Elanders Annual and Sustainability Report 2023
Elanders
Annual and
Sustainability
Report 2023
Elanders’ Annual and Sustainability Report 2023
This is Elanders
Elanders at a glance 4
Our business model 6
The year in brief 8
Our business areas 10
CEO comments 12
Business concept, goals and strategies 16
Sustainability 18
Our customer segments 20
Our largest operations 34
Board of Directors’ report
Board of Directors’ report 40
Sustainability reporting in accordance
with the Annual Accounts Act 45
Risks and uncertainty factors 46
Corporate governance report 50
Financial reports and notes
Group 56
Parent company 94
Proposed appropriation of profits 108
Auditor’s report
Auditor’s report 109
Sustainability report
Introduction 114
Strategy and materiality analysis 116
Environment 119
Social 124
Governance 125
Notes to the sustainability report 128
Auditor’s report on the statutory
sustainability report 133
EU taxonomy 134
Other information
Five years in summary 136
Share information and ownership structure 139
Reconciliation of alternative performance measures 142
Financial definitions 144
Specific terms 145
Board of Directors 146
Group management, auditors
and nomination committee 148
Contact Elanders 150
Annual general meeting and financial calendar 154
Operations
Sustainability report
Contents
Contents
Customer segmentsCEO comments
Elanders’ Annual and Sustainability Report 2023
Elanders is a global logistics company offering a broad service range
of integrated solutions within supply chain management. The busi-
ness is mainly operated through two business areas, Supply Chain
Solutions and Print & Packaging Solutions.
The Group has almost 8,000 employees and operates in around 20
countries on four continents. The most important markets are China,
Singapore, the United Kingdom, Sweden, Germany and the USA.
Integrated solutions
worldwide
Net sales, MSEK
,
Group
The customers are divided into six segments according to their
respective business; Automotive, Electronics, Fashion, Health Care,
Industrial and Other.
Elanders considers sustainability a responsibility, a business opportunity
that can improve future profitability, and a prerequisite to create
value. Therefore, sustainability is a part of Elanders’ business and
strategy.
Elanders at a glance
Employees
,
Our locations in Americas:
Brazil: 1 location, 47 employees;
Canada: 1 location, 21 employees;
Mexico: 2 locations, 48 employees;
USA: 11 locations, 1,276 employees
Locations
>
Employees
,
Share of net sales
%
North and
South America
Numer of
countries
~
Elanders’ Annual and Sustainability Report 2023
Our locations in Europe:
Austria: 2 locations, 51 employees; Czech Republic: 5 locations,
287 employees; Germany: 45 locations, 3,146 employees;
Hungary: 4 locations, 268 employees; Italy: 1 location,
25 employees; Netherlands: 8 locations,195 employees;
Poland: 3 locations, 272 employees; Romania: 1 location,
5 employees; Sweden: 5 locations, 166 employees; United
Kingdom: 21 locations, 707 employees
Asia
Employees
Our locations in Asia:
China: 12 locations, 399 employees;
India: 2 locations, 104 employees;
Singapore: 3 locations, 452 employees;
Taiwan: 1 location, 5 employees;
Thailand: 1 location; Vietnam: 1 location
Elanders at a glance
Share of net sales
Europe
Employees
,
%
%
Share of net sales
North and
South America
Health Care
Automotive
Industrial
Electronics
Fashion
Other
→
Elanders’ Annual and Sustainability Report 2023
Elanders is a global logistics company offering
a broad service range of integrated solutions
within supply chain management. The Group
can support customers with services along
every step of a product’s lifecycle, from the
production start of its components until it has
definitely served its purpose and is ready for
recycling.
Elanders’ customers come from a broad spectrum of industries and
are divided into six customer segments: Automotive, Electronics,
Fashion, Health Care, Industrial and Other. On behalf of its customers,
Elanders’ business is mainly operated through the two business areas
Supply Chain Solutions and Print & Packaging Solutions. Whether
customers turn to Elanders for separate services or customized
comprehensive solutions, the Group contributes to their increased
productivity, profitability and sustainability.
On behalf of customers, Elanders manages and optimizes the flow
of raw materials, components, finished products, payments and
information through all steps of a product’s lifecycle. The service
offering includes everything from order management, procurement,
purchasing of components, customs management and warehousing
to production logistics, manufacturing, configuration, quality control
and delivery. The Group also handles payment flows and synchroniz-
ing purchasing and warehousing with demand, as well as managing
the recycling or resale of returned or discarded products.
Value-added services are tailored to the individual needs and
wishes of customers. They include, for example, installation, testing,
reparation, unloading and transshipment, as well as repackaging of
products. When it comes to e-commerce, combined with providing
logistics services, Elanders can create and take responsibility for the
operation of the customer’s web shop, including content production
and management, as well as customer and financial services.
The Group also provides global, comprehensive solutions within
print that are run extremely efficiently and flexibly. Everything from
print and packaging production to various add-on services, like for
example kitting and packing for just-in-time or sequence delivery,
are offered. In addition to packaging, most of the growth in printing
services is found within online print, where Elanders has both its
own, efficient order platforms and delivers printed matter for a
number of other well-established companies.
Elanders considers sustainability both a responsibility and a business
opportunity that can improve future profitability and value for Elanders,
as well as the Group’s customers and society at large. That is why
sustainability is an integrated part of the Group’s business and strategy.
Elanders
customer
segments
Read more about how our
customer segments provide
long-term growth on pages 20–33.
Integrated
solutions within
supply chain
management
Our business model
Production & Assembly
• Cross Docking
• Quality Control
• Assembly & Testing
• Production
Life Cycle Management
• Service & Installation
• Reverse Logistics
• Redistribution
• Warranty Handling
• Spare Parts
• Repair & Refurbishment
• Renewed Tech
→
Procurement &
Inbound Services
• Sourcing & Procurement
• Customs Services
• Freight Solutions
• Warehouse & Inventory
Management
Distribution &
Outbound Services
• Pick & Pack
• Consolidation & Transit
• Global & Local Deliveries
• JIS (Just-in-Sequence)
• E-commerce
E-commerce
RetailConsumers
Hospitals
Factories
Recipients
Read more about about
how sustainability creates
business opportunities
on pages 18–19.
Our business model
Elanders’ Annual and Sustainability Report 2023
Elanders’ Annual and Sustainability Report 2023
The year was challenging, marked by high infla-
tion, decreasing consumption and normalized
freight rates for Air & Sea. All in all, this had a
negative impact on Elanders’ organic growth.
Nevertheless, Elanders remained stable thanks
to its diversification that moderated the worst
effects of the decline in demand. The year
ended on a positive note with the acquisition
of the British logistics company Kammac.
During 2023 there was a decline in demand within a majority of
Elanders’ customer segments and on all continents. The trend from
2022 continued with a weaker market for durable goods such as
computers, TVs and household appliances. Demand also declined
within fashion, and the automotive industry had continued problems
with component supply. On a more positive note, the online print
business had continued success, while at the same time prices for
electricity, energy and materials stabilized.
The Group’s negative organic growth is in large part due to normal-
ized freight rates for Air & Sea. Parallel to this, certain business opera-
2023 in brief
tions with low profitability have been discontinued which, together
with successful renegotiation of client contracts and cost initiatives,
contributed to a stable result. The width of Elanders’ customer base
and its geographical distribution have helped mitigating the worst
effects of the decline in demand. At the same time, the Group has
succeeded in substantially improving its cash conversion, i.e. the
ability to generate cash flows from the results that are reported.
Elanders’ financial position remains stable although high interest
rates are putting pressure on the bottom-line result. The Group has
had success in its steady work to reduce working capital and improve
cashflow. There is still room for Elanders to develop and widen its
range through strategic acquisitions, like Kammac in November
2023. The acquired company’s extremely flexible business model
and strong presence in the United Kingdom now opens up for more
substantial business for customers there, while its business model can
also be developed in other countries.
The Group’s sustainability work and preparations for the imple-
mentation of the EU directive for sustainability reporting, CSRD, have
been progressing well during the year. Elanders has conducted the cal-
culations of its scope 3 emissions, i.e the carbon emissions in the value
chain. On the basis of these, Elanders has committed to setting climate
targets in accordance with the Science-Based Targets initiative (SBTi)
with the ambition to get the targets validated in the coming year.
The year in brief
Three year overview
2023 2022 2021
Net sales, MSEK 13,867 14,974 11,733
EBITDA, MSEK 1,967 1,940 1,468
EBITA exl. IFRS 16, MSEK 929 1068 770
EBITA, MSEK 820 940 641
EBITA adjusted, MSEK 927 966 658
Result after financial items, MSEK 398 666 482
Result after tax, MSEK 258 487 331
Earnings per share, SEK
1)
7.02 13.29 9.12
Cash flow from operating activities per share, SEK 50.39 31.27 30.07
Equity per share, SEK 108.50 108.46 92.67
Dividend per share, SEK 4.15
2)
4.15 3.60
EBITA-margin, % 5.9 6.3 5.5
EBITA-margin adjusted, % 6.7 6.5 5.6
Return on total assets, % 6.5 11.6 6.3
Return on equity, % 6.5 13.0 10.4
Return on capital employed, % 6.4 8.3 8.5
Net debt/EBITDA ratio, times 4.2 3.7 3.6
Net debt/EBITDA ratio excl. IFRS16, times 3.9 2.8 3.3
Debt/equity ratio, times 2.1 1.9 1.6
Equity ratio, % 24.7 26.6 28.0
Average number of outstanding shares, thousands 35,358 35,358 35,358
1)
There is no dilution.
2)
Proposed by the board.
For Reconciliation of alternative performance measures and Financial definitions, see pages 142–144.
→
Elanders’ Annual and Sustainability Report 2023
Våra affärsområden
The year ended
on a positive
note with the
acquisition of
the British logistics
company Kammac.
Read more about Kammac
on page 38.
The year in brief
Elanders’ Annual and Sustainability Report 2023
Supply Chain
Solutions
Supply Chain Solutions is Elanders’ largest business area and makes
up three-fourths of the Group. It is within this area the Group sees
big growth potential going forward. The market as a whole is ex-
panding, outsourcing and online commerce is increasing, and demand
is driven by a globally growing middle class. New regulations 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.
Elanders is one of the leading compa-
nies 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 aftersales services.
Share of net sales
81%
Our business areas
11,385
Share of EBITA
88%
Net sales MSEK
Elanders’ Annual and Sustainability Report 2023
Print & Packaging
Solutions
In general, the market for this business area is characterized by
change in demand and successive consolidation. However, thanks to
Elanders’ financial strength, this also creates opportunities for the
Group to gain market shares. There is an ongoing shift from tradi-
tional offset print with large editions towards digital print and more
recipient-adapted products. Online print, a strategic priority for the
group, continues to show organic growth.
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. This most often in
combination with advanced order platforms
on the Internet, value-added services and
just-in-time deliveries.
Share of net sales
19%
Our business areas
2,630
Share of EBITA
12%
Net sales MSEK
Elanders’ Annual and Sustainability Report 2023
A trend with a lower demand for durable goods such as computers,
TVs and household goods continued in 2023. In addition, the demand
for fashion products declined and our customers in Automotive
continued to suffer from problems with the component flow. Another
factor behind our lower net sales was a normalization of the forwarding
freight costs within the Group’s Air & Sea operations. On the positive
note, prices for electricity, energy and material stabilized.
Considering the very challenging year, marked by declining demand
and a negative organic growth, Elanders still succeeded in generat-
ing a relatively good result with an adjusted EBITA margin of 6.7
percent, to compare with last year’s 6.5 percent. The reason for this is
that we discontinued low profit business while renegotiating contracts
with customers and taking cost-cutting measures. We also reduced
our buy and sell business during the year. This has both strengthened
our margins and reduced working capital by over MSEK 370.
Elanders continues to have very stable financing although rising
interest rates put pressure on the bottom line. To counter the high
interest costs, we have worked diligently to reduce our working
capital and improve cash flow. The outcome has been very positive,
and we achieved a cash conversion of 110 percent, which can be
compared to last year’s 65 percent. Fundamentally we feel secure with
our robust business model built on diversification, both geographi-
cally and in various customer segments. We support our customers
with both offshore and nearshore solutions according to their wishes
and we can act quickly when crises arise.
The Group’s sustainability work has progressed well during the
year. Business-wise we see the importance of being a strategic business
partner that can help the customer to get control of and reduce its
emissions in the value chain. We have also developed our concept in
Renewed Tech in Sweden through collaboration with the chain store
Kjell & Company. This entails collection of used equipment which
we can recondition for a second life. Furthermore, we have continued
the preparations to become in line with the new EU directive for
sustainability reporting, CSRD. At the end of 2023, we completed
our calculations of the carbon emissions generated in the Group’s
value chain, i.e. in scope 3. In December 2023 we also made a com-
mitment within the Science Based Targets initiative (SBTi) with the
ambition to get our climate targets validated in the coming year.
Focus
cash flow
Supply Chain Solutions
Our largest business area, Supply Chain Solutions, has delivered a
stable result overall, despite negative growth and surplus capacity.
Our broad customer base has helped us mitigate the worst effects
of a weaker market with declining demand in most of our customer
segments. Despite the lower demand, we achieved a profit margin
only slightly under last year’s, and at the same time managed to
improve our cash conversion significantly.
