
respect of the subsidiaries Elanders Ltd, Elanders UK Ltd, Elanders McNaugthan’s Ltd and Spreckley Ltd registered in the United Kingdom, listed
in note 9. The parent company guarantees all outstanding liabilities to which the subsidiary companies are subject to on 31 December 2022, until
they are satisfied in full and the guarantee is enforceable against the company by any person to whom the subsidiary companies are liable in
respect of those liabilities. The subsidiaries have taken advantage of the exemption from audit by virtue of Section 479(A) of the Companies Act
2006.
The parent company has issued a guarantee to the subsidiaries Schmid Druck + Medien GmbH, Schätzl Druck & Medien GmbH, Elanders
GmbH and Elanders Holding GmbH, all registered in Germany. The parent company guarantees for all obligations of Schmid Druck + Medien
GmbH, Schätzl Druck & Medien GmbH, Elanders GmbH and Elanders Holding GmbH existing as of 31 December 2022 until the end of the
following financial year. As a consequence of this, Schmid Druck + Medien GmbH, Schätzl Druck & Medien GmbH, Elanders GmbH and Elanders
Holding GmbH including its German subsidiaries LGI Logistics Group International GmbH, LGI Deutschland GmbH, LGI FreightLOG GmbH,
LGI TechLog GmbH, Helix Software + Support GmbH, Logistik Lernzentrum GmbH, LGI Logistics Solution GmbH, ITG GmbH Internationale
Spedition und Logistik, ITG Fulfillment GmbH and ITG Air & Sea GmbH, Mölndal 1 GmbH, Mölndal 2 GmbH, listed in note 9, apply the
exemption rules set out in sec. 264 (3) German Commercial Code (HGB). Those rules exempt from legal audit and publishing and allows
preparation reliefs of the financial statements. Furthermore, according to sec. 291 (1) and (2) German Commercial Code (HGB) Elanders
Holding GmbH, LGI Logistics Group International GmbH, ITG GmbH Internationale Spedition und Logistik, ITG Air & Sea GmbH and
Elanders GmbH are exempted from the preparation of consolidated financial statements and the management commentary as they are
included in the consolidated financial statements of Elanders AB.
NOTE 13 – Liabilities to credit institutions
All liabilities to credit institutions are borrowing debts. Loans from Elanders’ main banks follows the terms in the credit agreement and maturity is
in July 2025. Elanders AB has loans in USD and EUR. The interest rate on the loans per 31 December 2022 was in the interval 3.55–6.01
(1.05–1.67) percent.
Please see note 24 to the consolidated financial statements for information regarding financial risk management.
CHANGES IN INTEREST-BEARING LIABILITIES
MSEK 2022 2021
Opening balance 2,905.2 2,036.8
New loans – 3,088.8
Amortization of loans –123.1 –2,070.1
Other changes in interest-bearing
liabilities 141.2 –203.5
Translation difference 334.4 53.2
Closing balance 3,257.6 2,905.2
BANK OVERDRAFT FACILITIES
Utilized amounts and available credit in group bank overdraft
facilities are given below.
MSEK 2022 2021
Bank overdraft facilities, utilized amount – –
Bank overdraft facilities, granted amount
236.9
121.1
Not utilized overdraft 236.9 121.1
Financial reports and notes – Parent company
Elanders’ Annual and Sustainability Report 2022
NOTE 15 – Supplementary information to the statements of cash flow
Cash and cash equivalents
Cash and cash equivalents consist primarily of cash and bank balances.
Short-term investments are classified as cash and cash equivalents when:
– the risk for changes in their fair value is insignificant.
– they are easily converted.
– they mature in less than three months from the date they were
acquired.
ADJUSTMENT FOR ITEMS NOT INCLUDED IN CASH FLOW
FROM OPERATING ACTIVITIES
MSEK 2022 2021
Depreciation, amortization and write-
downs of intangible and tangible assets 1.3 1.3
Dividends from subsidiaries –30.4 –253.3
Unrealized exchange rate gains/losses 195.5 445.9
Other items –3.4 –2.3
Total 163.0 191.6
PAID AND RECEIVED INTEREST
MSEK 2022 2021
Paid interest –74.3 –26.7
Received interest 111.7 107.2
Total 37.4 80.5
DIVIDENDS RECEIVED FROM SUBSIDIARIES
MSEK 2022 2021
ReuseIT AB 4.4 2.5
d|o|m Deutsche Online Medien GmbH – 20.3
fotokasten GmbH – 19.3
Elanders GmbH 19.7 177.0
Elanders Hungary Kft 6.3 20.3
Elanders Italy S.r.l. – 5.1
Elanders Polska Sp. z o.o. – 8.9
Total 30.4 253.3
NOTE 14 – Pledged assets and contingent liabilities (cont.)
PLEDGED ASSETS
MSEK 2022 2021
Floating charges 3.3 3.3
Other pledged assets – –
Total 3.3 3.3
Given to:
Credit institutions 3.3 3.3
Total 3.3 3.3
Other pledged assets primarily refer to collateral in the form of shares in
subsidiaries.
CONTINGENT LIABILITIES
MSEK 2022 2021
Surety and contingent liabilities given
for subsidiaries 170.7 134.8
Total 170.7 134.8
Elanders’ Annual and Sustainability Report 2022
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 1,179,721,277 in the parent
company at the disposition of the Annual General Meeting should be
dealt with accordingly:
• SEK 4.15 per share, a total of SEK 146,734,667, is distributed to the
shareholders
• the remaining balance of SEK 1,032,986,610 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 2023 for adoption.
Financial reports and notes – Proposed appropriation of profits
APPROPRIATION OF PROFITS
Proposed
MÖLNDAL MARCH
OUR AUDITOR’S REPORT WAS ISSUED ON MARCH
PRICEWATERHOUSECOOPERS AB
Dan Frohm
Chairman of the Board
Carl Bennet
Vice Chairman of the Board
Eva Elmstedt Erik Gabrielson
Cecilia Lager Anne Lenerius Johan Stern Caroline Sundewall
Eric Salander
Authorized Public Accountant
Auditor in Charge
Martin Afzelius Magnus Nilsson
Chief Executive Officer
Martin Schubach
Daniel Körner Rask
Authorized Public Accountant
Elanders’ Annual and Sustainability Report 2022
Auditor’s report
AUDITOR’S REPORT
Unofficial translation
To the general meeting of the shareholders of Elanders AB (publ),
corporate identity number 556008-1621
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 quantita-
tive thresholds for materiality, including the overall group materiality for
the consolidated financial statements as a whole. These, together with
qualitative considerations, helped us to determine the scope of our audit
and the nature, timing and extent of our audit procedures and to evalu-
ate the effect of misstatements, both individually and in aggregate on the
financial statements as a whole.
OPINIONS
We have audited the annual accounts and consolidated accounts of
Elanders AB (publ) for the year 2022 except for the corporate gover-
nance statement on pages 47–51. The annual accounts and consolidated
accounts of the company are included on pages 38–106 in this document.
In our opinion, the annual accounts have been prepared in accordance
with the Annual Accounts Act and present fairly, in all material respects,
the financial position of parent company and the group as of 31 Decem-
ber 2022 and its financial performance and cash flow for the year then
ended in accordance with the Annual Accounts Act. The consolidated
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 2022 and their financial performance
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 gover-
nance statement on pages 47–51. 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.
Report on the annual accounts and consolidated accounts
Elanders’ Annual and Sustainability Report 2022
Auditor’s report
VALUATION OF INTANGIBLE ASSETS
With reference to 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 assump-
tions 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 per business area. 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 business 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.
Key audit matters How our audit addressed
the Key audit matter
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 1–37 and 112–158.
The Board of Directors and the Managing Director are responsible for
this other information. Beyond other information in this document the
company publishes a yearly report “Remuneration report 2022 ” that we
expect to have access to after the date of the auditor’s report.
Our opinion on the annual accounts and consolidated accounts does
not cover this other information and we do not express any form of as-
surance 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.
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.
Elanders’ Annual and Sustainability Report 2022
Auditor’s report
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 con-
cern 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 opera-
tions, 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 oversee the
company’s financial reporting process.
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
THE AUDITOR’S AUDIT OF THE ADMINISTRATION OF
THE COMPANY AND THE PROPOSED APPROPRIATIONS
OF THE COMPANY’S PROFIT OR LOSS
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
2022 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.
Elanders’ Annual and Sustainability Report 2022
Auditor’s report
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 47–51 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 accor-
dance 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 EXAMINATION OF THE ESEF REPORT
Opinion
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
2022.
Our examination and our opinion relate only to the statutory
requirements.
In our opinion, the Esef report has been prepared in a format that,
in all material respects, enables uniform electronic reporting.
Basis for Opinion
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
the preparation of the Esef report 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 mate-
rial misstatements, whether due to fraud or error.
Elanders’ Annual and Sustainability Report 2022
Auditor’s report
Auditor’s responsibility
Our responsibility is to obtain 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
reasonable 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 examination involves obtaining evidence, through various pro-
cedures, that the Esef report has been prepared in a format that enables
uniform electronic reporting of the annual accounts and consolidated
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 assess-
ment, 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 examination 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 validation that the Esef report has
been prepared in a valid XHTML format 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 consolidated statement of financial performance, financial position,
changes in equity, cash flow and disclosures in the Esef report has been
marked with iXBRL in accordance with what follows from the Esef
regulation.
PricewaterhouseCoopers AB was appointed auditor of Elanders AB
(publ) by the general meeting of the shareholders on the 21 April 2022
and has been the company’s auditor since the 21 April 2008.
Mölndal 17 March 2023
PricewaterhouseCoopers AB
Eric Salander Daniel Körner Rask
Authorized Public Accountant Authorized Public Accountant
Auditor in charge
Elanders’ Annual and Sustainability Report 2022
SCOPE OF THE SUSTAINABILITY REPORT
Elanders’ Sustainability Report is published
annually and is an integrated part of the
Annual Report. The Sustainability Report
comprises the companies that belonged to the
Group during the year. The acquisitions made
during the year have not affected the scope of
reporting.
Preparation of this Sustainability Report has
included guidance from the Global Reporting
Initiative (GRI), the Greenhouse Gas Protocol
and other established principles for sustainability
reporting. These have, among other things,
been used as tools for establishing stakeholder
and materiality analysis and determining the
content of the reporting. The report has been
prepared in accordance with EU’s directive on
non-financial reporting (NFRD) through the
Swedish statutory requirements on sustainability
reporting in the annual report.
For further information, visit:
www.elanders.com/sustainability/
FEEDBACK
As part of the continuous development and
improvement of Elanders’ Sustainability Report,
readers are invited to comment on it. Comments
and suggestions are gladly received at:
sustainability@elanders.com.
Sustainability report – Introduction
SUSTAINABILITY REPORT
Elanders’ sustainability work is integrated into the Group’s business and
decision-making. Elanders’ Sustainability Report for the calendar year
2022 is part of the Group’s combined Annual Report. It chronicles the
details in Elanders’ strategic sustainability work and the progress that
has been made during the year.
Elanders’ Annual and Sustainability Report 2022
Sustainability report – Introduction
Key ratios – sustainability
thousand tons CO
2
e (2021: 41)
Scope 1 & 2
– emissions
38
percent (2021: 29%)
Percentage female
supervisors
37
percent (2021: 51%)
Percentage renewable
electricity
53
persons (2021: 6,288)
Average number
of employees
7,248
Climate targets
Reduce GHG emissions
within scope 1 and 2
respectively scope 3 by
50 respectively 30 percent.
The target for scope 3 is
related to our own
operations.
2030
Reduce GHG emissions
within scope 1 and 2 by
75 percent.
2040
Achieve net zero
GHG emissions over the
entire value chain.
2050
Elanders’ Annual and Sustainability Report 2022
Sustainability report – Strategy and materiality analysis
ensured and monitored. In the long run, solid sustainability
work creates greater shareholder value and added-value
for all the company’s stakeholders – for customers as well
as investors and society.
Elanders has chosen to structure both its sustain-
ability work and reporting based on an ESG perspective
(Environment, Social and Governance). The company
believes this will help further clarify communication to its
stakeholders such as customers, suppliers, employees and
shareholders. This report uses the concepts sustainability
and ESG interchangeably.
Elanders’ ESG framework consists of eleven categories;
“Greenhouse gas emissions”, “Material and waste”,
“Health and safety”, “Employee relations”, “Diversity,
equity and inclusion”, “Human rights”, “Business ethics”,
“Data ethics”, “Sustainable procurement”, “Responsible
taxpayer” and “Society”.
Elanders’ materiality analysis considers risks, uncertain-
ties and changes. It concerns both the physical environ-
ment characterized by climate change, changes in natural
resource assets and disturbances in global value chains
as well as the social environment where a transition to
a more circular economy with lower carbon emissions is
taking place. This entails making an adjustment to more
sustainable company governance overall, along with
different external expectations and demands. All these
factors are weighed into the analysis and the compiled
view of the risks the Group faces, and then taken into
account in Elanders’ overriding business strategy.
As a global logistics company the Group has a citizen’s
responsibility to work actively with social, ethical and
environmentally-related issues. Within the Group,
this work is based on clearly formulated principles and
targets, and the compliance and fulfillment of them is
Environment Social Governance
Target Elanders will take an active
role in logistics decarboniza-
tion and help customers meet
their obligations to reduce
carbon emissions in their
supply chains.
Elanders will ensure that
Group employees have job
satisfaction by providing a
safe and inspiring workplace.
This will be achieved by:
• creating an engaging
environment for everyone.
• ensuring a plethora of
perspectives.
• ensuring all employees
come home safe and sound
by preventing deadly and
life-changing incidents.
Elanders and its employees
will support responsible
business methods by
ensuring:
• compliance with Elanders’
Code of Conduct in the
Group.
• sustainable purchasing
• that data is protected and
handled with respect.
STRATEGY AND
MATERIALITY ANALYSIS
Since the beginning of the 21
st
century Elanders has gone through
an enormous transition from a pure print company with most of its
business in Sweden to a global logistic group with operations on four
continents. There have been a slew of new enterprises and acquisitions
along the way that have spread the business into new markets, customer
segments and services. This expansion has made Elanders more stable
and resilient because diversifying into new industries and geographies
is a strength in a world characterized by growing insecurity.
Sustainability
within the
supply chain is
important to
us and is very
much a central
part of my
work.
QUOTE FROM AN
INTERVIEW WITH
A CUSTOMER
Elanders’ Annual and Sustainability Report 2022
Sustainability report – Strategy and materiality analysis
ance by all employees is defined in Elanders’
Code of Conduct, which is available on
Elanders’ website.
Elanders has a whistleblower function
through which all stakeholders can report any
violations of laws or regulations at Elanders,
for example in IT security, data confidentiality,
corruption, human rights, discrimination or
financial fraud. The person reporting is guar-
anteed anonymity and complete confidentiality.
Governing sustainability and ESG issues is
the domain of Elanders’ Board of Directors
and group management. Ownership and
agency to drive measures within the eleven
ESG categories are embedded in Elanders’
organization in order to ensure adjustments in
operations’ priorities and long-term ESG work.
Several ESG categories connected to
compliance are integrated into Elanders’
central governance framework. ESG compli-
To ensure that an ESG perspective perme-
ates governance of all subsidiaries and that
they take the necessary steps within the eleven
ESG categories, Elanders has three joint Group
councils in addition to group management.
There is an IT Council, People & Culture
Council, and an Environment & Climate
Council. The members of these councils, which
meet regularly, are relevant representatives of
the subsidiaries as well as Group staff.
Governance
Risk & Compliance
Environment
Decarbonisation
Investment Committe
Social
Human Resources
Risk & Compliance
Board of Directors
– approves the overall
strategy
People & Culture IT Environment & Climate
Group Finance Corporate Sustainability
Group Management
– designs and monitors the
implementation of the strategy
Support functions within the Group
– support the implementation and monitoring of the strategy
Groupwide councils
– cascades and validates the implementation of the strategy
Responsible persons for each ESG category
– is responsible for implementation of the strategy
Committees in the Board of
Directors (ESG relevant)
Audit Committee
Committees in the Group
Management (ESG relevant)
Decarbonisation
Risk & Compliance
Investment Committee
Elanders’ Annual and Sustainability Report 2022
Sustainability report – Strategy and materiality analysis
MATERIALITY ANALYSIS
During 2022, work began to renew Elanders’ materiality
analysis. The purpose of the materiality analysis is to get
a better understanding for which sustainability matters
are most important for Elanders’ various stakeholders
such as customers, shareholders, employees and investors.
The materiality analysis is also a requirement when
preparing a sustainability report in accordance with the
GRI Standards (Global Reporting Initiative Standards).
The result of the materiality analysis is used to create a
basis and structure for future sustainability work.
It is fundamental to Elanders’ sustainability agenda
that the analysis reflects the areas where the Group has
the greatest impact. Both how Elanders impacts the
environment and the world around Elanders, as well as
how the environment and external circumstances affect
Elanders must be taken into account. What is important
to Elanders’ stakeholder groups is key, and their interests
guide the Group’s overall priorities over time. The
prioritized areas are regularly reviewed to ensure that the
sustainability reporting aligns with developments in the
Group and the world around it.
To achieve this, Elanders maintains continuous
dialogues with five stakeholder groups: shareholders and
investors, customers, employees, suppliers and society.
The groups have been identified based on their depen-
dence on Elanders and the impact they have on Elanders’
operations and strategic direction. The prioritized areas
for sustainability reporting have also been selected
through continuous dialogue with the Board of Directors
and group management. External factors have also been
taken into account, such as political developments with
upcoming regulations for sustainability reporting and
sector-specific trends.
As a first step in the work to renew the materiality
analysis interviews have been conducted with some of
Elanders’ largest customers and an employee survey is
currently being carried out in the Group. More in-depth
stakeholder dialogues will be held in 2023.
We need all
our suppliers
to be part of
this journey
and align with
our goals.
QUOTE FROM AN
INTERVIEW WITH
A CUSTOMER
Stakeholder group Communication with the stakeholder group
Shareholders and investors Financial reports
Annual General Meeting
Investor meetings
Website
Press releases
Suppliers Ongoing dialogue
Procurements and purchase negotiations
Employees Employee surveys / performance appraisals
Intranet / other internal communication channels
Dialogue with trade union organizations
Customers Ongoing dialogue
Customer surveys
Interviews
Society Local partnerships
Participation in networks
Internships and student papers
Elanders’ five stakeholder groups and the main
channels of communication for each group.
Elanders’ Annual and Sustainability Report 2022
Sustainability report – Environment
The section “Environment” in this Sustainability Report
has been divided into two parts; “Greenhouse gas emis-
sions” and “Material and waste”. Associated sustainability
data for these parts can be found in the Sustainability
Report notes.
GREENHOUSE GAS EMISSIONS
As a supplier of end-to-end solutions, Elanders has a
unique position to drive changes throughout the entire
value chain. Along the way, opportunities are created in
particular for Elanders’ customers to reduce emissions.
In 2022, the Group raised its ambitions concerning
controlling and reducing emissions and participating in
the development of resilient and long-lasting sustainable
global logistic chains.
A great deal of progress has been made within Elanders.
In line with external developments the Group has set
ambitious climate targets that reflect stakeholders’
expectations and following the science. During 2022,
the goal has been a thorough examination of the direct
and indirect emissions generated by Elanders’ own
operations. In addition, the Group has shouldered its
responsibility as a global player and initiated a long-term
plan to map and reduce emissions in its value chain. In
the beginning of 2023, the Group announced its climate
targets. The first step is to reduce Group GHG emissions
from our own operations (scope 1 and 2) by 50 percent
and value chain emissions (scope 3) related to our own
operations by 30 percent by 2030. With these steps,
Elanders has become part of the general business society’s
journey towards a sustainable economy and with the goal
of achieving the 1.5-degree target by 2030. The baseline
for the targets is the year 2021, when emissions measured
27 respective 14 thousand tons CO
2
e (carbon dioxide
equivalents) in scope 1 and scope 2. To ensure that
reporting of Group emissions aligns with best practice,
Elanders has adopted the definitions from the interna-
tional calculation standard Greenhouse Gas Protocol.
During 2022,
the goal has
been a thorough
examination
of the direct
and indirect
emissions
generated by
Elanders’ own
operations.
ENVIRONMENT
There are a number of crises and challenges in the world and society related to
climate change and other environmental issues today. These challenges require
robust, comprehensive solutions to drive the needed transition to a balanced
living environment that meets international climate and environmental targets.
The logistics sector and Elanders plays an important role in this.
Elanders’ Annual and Sustainability Report 2022
Sustainability report – Environment
The targets for emissions in scope 1 (direct) and scope
2 (indirect) comprise emissions from the facilities and
vehicles that Elanders controls, including both rented and
owned facilities and vehicles.
The reduction target for year 2030 for scope 3 (value
chain) does not include freight services performed by
a third party and purchased by Elanders on behalf of
customers (buy and sell activities) to transport customers’
finished products.
During 2023, Elanders will continue to map the entire
Group’s value chain emissions (scope 3) and draw up an
action plan to reduce emissions. Elanders’ ambition is to
present the total amount of CO2e emissions generated
by the Group when mapping is completed. The currently
adopted climate targets are aligned with the targets of
several of the Group’s major customers.
Elanders strives to reduce climate impact in its own
operations and in the solutions the company offers to
customers. The focus in 2022 has been to get control over
the sources of emissions within Elanders own operations.
Elanders is now taking on a greater responsibility as a
value chain actor in order to meet external expectations
on transparent reporting and on ambitious climate targets
and measures.
Direct and indirect GHG emissions – scope 1 and 2
The most apparent development in 2022 regarding
reporting the Group’s GHG emissions has been the work
on compiling and transparently presenting all the relevant
direct emissions (scope 1) and indirect emissions (scope 2)
in the Group. In 2022, Elanders’ climate footprint in
scope 1 and scope 2 was 25 and 13 thousand tons
CO
2
e respectively. This is a reduction by more than nine
percent from last year. The decrease in the Group’s direct
emissions can partly be explained by the fact that the
fossil-fueled road transports has become fewer. In addi-
tion, the use of natural gas in facilities has decreased.
In terms of indirect energy-related emissions, the change
is partly due to the continued transition to renewable
electricity, which has contributed to lower emissions.
Another major contributing factor that has been particu-
larly distinctive in 2022 is the initiatives and investments
made with the aim of reducing and streamlining energy
use in the operations. As part of this, both cost and
energy savings have been found.
Operations aligned with the
1.5 degree target according to the Paris
Agreement.
Scope 1 and scope 2 emissions have
been reduced by 50%.
Scope 3 emissions related to our own
operations have been reduced by 30%.
Application is sent to the Science
Based Targets initiative to get
Elanders’ climate targets scientifically
validated.
Implementation of the new
EU directive for sustainability
reporting.
Mapping of scope 1
and scope 2 emissions
completed.
2022
Climate targets set for the Group
and externally communicated.
Elanders signs on to the United
Nations Global Compact.
Commitment letter is sent to
Science Based Target initiative
Preparations for the new EU
directive, CSRD, the Corporate
Sustainability Reporting Directive.
Mapping of the entire Group’s
value chain emissions (scope 3)
and preparation of an action plan
to reduce emissions.
2023
2024
2030
The Group will have achieved net zero
emissions over the entire value chain.
2050
Scope 1 and scope 2 emissions have
been reduced by 75%.
2040
Elanders’ Annual and Sustainability Report 2022
Sustainability report – Environment
Transportation
Elanders’ direct GHG emissions largely consist of carbon
dioxide and are primarily generated from transportation
by its own vehicles in business area Supply Chain Solutions.
The Group owned a fleet of 270 trucks and more than
370 company cars during the year.
Elanders continues to develop energy and cost-efficient
transportation solutions for customers, in part by
continuously updating its fleet of trucks, through new
technology and training programs for drivers that enables
better driving from an environmental perspective as well
as optimizing customer transportation.
In 2022, all Group trucks met the Euro-6 norm
with nitrogen oxide emissions (NOx) no higher than
80 mg/km and minimized emissions of particles. Elanders
also monitors the average carbon emissions from its truck
fleet, which is believed to give a fair view over time.
In 2022, emissions were on the same level as the year
before, which is presented in the Sustainability Report
note on energy consumption.
The automotive industry is going through a massive
transition stemming from the development of alternative
fuels. Electric vehicles are in the forefront of this process.
Elanders continues to consider every opportunity to
phase out fossil fuel driven vehicles in the Group since
this is a big step in achieving its climate targets. At the
same time, the company is well aware that the transition
to electric vehicles comes with its own challenges such as
higher electricity consumption and indirect emissions in
the production chain.
Elanders reports emissions for vehicles divided into the
truck fleet and other company vehicles.
Facilities
In addition to transportation, a smaller portion of the
direct emissions are generated in some of the facilities
where Elanders operates. These stem from burning fuel
for heating. The indirect energy-related emissions come
from purchased electricity consumed in running machines
and equipment, lighting, and heating and cooling facilities.
Elanders’ target is to increase the portion of renewable
electricity every year. By renewable electricity Elanders
means energy sources such as hydropower, wind power,
solar energy and bioenergy. In 2022, the portion of
purchased renewable electricity increased from 51 percent
to 53 percent.
Energy consumption and the cost of energy is regularly
monitored to see if the target is achieved and if measures
are continuously being taken to conserve energy. Further
energy-saving measures were taken at Elanders’ facilities
in 2022.
GHG emissions in the value chain – scope 3
Value chain emissions, scope 3, will represent a major-
ity of the Group’s total greenhouse gas emissions. The
category that is expected to stand out is the freight (air,
sea, and road transport), that Elanders purchases on
behalf of customers from a third party for transportation
of the customer’s finished products. This part of emissions
is hard to impact since customers decide on the amount of
freight and how it will be forwarded.
In the spring of 2023, all the categories in scope 3 will
be examined. The goal is a comprehensive mapping of
the most significant value chain emissions throughout the
Group by the autumn of 2023.
There are many difficulties in accessing data and
calculating value chain emissions, but Elanders consid-
ers this an opportunity to get better control over its own
value chains and the emission and cost reductions that can
be realized there. As a responsible and solution-oriented
global supplier of, above all, logistic services, Elanders
also helps its customers to achieve their climate targets.
An important example that paves the way for
the Group to meet its climate targets is one of its
logistics facilities in Dordrecht, Holland. As of
January 2022, when the 10,000 m
2
building was
opened, it has been possible to provide the storage
area and offices with 100 percent renewable
electricity generated by solar panels on its roof
and shared wind power from the local industrial
park. The goal is to only use electric vehicles, and
charging stations have been installed to support
this. In order to be more resilient to extreme
weather, water barrels were placed on the roof to
gather rainwater, which contributes to reducing
the pressure on the public wastewater system. In
addition, the building’s exterior areas have been
arranged with plants and bee hotels to attract birds
and insects promoting biodiversity. On top of the
measures to reduce emissions and contribute to
a more sustainable community, the facility is now
evaluating the suppliers and material used in opera-
tions to incorporate sustainability into every aspect.