After very good performance in North America in 2022, driven by
fantastic growth in Bergen Logistics, even this region was negatively
impacted in 2023. Demand declined and growth stalled, which
combined with surplus capacity resulted in lower margins than the
previous year. Demand in Europe continued to fall during the year,
and this affected nearly all our customer segments. Despite negative
growth in this region, we managed to maintain margins by renegoti-
ating customer contracts and close down business that was unprofit-
able. In Asia, despite a decline in demand, we succeeded in raising
profit margins though cost-cutting measures and a lower share of buy
and sell business.
CEO comments
High inflation, declining consumption and
discontinuance of unprofitable business
turned 2023 into a challenging year. All of this
had a negative effect on the organic growth.
Yet, Elanders managed to end the year on a
positive note through a strong cash flow that
enabled the acquisition of Kammac. During
the first quarter of 2024 this was followed by
yet another acquisition, Bishopsgate.
Elanders’ Annual and Sustainability Report 2023
Elanders managed
to end the year
on a positive note
through a strong
cash flow.
Magnus Nilsson
President and Chief Executive Officer
CEO comments
Elanders’ Annual and Sustainability Report 2023
2023 was another challenging
year where Elanders had to
demonstrate decisiveness in order
to deal with a weak demand and
cost pressures from high inflation
and high interest rates.
Elanders continues to invest in long-term organic growth in Supply
Chain Solutions and during the year we opened new facilities in
Mexico, Germany, the United Kingdom and the USA. By expanding
in Mexico we are responding to the growing trend of nearshoring,
where customers in Asia move operations to Mexico in order to cost
efficiently come closer to the North American market. The new
facility in Germany is part of our ongoing expansion in Health Care
and handles import, warehousing and delivery of components for
manufacturers of medical equipment. Also, the new facility in the
USA is part of our expansion in Health Care and offers sterile
packaging solutions.
An important development during the year has been continued
global rollout of Bergen Logistics’ business model in the customer
segment Fashion. In 2023, we implemented the model at additional
sites in the Netherlands, China and the United Kingdom. This
primarily takes place in existing units, which minimizes risks and
speeds up integration. Our goal is to offer customers a global solution
with a single integration for all markets worldwide, which would be
something unique. We plan to continue this work throughout 2024.
The most positive news in the business area during the year was
our acquisition of the British growth company Kammac in November.
It adds both a unique business concept to the Group and at the same
time makes us a stronger actor in the UK. Previously, our limited
capacity in the country has prevented us from participating in large
procurements. With Kammac’s 15 warehouses and extremely flexible
business model, we will now be able to handle major business on the
British market as well. We also plan on developing the company’s
business model in other countries.
Acquisitions are an important part of our strategy to constantly
develop our offer, broaden our geographic horizon and improve our
margins. The acquisition of Kammac was followed by another acqui-
sition in the UK in the first quarter of 2024, the Life Cycle Manage-
ment company Bishopsgate. They are one of the UK’s leading actors
within special transportation, installation and configuration of medi-
cal devices, office printers, data centers, parcel lockers and charging
stations for electric vehicles. The acquisition is part of Elanders’
strategy to be able to manage a larger share of our customers’ value
chain as well as increase our share of value-added services.
Print & Packaging Solutions
The margin improved in the business area Print & Packaging
Solutions during 2023, despite a weak market. We successfully
renegotiated important customer contracts while material and
electricity prices stabilized. We also continued to reap success within
online print. When the industry was hit by material shortages last
year, we were forced to build up buffer stock that we successively re-
duced during 2023. This, together with other measures, resulted in a
significant improvement of the business area’s cash conversion cycle.
The improved margin is primarily due to positive developments in
Europe even though demand for traditional printed matter in large
CEO comments
Elanders’ Annual and Sustainability Report 2023
editions continues to decline. Elanders’ successes mainly stem from
continued growth in digital printing and the fact that we can produce
small editions industrially, all the way down to unique copies. This
concept allows us to offer competitive solutions to actors with
business in online print. During the year, we further increased our
capacity with the latest technology in digital print and expanded our
finishing capacity.
The market for traditional printed matter is on decline 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.
The demand for constant optimization and efficiency is high on a
contracting and highly competitive market like printing. Thanks to
our size, Elanders can handle this better than most of our competi-
tors that generally are small and local. A couple of ways we meet the
demand for efficiency is by optimizing our various units for different
products and maximizing capacity utilization of production equip-
ment. In addition, we constantly develop our offer with new kinds of
products and concepts within online print, and even by combining
digital print with traditional print for efficient solutions with less
environmental impact.
The organic growth in Print & Packaging Solutions is primarily
driven by our successes in online print. Another vital factor is how
well we have developed our offer to both existing and new customers
through taking responsibility for a greater portion of their value chain
by handling other products and various logistics services.
Summary
In summary, 2023 was another challenging year where Elanders had
to demonstrate decisiveness in order to deal with a weak demand and
cost pressures from high inflation and high interest rates. Because the
Group has several legs to stand on, we were able to resist pressure
and didn’t lose sight of new opportunities or our focus on sustain-
ability and the ongoing transition to a circular economy.
I want to end with a heartfelt thanks to all the employees in the
Group that work every day to deliver on the highest level and help
us achieve long lasting success. Of course, I also want to thank our
investors and customers for their confidence in us. We are now
continuing to jointly develop Elanders as one of the world’s leading
companies in supply chain management and online print.
CEO comments
Magnus Nilsson
President and Chief Executive Officer
Elanders’ Annual and Sustainability Report 2023
Elanders has a particular focus on advanced logistics 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 production, ware-
housing and transportation, which makes the customers’ business
operations more cost-efficient and sustainable.
Elanders strives to have a balanced mix of customers in terms of
both geographies and industries, with the aim to reduce the effect
of fluctuations in individual markets as well as of general business
cycles. The Group is looking for customers where Elanders is a strate-
gic business partner supporting them to develop further.
Business concept
Elanders wants to be a global and strategic partner to the customers
in their business-critical processes. The goal for Elanders is to be a
leader in global end-to-end solutions in supply chain management
and to be the best at meeting customers’ demands on efficiency and
delivery, while focusing on sustainability. Elanders helps customers
with their business-critical processes, locally and globally, through
integrated and customized solutions for managing all or parts of their
supply chains. At the same time, the customers’ climate footprint is
reduced through optimization of both material and product flows.
Financial and sustainability targets
To achieve its long-term financial targets and consistently deliver an
increase in value and higher return to its shareholders year after year,
Elanders continually develops its offer to the customers. A sustainable
business model and new and continually improved services, combined
with innovative technology, creates a good platform for continued
growth and development as well as greater value for shareholders.
At the beginning of 2023, the Group communicated its greenhouse
gas reduction targets. The targets signify that the business shall be in
line with the 1.5-degree target of the Paris agreement by year 2030.
The Group is to reach net zero emissions in the entire value chain by
year 2050.
Growing organically and through acquisitions
Elanders is developing together with its customers. Global business
often emerge through the solid relationships created when local
needs are met and are optimized through good solutions that are
then implemented globally for customers. As the Group expands,
its capacity to meet customers’ needs in new geographic markets
increases, which deepens the customer relationship.
In addition to developing its 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.
The objective is that acquisitions always broaden or complement
Elanders’ offer and, if possible, provide further niche expertise.
Optimized solutions
for strengthened
competitiveness
and endurance
Elanders’ overarching goal is to be a leader in
global solutions within supply chain manage-
ment in a connected and sustainable world.
Business concept, goals and strategies
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Elanders’ Annual and Sustainability Report 2023
Long-term financial targets
Long-term sustainability targets
Elanders’ long-term financial targets are as follows
2030
Reduce greenhouse gas
emissions within scope 1 and
scope 2 by 50 percent and
reduce emissions within scope
3 related to own operations by
30 percent.
2040
Reduce emissions within scope
1 and scope 2 by 75 percent.
2050
The Group should have
achieved net zero emissions
over the entire value chain.
Goal achieved Goal not achieved Goal
EBITA-margin, %
>7 percent
Net debt/EBITDA
The ratio should be under <2.5
Net sales growth, %
At least 3–5 percent annually over a
business cycle
Business concept, goals and strategies
→ →
Elanders’ Annual and Sustainability Report 2023
Transition that
creates business
opportunities
Sustainability
The goal is that the Group’s negative impact on the environment is
minimized and new business models found that can have a positive
effect in form of, for example, more circular material and resource
flows. At the same time, Elanders shall contribute to a sustainable
social development and be a responsible and attractive employer.
Related disclosures to the areas environment, social responsibility
and governance are included in the sustainability report on pages
114–135.
A flexible partner in the transition towards net zero
In 2023, the rapid pace of companies setting ambitious targets for
reducing greenhouse gas emissions in line with what is considered
necessary to keep global warming below 1.5 degrees continued.
Elanders was one among these and will join the transition to net
zero emissions throughout its own operations and value chain. This
means reducing emissions of greenhouse gases to minimum level, and
that residual emissions are balanced through recognized methods
for carbon dioxide removals. At the same time, when Elanders now
implements measures to reach its climate targets, it facilitates the
customers’ transition work as their value chain emissions are reduced.
Elanders can use its business model and global presence for the
benefit of both a reduced climate footprint and increased profitability.
The Group offers services along all stages of a product’s life cycle,
from the beginning of the manufacturing chain until the product has
completely served its purpose and is ready for recycling. On behalf
of customers, Elanders manages and optimizes flows of both raw
With unique and customized services, Elanders helps
their customers grow and expand to new markets. As a
global business, Elanders feels a responsibility to run its
operations in a sustainable way. Elanders wants to be a
strategic business partner in the climate transition where
the pressure for change in the value chains can create
further value and improve profitability.
materials and components as well as finished products. Through a
broad service portfolio and geographical spread, Elanders can offer
customized logistics solutions close to the customer’s business and
the end customer. In this way, the customer can reduce emissions, not
least in their transport systems, and at the same time optimize costs.
As a partner to the customer, Elanders can further make visible the
emissions in the customer’s value chain and at the same offer alterna-
tive solutions aimed at where the customer has its greatest impact and
needs.
Sustainable logistics solutions need to be both energy efficient,
reliable and safe. Here, Elanders wants to be a strategic business
partner and to grow together with the customer. The more integrated
into the customer’s business model, the more Elanders, with its solu-
tions and employees, can help the customers to reduce their negative
impact and along the way find cost savings in their logistics chain.
Enabler for circular solutions
In recent years, Elanders has expanded within the business area Life
Cycle Management, covering the circular concept Renewed Tech.
Through a service-based and circular business model, the concept
takes advantage of the potential found on the second-hand market
for IT products. Elanders has scalable circular business models that
can be extended to different customer segments. In dialogue with the
customer, Elanders can become an enabler of circularity within the
customer’s business model.
Elanders’ Annual and Sustainability Report 2023
Sustainability
In 2023, Elanders further developed the circular
business model and took a step towards the
consumer. The Swedish subsidiary ReuseIT
launched a collaboration with the tech retail chain,
Kjell & Company, that allows members of Kjell &
Company’s customer club to return their comput-
ers, tablets and cell phones in the chain’s shops.
ReuseIT has developed a system that enables real-
time valuation and efficient logistics management
which has been integrated into Kjell & Company’s
stores. After ReuseIT’s quality control, secure data
wiping and reconditioning, the returned products
are then made available for purchase through Kjell
& Company’s web shop.
Within Renewed Tech, Elanders takes care of used
IT equipment, for example computers and servers,
to be reconditioned and sold to new users on the
second-hand market. The biggest environmental
impact of a product comes from the production
phase. This means that there are considerable
environ mental advantages of prolonging its life
before it is finally recycled.
IT return at
Kjell & Company
Renewed
life for used
IT equipment
Elanders has scalable
circular business models
that can be extended
to different customer
segments.
1)
The emission 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.
→
During 2023, Elanders handled
approximately 100 thousand discarded
units that were given a new life with
a new user. That equals more than
27 thousand tons CO
2
equivalents.
1)
Automotive
20%
12%
Industrial
Elanders’ Annual and Sustainability Report 2023
Elanders’
customer
segments
Elanders divides its customers into six seg-
ments 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 challenging transitions as develop-
ments shift to electric vehicles, 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.
Industrial manufacturers currently need low manu-
facturing costs, high product quality, short lead times
and high delivery precision. From production to
aftermarket, logistics are a key factor. Outsourcing
these services, a reliable supply chain all the way to
the end customer can be guaranteed. At the same
time, manufacturing processes can be streamlined.
Growth prospects:
Medium
Business cycle sensitivity:
High
Growth prospects:
Medium
Business cycle sensitivity:
High
Our customer segments
28%
Fashion
Health Care
4%
25%
Electronics
11%
Other
Elanders’ Annual and Sustainability Report 2023
Growth prospects:
High
Business cycle sensitivity:
Medium
Growth prospects:
High
Business cycle sensitivity:
Medium
In the Fashion industry, sales are shifting from
traditional retail sales to more online shopping. Many
customers are looking for a partner that can take
extensive and comprehensive responsibility and be
deeply integrated into their e-commerce and other
business. At the same time, managing returns and
recycling is becoming an increasingly important part
of the supply chain.
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-assured
and broad offer that covers customers’ needs has consid-
erable potential in this area.
Growth prospects:
Medium
Business cycle sensitivity:
Low
The customer segment Other includes customers within
online print and the food and beverage industry, among
others. As opposed to traditional, commercial offset
print, volumes continue to grow in mass production of
individually customized printed matter ordered online. In
connection with the acquisition of Kammac, there was an
increase in the number of third-party logistics customers
within the food and beverage industry.
Business cycle sensitivity:
Medium
Growth prospects:
Medium
In a world characterized by, among other things,
a growing middle class, the consumption of
electronics is on the rise, both for companies
and consumers. This goes for everything from
computers, surveillance systems and TVs to
heat pumps and data centers. At the same time,
requirements on resource effectiveness and
sustainability are getting more stringent.
Our customer segments
Elanders’ Annual and Sustainability Report 2023
There is an ongoing development away from traditional
retail sales to a growing share of online shopping. Thanks
to, among other things, cutting-edge IT solutions and a wide
range of value-added services, Elanders is responding to
the need that many clients have of a logistics partner that
can take extensive and comprehensive responsibility and be
integrated in their business operations. At the same time,
handling of returns, recycling and reuse is becoming an ever
more important part of the supply chain as e-commerce
grows further.
Fashion
– a growing
customer
segment
Trends within Fashion
Our customer segments – Fashion
20
number of sites globally
28%
of Elanders’ total sales
490,000
m in total floor area at facilities
within the Group
Sourcing &
Procurement
Freight coordination &
Customs management
Warehousing Quality control &
Assembly and testing
Manufacturing Freight coordination &
Customs management
Warehousing
Configuration & Testing
Pick & PackLocal and global
distribution &
Customs management
White glove
delivery
Returns
management
Reuse & Recycle After sales
Just-In-Time
deliveries
Elanders’ Annual and Sustainability Report 2023
Suitable solutions
for all customers
The Fashion customer segment includes not only clothes, but also acces-
sories, perfumes and other lifestyle items. A common characteristic for
the fashion industry is a fast pace, with several new collections in a year.
A logistics partner must keep up with the speed of the industry, be able to
handle extremely fluctuating volumes and 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 always be excellent when it comes to service and
speed of delivery.
Today, Elanders offers different concepts for different types of clients
within the world of fashion, catering to their various needs. Small to
medium-sized businesses are offered highly standardized third-party logistics
concepts that can easily be integrated in their own systems, which enables
them to quickly access different markets, wherever they 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, in order to achieve desired scalability and flexibility.
No matter the type of concept, the great advantage clients get from
Elanders is that they can focus on their core business: designing clothes (or
other fashion items) and handling the manufacturing and sales. Mean-
while they keep one point of contact and one integration for their global
fulfillment needs. Elanders is a reliable partner providing high quality and
smoothly functioning processes, as well as a keen ear for customer needs
and the option of different kinds of value-added services.
Fashion is one of Elanders’ largest customer
segments. Within this area the Group offers global
supply chain management services adapted to the
needs of all types of customers. From new, smaller
brands all the way up to well-established giants
present in most consumers’ wardrobes.
Elanders in the customers’ value chain
Our customer segments – Fashion
Elanders’ Annual and Sustainability Report 2023
Trends within Electronics
The consumption of electronics has for long been on the
rise, both for companies and consumers, just as the middle
class is growing on a global scale. Across the world, Elanders
is a reliable partner for electronics suppliers. At the same
time, for sustainability reasons, end consumers are increas-
ingly buying electronics products second-hand. Through
the Group’s investments in Renewed Tech, Elanders is also
present in this growing market.
Electronics
– decades of
experience
Our customer segments – Electronics
>100
countries receive deliveries
from Elanders
25%
of Elanders’ total sales
12
MILLION
laptops are handled every
year
Elanders’ Annual and Sustainability Report 2023
From component pro-
curement to collecting
discarded end products
Within the Electronics customer segment, Elanders is a well-established
service provider with decades of experience. Clients demand end-to-end
services to achieve efficient handling of large volumes of products and
equipment that often need to be adapted to various geographical markets
and types of users. The management of spare parts, repairs and handling
of discarded equipment are also increasingly handed over to a partner on
today’s outsourcing market.
Elanders offers to be the clients’ sole point of contact for a wide range
of services during the entire lifecycle of electronics. The Group provides
services starting off from the procurement of components, carrying out
quality controls and just-in-time/sequence deliveries for manufacturing.
When the products are finished, Elanders offers warehousing and distribu-
tion to end customers. A range of value-added services such as assembly of
components, flashing software, country adaptation and consolidating orders
are offered. Furthermore, clients can get assistance with customs clearance,
certain financial services and cross-border tax management.
Besides efficient delivering to end customers, Elanders’ clients can benefit
from aftermarket services such as the supply of spare parts, repair/maintenance
and updating of software or batteries. Once the end customer eventually dis-
cards the product, the services within Renewed Tech can be added to circulate
the product. There, the discarded equipment is collected and sub sequently
gets its data wiped and is either reconditioned and sold on the second-hand
market or recycled after any reusable spare parts have been salvaged.
The Electronics customer segment is one of
Elanders’ largest, with several giants within elec-
tronics and IT found among its clients. In this
area, the Group delivers a wide variety of services
starting from when the products are manufactured
and on their way to market, until the time comes
for discarded products to possibly be given a
renewed life on the second-hand market.
Elanders in the customers’ value chain
Our customer segments – Electronics
Sourcing &
Procurement
Freight coordination &
Customs management
Warehousing Quality control &
Assembly and testing
Manufacturing Freight coordination &
Customs management
Warehousing
Configuration & Testing
Pick & PackLocal and global
distribution &
Customs management
White glove
delivery
Returns
management
Reuse & Recycle
After sales
Just-In-Time
deliveries
Elanders’ Annual and Sustainability Report 2023
Trends within Automotive
Considering the challenging transitions characterizing their
industry, vehicle manufacturers today want to focus on their
core business more than ever. In order to meet the climate
crisis and manage technical innovations like self-driving
vehicles, they are placing high demands on their supply
chains and are looking for solutions that guarantee quality
and reliability. Elanders has the ability to respond with agile
flexibility and a focus on optimal quality in every situation.
Automotive
– flexibility
for change
Our customer segments – Automotive
260,000
m
2
in total floor area at
facilities within the Group
20%
of Elanders’ total sales
150
MILLION
outgoing deliveries every year
from Elanders’ warehouses
Elanders’ Annual and Sustainability Report 2023
Bespoke solutions
to optimize production
For the automotive industry Elanders offers almost every service in the
supply chain, except for the delivery of finished vehicles and the recycling of
old ones. Within Automotive today, logistics providers must be flexible and
able to quickly react to changes, since the market is in the midst of a shift
from internal combustion engines to climate neutrality, electrical power and
more self-driving vehicles. The ability to handle changes and support differ-
ent kinds of products in the supply chain is pivotal.
The Group’s key strength is the ability to develop and customize solutions
together with clients. As a reliable logistics partner, Elanders organizes an
efficient flow of the components needed when the clients are manufacturing
their cars. Elanders performs services and handles the supply of components
in all stages, from the first idea for a new car model to pre-assembly, serial
production and the return of empty packaging after use.
Elanders furthermore offers to act as the control tower for clients. This
entails managing orders to freight forwarders all over Europe, as well as
operating the cross-dock center where all components are handled before
being delivered to the production line. When possible, the component
suppliers’ empty packaging is returned to the respective supplier for reuse.
The status for incoming components is checked to foresee and act on any
delays, orders are split into smaller consignments and components delivered
to the factories in sequence and just-in-time. At the other end of the produc-
tion line, empty packaging and boxes used upon delivery are cleaned up and
reused for the next delivery of components.
Elanders is a logistics partner to several Swedish,
German and British car manufacturers that are all
included in the Automotive customer segment.
The Group assists these clients with services
before, during and after their line production, so
that they can focus on what they do best: building
and selling cars.
Elanders in the customers’ value chain
Our customer segments – Automotive
Sourcing &
Procurement
Freight coordination &
Customs management
Warehousing
Quality control &
Assembly and testing
Manufacturing Freight coordination &
Customs management
Warehousing
Configuration & Testing
Pick & PackLocal and global
distribution &
Customs management
White glove
delivery
Returns
management
Reuse & Recycle After sales
Just-In-Time
deliveries
Elanders’ Annual and Sustainability Report 2023
Trends within Industrial
The value of a reliable supply chain has been underlined
by the crises of the last few years. All the way from produc-
tion to aftermarket, logistics are a key factor for industrial
manufacturers to achieve low manufacturing costs, high
product quality, short lead times and high delivery preci-
sion. As a reliable logistics partner, Elanders is well-posi-
tioned to help clients succeed in all this.
Industrial
– efficient
logistics a key
factor
Our customer segments – Industrial
12%
of Elanders’ total sales
230,000
m
2
in total floor area at
facilities within the Group
2
MILLION
outgoing deliveries every year
from Elanders’ warehouses
Elanders’ Annual and Sustainability Report 2023
Customized solutions
at the right cost
In order to stay competitive and generate profits, industrial manufacturers
today need control and efficiency at all stages. Manufacturing costs must
be kept down, lead times short and product quality and delivery precision
high. Logistics is a key factor for success along the supply chain all the way
to aftermarket. Elanders offers logistics solutions adapted for all types of
industrial clients.
Elanders makes sure that finished products, as well as components and
production-related materials, are delivered in the right place at the right
time. The Group not only manages distribution and transport logistics
throughout the supply chain. Clients can also receive the flexibility they
desire with customized solutions adapted to their specific operations.
The Group also offers industrial logistics solutions combined with value-
added services that streamline clients’ production and assembly processes.
For example, these include kitting, simple manufacturing, voltage testing of
batteries and other functional testing, as well as preparing plastic boxes or
other charge carriers for reuse. Additionally, Elanders can take on individual
assembly steps, such as the pre-assembly of modules that can then be deliv-
ered just-in-time into the client’s production. The finished equipment can,
if the client wishes, be delivered and installed directly at the end customer’s
location.
Elanders has a strong position in the Industrial
customer segment and handles everything from
smaller products to large-scale, logistically
complex constructions and solutions. With a keen
ear to clients’ needs, the Group retains the high
delivery precision and service quality demanded.
Elanders in the customers’ value chain
Our customer segments – Industrial
Sourcing &
Procurement
Freight coordination &
Customs management
Warehousing Quality control &
Assembly and testing
Manufacturing Freight coordination &
Customs management
Warehousing
Configuration & Testing
Pick & PackLocal and global
distribution &
Customs management
White glove
delivery
Returns
management
Reuse & Recycle After sales
Just-In-Time
deliveries
Elanders’ Annual and Sustainability Report 2023
Trends within Health Care
The medical technology industry is growing due to factors
such as an aging population, lifestyle diseases and a rapid
technological development. At the same time, there is a
potential for increased outsourcing within the supply chain,
including various value-added services throughout the chain.
With a reliable partner like Elanders, possessing the neces-
sary expertise and experience within the area as well as the
capacity to meet needs at a global level, clients can stream-
line their processes and focus on their core business.
Health Care
– great potential
for growth
Our customer segments – Health Care
ISO 13485,
ISO 9001, ISO 14001,
ISO 27001, GDPMDS
and AEO-F
Certifications within Elanders
4%
of Elanders’ total sales
10,000
customer orders handled per day
Elanders’ Annual and Sustainability Report 2023
Competent help
throughout the lifecycle
The Health Care customer segment has a great growth potential seen to
the fast-paced scientific and technological development, combined with
the effects of a globally aging population and prolonged life expectancy.
The health services and medical care industry has special regulations and
strict demands when it comes to things like sterile handling of equipment,
components, consumables and input materials for medicines. For a logistics
partner, this entails considerable investments, high standards, quality-
assured processes and recurring audits of required certifications. There is
no margin of error when it comes to this type of equipment, products or
materials. Both expertise and trust between provider and client must be built
over time.
Elanders has solid experience as a partner to medical technology compa-
nies. With a global footprint, the Group today offers experts within medical
logistics, committed to delivering services at the highest level of quality
without compromise and with continuous improvements. The clients turn to
Elanders throughout the product lifecycle, starting from the procurement of
materials, through manufacturing and assembly, as well as distribution, and
on to aftermarket services and the handling of equipment that is worn out.
Elanders can manage entire logistics chains and ensure that end customers
are provided with the equipment, spare parts and consumables, at the right
time. The Group 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 includes demo pool services, instal-
lation services, taking back worn-out equipment, as well as temperature-
controlled storage in different climate zones down to -80 degrees Celsius.
In the customer segment Health Care, Elanders’
principal focus is within medical technology. The
Group offers customized solutions throughout the
product lifecycle, starting from the procurement
of input materials all the way until the equipment
is worn out.