Elanders reports energy consumption, emissions
and the portion of renewable electricity for most of
the buildings and offices where the Group operates.
This comprises everything from warehousing to
administration, in both owned and rented facilities.
EXAMPLE:
Transition to reach
climate targets
Elanders’ Annual and Sustainability Report 2022
Sustainability report – Environment
Circular solutions
As a separate leg of the Group, Life Cycle Management
contributes to more circular material flows and reduc-
tions of GHG emissions. Within its growing operations
it restores obsolete IT equipment extending the life of,
for example, laptops, cell phones, monitors and servers.
This helps customers to lower their environmental impact
and contribute to a more circular economy. During 2022,
Life Cycle Management handled over 85,000 units within
the operations in Sweden and Germany. All in all, this is
estimated to have resulted in emissions savings of around
24.5 thousand tons CO
2
e.
1)
This is an improvement from
last year by about 7.5 thousand tons CO
2
e. To illustrate
this, the total savings correspond to the entire GHG emis-
sions that the whole Group generates within scope 1.
MATERIAL AND WASTE
A vital component in Elanders’ ambition to counteract
climate change through lower emissions and a shift to
renewable energy is resource utilization. The Group is
committed to higher material efficiency and improved
waste management. With this comes more circular and
sustainable resource flows, while new cost savings are
found.
Material
Elanders is primarily a service supplier and the material
purchases within the Group’s operations are not particu-
larly extensive. Business area Supply Chain Solutions
mostly consumes packaging and pallet material used
for storage, packing, handling and distribution. Print &
Packaging Solutions consumes paper and ink for printed
matter produced for customers. The transition to digital
printing presses has continued during the year. It has
enabled greater material efficiency and reduced energy
consumption. Since the new presses only use water-based
pigment colors, no ozone emissions are created. This has
also reduced the emissions of volatile organic compounds
(VOCs) considerably. For many years now Elanders has
followed the principle of eliminating the use of aromatic
solvents since they have a negative effect on both health
and the environment.
Greenhouse gas emissions within the Group
Scope 3
Other indirect
emissions
Transports
managed on behalf of
the customers
Raw
material
Capital
goods
Transport of raw
material & components
for own production
Business travel
Employees
commuting
Scope 2
Power & heating
Upstream
1)
The CO
2
savings in CO
2
equivalents have been calculated in accordance with
the principles set out in the report “Analys av återbrukade IT-produkter”
(Eng: “Analysis of recycled IT products”), produced by the research institute
RISE in collaboration with Elanders.
The size of the circles indicates the amount of carbon dioxide emissions related to this activity at Elanders. The larger the circle, the higher amount of carbon dioxide emissions.
Elanders’ Annual and Sustainability Report 2022
Sustainability report – Environment
At this point in time, Elanders does not have any
definitive goals concerning material consumption and
resource efficiency but is currently improving the quality
of its data in this area in order to present key ratios for
resource utilization in the Group. At the same time, value
chain emissions from consumables and purchased equip-
ment is being reviewed as an important step in identifying
indirect impact and creating sustainable flows in every
aspect.
Waste
In terms of volume, most of the Group’s waste is gener-
ated in business area Print & Packaging Solutions and
consist mainly of paper and cardboard. A smaller portion
of hazardous waste also consists of worn-out electronic
equipment and waste in the form of alcohol and solvents.
The latter is used mainly in cleaning the printing presses
and plates. Elanders has recycling procedures to minimize
the amount of waste that goes to landfill. How the waste
is removed depends on the local waste removal system
which varies widely in the Group. Steps are being taken
locally to increase the amount of waste that is recycled as
well as preventative measures to improve resource
efficiency and increase the portion of sustainable
material selection through certifications like FSC
©
(Forest Stewardship Council), the Nordic Swan ecolabel
and CGP (Certified Graphic Production). The Group
also runs innovative projects where material is circulated
within Elanders’ operations. A typical example is when
used pallets are renovated or rebuilt and given new uses
as furniture.
Elanders intends to increase transparency in how waste
is managed and has in a pilot project collected waste data
during 2021–2022. This data will be followed up in 2023
to reinforce monitoring and identify measures for the
entire Group.
Each individual company in the Group is responsible
for its own environmental and quality work aimed at
compliance with local regulations and the quality and
environmental audits initiated by Elanders’ customers.
Transports managed on
behalf of the customers
Transports of by Elanders
manufactured products
Scope 3
Other indirect
emissions
Use of fuel etc. Use of electricity
Scope 1
Own operations
Scope 2
Power & heating
Buildings and vehicles operated by Elanders
Downstream
Elanders’ Annual and Sustainability Report 2022
The section “Social Responsibility” in this Sustainability
Report has been divided into four parts; “Health and
safety”, “Employee relations”, “Diversity, equity and
inclusion” and “Human rights”. Associated sustainability
data for these parts can be found in the Sustainability
Report notes.
HEALTH AND SAFETY
Elanders’ work environment policy is found in the
Group’s Code of Conduct where guidelines concerning
identifying, managing and preventing potential safety
risks and emergency situations are provided. The goal
is to promote a good work environment and reduce the
risk for work-related injuries and illness. Management
for each company is responsible for ensuring compliance
with the Code of Conduct through further guidelines and
policies that suit their specific operations.
Elanders’ operations continuously strive to create
conditions for safe workplaces with as little absence
due to illness and as few accidents as possible. This
includes identifying improvement measures in the work
environment, such as automation in production and
ergonomic workplaces. Most work-related injuries occur
in production and the most common are minor cuts or
wounds from falling. Elanders has a zero vision concern-
ing injuries at the workplace and works continuously on
reducing risks that can lead to serious injuries.
AMBITIONS
• Zero vision for workplace accidents.
• Working actively with information and education
regarding health and safety at subsidiaries.
SOCIAL
Elanders’ employees are its greatest asset, and their health and safety
are of highest priority. A healthy and secure work environment leads to
healthy employees who work safely. In addition to the intrinsic value of
the wellbeing of employees, this contributes to society at large.
Elanders’ subsidiary Mentor Media
works with the Swedish Chamber
of Commerce in Singapore in a
mentorship program for certain female
managers. The women participate in
a six-month leadership development
program together with business
leaders.
Sustainability report – Social
0.04
Accident rate for
serious injuries within
the Group per 200,000
hours worked
Elanders’ Annual and Sustainability Report 2022
During the pandemic Elanders’ subsidiaries quickly
took steps to protect their employees, which in some
cases has led to long-lasting health projects. For instance,
the occupational health bus that Elanders’ subsidiaries
LGI and ITG invested in to offer vaccinations against
COVID-19 has now become an integrated part of
occupational healthcare in these companies.
EMPLOYEE RELATIONS
Elanders’ ambition is to create attractive, inclusive and
sustainable work environments where employees are
engaged, develop and deliver results. Elanders believes in
authentic leadership characterized by courage, engage-
ment and sustainability. For this reason, Elanders invests
heavily in constantly developing and improving the
systematic work with the employees’ work environment,
working conditions, and training and education.
Employees
Because the Group is growing globally Elanders continues
to create new jobs. Currently the Group has more than
7,000 employees, spread out among some 20 countries
on four continents. For the most part subsidiaries are
governed by the laws and regulations in their respective
countries and regions. However, Elanders considers it
the Group’s responsibility to ensure a culture marked
by honesty, integrity, personal responsibility, sincerity,
loyalty and respect for both fellow human beings and
the natural environment. These principles are stipulated
in Elanders’ Code of Conduct. Every two years, a digital
training is conducted to educate all white-collar workers
in the Group regarding the Code of Conduct.
Actively working with employee issues is fundamental
for Elanders. Healthy, happy and motivated employ-
ees contribute, together with diversity and sustainable
workplaces, to the Group’s development and success on
every level. This also provides even better conditions to
keep the right talent and attract the younger generation.
Every year the Group implements initiatives to promote
competence development, health and wellbeing, as well as
more equal workplaces.
The People and Culture Council was created in 2021,
a council of HR managers from several subsidiaries.
Its purpose is to stay updated on the latest laws and
incoming reporting requirements concerning employees’
working conditions and human rights, exchange experi-
ences and develop the general social sustainability work
for the organization. The Council is led by the Group
Sustainability Director and it reports to Elanders’ group
management.
Safe conditions
Elanders has a continuous and constructive dialogue with
employee representatives. A global business like Elanders
goes through many changes that require information and
consultation with employee representatives in the com-
pany. Regular meetings take place between management
and employee organizations on different levels to com-
municate and discuss these matters. One such area is the
European Works Council (EWC), a council that consists
of employee representatives from every country in Europe
that Elanders operates in. When a company is of a certain
size, establishing this council is an EU requirement. The
representatives meet physically once a year and Eland-
ers’ CEO participates. These meetings are intended to
promote employees’ rights to information and consulta-
tion in joint European matters. Elanders also has three
employee representatives in the Board of Directors. One
of the representatives is a deputy member.
Ethics and social responsibility
Elanders has a responsibility to set up parameters to
ensure that all business in the Group is performed in an
ethically and socially responsible manner. The Code of
Conduct and Elanders’ Anti-Corruption Policy comprise
all employees and contain guidelines and rules on the
way Group employees should relate to other employees,
customers and suppliers as well as the communities
Elanders operates in. Social responsibility includes
promoting human rights and fair working conditions
and counteracting corruption. Management for each
Group company is responsible for ensuring compliance
by formulating and communicating further guidelines and
policies that suit their specific operations.
An extensive employee survey throughout the Group
was initiated in 2022 as part of an updated materiality
analysis. Its purpose is in part to identify how employees
experience Elanders’ sustainability work and in part gain
better knowledge regarding which issues are considered
important and engage employees. Together with the other
stakeholder dialogues, the result will be a vital part of
Elanders’ strategy work going forward.
Elanders respects fundamental labor rights and follows
internationally accepted frameworks from the UN and
OECD as well as follows local laws where it operates.
AMBITIONS
• Increase the portion of Elanders’ employees that
have taken the course on Elanders’ Code of
Conduct.
Elanders’
ambition is to
create attractive,
inclusive and
sustainable work
environments
where employees
are engaged,
develop and
deliver results.
Sustainability report – Social
0.04
Elanders’ Annual and Sustainability Report 2022
DIVERSITY, EQUITY AND INCLUSION
Elanders has developed considerably in recent years.
Major acquisitions have given the Group a new structure
and significantly extended it geographically. However,
Elanders continues to believe that long-lasting com-
petitiveness can only be achieved if the workplace is
characterized by diversity, equal opportunities and inclu-
sion. Among other things, this means that all employees
should have the same opportunity for a career. During the
year, work continued on developing a formal, group-wide
gender equality plan that will be evaluated regularly by
Elanders’ group management and Board of Directors.
Every Elanders subsidiary has its own projects that
they run to promote their work on diversity, equality and
inclusion, for example by broadening recruitment and
integration projects. There is also a council that covers
the entire Group, the People and Culture Council, that
consists of HR managers from the subsidiaries along
with the Group Sustainability Director. Council members
exchange experiences and develop social sustainability
work throughout the organization. It is also charged with
staying updated on the latest laws concerning employees’
working conditions and rights as well as incoming report-
ing requirements on, among other things, human rights.
AMBITIONS
• Increase the portion of women in leading positions.
• Increase diversity in leading positions.
HUMAN RIGHTS
As a global group, Elanders intends to be amongst the
best when it comes to social responsibility and corporate
commitment in all areas where the company is involved.
Elanders has committed to respecting human rights, in
line with the UN Guiding Principles on Business and
Human Rights (UNGPs) and the UN Convention on the
Rights of the Child.
Elanders’ values regarding fair conditions are estab-
lished in the Code of Conduct which stipulates that
Elanders should work 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 educa-
tion and to protect children from economic exploitation
and dangerous or harmful jobs.
Elanders’ Code of Conduct also contains prohibition of
any kind of harassment or discrimination. Everyone shall
be 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 coun-
tries where operations are run. All Elanders employees
have the right to a written employment contract.
Human rights in the value chain
Elanders’ Code of Conduct also comprises suppliers and
business partners to ensure the Code of Conduct perme-
ates every part of the value chain. Elanders has therefore
produced a “Suppliers Code of Conduct”, which is
communicated to suppliers and business partners. Each
company is currently responsible for making sure that
suppliers also comply with the Code of Conduct where
considered relevant. In the same way that Elanders moni-
tors its suppliers, Elanders is often reviewed by customers
to make sure fair social conditions are used in the busi-
ness and production.
These measures serve to strengthen Elanders work
on human rights in accordance with the UN Guiding
Principles. They also prepare the Group for the coming
laws in EU’s new regulations on sustainable financing,
corporate reporting and obligatory due diligence in
value chains.
During 2023, Elanders will continue its efforts to com-
municate its Code of Conduct to employees, suppliers
and business partners. Elanders is also developing quan-
titative key ratios to reinforce the reporting on its work
with human rights and fair conditions.
In addition, the Group has a number of different
projects going that enable the company to take a greater
social responsibility in the communities where Eland-
ers is active. Each subsidiary 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.
AMBITIONS
• Develop action plans that manage the risks
identified in the assessment of human rights in
the value chain for the entire Group.
Sustainability report – Social
Elanders’ Annual and Sustainability Report 2022
Sustainability report – Governance
GOVERNANCE
Business ethics, responsibility and morals are core values for Elanders and a key part of
its sustainability strategy. This includes working for, and supporting, the communities
where Elanders is active, and promoting sustainable commerce. The Group hopes that
this will in turn lead to a more sustainable Elanders and a better community to operate
in. While this permeates all governance of the Group it is also necessary to take into
account all current opportunities and threats.