Elanders in the customers’ value chain
Our customer segments – Health Care
Sourcing &
Procurement
Freight coordination &
Customs management
Warehousing
Quality control &
Assembly and testing
Manufacturing Freight coordination &
Customs management
Warehousing
Configuration & TestingPick & PackLocal and global
distribution &
Customs management
White glove
delivery
Returns
management
Reuse & Recycle After sales
Just-In-Time
deliveries
Elanders’ Annual and Sustainability Report 2023
Trends within Other
Volumes continue to grow in production of individually
customized printed matter ordered online. Printed products
that were traditionally produced in identical editions and
high quantities are now being customized in runs down to
one single copy, for example photobooks, calendars or art
for the home, or packaging for small businesses. Based on
automation and the latest technology, Elanders’ offers a
process and fulfillment of high quality that is appreciated
by both large and small clients.
Other
– smaller, but
growing sectors
Our customer segments – Other
11%
of Elanders’ total sales
650,000
photo calendars per year
5
MILLION
Online Print books
per year
Elanders’ Annual and Sustainability Report 2023
The growing side of
print, among other
things
Elanders is a global provider within print and packaging, with its own print
production sites in a number of countries and collaborations within several
networks and partnerships. Although traditional commercial offset printing
today is experiencing continuously decreasing volumes, the story is quite the
opposite when it comes to various forms of digital print ordered online. This
is a growing business driven by digitalization and the use of social media.
Elanders is one of the biggest digital print providers in the European
market that does not belong to an e-commerce brand. The Group 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. The three main product areas for Elanders’ Online Print business are
customized output, short run on demand and value-added print products.
Thanks to economies of scale, advanced automation, and optimized
workflows resulting in high quality, reliability and scalability, Elanders
is very competitive and aiming for further growth.
Another important part of the customer segment Other is now the
beverage industry. Here, the Group is providing third-party logistics services
with great range, including warehousing of both finished products and
brewing materials, e-commerce fulfillment and transport. Using the latest
technology, and with many years of experience, Elanders is a valuable
logistics partner to its clients.
Various smaller sectors of Elanders’ business are
serving customers in the segment Other. The
largest share of sales here is found within the area
of Online Print, where a range of digital printing
services are growing at a good pace. With the
acquisition of Kammac, clients within the food and
beverage industry are making up a new part of the
segment.
Elanders in the customers’ value chain
Our customer segments – Other
Sourcing &
Procurement
Freight coordination &
Customs management
Warehousing Quality control &
Assembly and testing
Manufacturing Freight coordination &
Customs management
Warehousing
Configuration & Testing
Pick & PackWhite glove
delivery
Returns
management
Reuse & Recycle After sales
Just-In-Time
deliveries
Local and global
distribution &
Customs management
Elanders
Print & Packaging
Mentor
Media
LGI Bergen
Logistics
Kammac
Supply Chain Solutions
81%
Print & Packaging Solutions
19%
Elanders Group
Elanders largest
operations
Elanders is a global logistics company offering a broad
service range of integrated solutions within supply chain
management. The business is mainly operated through two
business areas, Supply Chain Solutions and Print & Packaging
Solutions. The Group has almost 8,000 employees and operates
in around 20 countries on four continents. The most important
markets are China, Singapore, the United Kingdom, Sweden,
Germany and the USA. Customers are divided into six segments
according to their respective business; Automotive, Electronics,
Fashion, Health Care, Industrial and Other.
Our largest operations
Elanders’ Annual and Sustainability Report 2023
Share of net sales Share of net sales
Geographical presence
Austria, Czech Republic, Germany, Hungary,
Netherlands, Poland, Romania, Sweden,
United Kingdom and USA
Customer segments
Automotive, Electronics, Fashion,
Health Care, Industrial and Other
Net sales, MSEK
~6,450
Number of employees
~3,400
SUPPLY CHAIN SOLUTIONS
Our largest operations
Today, LGI is one of the leading logistics service providers based
in Germany. The company offers a range of integrated solutions
within supply chain management, from contract logistics to trans-
port/forwarding services, regional or international, multichannel or
omnichannel. LGI has more than 50 sites across Europe and the USA
and can service customers via its entire global network.
LGI is a logistics-focused service provider that offers customized
solutions for contract logistics, transportation/forwarding, value
added services as well as a wide portfolio of additional services along
the supply chain to its customer base. Contract logistics account for
approximately half of LGI’s revenue. LGI’s strategy in this market
segment is to develop and maintain good and comprehensive relation-
ships with global giants, large companies and also start-ups.
In the area of transport logistics, LGI provides all services, all the
way from delivery of the goods to on-site installation and return. In
More than 50 sites across Europe
LGI was founded about 30 years ago in
Germany and has, over the years, acquired
several supply chain companies and further
expanded its operations. The company was
acquired by Elanders in 2016.
the digital transformation of business models through e-commerce
fulfillment, LGI have years of experience and excellent references in
both the B2C and B2B sectors.
Our goal is to provide sustainable,
leading-edge and flexible end-to-
end solutions and be a strategic
partner to our customers.
Bernd Schwenger
CEO & President
Elanders’ Annual and Sustainability Report 2023
Number of employees
~1, 20 0
Geographical presence
Brazil, China, Czech Republic, India, Mexico,
Singapore, Taiwan, Thailand, USA and Vietnam
Customer segments
Electronics, Health Care and Other
Net sales, MSEK
~2,420
SUPPLY CHAIN SOLUTIONS
Our largest operations
Mentor Media is an innovative global supply chain service provider
delivering solutions in a manner that is sustainable both for custom-
ers, other stakeholders and the societies where the company operate.
Mentor Media has extensive experience in manufacturing and has
developed an offer of comprehensive, high value-added services to
help its customers conceive ideas, develop products, build up brand
names and enable further growth.
Customized supply
chain services
Mentor Media was founded about 40 years
ago in Singapore and was acquired by
Elanders in 2014. Since then, Mentor Media
has expanded into several geographical
markets and customer segments. Mentor
Media is today a leading supply chain man-
agement solutions provider with presence in
Asia-Pacific, the Americas and Europe.
Mentor Media designs and implements
comprehensive supply chain services that
are customized to meet each of its client’s
requirements.
Our mission is to provide
innovative supply chain solutions
that are tailored to customers’
needs by investing in people
and technology.
Mentor Media has also developed strategic alliances with other
strong global logistics partners, forging a complete supply chain that
delivers directly to channels and end-users. Mentor Media is a partner
to some of the world’s leading companies in consumer electronics,
communications, computing, medical devices, software and retail.
Kok Khoon Lim
CEO & President
Number of employees
~ 1,000
Geographical presence
Canada, Moldova, Netherlands,
United Kingdom and USA
Customer segments
Fashion and Other
Net sales, MSEK
~1,940
SUPPLY CHAIN SOLUTIONS
Our largest operations
Bergen Logistics aspire to be the world’s premier logistics company
driving its partners’ success with innovative technical solutions.
Bergen has implemented its business model and unique platform in
Elanders’ subsidiaries in Europe, Asia and South America.
Bergen Logistics is specialized in smaller and mid-sized brands
within fashion and other industries and has developed a unique
platform enabling the management of a large number of customers in
an innovative, agile and efficient way. Bergen Logistics offers global
solutions for both multinational fashion customers and customers
A leading contract
logistics company
Bergen Logistics was founded about 20 years
ago in the USA and was acquired by Elanders
in 2021. In the last few years, the company
has evolved rapidly in the USA, Canada and
the Netherlands. Today, Bergen Logistics is
a leading contract logistics company serving
the fashion industry, for example in footwear,
handbags, accessories and cosmetics, as well
as home goods and supplements.
We aspire to be the world’s
premier logistics company
providing innovative technical
solutions that drive our partners’
success.
intending to expand into new markets. The company wants to be
a natural partner to growth companies looking for a simple way to
become established and grow in new markets.
Bergen Logistics puts value in continuously updating their systems
and processes along with industry changes, consumer demands and
tech advancements.
Charles Ickes
CEO & President
Elanders’ Annual and Sustainability Report 2023
Number of employees
~500
Geographical presence
United Kingdom
Customer segments
Health Care, Industrial and Other
Net sales, MSEK
~1, 240
*
SUPPLY CHAIN SOLUTIONS
Our largest operations
Kammac has developed a unique concept where the company offers
its customers maximum storage flexibility through a network of sites.
Several warehouse facilities offer services such as bonded warehouses
and temperature-controlled environments. Kammac also has a license
Maximum storage
flexibility
Kammac was founded about 40 years ago in
the UK and was acquired by Elanders in 2023.
Since the company’s inception, it has expanded
nationally and currently has 15 facilities.
Kammac is a flexible and reliable contract
logistics provider that provides supply chain
management services to a wide range of com-
panies within, for example, food and beverages
and health care. The business model is lean
and based on agility. Kammac responds to its
partners’ demand by identifying and provid-
ing cost-efficient solutions ensuring flexibility,
control and, above all, quality and safety.
We’re passionate about providing
an approach that’s not only fast
and flexible, but also sustainable.
Ged Carabini
CEO & President
to handle medical products such as pharmaceuticals and their com-
ponents. Kammac’s integrated service offerings suit businesses of all
sizes and can be scaled to accommodate short term requirements to
complete logistics outsourcing and third-party logistics partnerships.
*Refers to annual net sales. Kammac was consolidated
into the Elanders Group as of November 2023.
Number of employees
~1, 30 0
Geographical presence
Germany, Hungary, Italy, Poland,
United Kingdom and USA
Customer segments
Automotive, Electronics, Fashion,
Health Care, Industrial and Other
Net sales, MSEK
~2,630
PRINT & PACKAGING SOLUTIONS
Our largest operations
Elanders has over 100 years of experience in the graphic industry and
currently offers concentrated, cost-efficient and innovative solutions
that fulfil customers’ needs, locally as well as globally. Advanced,
user-friendly and internet-based ordering platforms have been devel-
oped that streamline the process from order to delivery and enable
customized just-in-time or sequence deliveries.
More than 100 years
of graphic experience
Elanders Print & Packaging was founded
more than 100 years ago in Sweden and
today has operations in both Europe and the
USA. Through its innovative force and global
presence, Elanders Print & Packaging offers
cost-effective solutions that can handle
customers’ local and global needs for printed
material and packaging, often in combination
with advanced order platforms online, value-
added services and just-in-time deliveries.
We are customer-oriented,
global and courageous!
Sven Burkhard
CEO & President
Over the last few years, investments have been made in competi-
tive digital technology in order to meet customer demand for flexible
print production in shorter and smaller series with high quality and at
competitive prices. Today Elanders is one of the few global companies
offering solutions that include everything from printed matter and
packaging to other related services such as kitting and packaging for
just-in-time or sequence deliveries worldwide.
Elanders’ Annual and Sustainability Report 2023
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 consoli-
dated financial statements for 2023.
Board of
Directors’ report
Elanders AB (publ) is the parent company of the Elanders Group and
the company’s B shares are listed on NASDAQ OMX Stockholm,
Mid Cap. Elanders AB (publ) is a subsidiary to Carl Bennet AB ,
corporate identity no 556379-0715, registered in Gothenburg. Carl
Bennet AB prepares consolidated financial statements that include
Elanders Group.
Our business
8,000 employees and operates in around 20 countries on four conti-
nents. The most important markets are China, Singapore, the United
into six segments according to their respective business; Automotive,
Electronics, Fashion, Health Care, Industrial and Other.
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 pro-
curement, 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, component and service flows as well as traceability and
information.
Net sales and result
Net sales decreased by MSEK 1,107 to MSEK 13,867 (14,974) com-
pared to last year. Cleared of exchange rate fluctuations, discontinued
operations and acquisitions, net sales decreased organically by nine
percent. The organic net sales reduction was mainly linked to the
business area Supply Chain Solutions and due to normalized freight
rates in the Group’s Air & Sea operations. Discontinued opera-
tions refer to the closure of some road transportation operations in
Germany, which were announced in the fourth quarter 2022, and the
Group’s previously buy and sell business in components. Both these
businesses have had very low or negative margins.
Many Group customers are finding it difficult to maintain volumes
or grow at the same pace as before. The market continues to be
uncertain in general.
Adjusted EBITA, i.e. the operating result adjusted for amortization
of assets identified in conjunction with acquisitions and one-off items,
amounted to MSEK 927 (966). The adjusted EBITA margin increased
from 6.5 to 6.7 percent. Including one-off items, EBITA decreased
from MSEK 940 to MSEK 820. There is a certain amount of overca-
pacity in both the USA and Europe after the investments made before
inflation began to soar. These investments were primarily new and
longer leases for more warehouse capacity in the business area Supply
Chain Solutions and were decided on when the Group had double-
digit growth figures. Overcapacity combined with a weaker demand
from some customers in Fashion and Electronics have put some
pressure on both profitability and the result. The business area Print
& Packaging Solutions presented a better result than last year. This is
partly a result of price increases implemented with most customers to
compensate for higher energy and material costs, and partly because
the supply of materials has stabilized, which increases efficiency in
production.
One-off items amounted to net MSEK –107 (–26). They were
mainly a result of correcting historical errors in the reporting from a
subsidiary in the business area Print & Packaging Solutions. These
errors were corrected in the first quarter. The remaining part refers to
a provision during the second quarter for additional consideration for
an acquisition that has developed better than expected and acquisi-
tion costs in the fourth quarter. Last year’s one-off items mainly
referred to the cost of structural measures in Germany and a positive
result from a revaluation of shares in associated companies in connec-
tion with a merger during the second quarter.
Higher interest expenses, as an effect of current net debt in combi-
nation with higher interest rates, continued to have a negative impact
on the bottom line compared to last year.
At the end of the year, Kammac Ltd. (“Kammac”) was acquired,
thereby strengthening Elanders’ market position in contract logistics
in the United Kingdom. As a result of the acquisition, the United
Kingdom became one of Elanders’ larger markets, which is strategi-
cally important since the United Kingdom is one of Europe’s largest
logistics markets. The acquisition of Kammac is also a vital step in
the Group’s strategy to continually develop the offer, broaden the
geographic horizon and improve the EBITA margin. During the past
twelve-month period, Kammac had net sales of more than MGBP 90
with very good profitability. The company was consolidated into the
Elanders Group as of November 2023.
Supply Chain Solutions
Net sales decreased by MSEK 882 to 11,385 (12,267) in the business
area compared to last year. The reduction in net sales in the business
area was a result of discontinued operations and normalized freight
Elanders’ Annual and Sustainability Report 2023
Board of Directors’ report
rates in Air & Sea, as well as a weaker market in general. Net sales
decreased organically in the business area Supply Chain Solutions by
ten percent compared to last year, excluding exchange rate fluctua-
tions, discontinued operations and acquisitions. The subscription
box operations, which were previously part of business area Print &
Packaging Solutions, are as of January 1, 2023, part of Supply Chain
Solutions. This has been taken into consideration in the calculation of
organic growth.
The market outlook continues to be uncertain. In the fourth
quarter, weaker demand was seen in all major customer segments and
markets. Several customers in Automotive are still struggling with
disturbances regarding material and component flows.
The closure of the unprofitable parts of road transportation opera-
tions in Germany, which was announced in the fourth quarter 2022,
was concluded at the end of the second quarter 2023. This business
worked primarily with customers in Automotive and Industrial.
Adjusted EBITA, i.e. the operating result adjusted for amortization
of assets identified in conjunction with acquisitions and one-off items,
decreased by MSEK 69 to MSEK 774 (843) compared to last year. At
the same time, the adjusted EBITA margin decreased from 6.9 to 6.8
percent.
There is a certain amount of overcapacity in both the USA and
Europe after the investments made before inflation began to soar.
These investments were primarily new and longer leases for more
warehouse capacity in the business area Supply Chain Solutions and
were decided on when the Group had double-digit growth figures.
Overcapacity combined with a weaker demand from some customers
in Fashion and Electronics have put some pressure on both profitabil-
ity and the result.
Included in the result for the year were also one-off items of
MSEK –20 (–7) that referred to acquisition costs. Last year’s one-off
items were costs for structural measures in Germany and a positive
effect resulting from a revaluation of shares in an associated compa-
nies in connection with a merger.
In November 2023, Kammac was acquired, thereby strengthening
Elanders’ market position in contract logistics in the United Kingdom.
The acquisition of Kammac is an important step in Elanders’ strategy
to constantly grow and develop its offer and broaden its customer
base in contract logistics. Kammac has developed a unique concept
where they offer maximum storage flexibility to their customers
through a network of 15 warehouses in the North West of England.
Several of their warehouses offer services such as bonded warehouses
and temperature-controlled environments. Kammac is also licensed to
handle medical products, such as pharmaceuticals and their compo-
nents.
During 2023, Elanders has also continued with the roll-out of
the Bergen Logistics concept through new facilities in Atlanta, USA,
Newcastle, UK and Shenzhen, China. Elanders has also continued its
expansion in Health Care and opened new facilities in Indiana, USA
and Erfurt, Germany.
Print & Packaging Solutions
Net sales decreased by MSEK 209 to 2,630 (2,839) in the business
area compared to last year. The subscription box operations,
which were previously part of the business area Print & Packaging
Solutions, are as of January 1, 2023, part of Supply Chain Solutions.
Net sales decreased organically in the business area Print &
Packaging by three percent compared to last year, considering
the above change and exchange rate fluctuations.
The prioritized area online print continued to develop positively
during the year. Effects could also be seen from price increases that
has been made, at the same time as material supplies has been more
stable. Excluding one-off items, the business area reported a result
for the year that was slightly stronger compared to last year. Adjusted
EBITA, i.e. the operating result adjusted for amortization of assets
identified in conjunction with acquisitions and one-off items, amount-
ed to MSEK 186 (171). At the same time, profitability improved and
the adjusted EBITA margin increased from 6.0 to 7.1 percent. The
operating result included one-off items of MSEK –87 (–19). They were
mainly a result of correcting historical errors in the reporting from
a subsidiary in the business area that were corrected during the first
quarter and provision for additional consideration for an acquisition
that developed better than expected.
During the year, work continued on optimizing the business area’s
production apparatus. Traditional offset capacity suited for long
series is successively being replaced by digital print equipment that
provides greater flexibility and is better suited to shorter series. In-
vesting in online print is a crucial component in this transition. There
is a considerable demand in this area which partially or completely
compensates for the dwindling demand for more traditional printed
matter.
The work to convert some of the existing printing operations to
also offer supply chain management services is also continuing,
and during the year Elanders’ printing operations in the UK added
a supply chain unit.
Significant events during the year
Historical errors in the USA
Elanders has had historical errors in the reporting from one of its
subsidiaries. This was attributable to the operations in Atlanta, USA,
which belongs to the business area Print & Packaging Solutions.
The errors amounted to MSEK –67 and the operating result for the
first quarter of 2023 was charged with the corresponding amount.
Half of the effect related to year 2022 and the remainder to the years
2019–2021. This will not have a negative impact on future cash
flows.
Elanders’ Annual and Sustainability Report 2023
Board of Directors’ report
Structural measures in Germany
As communicated in 2022, parts of the Group’s road transport
operations in Germany have been discontinued. The business was
part of the business area Supply Chain Solutions and had profitabil-
ity problems for a long time. At the end of the second quarter 2023,
the closure was fully concluded. As a result of this closure, sales will
decrease by MSEK 400 on an annual basis.
The war in Ukraine and its consequences
Russia invaded Ukraine in February 2022. Some of the Group’s
customers have subcontractors in Ukraine and Russia. These custom-
ers have therefore experienced problems with their supply chain. In
the wake of the war, inflation has increased sharply and an energy
crisis has emerged. There is still uncertainty about how long this will
last and the extent of it. It is thus difficult to predict the exact impact
going forward. Increased sanctions and an increased scope of the war
could have a significant impact on the Group’s operations.
Semiconductor and material shortages
The semiconductor and raw material shortage that has existed in
some industries has had a negative impact on the Group’s business
in recent years. The shortage has at times created uneven capacity
utilization in production when shift patterns have changed on short
notice.
Acquisitions
Kammac Ltd
In November 2023, Elanders acquired all the shares in Kammac Ltd
(“Kammac”). Kammac is a fast-growing company that in the last
twelve-month period had net sales of more than MGBP 90 with very
good profitability.
Kammac is part of the business area Supply Chain Solutions and
was consolidated into the Group per November 2023. The initial
valuation, including the additional consideration, amounts to just
over MGBP 100 on a cash- and debt-free basis, of which around two
thirds affect cash flow negatively in the fourth quarter 2023. The
additional consideration will be paid during the second quarter 2025
and is based on the outcome of 2024. The acquisition-related costs
were around MSEK 20.
Investments and depreciation
Net investments for the year amounted to MSEK 1,012 (274), of
which purchase prices for acquisitions were MSEK 832 (44). Deprecia-
tion and write downs amounted to MSEK 1,243 (1,091).
Financial position, cash flow and financing
Excluding purchase prices for acquisitions, the operating cash flow
increased to MSEK 2,170 (1,254), mainly due to a decrease in tied up
working capital this year compared with an increase in tied up work-
ing capital in the previous year. Including acquisitions, the operating
cash flow for the period increased to MSEK 1,338 (1,210).
Net debt also includes liabilities connected to put and call options
measured at fair value, as well as additional considerations. Net debt
increased by MSEK 915 to MSEK 8,191 compared to MSEK 7,276
at the beginning of the year. Of the increase in net debt, MSEK 1,004
consisted of acquired net debt and additional considerations. The
change also included a decrease of MSEK 151 attributable to ex-
change rate fluctuations.
On a rolling twelve-month period, the net debt/EBITDA ratio
increased to 4.2 compared to 3.7 at the beginning of the year. This
change was mainly due to an increase in net debt attributable to the
purchase price of Kammac, which was acquired late in 2023.
Excluding effects from IFRS 16, net debt increased to MSEK 3,655
compared to MSEK 3,022 at the beginning of the year. The increase
was mainly due to the acquisition of Kammac, which took place late
in 2023 and increased net debt by MSEK 1,192. Changes in exchange
rates reduced net debt by MSEK 93. Reduced working capital
decreased net debt by MSEK 362 during the year. Excluding IFRS 16
effects, the net debt/EBITDA ratio was 2.8 (2.7) on a rolling twelve-
month basis, excluding one-off items and adjusted for proforma
results for acquisitions.
The credit facility agreement with the Group’s main banks has
been renewed and a cooperation has been initiated with SEK, the
Swedish Export Credit Corporation. The new agreement includes
the possibility of an acquisition loan of GBP 115 million to finance
the acquisition of Bishopsgate and Kammac. At the same time, the
revolving credit facility has also been increased by EUR 20 million.
The renewed agreement runs until July 2026. The Group’s credit
agreements contain 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 adjusted for proforma
results in acquisitions and excluding one-off items. This financial
covenant was met by a good margin per the balance sheet date.
Several central banks have kept their interest rates at a high level,
which will result in continued high interest costs going forward, as
the Group’s financing is largely based on variable interest rates.
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 busi-
ness where costs for most of the work are recognized as they occur.
Personnel
The average number of employees during the year was 7,203 (7,248),
whereof 164 (167) in Sweden. At the end of the year the Group had
7,474 (7,245) employees, whereof 166 (176) 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 year was 14 (13) and at the end of
the year 14 (13).
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 2023, 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.
Elanders’ Annual and Sustainability Report 2023
Board of Directors’ report
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 com-
pany’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 2023 was Carl Bennet AB with
66 (66) percent. No shares are owned by personnel through pension
foundations or similar.
Contracts with clauses regarding ownership changes
The company has certain customer contracts and bank agreements
that can be terminated if there is a change in ownership.
There are no contracts between the company and Board members
or employees that prescribe remuneration if they terminate their
contract, are made redundant without reasonable grounds or if
their employment or assignment ceases to exist because of a public
purchase offer.
Guidelines for remuneration to senior officers
The company’s 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 strat-
egy, 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 cus-
tomers. 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 remunera-
tion.
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,
however not more than 100 percent of the basic wage, may excep-
tionally 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. sjukförsäkring), shall be premium defined. Variable cash remu-
neration 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 variable cash remuneration has been satisfied shall
be evaluated when the measurement period has ended (normally
calendar year). The remuneration committee is responsible for the
evaluation so far it concerns variable cash remuneration to the CEO.
For variable cash remuneration to other executives, the CEO is
responsible for the evaluation. For financial objectives, the evaluation
shall be based on the latest financial information made public by the
company.
Elanders’ Annual and Sustainability Report 2023
Board of Directors’ report
Salary and employment conditions for employees
In the preparation of the Board of Directors’ proposal to these
remuneration guidelines, salary and employment conditions for all
employees of the company have been taken into account by includ-
ing 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’ deci-
sion 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 guide-
lines shall be in force until new guidelines are adopted by the general
meeting. The remuneration committee shall also monitor and evalu-
ate programs for variable remuneration to the executive management,
the application of the guidelines for executive remuneration, as well
as the current remuneration structures and compensation levels in the
company. The members of the remuneration committee are indepen-
dent of the company and its executive management. The CEO and
other members of the executive management do not participate in the
Board of Directors’ processing of and resolutions regarding remuner-
ation-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 company’s financial viability. As set out above, the remu-
neration committee’s tasks include preparing the Board of Directors’
resolutions in remuneration-related matters. This includes any resolu-
tions to derogate from the guidelines. In 2023, the Board of Directors
approved that variable remuneration 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 nec-
essary in order to offer the executive competitive total remuneration
in light of local market conditions.
Outlook
Despite the fact that the market outlook going forward remains uncer-
tain and weaker demand is seen in all major customer segments and
markets, Elanders continues to have a strong position among 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 busi-
ness cycle going forward.
Events after the balance sheet date
In February 2024, Elanders acquired almost 90% of the shares in
the English company Bishopsgate Newco Ltd (“Bishopsgate”). The
company is a leading actor in the UK in special transportation, instal-
lation, and configuration of advanced technical equipment. Bishops-
gate has around 250 employees and had sales of MGBP 27 during the
last twelve months with very good profitability. The purchase price
for the shares amounts to MGBP 42 on a cash- and debt-free basis,
and will be charged to cash flow during the first quarter of 2024. The
company will be consolidated in the Elanders Group as of February
2024.
The acquisition of Bishopsgate is in line with Elanders’ strategy to
grow in Life Cycle Management. Bishopsgate is a leading player in
the UK in specialist transport, installation and configuration of medi-
cal devices, office printers, data centres, parcel lockers and charging
stations for electric vehicles.