Elanders’ reputa-
tion, ethical be-
havior, and trust-
worthiness are
highly valued by
the Group and its
stakeholders such as
investors, customers
and suppliers.
In this Sustainability Report, the section “Governance”
has been divided into five parts; “Business ethics”, “Data
ethics”, “Sustainable procurement”, “Responsible tax-
payer” and “Society”.
BUSINESS ETHICS
Elanders’ reputation, ethical behavior, and trustworthi-
ness are highly valued by the Group and its stakeholders
such as investors, customers and suppliers. Any kind of
corruption could impact the Group’s image very nega-
tively. Elanders follows applicable laws and regulations
locally and internationally regarding both ethical rules
and corruption.
Code of Conduct
Elanders’ Code of Conduct comprises all employees, the
Board of Directors and other people who act on behalf
of Elanders. It stipulates that both the company’s and
its employees’ actions and behavior should be marked
by honesty, integrity, personal responsibility, sincerity,
loyalty and respect for other human beings as well as the
environment. The Code of Conduct is based on interna-
tional principles such as the UN Universal Declaration of
Human Rights, the UN Global Compact, ILO Declara-
tion on Fundamental Principles and Rights in Working
Life and the OECD guidelines for multinational compa-
nies. Elanders’ Code of Conduct also comprises suppliers
and business partners to ensure the Code of Conduct
permeates every part of the value chain.
All business in Elanders shall be conducted socially
responsibly and ethically. Social responsibility includes
promoting human rights and fair working conditions
and counteracting corruption. Management for each
Group company is responsible for ensuring compliance
by formulating and communicating further guidelines and
policies that suit their specific operations.
Elanders’ Annual and Sustainability Report 2022
Sustainability report – Governance
Anti-corruption
The Group’s Anti-Corruption Policy “Anti-Corruption,
Anti-Fraud and Anti-Money Laundering Policy” contains
guidelines for handling corruption, fraud and money
laundering. It describes the way Group employees should
relate to customers, suppliers, other stakeholders and all
the communities where Elanders is active. It clearly states
that Elanders has absolutely zero tolerance for any kind
of fraud, bribes or other actions that create unfair advan-
tages, 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 promised, 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 integ-
rity and ensure that they understand and follow Group
guidelines. The policy also contains instructions on how
to report any irregularities or deviations from the policy.
Education
The updated Anti-Corruption Policy and Code of
Conduct was communicated at the end of 2019 to all
the companies in the Group together with digital courses
in each area for Group white-collar workers. Education
of employees have ongoing since then and will continue
in 2023, when also classroom trainings is planned to be
carried out, after being postponed due to COVID-19.
In 2021, a total of 81 (77) percent of all white-collar
workers at Elanders completed the courses on the Anti-
Corruption Policy and Code of Conduct. The training
is conducted every second year. Education of Group
employees is an ongoing process. Central monitoring
takes place every other year and continuously by each
company to ensure that the Code of Conduct has been
communicated to all employees. Monitoring takes place
annually to ensure that all employees in the Group have
taken the Anti-Corruption Policy course.
Whistleblower function
Elanders’ Anti-Corruption Policy and Code of Conduct
also contain instructions for reporting deviations, i.e.
a whistleblower function. The whistleblower function
policy was updated in 2022. No material incidents of
fraud, corruption, bribes, or money laundering have been
reported in 2022.
AMBITIONS
• Increase the portion of Elanders’ employees that
have taken the course in Elanders’ Code of Conduct.
DATA ETHICS
Elanders’ approach to data ethics takes into consider-
ation the individual’s right to integrity regarding data,
ethical use of artificial intelligence and careful handling of
confidential information. Clear guidelines must be given
regarding handling data in connection with more com-
prehensive use of technology and corresponding amounts
of data. For Elanders it is extremely important to handle
the data of all stakeholders in such a way that their trust
remains intact.
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 training to
ensure that employees are knowledgeable about, and act
in accordance with, the stipulations of GDPR and other
relevant data protection regulations out in the world.
In 2021, a total of 81 (75) percent of all white-collar
workers at Elanders completed the training. The training
is conducted every second year. As with the anti-corrup-
tion education, classroom courses will hopefully com-
mence in 2023 after postponement due to COVID-19.
There will be regular follow-ups to ensure that all Group
employees have been taught data ethics.
In the beginning of 2021, Elanders’ Binding Corporate
Rules (BCR) were approved by the Swedish Authority
for Privacy Protection (IMY), as the third company in
Sweden. These rules regulate how Elanders handles
personal data to ensure that data protection regulations
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.
AMBITIONS
• Increase the portion of Elanders’ employees that
have taken the course in Elanders’ Code of Conduct.
Elanders’ Annual and Sustainability Report 2022
Sustainability report – Governance
SUSTAINABLE PROCUREMENT
Elanders primarily provides services to its customers. In
some cases, the Group uses subcontractors appointed by
the customers themselves. Elanders’ Code of Conduct for
suppliers defines the fundamental demands the Group
makes on these suppliers and the responsibility they
should take for their stakeholders and for the financial,
environmental and social impact of their activities.
Elanders’ current and future suppliers must follow
national laws and regulations in the countries where
they operate in all their businesses. In cases where local,
national or international laws and regulations are stricter
than Elanders’ Code of Conduct they go first and must be
complied with.
As the pressure from a growing number of regulations
on responsible management of supply chains intensifies,
in combination with customers’ demands for sustainable
logistic solutions, increasingly higher demands are made
on how supply chains are handled.
Monitoring/Compliance
Elanders evaluates compliance with its Code of Conduct
through annual audits, self-assessments and documenta-
tion reviews. In applicable cases suppliers are encouraged
to remedy gaps in their implementation of the demands
in the Code of Conduct through an action plan with a
timeline prepared together with Elanders.
RESPONSIBLE TAXPAYER
A well-functioning tax system, locally and inter -
nationally, contributes to financing education, health -
care, transportation, infrastructure and other public
services that support sustainable development, local
communities, businesses and commerce. It is obvious
that companies need to support the local economies
where they do their business.
As a global logistics actor, Elanders generates profits
from serving many international customers worldwide
with various services. Elanders operates in some twenty
countries through more than 80 legal entities and the
business in the Group is structured according to com-
mercial and financial needs. Taxes are paid where value
is created, within legal parameters, and according to
relevant guidelines from authorities. The Group tries to
be tax efficient which includes avoiding double taxation,
interest expenses and tax fees. Tax is paid when it is due.
All operations in the Group are subject to normal
company tax regulations and income tax is paid in the
country the operations are run, according to the tax
rates in the country. Elanders acts responsibly and with
integrity in all tax matters and ensures it fully complies
in all jurisdictions worldwide. The Group works closely
with tax agencies to ensure that all relevant information
is made public and that the right amount of tax is paid
while maintaining a balance with its obligations to Group
shareholders. EU’s list of non-cooperative jurisdictions
for tax purposes for 2022 is comprised of nine countries.
Elanders does not operate in any of these countries.
Elanders’ total tax expense in 2022 was MSEK 180
compared to MSEK 151 in 2021. This corresponded to
an effective tax rate of 27.0 (31.3) percent.
Complete reporting
Every year Elanders provides complete country-for-
country reporting to the Swedish Tax Agency according
to statutory requirements. The reporting entity is Carl
Bennet AB, parent company to Elanders, and the report
comprises the business in the Elanders Group.
SOCIETY
Based on its core values, Elanders actively takes respon-
sibility in supporting the communities it operates in. The
company has a long tradition of cooperation, global
partnership and local initiatives in this area.
Partnership and cooperation
By collaborating with organizations that share Elanders’
ambitions to spread knowledge about sustainability at
all levels, a greater impact is achieved. Elanders has both
global and local collaborations where the focus is on
certain prioritized areas:
• Education for youths and children
• Spreading knowledge
• Innovation and research
• Health
• Life Cycle Management
Elanders’ Annual and Sustainability Report 2022
Sustainability report – Governance
WIN WIN Gothenburg Sustainability Award
Since 2000, Elanders is one of thirteen organizations that
contribute to the prize sum of one million Swedish kronor
for the WIN WIN Gothenburg Sustainability Award (previo-
usly The Gothenburg Award for Sustainable Development).
Today the WIN WIN organization is a recognized catalyst for
regional, national and global sustainable development. The
WIN WIN Youth Award was instituted in 2018. The awards
spotlight groundbreaking work on annual and alternating
themes for a more sustainable world.
By participating in the WIN WIN Award’s internatio-
nal network, and by drawing attention to award winners,
Elanders helps to spread knowledge about vital social issues,
both externally and internally in the organization.
Three partnerships that Elanders is involved in on a Group level
The WIN WIN Award is one of the absolute
finest prizes you can receive in sustainability
and we are extremely proud to have been
honored with winning in the theme Sustainable
Aquaculture! The idea behind Gårdsfisk was to
breed the world’s most sustainable fish without
compromising. Awards like this boost us with
energy to continue our work on driving changes
so that we can have an impact on global
aquaculture.
GÅRDSFISK
The 2022 WIN WIN Award went to Swedish Gårdsfisk which runs land-based
fish farming with the vision to produce the world’s most sustainable fish. By
breeding new species on land in recirculating systems, Gårdsfisk is a pioneer
in the future of sustainable food systems.
The WIN WIN Youth Award went to scientist Sara Gutierrez Plata that
develops sustainable aquaculture in Mexico by restoring damaged coral reefs
with the help of Caribbean King Crabs that effectively free the reefs from
suffocating macroalgae.
Elanders’ Annual and Sustainability Report 2022
Sustainability report – Governance
Pratham Education Foundation
Together with around ten other Swedish companies, Elanders initiated a
collaboration with the innovative Indian educational organization Pratham
Education Foundation in 2017. The foundation 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 principle 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 have been formed
and developed together with the researchers Esther Duflo, Ahijit Banerjee
and Michael Kremer, who were awarded the Swedish National Banks Prize in
Economic Sciences in Memory of Alfred Nobel, in 2019.
During 2022, the project has slowly begun to return to normal after the
COVID-19 pandemic and the school closures that have lasted for almost two
years. In March, Pratham started up its physical educational activities in the
schools in both Assam and West Bengal. Therefore, focus during the year has
been on registering children back into school and ensuring that they are ready
to go to school. Pratham reached more than 27,000 children in more than 400
villages in 2022.
Universeum
To reinforce Elanders’ work in Life Cycle Management, 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, technolo-
gy and sustainable development. The collaboration is focused
on reusing electronics, thereby increasing the lifetime of these
products, which leads to considerable environmental gains. In
the spring of 2022, a public event spotlighting reusing electro-
nics was held at Universeum. The program was a collaboration
with Chalmers University of Technology and was fueled by a
common desire to reduce the amount of electronic debris.
Elanders’ Annual and Sustainability Report 2022
Sustainability report – Governance
Local initiatives/programs
In addition to partnerships on Group level, all Elanders
companies are in different ways engaged in local initiatives
that support special community groups and contribute to
greater health, security and inclusion. Social responsibility
is self-evident for Elanders. By contributing to positive
community development, Elanders is part of creating the
right conditions for a more inclusive and peaceful society.
Here are a few examples of what is being done locally.
Elanders and Social Bee
Social Bee is Germany’s number one service supplier of
diversity. As a leading expert in successful and sustainable
integration on the labor market it creates new opportuni-
ties every day – for both people and companies. It has
an entrepreneurial approach to integration and realize it
in nationwide, comprehensive projects. In this way, they
promote diversity at workplaces and strengthen their
customers from the inside out with experienced diversity.
It is powered by giving socially vulnerable people real
opportunities and the chance to participate in the com-
munity. Social Bee has become one of the Elanders’
subsidiary LGI’s recruitment platforms, and in the
beginning of 2022 a pilot project “Logistics Bootcamp”
was launched. Through the project, ten immigrants went
through an eight-week course on integrating into the
work force.
Humanitarian aid
Every year Elanders’ subsidiaries contribute to specific
local humanitarian aid projects. In 2022, several such
contributions have been for food donations to, for
instance, homeless people as well as healthcare personnel
in connection to their intensive work with COVID
vaccinations. In addition to reaching out directly to the
people in communities where Elanders operates, annual
donations are made to a number of charities.
Elanders’ Annual and Sustainability Report 2022
Sustainability report – Notes to the sustainability report
NOTES TO THE
SUSTAINABILITY REPORT
NOTE 1 – Accounting principles
General information
The main activities of the Elanders Group are described in the Board of
Directors’ report in this Annual Report. The Sustainability Report and
related data refer to the financial year ended 31 December 2022. The
Sustainability Report is issued annually as part of Elanders AB’s Annual
Report, but has not undergone any external review.
Accounting principles
Accounting
In preparing the Sustainability Report Elanders has based its work on
established international frameworks. The report is prepared in accor-
dance with the EU taxonomy for sustainable investments. The accounting
of greenhouse gas emissions has been guided by the principles and defini-
tions of the Greenhouse Gas Protocol. The Global Reporting Initiative’s
(GRI) guidelines have also to some extent influenced the report. Elanders
intends to report ESG data in line with established sustainability frame-
works and is in a preparatory process to report in accordance with the
EU’s upcoming standard for sustainability reporting, ESRS. Read more
about accounting principles and estimates made for each area in the
associated note.
There is continuous work to develop the data collection in order to be
able to present robust and transparent sustainability data to Elanders’
stakeholders. The content presented in the report is based on principles
of materiality, reliability and clarity. Elanders is still in the early stages of
reporting ESG data. In 2022, the focus has been on establishing processes
and routines around reporting and defining materiality limits to handle the
complex flows of activities that fit within the ESG area.
Consolidation
The sustainability report covers the companies in which Elanders AB has
direct or indirect control. Acquired companies are normally included in the
sustainability report from the date on which Elanders acquires control of
the company. One exception is the acquisition of Bergen Shippers Corp.
(“Bergen”) that Elanders completed in November 2021. To achieve
comparability between the years, data for Bergen has been included
for the entire financial year 2021.
Elanders’ Annual and Sustainability Report 2022
Sustainability report – Notes to the sustainability report
NOTE 2 – Environment – Greenhouse gas emissions
Accounting principles
Calculations and disclosure of greenhouse gas emissions are based on the definitions in the global standard Greenhouse Gas Protocol
(GHG Protocol) and supported by its guidelines. Elanders reports emissions from activities of which the Group has financial control.
The GHG Protocol divides greenhouse gas emissions into scopes 1, 2 and 3. For Elanders, the different categories refer to the following:
Scope 1
Scope 1 emissions cover direct emissions from assets owned or controlled by Elanders. This category includes on-site energy, such as natural gas
and fuel, refrigerants and emissions from combustion in owned or controlled boilers, and emissions from fleets (for example, cars, vans, trucks,
etc.).
Scope 2
Scope 2 emissions cover indirect greenhouse gas emissions from purchased or procured energy, such as electricity, steam, heating or cooling,
produced off-site and consumed by Elanders. One example is electricity purchased from electricity companies. Since the electricity is produced
outside the plant, it is considered to give rise to indirect emissions.
Scope 3
Scope 3 covers all indirect emissions that occur in Elanders’ value chain and is divided into upstream or downstream emissions. Upstream
emissions include the indirect greenhouse gas emissions within Elanders’ value chain that are linked to purchased or procured goods and
services. Downstream emissions include the indirect greenhouse gas emissions within the Elanders’ value chain that are linked to goods and
services sold and occur after manufacturing.
The emission calculations cover the gases carbon dioxide (CO
2
), methane (CH
4
) and nitrous dioxide (N
2
O) which are reported as carbon
dioxide equivalents (CO
2
e). Reported numbers are based on activity- and consumption data from the last available annual account. Applied
emission factors are specified under each scope and are based on latest available published information.
Elanders has tracked greenhouse gas emissions since the base year 2021. The Group policy states that in the event of major acquisitions or
divestments, or if applied calculation or disclosure principles change significantly, the base year shall be reviewed for possible restatement.
The value chain emissions in scope 3 will constitute a majority of the Group’s total greenhouse gas emissions. The category here that is
expected to stand out is the freight (air, sea and road transportation), which Elanders purchases on behalf of the customer from third parties
and which relates to the transport of the customer’s products. This part of the emissions is difficult to influence, as it is the customer who decides
how much is transported and how it should be transported.
The focus in 2022 has been on the inventory of greenhouse gas emissions within scopes 1 and 2. During 2023, a complete survey of scope 3
emissions will be carried out. The goal is to be able to present the results of this survey in the annual report for 2023.
Elanders’ Annual and Sustainability Report 2022
Sustainability report – Notes to the sustainability report
NOTE 2 – Environment – Greenhouse gas emissions (cont.)
Estimations and assessments
Scope 1
Facilities
Direct emissions within facilities are based on reported consumption data for natural gas and fuel oil, and calculated with emission factors from
the Swedish trade association Swedenergy. The smaller proportion of emissions derived from refrigerant leakage in cooling and heating systems
are included in the total emissions for facilities. These are calculated based on volumes of refilled refrigerants and emission factors from the
Swedish Environmental Protection Agency.
Company vehicles
Direct emissions for company vehicles include travels and transports for commercial purposes. The own truck fleet is reported separately as the
calculation method is based on fuel consumption data. To calculate emissions from other company operated vehicles distance data was used
with emission factors from the Swedish Environmental Protection Agency. Estimations have been made when exact activity data is missing.
Elanders intends to improve the quality of the reporting of emissions from company vehicles through more consistent calculation method.
Scope 2
Electricity
Electricity includes the electricity consumption in the facilities that are used within the Group.To calculate indirect emissions from electricity
consumption, for European countries, emission factors for residual mix from the Association of Issuing Bodies (AIB) are applied and correspond-
ing from the International Energy Agency (IEA) for other countries. The reporting of renewable electricity from the power grid is based on own
assessments of approved contract instruments. These are electricity contracts and certificates considered to certify the origin and share of
renewable energy for consumed electricity. To calculate emissions from renewable energy sources, published factors from the Swedish company
Vattenfall are used.
The electric vehicles are typically charged on-site and the electricity consumption for this is included in the total electricity consumption for the
facilities. Electricy for electric vehicles that are charged outside the facilities are excluded, due to lack of data.
District heating
Energy-related emissions from district heating are included in Elanders’ scope 2 and calculations are based on emission factors from Swedenergy
for Sweden and corresponding AIB factors for other countries.
GREENHOUSE GAS EMISSIONS FROM OWN OPERATIONS (SCOPE AND )
Tons CO
2
equivalent 2022 2021
Scope 1 – direct greenhouse gas emissions
Facilities 7,320 8,214
Truck fleet 16,306 17,892
Other company vehicles 1,125 1,085
Total – scope 1 24,750 27,192
Scope 2 – indirect energy-related greenhouse gas emissions
Electricity 10,929 11,899
District heating 1,937 2,277
Total – scope 2 12,866 14,176
Total – scope 1 & 2 37,616 41,368
In the reporting of total emissions in scope 1 and 2, market-based method has been used. With this method, total emissions within these scopes are
37,616 (41,368) tons of CO
2
e. If location-based method is used instead, the corresponding emissions are 45,993 (49,377) tons of CO
2
e.
Elanders’ Annual and Sustainability Report 2022
Sustainability report – Notes to the sustainability report
NOTE 3 – Environment – Energy consumption
Accounting principles
Elanders reports total energy consumption for owned and leased facilities and the own truck fleet. The table below presents figures per energy
source based on reported consumption data.
Estimations and assessment
For energy consumption in facilities, general conversion factors from supplier data are applied. When these are not available, published factors
from The Swedish Energy Agency are used. For vehicles, conversion factor from The Swedish Gas Association is used. For natural gas correspon-
ding factor is dervied from Drivkraft Sverige. Energy consumption for company vehicles apart from the truck fleet has been excluded in the total
fuel consumption due to insufficient data. Renewable electricity consumption includes purchased electricity from the grid and does not take into
account self-generated renewable electricity.
ENERGY CONSUMPTION IN OWN OPERATIONS, MWH
2022 2021
Vehicles
Diesel 83,215 91,608
Liquified natural gas (LNG) 1,243 1,008
Total 84,458 92,616
Facilities
Natural gas 34,840 39,930
Fuel oil 51 52
Electricity 53,091 53,212
District heating 3,977 3,773
Total 91,958 96,968
TYPE OF ELECTRICITY
2022 2021
Electricity from renewable sources,
MWh 28,105 27,313
Electricity from non-renewable sources,
MWh 24,986 25,899
Share of renewable electricity
from the power grid 0.53 0.51
ENERGY INTENSITY – TRUCK FLEET
2022 2021
Average carbon dioxide emissions
per 100 kilometers, tons 0.074 0.073
Elanders’ Annual and Sustainability Report 2022
Sustainability report – Notes to the sustainability report
NOTE 4 – Social – Employees in the Group
Accounting principles
Elanders reports data for employees who have been employed in the Group at year-end. For further information regarding employees, please
see Note 5 in the Group’s financial statements.
Estimations and assessments
For the reporting of gender division among employees, assessments have been made by those responsible at each company, taking into account
privacy reasons.
NUMBER OF EMPLOYEES AT YEAR-END
2022
Full-time employees 6,962
– of which women 2,707
– of which men 4,255
Part-time employees 572
– of which women 383
– of which men 190
Total 7,534
Total converted to FTE 7,248
EMPLOYEE TURNOVER, %
2022
The Group as a whole 17
– of which women 19
– of which men 16
The Group’s large proportion of temporary and seasonal employees is the
reason for the relatively high employee turnover.
AGE DISTRIBUTION EMPLOYEES, FTE
Female Male Total
<30 years 520 673 1,193
30–39 years 771 1,090 1,861
40–49 years 806 1,153 1,959
50–59 years 584 1,061 1,645
>60 years 192 398 590
Total 2,873 4,375 7,248
SHARE OF WOMEN, %
2022
Share of women, all employees 40
Share of women, Board of Directors 44
Share of women, Group Management –
Share of women, management positions 37
Management position refers to group manager or more senior position.
Elanders’ Annual and Sustainability Report 2022
Sustainability report – Notes to the sustainability report
NOTE 5 – Social – Work-related injuries
Accounting principles
Elanders reports work-related injuries that occur as a result of exposure to hazards and risks at work. All employees have been included,
including permanent and temporary employees. High-consequence injuries refer to accidents from which the employee has not recovered,
or is expected to recover, within six months.
Estimations and assessments
The accident rate has been calculated based on number of accident per 200,000 hours worked. The total number of hours worked is based on
the average number of employees in the Group, which has been multiplied by normal working hours in the country where Elanders has most
employees.
Responsible persons at each company make the assessment of the type of injury and the categorization of this.
NUMBER OF ACCIDENTS
2022
Fatalities –
High-consequence injuries 3
Total number of injuries 236
Total number of hours worked, in thousands 13,336
Frequences
Fatal injury frequency rate –
High-consequence injury frequence rate 0.04
Accident rate 3.54
No workplace accidents have resulted in fatalities.
The most common type of reported injuries are laceration, bruises,
fractures and muscle injuries. The identified work-related hazards with
the potential to cause injury are mainly due to ergonomics and manual
handling.
NOTE 6 – Social – Training hours
Accounting principles
The reporting covers training offered to permanent employees in
the Group and includes both external and internal training. The
reporting excludes on-site supervision. For a specification of the
number of employees (FTE) per category, please see note 5 in the
Group’s financial statements.
Estimations and assessments
Estamations and assesments have been made by those respon-
sible at each company. In cases where exact number of training
hours has not been available, reasonable estimations have been
made.
TRAINING HOURS
Average hours/FTE 2022
All employees 7.1
Women 6.6
Men 7.3
Elanders’ Annual and Sustainability Report 2022
Sustainability report – Auditor’s report
AUDITOR’S REPORT
ON THE STATUTORY
SUSTAINABILITY REPORT
To the general meeting of the shareholders in Elanders AB (publ),
corporate identity number 556008-1621
ENGAGEMENT AND RESPONSIBILITY
It is the board of directors who is responsible for the statutory sustaina-
bility report for the year 2022 on pages 112–136 and 138–139 and that
it has been prepared in accordance with the Annual Accounts Act.
THE SCOPE OF THE AUDIT
Our examination has been conducted in accordance with FAR’s audi-
ting standard RevR 12 The auditor’s opinion regarding the statutory
sustainability report. This means that our examination of the statutory
sustainability report is substantially different and 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.
OPINION
A statutory sustainability report has been prepared.
Mölndal, 17 March 2023
PricewaterhouseCoopers AB
Eric Salander Daniel Körner Rask
Authorised Public Accountant Authorised Public Accountant
Auditor in charge
Elanders’ Annual and Sustainability Report 2022
Sustainability report– EU taxonomy
Elanders continuously works to reduce energy consumption and
improve energy efficiency in all operations as well as use as much renew-
able electricity as possible where it is available. There are plans to invest
in solar panels on buildings and in own solar panel parks. According to
section 1.1.2.2 in the delegated act (2021)/4987 (c), the capital expendi-
ture for solar installations may become taxonomy-eligible under activity
4.1 Electricity generation using solar photovoltaic technology and 7.6
Installation, maintenance and repair of renewable energy technologies.
Elanders continuously monitors the updates that take place in the
drafting of the Taxonomy Regulation and will likely be covered to a
greater extent in the future, when more of the EU’s environmental targets
and more kinds of activities and products are included.
In 2022, three key financial ratios will be reported that show how
much of the business comes under taxonomy’s technical audit criteria
regarding climate change (taxonomy-eligible). The reporting must also
show to what extent the economic activities meet the technical audit
criteria, and are thus considered to be environmentally sustainable
(taxonomy-aligned).
The outcome of the review of Elanders’ economic activities for 2022
in accordance with the EU taxonomy regulation is shown in the table.
Since only one economic activity has been identified as taxonomy-
eligible, information on all key figures is available in the same table.
The economic activity road transportation only take place within one
business area, therefore no double counting should be possible.
The EU Taxonomy is a classification system to help define environ-
mentally sustainable economic activities to support the transition to an
economy consistent with the EU’s environmental objectives. In accor-
dance with the Taxonomy regulation ((EU) 2020/852) and its delegated
acts, companies should identify the economic activities that are environ-
mentally sustainable based on technical audit criteria. For a certain
economic activity to be classified as environmentally sustainable, there
are three criteria that must be met: it must materially contribute to one,
or several of six defined environmental objectives, not cause significant
damage to any of the objectives as well as abide by fundamental labor
law conventions and human rights.
Elanders has concluded that the Group financial operation that this
reporting encompasses are services regarding road transportation (Annex
1, 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 truck fleet consists of approximately 300 trucks, all of which
meet the Euro 6 emission standard for heavy vehicles. At the same time,
Elanders follows the technological development in the transport sector
and reviews opportunities to switch from fossil-powered vehicles. 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 environmentally friendly as possible, using as
the most cost- and energy-efficient solutions as possible while optimizing
customers’ transportation.