The financing consists in part by an acquisition loan of MGBP 115
from the Group’s three main banks in cooperation with SEK, the
Swedish Export Credit Corporation. This loan will also finance parts
of Elanders’ acquisition of Kammac. The acquisition-related costs for
advisors etcetera are estimated to approximately MSEK 20.
With the acquisitions of Kammac and Bishopsgate, Elanders has
gained a completely different platform in the United Kingdom, which
after these acquisitions will become Elanders’ third largest market.
Apart from what has been presented above and in this report in
general, no other significant events have occurred after the balance
sheet date up to the date of signature of this report.
Appropriation of profits
The Board of Directors and Chief Executive Officer propose that the
profit and other unreserved funds of SEK 1,311,550,200 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 1,164,815,533
The Board of Directors believes that the proposed dividends are
justifiable 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 2023
Board of Directors’ report – Sustainability reporting in accordance with the Annual Accounts Act
For Elanders, sustainability is an integrated part of the Group’s busi-
ness and decision-making. Elanders’ Sustainability Report for the
calendar year 2023 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 sees oppor-
tunities in working actively with sustainability to create value for the
company, as well as its stakeholders, 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 117. 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
environment and climate. The councils are responsible for dissemi-
nating 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 2023, 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 134-135.
In accordance with the Swedish Annual Accounts Act Chapter 6,
Section 11, Elanders has produced a combined Annual Report and
Sustainability Report 2023. 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
page 114-135 and divided by area according to the table below.
Sustainability reporting in
accordance with the Annual
Accounts Act
Area General Environment Social Governance
Policies 114 119 124 125
Descriptions 115–118 120–123 124 126
Notes to the Sustainability Report 128 128–130 131–132 –
Elanders’ Annual and Sustainability Report 2023
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 or in
one of the world’s leading economies can
reduce the demand for the Group’s offers
and services.
Essential risks and
uncertainty factors
Business risk
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.
Circumstantial risk
The external factors that have and may have the greatest impact on
Elanders operations are the global economy, war and conflicts, pan-
demics and the increasing demands in a changing world. Since these
factors are outside of Elanders’ control the Group continuously work
to adjust operations to meet the new conditions.
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 (business cycle sensitiv-
ity, wars and conflicts, pandemics 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 2023
The Group strives
to offer a modern,
stimulating and safe
working environment.
This is done through
good leadership
characterized by
transparency and
respect for each
other.
Board of Directors’ report – Risks and uncertainty factors
Read more on page 48: Business risk/What Elanders does/Employees.
→
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.
Operational risk
Elanders works to identify and prevent risks that can lead to distur-
bances in production. The work involves regular controls of the pro-
duction sites where identified areas of improvement are addressed
with action plans. The Group has business interruption insurance that
covers the loss of margins for up to twelve months. Elanders also
works continuously to ensure processes for monitoring and control
regarding IT security in order to respond to increased threats to cyber
security. Additionally, in 2023 Elanders has increased the number of
training sessions within IT security to increase employees’ awareness.
Risks in operating expenses
Elanders sees no direct risk that these costs will increase in the near
future to such a degree that it would have a significant effect on
group results. Elanders also has the possibility to within some agree-
ments pass on increased costs to the customer.
Contracts and disputes
Elanders is not aware of any dispute that could have a significant
effect on the Group’s financial position. The Group’s insurance
program contains global liability insurance that covers general liability,
product liability, crime fidelity, business interruption and limited
protection against environmental damage. The Group also has liability
insurance for members of the Board and senior officers.
Employees
Elanders works to be an attractive employer. The Group strives to
offer a modern, stimulating and safe working environment. This is
done through good leadership characterized by transparency and
respect for each other. Elanders also strives to be at the forefront
regarding issues relating to environmental and social sustainability, as
an important factor to attract the new generation of employees.
What Elanders
does
Essential risks and
uncertainty factors
Customer concentration
The Group’s major customers are primarily active in the manufactur-
ing industry and agreements with these customers normally run over
two or three years. Elanders’ ten largest customers represented 45
(46) percent of the total net sales in 2023. Elanders has one customer
whose sales exceed 10 percent of the Group’s net sales. In 2023,
sales to the Group’s largest customer amounted to 17 (14) percent
while sales to the next largest customer amounted to 9 (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.
Operational risk
Elanders is dependent on 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 reputation,
profitability and financial position. Otherwise, the risk that the Group
will suffer a major stop in production is relatively small. There are no
considerable interdependencies neither between the units within the
respective business area nor between the business areas. There are
only a few cases where there are no alternative suppliers of critical
input goods.
Risks in operating expenses
Elanders’ main operating costs are cost for goods for resale and other
production material MSEK 2,688 (3,342), personnel costs MSEK 3,993
(3,583) and freight costs MSEK 2,443 (3,522). These accounted for 69
(73) percent of total operating costs in 2023.
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 compe-
tence as well as to ensure the availability of good leaders in order
to achieve the Group’s operational and strategic goals. To live up to
today’s expectations from employees requires a strong focus on areas
such as leadership, opportunities for influence, work environment,
sustainability, human rights and company culture.
Business risk
Board of Directors’ report – Risks and uncertainty factors
Elanders’ Annual and Sustainability Report 2023
Essential risks and
uncertainty factors
What Elanders
does
Business cycle sensitivity
The most tangible business cycle sensitivity is in group operations
that supply our customers in the manufacturing industry, particularly
in automotive and consumer electronics. Sales to customers in foods,
cosmetics, medical devices, 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 or our
customers and suppliers operate in, it also has a direct impact on
Elanders’ operations. The Group has been affected in many ways
since Russia invaded Ukraine in February 2022. Some of the Group’s
customers have subcontractors in Ukraine and Russia. These custom-
ers have therefore started to have some problems with their supply
chain. At the same time, inflation has gone up and energy prices
increased.
There are several ongoing conflicts and a great deal of uncertainty
in the world right now. It is difficult to predict the exact impact going
forward. Increased scope of new or existing conflicts could have a
significant impact on the Group’s operations.
Pandemics
Global outbreaks of pandemics, such as the COVID-19 pandemic,
can bring widespread disruptions locally as well as globally. Should
COVID-19 continue or if a new pandemic would occur, there is a risk
that the Group’s operations will be negatively affected as demand
for the Group’s services and products may decrease. Possible crisis
measures and infection control restrictions implemented in different
countries could also affect the Group’s operations.
Increased demands in a changing world
Climate change carries a range of risks. The public expects to see an
accelerations of climate transition as well as adaptations to minimize
negative effects. The need for drastically reduced emissions and
transparency of companies’ negative impact on the environment is
driving new regulations in regions where Elanders operates. Custom-
ers 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.
Business cycle sensitivity
The Group work consciously to reduce the negative influence of busi-
ness cycles by increasing sales to customers in less sensitive trades
and customer groups as well as by increasing the geographic spread
of sales. The expansions in supply chain management rarely 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
volume changes.
Wars and conflicts
The political unrest in general also affect the Group in the long term in
how and where Elanders choose to do business. The Group currently
has no operations in Russia or Ukraine.
Elanders follows the situation in the world and works with measures
for possible scenarios that may arise.
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.
Pandemics
In the event of a pandemic, Elanders’ main priority is to protect our
employees and their surroundings to the highest extent possible
against the spread of infection. Measures will be taken to ensure that
guidelines and recommendations of national authorities are followed.
To soften any effects of lower demand, a close dialogue with our
customers and other partners is of utmost importance. To a certain
extent Elanders can adapt operations to changes in demand through
furloughs, fewer temps and by implementing cost savings.
Increased demands in a changing world
Elanders is part of the development and maintains a continuous
dialogue with customers and other stakeholders. Possibilities to fully
switch to fossil-free energy and incorporate new technology solutions
are continuously evaluated.
Generated positive cash flows going forward create the conditions
needed for investment in new technology. Should additional funding
be required, discussion will be held with shareholders or other exter-
nal financiers.
Circumstantial risk
Board of Directors’ report – Risks and uncertainty factors
Elanders’ Annual and Sustainability Report 2023
Elanders’ Annual and Sustainability Report 2023
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.
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 audi-
tors, 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
The role of corporate governance in Elanders is to create a good
foundation for active and responsible ownership, a suitable distribu-
tion 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
regulations, 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 Management. Shareholders appoint the company’s
nomination committee, Board and external auditors at the Annual
General Meeting.
Shareholders
On 31 December 2023, there were 4,628 (4,622) known share-
holders. The foreign ownership in Elanders was 8 (12) percent of
shares and 5 (6) percent of votes.
The only direct or indirect shareholding exceeding a tenth of the
votes in the company per 31 December 2023 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 represents ten votes and a Class B share represents one
Corporate governance report
Annual General Meeting
The Annual General Meeting on 21 April 2023 decided:
• to adopt the Annual Report for 2022,
• to distribute a dividend of SEK 4.15 per share for 2022,
• to discharge the members of the Board of Directors
and the Chief Executive Officer from liability for 2022,
• to grant according to a proposal in the summons the
Board and committee remuneration for a total of
SEK 4,318,020 to be divided within the Board,
• to appoint the following Board Members:
– Carl Bennet (re-elected)
– Ulrika Dellby (new-elected)
– Eva Elmstedt (re-elected)
– Dan Frohm (re-elected)
– Erik Gabrielson (re-elected)
– Anna Hallberg (new-elected)
– Anne Lenerius (re-elected)
– Magnus Nilsson (CEO) (re-elected)
– Johan Trouvé (new-elected)
• to appoint Dan Frohm Chairman of the Board,
• to elect PricewaterhouseCoopers as company auditors
until the Annual General Meeting 2024,
• that the Nomination Committee prior to the next
Annual General Meeting shall be formed and fulfill
tasks in accordance with the proposal in the notice, and
• to approve the remuneration report submitted by
the Board regarding remuneration to leading senior
officers.
Board of Directors’ report – Corporate governance report
Elanders’ Annual and Sustainability Report 2023
Elanders’ corporate governance
Remuneration
Committee
Audit
Committee
Elanders’
Shareholders
Annual General
Meeting
Nomination
Committee
External
Auditors
Board of
Directors
Chief Executive
Officer
Group
Management
guidelines for salaries and other remuneration for leading senior of-
ficers, 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 Chairman of the Board or present any nomination
proposal to the nomination committee. Minutes from Elanders’ An-
nual General Meetings can be downloaded from www.elanders.com
under Corporate Governance.
Annual General Meeting 2024
The next Annual General Meeting for shareholders in Elanders will
be held on Friday 19 April, 2024. 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,
Board of Directors’ report – Corporate governance report
Elanders’ Annual and Sustainability Report 2023
the Chairman 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 dis-
cussed the work of the Board, the independence of Board members,
Board members’ evaluation of the work of the Board, the work of
the committees, the audit and the composition of the nomination
committee. This year the committee has consisted of Carl Bennet,
Chairman (Carl Bennet AB), Dan Frohm (Chairman of the Board),
Johan Ståhl (Svolder AB), 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 has a ma-
jority of the votes at the Annual General Meeting. No remuneration
has been paid to the nomination committee. The members’ contact
information is found on page 149 in the Annual Report and on
www.elanders.com under Corporate Governance.
The Board of Directors and its work in 2023
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 strategies and goals, and approves the
budget and 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 consti-
tutes the Board’s responsibility for corporate governance.
Elanders Board members are evaluated and appointed based
on the company’s business, development phase and other relevant
circumstances. The diversity of education, knowledge, and experi-
ence 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 mem-
bers with a maximum of two deputies. During the year the Board
consisted of nine members without deputies: Dan Frohm (Chairman),
Carl Bennet (Vice Chairman), Ulrika Dellby, Eva Elmstedt, Erik Ga-
brielson, Anna Hallberg, Anne Lenerius, Magnus Nilsson and Johan
Trouvé. In addition, employees were represented by Martin Schubach
and Irene Planting with Johan Lidbrink as deputy. All the members
of the Board elected by the Annual General Meeting have an inde-
Board of Directors’ report – Corporate governance report
Members of the Board, remuneration, attendance, etc.
Member
Board,
attendance
(number of
meetings)
Remuneration
Committee,
attendance
(number of
meetings)
Audit
Committee,
attendance
(number of
meetings)
Total
atten-
dance, %
Remuneration
Board +
Committee
work,
SEK ’000s
Share-
holding
1)
Independent
Members chosen by the AGM
Dan Frohm, Chairman 11 (11) 1 (1) Not member 100 811 + 85 30,283 B No, owner
Carl Bennet, Vice Chairman 11 (11) 1 (1) Not member 100 406 + 42
1,814,813 A
15,903,596 B No, owner
Ulrika Dellby 7 (7) Not member 2 (2) 100 406 + 83 1,950 B Yes
Eva Elmstedt 11 (11) Not member 3 (3) 100 406 + 166 8,000 B Yes
Erik Gabrielson 11 (11) 1 (1) Not member 100 406 + 42 – No, owner
Anna Hallberg 7 (7) Not member 2 (2) 100 406 + 83 6,000 B Yes
Cecilia Lager 4 (4) Not member 1 (1) 100 – – Yes
Anne Lenerius 11 (11) Not member 3 (3) 100 406 + 83 6,892 B Yes
Magnus Nilsson, CEO 11 (11) Not member Not member 100 Employee 88,577 B No, company
Johan Stern 3 (4) 1 (1) Not member 75 – – No, owner
Caroline Sundewall 4 (4) Not member 1 (1) 100 – – Yes
Johan Trouvé 6 (7) Not member 2 (2) 86 406 + 83 100 B Yes
Employee representatives
Martin Afzelius 2 (2) Not member Not member 100 Employee – No, company
Irene Planting 7 (9) Not member Not member 78 Employee 12 B No, company
Martin Schubach 11 (11) Not member Not member 100 Employee 267 B No, company
Johan Lidbrink 9 (9) Not member Not member 100 Employee – No, company
Total 98 4,318
1)
Shareholding as of December 31, 2023. 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 2023
pendent relationship to the company except Magnus Nilsson. Ulrika
Dellby, Eva Elmstedt, Anna Hallberg, Anne Lenerius and Johan
Trouvé 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 and Erik Gabrielson are also dependent in relation to Carl
Bennet AB where Dan Frohm and Erik Gabrielson are members of
the Board.