EU TAXONOMY
Elanders’ Annual and Sustainability Report 2022
Accounting principles
In accordance with the taxonomy regulation, companies are required to disclose the extent to which the company’s economic activities are
sustainable through three key financial ratios: turnover, capital expenditure and operating expenses. In the context of accounting in line with
the EU Taxonomy, turnover, capital expenditure and operating expenses are defined as per below. The definition of capital expenditure and
operating expenses differs here compared to our regular financial reporting.
Turnover
The presentation of total sales includes the Group’s total external net sales for 2022 as reported in the income statement on page 52. See note
3 for accounting principles for the Group’s revenue. Sales related to the economic activity included in the taxonomy regulation refers to revenues
from road transportation in the business area Supply Chain Solutions.
Capital expenditure
Total capital expenditure refers to additions to tangible and intangible assets during the year and additions to right-of-use assets. This also
includes corresponding assets from business combinations, but not goodwill, customer relationships and trademarks with indefinite useful life.
See details in note 13 Intangible Assets, note 14 Tangible Assets and note 15 Right-of-use assets. Capital expenditure related to the economic
activity road transportation refers to acquired trucks and new right-of-use assets relating to trucks.
Operating expenses
The accounting of operating expenses within the framework of the EU taxonomy includes the Group’s direct costs related to research and
development, building renovations, short-term leases and maintenance and repairs as well as other direct costs for maintaining the fixed assets
covered by the taxonomy regulations. Operating expenses related to the economic activity road transportation refers to operating expenses
related to trucks, such as maintenance and repair costs.
Total (MSEK)
Share of
taxonomy-
eligible
activities ( %)
Taxonomy-
aligned
proportion (%)
Share of
non-taxonomy-
eligible
activities (%)
Turnover 14,974 3 0 97
Capital expenditure 1,439 1 0 99
Operating expenses 347 3 0 97
Sustainability report– EU taxonomy
Elanders’ Annual and Sustainability Report 2022
IN SUMMARY
Five years
Other information – Five years in summary
Income statements – Summary
MSEK 2022 2021 2020 2019 2018
Net sales 14,974 11,733 11,050 11,254 10,742
Operating expenses –14,125 –11,153 –10,504 –10,895 –10,283
EBIT 849 580 546 359 459
Financial items –183 –98 –132 –143 –93
Result after financial items 666 482 414 216 366
Result for the year 487 331 292 153 259
EBITDA 1,940 1,468 1,431 1,285 725
EBITDA excl. IFRS 16 1,068 770 737 573 725
EBITA 940 641 598 413 523
EBITA adjusted 966 658 598 563 523
Cash flow – Summary
MSEK 2022 2021 2020 2019 2018
Cash flow from operating activities 1,106 1,063 1,725 1,337 455
Paid taxes –196 –128 –42 –114 –127
Investments –274 –1,394 –116 –140 –137
Operating cash flow 1,210 –105 1,783 1,454 538
Change in net debt 2,027 2,395 –1,106 1,422 –126
Balance sheets – Summary
MSEK 2022 2021 2020 2019 2018
Goodwill 3,655 3,305 2,413 2,480 2,439
Other fixed assets 6,690 4,936 3,224 3,546 1,835
Inventory 619 400 233 335 468
Accounts receivable 2,139 1,822 1,344 1,740 1,762
Other current assets 567 438 324 448 511
Cash and cash equivalents 904 898 1,101 655 722
Equity 3,870 3,304 2,908 2,777 2,707
Interest-bearing liabilities 8,180 6,147 3,955 4,616 3,261
Non-interest-bearing liabilities 2,524 2,349 1,776 1,811 1,768
Total assets 14,574 11,800 8,369 9,205 7,737
IFRS 16 is effective from 1 January 2019 and has affected the accounting of the Group’s lease agreements. The transition to IFRS 16 has been based on
the Modified retrospective approach, which means that the comparison periods have not been adjusted. Excluding IFRS 16 means that the same
accounting principles as 2018 have been used. One-off items have been excluded in the adjusted measures.
Elanders’ Annual and Sustainability Report 2022
Other information – Five years in summary
Key ratios
2022 2021 2020 2019 2018
EBITA-margin, % 6.3 5.5 5.4 3.7 4.9
EBITA-margin adjusted, % 6.5 5.6 5.4 5.0 4.9
Operating margin, % 5.7 4.9 4.9 3.2 4.3
Profit margin, % 4.4 4.1 3.7 1.9 3.4
Equity ratio, % 26.6 28.0 33.6 30.2 35.0
Risk capital ratio, % 28.2 30.0 35.6 32.2 37.5
Interest coverage ratio, times 4.5 6.3 5.0 2.7 5.3
Debt/equity ratio, times 1.9 1.6 1.0 1.4 0.9
Return on equity, % 13.0 10.4 9.9 5.3 9.8
Return on capital employed, % 8.3 8.5 8.6 5.0 8.5
Return on total assets, % 11.6 6.3 6.4 4.2 6.6
Average number of employees 7,248 6,288 6,260 6,696 7,153
Number of employees at the end of the year 7,245 7,019 6,058 6,664 6,652
Net debt/EBITDA, times 3.7 3.6 2.0 3.1 3.5
Net debt/EBITDA excl. IFRS 16 ratio, times 2.8 3.3 1.5 3.7 3.5
Enterprise Value, MSEK 12,580 11,401 7,083 7,044 5,633
Risk capital, MSEK 4,107 3,537 3,076 2,962 2,898
Capital employed, MSEK 11,147 8,553 5,762 6,738 5,246
Net debt, MSEK 7,276 5,249 2,854 3,961 2,539
Net debt excl. IFRS 16, MSEK 3,022 2,539 1,123 2,142 2,539
IFRS 16 is effective from 1 January 2019 and has affected the accounting of the Group’s lease agreements. The transition to IFRS 16 has been based on
the Modified retrospective approach, which means that the comparison periods have not been adjusted. Excluding IFRS 16 means that the same
accounting principles as 2018 have been used. One-off items have been excluded in the adjusted measures.
For Reconciliation Alternative Performance Measures and Financial Definitions, see pages 146–148.
Elanders’ Annual and Sustainability Report 2022
Other information – 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
0
4,000
8,000
12,000
16,000
Nettooms„ttning, Mkr
20222021202020192018
4%
5%
6%
7%
8%
EBITA-marginal
0
2,000
4,000
6,000
8,000
Nettooms„ttning, Mkr
20222021202020192018
1
2
3
4
RörelseresultatMkr
0
300
600
900
1,200
1,500
1,800
Nettooms„ttning, Mkr
20222021202020192018
Equity, MSEK
ROE, %
Capital employed, MSEK
ROCE, %
RETURN ON EQUITY RETURN ON CAPITAL EMPLOYED EQUITY RATIO
Equity, MSEK
Equity ratio, %
0
1,000
2,000
3,000
4,000
Eget kapital, Mkr
20222021202020192018
3%
6%
9%
12%
15%
Avkastning
0
1,000
2,000
3,000
4,000
Nettooms„ttning, Mkr
20222021202020192018
25%
30%
35%
RörelseresultatMkr
0
3,000
6,000
9,000
12,000
20222021202020192018
4%
6%
8%
10%
The strategy of constantly broadening
the customer base to more industries
and increasing the geographical spread has
created a more resilient Elanders that can
better handle a decrease in demand.
Elanders’ Annual and Sustainability Report 2022
Other information – Share information and ownership structure
GREATER UNCERTAINTY
IN THE MARKET
The diversification that has taken place in the Group in recent years, both geographically
and in terms of customers, has created a more robust Elanders that can more easily
withstand changes in the outside world. This was also reflected in the share price of
the company’s B-share that outperformed the index during the year. It was a year that
was otherwise marked by the Ukraine war, increased inflation and energy crisis.
History
Elanders’ B shares were first listed on the
Stockholm Stock Exchange on 9 January 1989.
On 31 December 2022 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 fell by 14 (+45)
percent during 2022 while the Stockholm
Stock Exchange index OMX Stockholm PI fell
by 25 (+35) percent during the same period.
During 2022, a total of 5,528,565 (6,583,884)
shares were traded, which is equivalent to
an average turnover rate of approximately
0.16 (0.20) times.
The lowest share price during 2022 was
SEK 116.00 on March 8, and the highest was
SEK 175.00 on January 3. The final share
price in 2022 was SEK 175.00 (174.00), which
means that Elanders’ market capitalization at
year-end amounted to MSEK 5,304 (6,152).
Share capital, class of shares
and liquidity guarantee
At the end of 2022, 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 4,622 (4,557) shareholders at year-end.
Data per share
2022 2021 2020 2019 2018
Net result, SEK 13.29 9.12 8.12 4.19 7.18
Net result adjusted, SEK 13.63 9.12 8.12 7.16 7.18
Share price at year-end, SEK 150.00 174.00 119.60 87.20 87.20
P/E ratio 11.3 19.1 14.7 20.8 12.1
Adjusted P/E ratio 11.0 19.1 14.7 12.2 12.1
P/S ratio, times 0.4 0.5 0.4 0.3 0.3
Dividend, SEK
1)
4.15 3.60 3.10 – 2.90
Dividend yield, % 2.9 2.2 4.6 0.0 3.6
Share price/equity, times 1.3 1.7 1.5 1.1 1.1
Equity, SEK 108.46 92.67 81.65 78.54 76.28
Risk capital, SEK 116.15 100.05 86.41 83.78 81.96
EBITDA, SEK 54.88 41.52 40.46 36.35 20.50
EBITDA excl. IFRS 16 30.20 21.78 20.84 16.21 20.50
Operating cash flow, SEK 34.23 –3.00 50.44 41.14 15.22
Cash flow from operating activities, SEK 31.27 30.10 48.80 37.81 12.88
Average number of outstanding shares, in thousands 35,358 35,358 35,358 35,358 35,358
Turnover rate 0.16 0.20 0.17 0.16 0.11
1)
Proposed by the Board.
IFRS 16 is effective from 1 January 2019 and has affected the accounting of the Group’s lease agreements. The transition to IFRS 16 has been based on
the Modified retrospective approach, which means that the comparison periods have not been adjusted. Excluding IFRS 16 means that the same
accounting principles as 2018 have been used. One-off items have been excluded in the adjusted measures.
For Reconciliation Alternative Performance Measures and Financial Definitions, see pages 146–148.
Elanders’ Annual and Sustainability Report 2022
OMX Stockholm PI ELAN B Number of traded shares
0
300
600
900
1,200
1,500
0
50
100
150
200
20222021202020192018
SEK 1,000s/month
Swedish institutions and Investment companies Swedish companies
Swedish private individuals Foreign owners
PERCENT OF SHARE CAPITAL
PERCENT OF VOTES
8.9
26.2
17.9
51.9 67.1
6.1
16.4
11.2
Source: Euroclear Sweden AB.
DEVELOPMENT OF THE ELANDERS SHARE
SHAREHOLDER CATEGORIES DECEMBER
The share of foreign shareholders amounted
to 16 (12) percent of the capital. Swedish
private individuals and institutions owned 9 (7)
percent and 26 (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.
Other information – Share information and ownership structure
Elanders’ Annual and Sustainability Report 2022
Other information – Share information and ownership structure
Share capital development
Number of
A shares
Number of
B shares
Accumulated
number of
shares
Accumulated
share capital,
SEK
At Stock Exchange introduction in 1989 200,000 1,380,000 1,580,000 15,800,000
1991 Directed share issue to acquire Fabritius A/S in Norway – 252,000 1,832,000 18,320,000
1993 Bonus issue 1:1 200,000 1,632,000 3,664,000 36,640,000
1997 Directed share issue to acquire the Graphic Systems Group – 650,000 4,314,000 43,140,000
1997 Directed share issue to acquire Skandinaviska Lithorex – 250,000 4,564,000 45,640,000
1997 Directed share issue to acquire Gummessons – 350,000 4,914,000 49,140,000
1997 New share issue 1:4 in connection with the acquisition of the Minab Group 100,000 1,128,500 6,142,500 61,425,000
1998 Directed share issue to acquire the Skogs Group – 1,287,500 7,430,000 74,300,000
2000 Directed share issue to acquire the shares in KåPe Group – 450,000 7,880,000 78,800,000
2000 Directed share issue to acquire the shares in Novum Group – 490,000 8,370,000 83,700,000
2007 New share issue 1:6 in connection with the acquisition of Sommer
Corporate Media 83,333 1,311,666 9,764,999 97,649,990
2010 New share issue 1:1 583,333 9,181,666 19,529,998 195,299,980
2012 Directed share issue to acquire d|o|m and fotokasten – 3,200,000 22,729,998 227,299,980
2014 New share issue 1:6 in connection with the acquisition of Mentor Media 194,444 3,593,872 26,518,314 265,183,140
2016 New share issue 1:3 in connection with the acquisition of LGI 453,703 8,385,734 35,357,751 353,577,510
Outstanding shares and share capital on 31 December 2022 1,814,813 33,542,938 35,357,751 353,577,510
Major shareholders 31 December 2022
Number of
A shares
Number of
B shares
Percent
of votes
Percent of
share capital
Carl Bennet AB 1,814,813 15,903,596 65.9 50.1
Svolder AB – 3,390,056 6.6 9.6
Protector Forsikring ASA – 1,946,742 3.8 5.5
Fourth Swedish National Pension Fund – 1,880,425 3.6 5.3
Carnegie Fonder – 1,835,000 1.5 2.3
Third Swedish National Pension Fund – 795,856 3.5 5.2
ODDO BHF Asset Management – 512,939 1.0 1.5
Söderberg & Partners – 460,000 0.9 1.3
Canaccord Genuity Wealth Management – 355,469 0.7 1.0
Dimensional Fund Advisors – 336,960 0.7 1.0
Other shareholders – 6,125,895 11.8 17.3
Total 1,814,813 33,542,938 100.0 100.0
Source: Monitor / Euroclear Sweden AB.
Shareholder statistics 31 December 2022
Number of shares
Number of
shareholders
Number of
A shares
Number of
B shares
Percent of
share capital
Percent
of votes
1–500 3,789 – 416,426 1.2 0.8
501–5,000 713 – 1,034,984 3.1 2.0
5,001–50,000 94 – 1,511,297 4.5 2.9
50,001–500,000 19 – 3,195,352 9.5 6.2
500,001– 7 1,814,813 27,384,879 81.6 88.1
Total 4,622 1,814,813 33,542,938 100.0 100.0
Source: Monitor / Euroclear Sweden AB.
Elanders’ Annual and Sustainability Report 2022
ALTERNATIVE
PERFORMANCE
MEASURES
Reconciliation of
Other information – Reconciliation of alternative performance measures
MSEK 2022 2021 2020 2019 2018
Average total assets 13,661 9,741 9,198 9,677 7,792
Average cash and cash equivalents –847 –815 –944 –749 –595
Average non-interest-bearing liabilities –2,599 –2,127 –1,912 –1,808 –1,799
Average capital employed 10,215 6,799 6,342 7,120 5,398
Operating result 849 580 546 359 459
Return on capital employed % 8.3 8.5 8.6 5.0 8.5
Interest-bearing long-term liabilities 7,229 5,326 3,268 3,579 2,442
Interest-bearing short-term liabilities 951 821 687 1,037 819
Cash and cash equivalents –904 –898 –1,101 –655 –722
Net debt 7,276 5,249 2,854 3,961 2,539
Interest-bearing long-term liabilities excl. IFRS 16 3,747 3,279 2,124 2,374 2,442
Interest-bearing short-term liabilities excl. IFRS 16 179 158 100 423 819
Cash and cash equivalents –904 –898 –1,101 –655 –722
Net debt excl. IFRS 16 3,022 2,539 1,123 2,142 2,539
Operating result 849 580 546 359 459
Depreciation and write-downs 1,091 888 885 927 266
EBITDA 1,940 1,468 1,431 1,286 725
Operating result excl. IFRS 16 775 536 506 323 459
Depreciation and write-downs excl. IFRS 16 293 234 231 250 266
EBITDA excl. IFRS 16 1,068 770 737 573 725
Net debt/EBITDA ratio, times 3.7 3.6 2.0 3.1 3.5
Net debt/EBITDA ratio excl. IFRS 16, times 2.8 3.3 1.5 3.7 3.5
Operating result 849 580 546 359 459
Amortization of assets identified in conjunction with acquisitions 90 61 52 54 64
EBITA 940 641 598 413 523
Adjustments for one-off items 26 17 – 150 –
EBITA adjusted 966 658 598 563 523
Net sales 14,974 11,733 11,050 11,254 10,742
EBITA-margin, % 6.3 5.5 5.4 3.7 4.9
EBITA-margin adjusted, % 6.5 5.6 5.4 5.0 4.9
Elanders’ Annual and Sustainability Report 2022
Other information – Reconciliation of alternative performance measures
MSEK 2022 2021 2020 2019 2018
Share price at year-end, SEK 150.00 174.00 119.60 87.20 87.20
Number of shares as per balance sheet date, in thousands 35,358 35,358 35,358 35,358 35,358
Net debt 7,276 5,249 2,854 3,961 2,539
Equity attributable to non-controlling interests 36 27 21 – 10
Enterprise value, MSEK 12,616 11,428 7,104 7,044 5,633
Total assets 14,574 11,800 8,639 9,205 7,737
Cash and cash equivalents 904 –898 –1,101 –655 –722
Non-interest-bearing liabilities 2,524 2,349 1,776 –1,812 –1,769
Capital employed, MSEK 18,002 13,251 9,314 6,738 5,246
Average share price 143.27 161.86 66.68 84.45 80.82
Dividends per share, SEK
1)
4.15 3.60 3.10 – 2.90
Dividend yield % 2.9 2.2 4.6 – 3.6
Share capital 3,835 3,276 2,887 2,777 2,697
Share capital per share, SEK 108.46 92.67 81.65 78.54 76.28
Cash flow from operating activities 1,106 1,063 1,725 1,337 455
Net financial items 183 98 132 143 93
Paid tax 196 128 42 114 127
Net investments –274 –1,394 –116 –140 –138
Operating cash flow 1,210 –105 1,783 1,454 538
Average number of shares, in thousands 35,358 35,358 35,358 35,358 35,358
Operating cash flow per share, SEK 34.23 –3.00 50.43 41.12 15.22
Volume on the stock market, in thousands 5,529 6,584 5,848 5,824 3,829
Turnover rate 0.16 0.20 0.17 0.16 0.11
1)
Proposed by the board for the year 2022.
Elanders’ Annual and Sustainability Report 2022
DEFINITIONS
Financial
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 activities
divided by the average number 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 identified in
conjunction with acquisitions.
EBITA adjusted
Earnings before interest, taxes and
amortization; operating
result plus amortization of assets
identified in conjunction with
acquisitions adjusted for one-off
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.
FTE
Full time equivalents refers to
number of employees converted to
full-time positions.
Interest coverage ratio
Operating result plus interest in-
come divided by interest costs.
Net debt
Interest-bearing liabilities less
liquid funds.
Operating cash flow
Cash flow from operating activities
and investing activities, adjusted
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.
Elanders’ Annual and Sustainability Report 2022
TERMS
Specific
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.
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.
Cleanroom
A cleanroom is an environment,
typically used in manufacturing or
scientific research, that has a low
level of environmental pollutants
such as dust, airborne microbes,
aerosol particles and chemical
vapors. More accurately, a clean-
room has a controlled level of
contamination that is specified by
the number of particles per cubic
meter at a specified particle size.
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.
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. Off-
set technique is still more efficient
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 us-
ing 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
eliminated to optimize perfor-
mance and efficiency 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 logistics
flow in order to reduce the envi-
ronmental impact.
Offset 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 offset comes from
the fact that the printing plate
never touches the paper.
Omni-channel
An integrated way of thinking
about people’s relationships with
organizations. Rather than working
in parallel, communication channels
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 communication. Com-
panies that use omni-channels give
their customers the ability to be in
contact with them through multiple
avenues at the same time. When
talking about omni-channel in
connection with sales, it is usually
commerce via both stores and
e-commerce that is referred to.
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.
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 measuring
performance globally.
ÖVRIG INFORMATION – STYRELSE
Elanders’ Annual and Sustainability Report 2022
Other information – Board of Directors
MAGNUS NILSSON
Member of the Board.
President and Chief Executive
Officer 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.
CARL BENNET
Deputy 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 member of the
remuneration committee.
Other appointments: Chairman and
CEO of Carl Bennet AB. Chairman
of the board of Lifco AB. Deputy
Chairman 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.
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, Global Challenges
Foundation and Mertzig Asset
Management.
Previous appointments in
selection: Chairman of the board of
Cloetta and Svolder. Member of the
board of Hemfosa, Electrolux, Lifco,
Haldex, Ahlsell and others.
Shareholding: 8,000 Class B shares.
JOHAN STERN
Member of the Board.
Born: 1951.
Bachelor of Science (Econ.).
Elected in: 1998.
Appointments on the Elanders
Board: Member of the remuneration
committee.
Other appointments: Chairman of
the board of 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.
DAN FROHM
Chairman of the Board.
Born: 1981.
M.Sc. in Industrial Engineering
and Management.
Elected in: 2017.
Appointments on the Elanders
Board: Chairman of the remuneration
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 office).
Shareholding (own and related
parties): 27,206 Class B shares.
DIRECTORS
Board of
Elanders’ Annual and Sustainability Report 2022
Other information – Board of Directors
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, 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 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.
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.
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 Officer of Carl Bennet AB.
Group Controller at Ernström
Holding AB. Finance Manager at
JMS/Q Systemhydraulik AB. Chairman
of the board of Entercircle Konfektion
AB.
Shareholding: 6,892 Class B shares.
JOHAN LIDBRINK
Deputy employee representative.
Born: 1979.
Upper secondary education.
Elected in: 2020.
Work: Warehouse worker at
Elanders Sverige AB.
Shareholding: None.
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: Chairman of the audit
committee.
Other appointments: Chairman of
the board of Omegapoint AB, Serline
and Arelion (former 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. Leading roles within
Ericsson, the operator 3 and Semcon.
Chairman of the board of Proact and
Semcon. Member of the board of
Addtech, Knowit and Thule.
Shareholding (own and related
parties): 8,000 Class B shares.
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.
Elanders’ Annual and Sustainability Report 2022
Other information – Group management, auditors and nomination committee
MANAGEMENT
Group
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
Officer 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.
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 Administra-
tion. Auditor during 1997–2007.
Approved Public Accountant 2004.
Authorized 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,
including 11 years as Manager at
HP and 7 years as Director
Transportation and Managing
Director at Amazon Logistics in
Germany.
Shareholding:
None.
Elanders’ Annual and Sustainability Report 2022
Other information – Group management, auditors and nomination committee
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 effective leadership.
Joined Elanders in connection with
the acquisition of Hindson Print in
1999, where he was digital print
manager.
Shareholding: None.
Auditors
PricewaterhouseCoopers AB with
the authorized public accountants:
Eric Salander
Born: 1967.
Company Auditor in Charge since 2022.
Company Auditor since 2022.
Other appointments:
Thule, Radisson and Hilding Anders.
Daniel Körner Rask
Born: 1986.
Company Auditor since 2022.
Other appointments:
Adient Sweden AB and Plejd AB.
Nomination committee
Carl Bennet
Chairman of the Nomination Committee and
contact, represents Carl Bennet AB.
Dan Frohm
Chairman of the Board.
Fredrik Carlsson
Svolder AB.
Jannis Kitsakis
Fourth Swedish National Pension Fund.
Dag Marius Nereng
Protector Forsikring ASA.
Nomination committee questions can be sub-
mitted by e-mail or post mail to:
valberedning@elanders.com
Elanders AB
Att: Nomination Committee
Flöjelbergsgatan 1 C
431 35 Mölndal, Sweden
AUDITORS AND
NOMINATION
COMMITTEE
Head office
ELANDERS AB
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
299 Thomas E. Dunn Memorial Hwy, Rutherford,
NJ 07070, USA
Tel: +1 201 854 1512
1055 Hanover St, Wilkes-Barre, PA 18706, USA
Tel: +1 201 854 1512
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 B.V.
De Amert 445, 5462 GH Veghel, Netherlands
Tel: +31 857 602 726
MOLDOVA
REX 11 S.R.L.