The Board has produced and adopted a work plan that regulates
the division of responsibility between the Board, its Chairman and the
Chief Executive Officer. It also includes a general meeting plan and
instructions on financial reports as well as the other matters that must
be put before the Board. The work plan is revised once a year or as
needed.
The Board has seven ordinary meetings per year; four of them
in conjunction with the year-end report and quarterly reports, one
meeting dedicated to strategic matters, one meeting to adopt the
coming year’s budget and one constitutional meeting following the
Annual General Meeting. In addition, the Board is called to further
meetings as needed. The Group’s external auditors participate in the
meeting that deals with the report for the first nine months of the
year as well as the meeting regarding the year-end report to inform
the Board in its entirety about the result of their audit.
The Board followed the meeting plan for the year. The Board also
met on four occasions relating to other topics.
At the constitutional meeting of the Board, the work plan and
instructions 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 meet-
ing of the Board after the Annual General Meeting 2023, 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 on the previous page.
Further information about the Board and the members can be
found on pages 146–147.
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 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, remunera-
tion, materials, administration, work methods, meeting content,
reports from the committees, and education. In addition, the Chair-
man 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 concern-
ing 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 remu-
neration 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 remuner-
ation 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 Gover-
nance. The guidelines for remuneration to senior officers can also be
found on pages 43–44 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 committee met three times in 2023. 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, Ulrika Dellby, Anna Hallberg, Anne
Lenerius and Johan Trouvé.
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
regulations, 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 Chair-
man of the Board apprised of developments in operations. All the
managing directors in the Group’s subsidiaries receive written instruc-
tions. 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
Board of Directors’ report – Corporate governance report
Elanders’ Annual and Sustainability Report 2023
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 develop-
ments. Group Management makes sure that the competence and
capacity of the Group is coordinated and adjusted to be as useful and
profitable as possible in the short and long term. Group Management
meets on a quarterly basis, often in conjunction with a visit to a unit
within the Group. Since February 2024, Elanders’ Group Manage-
ment consists of:
• Magnus Nilsson, President and CEO
• Andréas Wikner, CFO
• Sven Burkhard, responsible for Print & Packaging Solutions
• Ged Carabini, responsible for Supply Chain Solutions (Kammac)
• Charles Ickes, responsible for Supply Chain Solutions
(Bergen Logistics)
• Kok Khoon Lim, responsible for Supply Chain Solutions
(Mentor Media)
• Bernd Schwenger, responsible for Supply Chain Solutions (LGI)
Further information about Group Management and the members can
be found on pages 148–149.
The Board’s report on internal control over financial
reporting
The purpose of internal control over financial reporting is to ensure
that it is reliable and that the financial reports follow generally
accepted accounting principles and otherwise follow applicable
laws and regulations concerning listed companies. According to the
Swedish Companies Act and the Code of Corporate Governance the
Board is ultimately responsible for an effective, functioning internal
control in the Group. Internal control is based on the framework
for internal control published by COSO (Committee of Sponsoring
Organizations of the Treadway Commission) and which comprises
the control environment, risk assessment, control activities, informa-
tion, 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 proxim-
ity between Group Management and the operating units. All 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 inter-
nal 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 audi-
tors. 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 responsibility 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
includes identifying areas in financial reporting where the risk of
making a crucial mistake is higher as well as developing control
systems to prevent and discover these faults. This is primarily done
by identifying situations in operations and events in the outside world
that could have an impact on financial reporting.
Control procedures
The aim of the control procedures is to ensure that financial reporting
is correct and complete and that it is based on the Group’s require-
ments for internal control over financial reporting. Control proce-
dures consist of general and detailed controls and can be both pre-
ventive and detective. For instance, the Board continuously follows
developments in the operations through monthly reports containing
detailed financial information as well as the Chief Executive Officer’s
comments on operations and result and financial position. Represen-
tatives from Group Finance or Group Internal Control regularly visit
the entities within the Group and evaluate internal control and finan-
cial 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 information communicated externally is correct and
complete, the Board has adopted an Information Policy that dictates
what should be communicated, by whom and how the information
should be released.
Follow-up
The Board follow-up of the internal control over financial reporting is
first and foremost handled by the audit committee. The observations
and potential areas of improvement in internal control that have been
identified in the external audit are processed by the audit committee
together with the external auditors and the Chief Financial Officer.
The results from the audits performed by Group Internal Control and
the 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 2023 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 Alexander Ståhl. 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
Elanders’ Annual and Sustainability Report 2023
The Annual General
Meeting for share-
holders in Elanders
will be held on Friday
19 April, 2024.
Board of Directors’ report – Corporate governance report
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
Income statements
MSEK | Note | 2023 | 2022 |
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 | 2023 | 2022 |
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 |
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
Statements of cash flow
MSEK | Note | 2023 | 2022 |
| 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 |
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
Statements of financial position
MSEK | Note | 2023 | 2022 |
| 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 |
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
Statements of financial position (cont.)
MSEK | Note | 2023 | 2022 |
| 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 |
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
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. 2022 | |||||||
Dividend to parent company 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 | |||||||
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. 2023 |
1)
1)
Other reserves pertain hedges of net investments and translation differences.
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
NOTE 1 – Accounting principles
General information
company registered in Sweden . The parent company is registered in
Mölndal. Elanders is listed on NASDAQ OMX Stockholm, Mid Cap. The
company’s primary business and its subsidiaries are described in the
Board of Directors’ Report in this Annual Report. The annual accounts
New standards, amendments and interpretations of
existing standards
Standards, amendments and interpretations of existing standards
that came into effect during 2023
During the year no interpretations or amendments of existing standards
have come into effect and had a significant effect on Elanders’ financial
reports.
Standards, amendments and interpretations of existing standards
that have not yet come into effect
No new or amended standards that have not yet come into effect are
expected to have a material impact on Elanders’ financial reports.
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
NOTE 1 – Accounting principles (cont.)
Valuation of tax loss carry forwards | Note 9 – Taxes |
Impairment of goodwill and other intangible assets | Note 13 – Intangible assets |
Impairment of tangible assets and residual value risks | Note 14 – Tangible assets |
Measurement of lease liabilities and right-of-use assets | Note 15 – Rights-of-use assets |
Assessments made when calculating fair value | Note 16 – Financial assets |
Impairment and obsolescence in inventory | Note 17 – Inventory |
Provision of bad debt and expected credit losses | Note 18 – Account receivables |
Assessments made when calculating fair value | Note 22 – Financial liabilities |
Assumptions when calculating post-employment benefits | Note 25 – Provisions for post-employment benefits |
Assumptions made in determining the existence and amount of provisions | Note 26 – Other provisions |
Assessments made when acquiring subsidiaries | Note 30 – Acquired and divested operations |
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
NOTE 2 – Segment reporting
| Reporting by segment | ||||
Supply Chain Solutions | Print & Packaging Solutions | |||
MSEK | 2023 | 2022 | 2023 | 2022 |
Net sales | 11,384.9 | 12,267.0 | 2,629.9 | 2,838.8 |
Operating expenses | –10,718.1 | –11,512.2 | –2,539.5 | –2,696.8 |
Operating result | 666.8 | 754.8 | 90.4 | 142.0 |
Net financial items | – | – | – | – |
Result before tax | 666.8 | 754.8 | 90.4 | 142.0 |
Investments | 417.7 | 1,223.9 | 127.2 | 188.7 |
Depreciation and amortization | –1,065.5 | –926.8 | –175.6 | –161.8 |
Goodwill | 3,296.1 | 2,495.9 | 1,155.9 | 1,159.3 |
Trademarks with indefinite useful life | 768.5 | 783.3 | – | – |
Group functions | Eliminations | The Group | ||||
MSEK | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 |
Net sales | 47.5 | 45.3 | –195.6 | –176.6 | 13,866.7 | 14,974.5 |
Operating expenses | –80.3 | –92.7 | 195.6 | 176.6 | –13,142.3 | –14,125.1 |
Operating result | –32.8 | –47.4 | – | – | 724.3 | 849.3 |
Net financial items | –326.4 | –183.2 | – | – | –326.4 | –183.2 |
Result before tax | –359.3 | –230.6 | – | – | 397.9 | 666.2 |
Investments | 4.2 | 1.4 | – | – | 549.1 | 1,414.0 |
Depreciation and amortization | –1.9 | –2.5 | – | – | –1,243.0 | –1,091.1 |
Goodwill | – | – | – | – | 4,452.0 | 3,655.2 |
| Trademarks with indefinite useful life | – | – | – | – | 768.5 | 783.3 |
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
NOTE 2 – Segment reporting (cont.)
| Sales by geographic area | ||
MSEK | 2023 | 2022 |
Germany | 5,604.3 | 5,856.4 |
USA | 2,698.5 | 3,052.0 |
Singapore | 1,494.2 | 2,092.0 |
United Kingdom | 688.4 | 499.5 |
Sweden | 508.1 | 494.6 |
Netherlands | 458.3 | 369.5 |
China | 443.5 | 547.7 |
Switzerland | 378.6 | 340.1 |
Poland | 251.3 | 257.4 |
Hungary | 216.4 | 233.7 |
Other countries | 1,125.0 | 1,231.5 |
Total | 13,866.7 | 14,974.5 |
| Fixed assets by geographic area | ||
MSEK | 2023 | 2022 |
Germany | 2,821.9 | 3,340.1 |
USA | 1,190.4 | 1,405.5 |
United Kingdom | 805.7 | 114.5 |
Netherlands | 176.0 | 165.2 |
Singapore | 146.6 | 44.9 |
Czech Republic | 96.8 | 120.6 |
Sweden | 78.2 | 53.5 |
Poland | 44.9 | 52.9 |
India | 31.0 | 35.8 |
China | 25.6 | 36.5 |
Other countries | 244.6 | 84.1 |
Total | 5,661.7 | 5,453.7 |
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
Supply Chain Solutions | Print & Packaging Solutions | Total | ||||
MSEK | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 |
Total net sales | 11,384.9 | 12,267.0 | 2,629.9 | 2,838.8 | 14,014.8 | 15,105.8 |
Less: net sales to group companies | –78.2 | –74.8 | –69.9 | –56.5 | –148.1 | –131.3 |
Net sales | 11,306.6 | 12,192.2 | 2,560.0 | 2,782.3 | 13,866.7 | 14,974.5 |
Supply Chain Solutions | Print & Packaging Solutions | Group | ||||
MSEK | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 |
| Customer segments | ||||||
Automotive | 2,312.5 | 2,267.8 | 526.7 | 453.1 | 2,839.2 | 2,720.9 |
Electronics | 3,431.3 | 4,021.6 | 62.4 | 84.4 | 3,493.6 | 4,106.0 |
Fashion | 3,626.2 | 3,629.8 | 275.0 | 584.9 | 3,901.1 | 4,214.7 |
Health Care | 516.8 | 516.7 | 40.4 | 93.9 | 557.2 | 610.6 |
Industrial | 1,023.5 | 1,277.3 | 565.7 | 536.6 | 1,589.2 | 1,813.9 |
Other | 396.4 | 478.9 | 1,089.8 | 1,029.4 | 1,486.2 | 1,508.3 |
Net sales | 11,306.6 | 12,192.2 | 2,560.0 | 2,782.3 | 13,866.7 | 14,974.5 |
| Main revenue streams | ||||||
Sourcing and procurement services | 1,939.0 | 2,561.5 | – | – | 1,939.0 | 2,561.5 |
Freight and transportation services | 3,396.1 | 4,090.9 | – | 234.8 | 3,396.1 | 4,325.7 |
Other contract logistics services | 5,470.8 | 5,068.5 | 312.4 | 414.2 | 5,783.3 | 5,482.7 |
Other work/services | 500.7 | 471.2 | 2,247.6 | 2,133.3 | 2,748.3 | 2,604.5 |
Net sales | 11,306.6 | 12,192.2 | 2,560.0 | 2,782.3 | 13,866.7 | 14,974.5 |
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
NOTE 3 – Disaggregation of revenue (cont.)