mun. Chiinău, sec. Centru, str. Negreteni, 9, ap.(of.) 11,
Moldova
Tel: +1 201 854 1512
UNITED KINGDOM
Bergen Logistics
Unit L6, High Flatworth, North Shields, NE29 7UT,
England
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, Germany
Tel: +49 7031 3060 402
Fax: +49 7031 3060 420
Schickardstraße 27, 71034 Böblingen, Germany
Tel: +49 7031 3060 208
Hans-Klemm-Straße 27, 71034 Böblingen, Germany
Tel: +49 7031 3060 400
Fax: +49 7031 3060 465
Bondorf
c/o LGI Deutschland GmbH
Am Römerfeld 4, 71149 Bondorf, Germany
Tel: +49 7457 9556 051
Fax: +49 7457 9556 309
Ehningen
c/o LGI Deutschland GmbH
Mercedesstraße 10, 71139 Ehningen, Germany
Tel: +49 7031 3060 400
Fax: +49 7031 3060 465
Esslingen
c/o LGI Deutschland GmbH
Fritz-Müller-Straße 116, 73730 Esslingen, Germany
Tel: +49 7032 2291 470
Fax: +49 7114 5984 140
Gomaringen
c/o LGI Deutschland GmbH
Siemensstraße 4, 72810 Gomaringen, Germany
Tel: +49 7121 9456 413
Großbottwar
c/o LGI Deutschland GmbH
Schleifwiesenstraße 25-27, 71723 Großbottwar, Germany
Tel: +49 7114 5984 130
Herrenberg
c/o LGI Deutschland GmbH
Heisenbergstraße 2, 71083 Herrenberg, Germany
Tel: +49 7032 8939 183
Fax: +49 7032 2291 111
Heilbronn
c/o LGI Deutschland GmbH
c/o AUDI AG
Alexander-Baumann-Straße 45, Building K40
74078 Heilbronn, Germany
Tel: +49 1727 3493 81
Horb am Neckar
c/o LGI Deutschland GmbH
Manfred-Volz-Straße 10
72160 Horb am Neckar, Germany
Tel: +49 1514 3109 829
Reutlingen
c/o LGI Deutschland GmbH
Max-Planck-Straße 77-83, 72766 Reutlingen, Germany
Tel: +49 7032 2291 0
Heubergstraße 6, 72766 Reutlingen, Germany
Tel: +49 7121 9456 485
Sindelfingen
c/o LGI Deutschland GmbH
c/o Daimler AG
Building 46/48, 71063 Sindelfingen, Germany
Tel: +49 1728 3072 45
Stuttgart
c/o LGI Deutschland GmbH
c/o Daimler AG
Am Nordkai 3, 70327 Stuttgart, Germany
Tel: +49 1622 5948 81
Stuttgart Airport
c/o ITG Air & Sea GmbH
Gottlieb-Manz-Straße 12,
70794 Filderstadt-Bernhausen, Germany
Tel: +49 7117 9730 90
Fax: +49 7117 9730 915
Waghäusel
c/o LGI Deutschland GmbH
Kontraktlogistik
Karlsruher Straße 61, 68753 Waghäusel, Germany
Tel: +49 7254 9580 880
Fax: +49 7254 9580 199
Spedition/Transporte
Karlsruher Straße 61, 68753 Waghäusel, Germany
Tel: +49 7254 9580 880
Fax: Fax: +49 7254 9588 301
Winnenden
c/o LGI Deutschland GmbH
Max-Eyth-Straße 14, 71364 Winnenden, Germany
Tel: +49 7114 5984 130
AREA HAMBURG-BREMEN
Bremen
c/o ITG Air & Sea GmbH
Pieperstraße 1-3, 28195 Bremen, Germany
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, Germany
Tel: +49 4050 0620
Fax: +49 4059 8033
Hamburg-Altenwerder
c/o LGI Deutschland GmbH
Altenwerder Hauptstraße 17-23, 21129 Hamburg,
Germany
Tel: +49 4033 3966 160
Fax: +49 4033 3966 190
Hamburg-Billbrook
c/o LGI Deutschland GmbH
Werner-Siemens-Straße 39, 22113 Hamburg, Germany
Tel: +49 4081 9735 23
Fax: +49 4081 9735 20
Troplowitzstr. 10, 22529 Hamburg, Germany
Tel: 49 4033 3966 127
Elanders’ Annual and Sustainability Report 2022
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AREA FRANKFURT-HEIDELBERG
Ketsch
c/o LGI Deutschland GmbH
Vorpommernstraße 2, 68775 Ketsch, Germany
Tel: +49 6202 2899 0113
Mörfelden-Walldorf (Frankfurt Airport)
c/o ITG Air & Sea GmbH
Hessenring 13, 64546 Mörfelden-Walldorf, Germany
Tel: +49 6105 9685 20
Fax: +49 6105 9685 280
Wiesloch
c/o LGI Deutschland GmbH
c/o Heidelberger Druckmaschinen AG
Gutenbergring 19, Building 2, 69168 Wiesloch, Germany
Tel: +49 7254 9588 308
AREA MUNICH
Manching
c/o LGI Deutschland GmbH
Königsaue 2, 85077 Manching, Germany
Tel: +49 8459 3334 150
Fax: +49 8459 3334 190
Nürnberg
c/o ITG Air & Sea GmbH
Andernacher Straße 53, 90411 Nürnberg, Germany
Tel: +49 9113 5018 70
Fax: +49 9113 5018 719
Schwaig (Munich Airport)
c/o ITG GmbH Internationale
Spedition + Logistik
Eichenstraße 2, 85445 Schwaig (Oberding), Germany
Tel: +49 8122 5670
Fax: +49 8122 5671 001
c/o ITG Air & Sea GmbH
Eichenstraße 2, 85445 Schwaig (Oberding), Germany
Tel: +49 8122 5671 300
Fax: +49 8122 5671 301
AREA BERLIN-DRESDEN
Neustadt in Sachsen
c/o LGI Deutschland GmbH
Kirschallee 6, 01844 Neustadt in Sachsen, Germany
Tel: +49 3596 5866 10
Fax: +49 3596 5866 99
Werder
c/o LGI Deutschland GmbH
Am Magna Park 4, OT Plötzin, 14542 Werder (Havel),
Germany
Tel: +49 3327 5749 120
Fax: +49 3327 5749 190
AREA DÜSSELDORF
Düsseldorf Airport
c/o ITG Air & Sea GmbH
Ungelsheimer Weg 6, 40474 Düsseldorf, Germany
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, Germany
Tel: +49 2366 5011 110
Fax: +49 2366 5011 190
Hünxe
c/o LGI Logistics Solution GmbH
Werner-Heisenberg-Straße 1, 46569 Hünxe, Germany
Tel: +49 2811 6400 108
Fax: +49 2811 6400 109
Oberhausen
c/o ITG Fulfillment GmbH
Im Lekkerland 4, 46147 Oberhausen, Germany
Tel: +49 2089 4146 0
AREA ERFURT
Erfurt
c/o LGI TechLog GmbH
Joseph-Meyer-Straße 3, 99095 Erfurt, Germany
Tel: +49 36204 722 201
AUSTRIA
LGI Austria GmbH
Vienna
Frankstahlstraße 1, 2361 Laxenburg, Austria
Tel: +43 2236 860 936 110
Fax: +43 2236 860 936 111
CZECH REPUBLIC
LGI Czechia s. r. o.
Prague
Poděbradská 601, 25090 Jirny, Czech Republic
Tel: +420 281 049 080
Fax: +420 281 049 099
F.V.Veselého 2635/15, 19300 Horní Počernice,
Czech Republic
Tel: +420 702 204 318
Zákupy
Nadrazni 295, 47123 Zákupy, Czech Republic
Tel: +420 487 828 018
Fax: +420 487 828 016
Mladá Boleslav
Plazy 129, 29301 Mladá Boleslav, Czech Republic
HUNGARY
LGI Hungária Logisztikai Kft.
Budapest
M1 Üzleti Park B/6 épület, H 2071 Páty, Hungary
Tel: +36 23 312 978
Tormásrét utca 10., H 2051 Biatorbágy, Hungary
Tel: +36 23 311 504
NETHERLANDS
LGI Netherlands B.V.
Amsterdam
Kaapstadweg 34A, 1047 HG Amsterdam,
Netherlands
Tel: +31 20 8515 740
Fax: +31 20 8515 701
Nieuw-Vennep
Lireweg 5 F, 2153 PH Nieuw-Vennep, Netherlands
Tel: +31 20 8515 700
Fax: +31 20 8515 701
Rotterdam
Van Weerden Poelmanweg 10, 3088 EB Rotterdam,
Netherlands
Tel: +31 10 8511 600
Fax: +31 10 8511 601
Ruurlo
Spoorstraat 15, 7261 AE Ruurlo, Netherlands
Tel: +31 573 45 31 80
Fax: +31 573 45 32 72
Den Bosch
Aziëlaan 22A, 5232 BA Den Bosch, Netherlands
Tel: +31 573 45 31 80
Fax: +31 573 45 32 72
Drachten
Galvanilaan 7, 9207 HG Drachten, Netherlands
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, Poland
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,
Romania
Tel: +43 2236 860 465
SWEDEN
LGI Logistics Group International AB
Borås
Viaredsvägen 14, 504 64 Borås, Sweden
Tel: +46 706 790 614
UNITED KINGDOM
LGI Logistics Group International UK
Milton Keynes
6 Deans Road, Old Wolverton,
MK12 5NA Milton Keynes, England
Tel: +44 19 08318 748
Bonds Worldwide Express Limited
Unit 6 The Gateway Estate, West Midlands Freeport,
Birmingham, West Midlands,
B26 3QD, England
Tel: +44 121 782 2233
Fax: +44 121 782 2722
USA
ITG International Transports, Inc.
Atlanta
100 World Drive, Suite 210,
GA 30269 Peachtree City, USA
Tel: +1 470 531 4500
Fax: +1 470 285 141
Boston
6 Kimball Lane, Suite 230, MA 01940 Lynnfield, USA
Tel: +1 617 455 60 20
Fax: +1 617 455 60 15
Elanders’ Annual and Sustainability Report 2022
Other information – Contact Elanders
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
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 Brazil
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, China
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, China
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, China
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, China
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, China
Tel: +86-512 5772 0005
Mentor Media (Shenzhen) Co., Ltd
Unit 602, 6th Floor, Building B, Tengfei Building,
No. 6 Taohua Road, Futian Free Trade Zone,
Shenzhen 518038, China
Tel: +86-755 8348 0418
Mentor Media (Shenzhen) Logistics Ltd
Unit 602, 6th Floor, Building B, Tengfei Building,
No. 6 Taohua Road, Futian Free Trade Zone,
Shenzhen 518038, China
Tel: +86-755 8348 0418
Mentor Media (Xiamen) Co., Ltd
No. 56 HuLi Dadao, 3rd Floor, Unit S1 & S2,
HuLi District, Xiamen, Fujian, 361006, China
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, China
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, China
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, China
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,
Czech Republic
Tel: +420 515 577 401
INDIA
Mentor Printing and Logistics Pvt. Ltd
Registered Office and Print & Packaging
Operations – DTA Unit (Domestic Tariff Area
)
B-50, SIPCOT Industrial Park, Irukkattukottai
– 602 117, Sriperumbudur Taluk, Tamilnadu, India
Tel: +91 44 7110 3600
Fax: +91 44 7110 3902
SCM Operations – DTA Unit. (Domestic Tariff Area)
B-51, SIPCOT Industrial Park, Irukkattukottai
– 602 117, Sriperumbudur Taluk, Tamilnadu, India
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, India
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, Mexico
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 64817
TAIWAN
Mentor Media Taiwan Branch
Rm. 2, 7F., No.146,Wenxing Rd., Guishan Township,
Taoyuan County 33377, Taiwan
Tel: +886-3-3279389#401
Fax: +886-3279382
USA
Mentor Media (USA)
Supply Chain Management, Inc
865 South Washington Ave, San Bernardino,
CA, 92408, USA
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
REUSEIT SWEDEN AB
Växjö
Web: www.reuseit.se
E-mail: info@reuseit.se
Tel: +46 470 70 35 00
Site Manager: Micael Åhman
Illervägen 13, 352 45 Växjö, Sweden
Gothenburg
Web: www.reuseit.se
E-mail: info@reuseit.se
Tel: +46 31 313 32 59
Site manager: Henrik Cohn
Första Långgatan 30, 413 27 Gothenburg, Sweden
Azalea Global IT AB
Web: www.azaleait.se
E-mail: info@azaleait.se
Tel: +46 31 313 32 59
Site manager: Henrik Cohn
Första Långgatan 30, 413 27 Gothenburg, Sweden
Elanders’ Annual and Sustainability Report 2022
Other information – Contact Elanders
Print & Packaging
Solutions
President: Sven Burkhard
GERMANY
d|o|m Deutsche Online Medien GmbH
Anton-Schmidt-Straße 5, 71332 Waiblingen,
Germany
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,
Germany
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,
Germany
Web: www.fotokasten.de
Tel: +49 71 51 165 17 0
Fax: +49 71 51 165 17 99
myphotobook GmbH
Oranienstraße 183, 10999 Berlin, Germany
Web: www.myphotobook.de
Tel: +49 180 5 846 846
Fax: +49 3052 0 047 441
Schmid Druck + Medien GmbH
Gewerbepark 5, 86687 Kaisheim, Germany
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, Germany
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, Hungary
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., Hungary
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), Italy
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, Poland
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, Poland
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, England
Web: premiumtags.co.uk
E-mail: David.Clark@elanders.com
Tel: +44 115 978 3786
Fax: +44 115 978 3784
USA
ElandersUSA, LLC
Acworth
4525 Acworth Industrial Drive, Acworth,
Georgia 30101, USA
Web: www.elandersamericas.com
Tel: +1 770 917 70 00
Fax: +1 770 917 70 20
Kennesaw
Kennesaw 1925 Shiloh road, 30144 Kennesaw,
Georgia, USA
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, USA
Web: www.elandersamericas.com
Tel: +1 563 359 3696
Fax: +1 563 823 7651
Elanders’ Annual and Sustainability Report 2022
Other information – Contact Elanders
Elanders’ Annual and Sustainability Report 2022
Financial calendar
ANNUAL GENERAL MEETING
Financial calendar and
Shareholders in Elanders AB (publ) are welcomed to the company’s
Annual General Meeting Friday 21 April 2023.
Annual General Meeting
4/21/2023
Quarterly Report Q3, 2023
10/17/2023
Quarterly Report Q1, 2023
4/21/2023
Year-end Report 2023
1/23/2024
Quarterly Report Q2, 2023
7/12/2023
Elanders AB’s Annual General Meeting
will be held on April 21, 2023.
Address:
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.
Other information – Annual general meeting and financial calendar
Elanders’ Annual and Sustainability Report 2022
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 and Sustainability Report is
FSC® labeled.
For the Annual and Sustainability Report 2022,
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
Art Direction and design: Narva
Communications.
Production: Elanders AB in collaboration
with Narva Communications.
Paper: Cover: Circleoffset Premium White 300 g.
Inlay: Circleoffset Premium White 120 g.
Print: Schmid Druck + Medien GmbH, Germany,
a member of Elanders Group.
PHOTO
Bergen Logistics: pages 26–27.
Elanders: page 37.
LGI: pages 11, 26, 28–29, 31, 33–36, 125, 130.
Mentor Media: pages 30–32, 122.
Mikael Göthage: pages 8–9, 31, 150–153.
Myphotobook: page 37.
Pratham: page 129.
Shutterstock: Cover, pages 2–6, 14–25,
44–46,112–113, 117, 158–159.
WIN WIN Gothenburg Sustainability
Award: page 128.
DISTRIBUTION POLICY
Elanders’ Annual and Sustainability 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 and
Sustainability Report both in Swedish and
English from Elanders’ website. Those
interested can via the website read
Elanders’ Annual Reports from the last
ten years.
TRANSLATION
Björn Raunio, Camille Forslund
and Elanders.
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.
… AND BEYOND