Supply Chain Solutions | Print & Packaging Solutions | Group | ||||
MSEK | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 |
| Geographic markets | ||||||
| Europe | ||||||
Germany | 4,357.9 | 4,839.1 | 1,246.5 | 1,017.3 | 5,604.3 | 5,856.4 |
United Kingdom | 362.2 | 178.0 | 326.1 | 321.5 | 688.4 | 499.5 |
Sweden | 500.7 | 485.8 | 7.4 | 8.9 | 508.1 | 494.6 |
Netherlands | 412.1 | 332.2 | 46.2 | 37.3 | 458.3 | 369.5 |
Switzerland | 313.0 | 283.2 | 65.6 | 56.9 | 378.6 | 340.1 |
Poland | 125.8 | 109.3 | 125.5 | 148.1 | 251.3 | 257.4 |
Hungary | 161.7 | 186.1 | 54.6 | 47.7 | 216.4 | 233.7 |
Other countries | 385.8 | 387.7 | 314.3 | 365.4 | 700.2 | 753.1 |
Europe total | 6,619.2 | 6,801.4 | 2,186.3 | 2,002.9 | 8,805.6 | 8,804.3 |
| Asia | ||||||
Singapore | 1,493.9 | 2,091.7 | 0.3 | 0.3 | 1,494.2 | 2,092.0 |
China | 441.0 | 545.0 | 2.6 | 2.8 | 443.5 | 547.7 |
India | 100.1 | 138.1 | 1.2 | 1.5 | 101.3 | 139.6 |
Other countries | 87.4 | 111.4 | 31.9 | 37.4 | 119.3 | 148.9 |
Asia total | 2,122.4 | 2,886.2 | 36.0 | 42.0 | 2,158.4 | 2,928.2 |
| North and South America | ||||||
USA | 2,387.8 | 2,336.4 | 310.7 | 715.6 | 2,698.5 | 3,052.0 |
Other countries | 160.4 | 149.1 | 19.0 | 15.6 | 179.4 | 164.7 |
North and South America total | 2,548.2 | 2,485.5 | 329.6 | 731.2 | 2,877.8 | 3,216.7 |
Other | 16.8 | 19.0 | 8.1 | 6.2 | 24.9 | 25.3 |
Net sales | 11,306.6 | 12,192.2 | 2,560.0 | 2,782.3 | 13,866.7 | 14,974.5 |
| Other operating expenses | ||
MSEK | 2023 | 2022 |
Exchange rate losses | –19.8 | –52.2 |
| Losses from the sales of fixed assets | –10.4 | –4.3 |
| Revaluation of additional | ||
| consideration | –14.2 | –18.5 |
Other | –58.2 | –19.6 |
Total | –102.6 | –94.6 |
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
| Average number of employees | ||||||
Women | Men | Total | ||||
Number (FTE) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 |
| Parent company | ||||||
Sweden | 8 | 7 | 6 | 6 | 14 | 13 |
| Subsidiaries | ||||||
Germany | 943 | 948 | 2,274 | 2,352 | 3,217 | 3,300 |
USA | 782 | 723 | 447 | 410 | 1,228 | 1,133 |
Singapore | 200 | 214 | 271 | 274 | 470 | 488 |
China | 316 | 361 | 91 | 100 | 407 | 461 |
Czech Republic | 130 | 151 | 181 | 198 | 311 | 349 |
Hungary | 120 | 125 | 177 | 191 | 297 | 316 |
Poland | 95 | 111 | 199 | 225 | 294 | 336 |
United Kingdom | 61 | 46 | 232 | 136 | 292 | 182 |
Netherlands | 49 | 35 | 132 | 131 | 181 | 166 |
Sweden | 37 | 40 | 113 | 114 | 150 | 154 |
India | 20 | 21 | 126 | 144 | 146 | 165 |
Austria | 13 | 14 | 37 | 36 | 51 | 50 |
Brazil | 25 | 23 | 23 | 25 | 48 | 48 |
Mexico | 28 | 19 | 15 | 11 | 44 | 30 |
Italy | 17 | 16 | 6 | 8 | 23 | 24 |
Canada | 13 | 12 | 7 | 7 | 21 | 19 |
Taiwan | 5 | 5 | 1 | 1 | 6 | 6 |
Romania | 2 | 2 | 3 | 3 | 5 | 5 |
Russia | – | – | – | 2 | - | 2 |
France | – | – | – | 1 | - | 1 |
Total | 2,863 | 2,873 | 4,340 | 4,375 | 7,203 | 7,248 |
| Salaries and other remuneration | ||||||
| Board and CEO | ||||||
Basic wage incl. other benefits | Variable remuneration | Other employees | ||||
MSEK | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 |
Parent company | 15.6 | 14.8 | 0.0 | 7.2 | 16.7 | 18.7 |
Subsidiaries | 49.6 | 45.7 | 14.3 | 14.9 | 3,058.5 | 2,794.0 |
Total | 65.2 | 60.5 | 14.3 | 22.1 | 3,075.2 | 2,812.7 |
Salaries and remuneration | Social security contribution | Pension contributions | ||||
MSEK | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 |
Parent company | 32.3 | 40.7 | 12.3 | 15.9 | 8.3 | 8.2 |
Subsidiaries | 3,122.5 | 2,854.6 | 521.9 | 464.3 | 47.3 | 44.5 |
Total | 3,154.7 | 2,895.3 | 534.2 | 480.2 | 55.7 | 52.7 |
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
NOTE 5 – Personnel (cont.)
| Gender distribution in management | ||||||
Women | Men | Total | ||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
Board members | 4 | 4 | 5 | 5 | 9 | 9 |
Group Management | – | – | 6 | 6 | 6 | 6 |
Management positions | 255 | 250 | 656 | 600 | 911 | 850 |
The Board also includes two employee representatives.
Management position refers to shift- and team leader, site manager or more senior position that is not member of Group Management or the Board of
Directors.
| Remuneration to the board, chief executive officer and other senior officers 2023 | |||||
| Basic wage/Board | Variable | Other | Pension | ||
| SEK ’000s | remuneration | remuneration | benefits | contributions | Total |
Chairman of the Board | 896 | – | – | – | 896 |
Board members (7 persons) | 3,422 | – | – | – | 3,422 |
Chief Executive Officer | 11,140 | – | 143 | 3,890 | 15,173 |
Other senior officers (5 persons) | 33,810 | 12,986 | 788 | 2,019 | 49,603 |
| Total remuneration to the Board, CEO and senior | 49,267 | 12,986 | 931 | 5,909 | 69,093 |
| officers | |||||
| Remuneration to the board, chief executive officer and other senior officers 2022 | |||||
| Basic wage/Board | Variable | Other | Pension | ||
| SEK ’000s | remuneration | remuneration | benefits | contributions | Total |
Chairman of the Board | 866 | – | – | – | 866 |
Board members (7 persons) | 3,267 | – | – | – | 3,267 |
Chief Executive Officer | 10,510 | 7,215 | 129 | 3,880 | 21,734 |
Other senior officers (5 persons) | 30,047 | 17,097 | 709 | 1,811 | 49,664 |
| Total remuneration to the Board, CEO and senior | 44,690 | 24,312 | 838 | 5,691 | 75,531 |
| officers | |||||
Guidelines for remuneration to senior officers
These guidelines were resolved at the 2022 Annual General Meeting and
shall thereafter be applied on remuneration to Board members, Chief
Executive Officer and other members of Group Management. For more
information about renumeration to senior officers, see the Board of
Directors report.
Basic wage/Board remuneration
The Chairman of the Board and Board members receive compensation
for their participation on the Board and committee work from the total
remuneration sum for the Board determined by the Annual General
Meeting. Board members and deputies employed in the Group did not
receive any fees or benefits in addition to those pertaining to their
employment. The Chairman of the Board has not received any compen-
sation other than Board and committee remuneration. Remuneration to
the Chief Executive Officer and other senior officers consists of a basic
salary, variable remuneration, other benefits and pension. Senior officers
are the people who, together with the Chief Executive Officer, com-
prised Group Management in 2023.
Variable remuneration
The proportion between basic salary and variable remuneration
corresponds to the officer’s responsibility and authority. For the Chief
Executive Officer and the Chief Financial Officer variable remuneration
should not exceed 70 and 50 percent respectively of their annual salary.
For the other senior officers, variable remuneration may not exceed 40
percent of their annual salary. Variable remuneration is based on results
in relation to individually targeted goals.
Pension benefits as well as other benefits to the Chief Executive
Officer and senior officers are part of the total remuneration. The vari-
able remuneration represents the expense for the financial year 2023,
which is normally paid out in 2024.
The variable remuneration for the Chief Executive Officer is based on
goals established by the Board. For other senior officers, variable remu-
neration is based on goals established by the Chief Executive Officer
together with the remuneration committee. No variable remuneration or
any other kind of remuneration had a dilution effect.
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
NOTE 5 – Personnel (cont.)
Other benefits
“Other benefits” refers to housing, company cars etc.
Pensions
The Group has both defined benefit and defined contribution pension
plans. Pension cost is the cost that affects the result for the year. One
former employee and member of Group Management had defined
benefit and defined contribution pension plans. The present value of the
defined benefit obligation under those plans at 31 December 2023 was
MSEK 0.2 (0.9). All pensions are fully vested, i.e. there is no dependency
on future employment.
The current Chief Executive Officer only has a defined contribution
pension corresponding to 35 percent of the salary pension. The salary
pension is based on the basic salary. The retirement age is 65 years for
all senior officers. Pension provisions are no more than 35 percent of the
basic wage or, if applicable, no more than the ITP cost and the legal
general pension, or the equivalent.
Financial instruments
There is no compensation or benefits in the form of financial
instruments.
Other remuneration
No other remunerations have been distributed.
Notice periods and severance payments
The period of notice for termination of the Chief Executive Officer
by the company is 18 months. The period of notice from the Chief
Executive Officer is 6 months. The period of notice for termination of
other senior officers is normally 12 months. Usually no severance pay is
paid no matter which party gives notice. Normal wages are paid during
the period of notice.
Deviations from the guidelines
The Board is entitled to deviate from the above guidelines if the Board
determines that there are special reasons that in specific cases can
justify this. The Board has during the year deviated from the guidelines
for one of the senior officers regarding the variable remuneration and
the limitation at 40 percent of the basic wage.
Preparation and decision process
The remuneration committee has during the year presented the Board
with recommendations concerning principles for the remuneration of
senior officers. The recommendations have included proportions
between fixed and variable remuneration as well as the size of possible
raises. In addition, the remuneration committee has proposed criteria
for deciding on variable remuneration as well as pension terms and
severance pay. The Board has discussed the remuneration committee’s
proposals and made its decisions guided by their recommendations.
The Board has determined the remuneration for the Chief Executive
Officer for the financial year of 2023 based on the remuneration com-
mittee’s proposals. The Chief Executive Officer has determined the
remuneration for other senior officers after consultation with the chair-
man of the remuneration committee.
Members of the remuneration committee during the year were Dan
Frohm, Chairman, Carl Bennet, Erik Gabrielson and Johan Stern. The
remuneration committee meets when necessary, but at least once a year
to prepare proposals for the remuneration of the Chief Executive Officer
and agree or disagree to his proposal for remuneration and conditions
for senior officers who report directly to him. In addition, the remunera-
tion committee draws up principles for salary levels and employment
terms for Group Management. The remuneration committee proposes
remuneration, terms and principles to the Board that then decides on
these matters. The remuneration committee has met once in 2023. When
necessary, the committee has been supported by external expertise in
matters concerning compensation levels and structures.
MSEK | 2023 | 2022 |
| PWC | ||
Audit assignment | 6.9 | 6.6 |
| Audit-related services | – | – |
Tax advisory services | 0.1 | 0.2 |
Other services | 0.7 | 0.0 |
Other Audit assignment | 1.6 | 1.8 |
| Audit-related services | 0.1 | 0.0 |
Tax advisory services | 0.5 | 1.0 |
Other services | 0.1 | 0.1 |
Total | 10.0 | 9.7 |
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
| Financial income | ||
MSEK | 2023 | 2022 |
Interest income | 14.3 | 3.3 |
Exchange rate gains | 217.9 | 56.3 |
Other | 2.5 | 0.7 |
Total | 234.7 | 60.3 |
| Financial expenses | ||
MSEK | 2023 | 2022 |
Interest expenses leasing liabilities | –140.7 | –107.2 |
Interest expenses other liabilities | –196.6 | –80.4 |
Exchange rate losses | –210.5 | –44.6 |
Other | –13.3 | –11.2 |
Total | –561.2 | –243.5 |
MSEK | 2023 | 2022 |
| Costs for goods for resale and other | ||
production material | 2,687.8 | 3,341.9 |
Personnel costs | 3,993.2 | 3,582.8 |
Freight costs | 2,442.6 | 3,522.3 |
Other production costs | 2,343.6 | 2,262.6 |
Costs for depreciation and write-downs | 1,243.0 | 1,091.1 |
| Cost for advertising and other selling | ||
expenses | 64.7 | 73.0 |
Other costs | 394.5 | 353.6 |
Total | 13,169.4 | 14,227.3 |
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
NOTE 9 – Taxes (cont.)
| Recorded tax | ||
MSEK | 2023 | 2022 |
Current tax on the result for the year | –168.1 | –213.4 |
Withholding tax on dividends and other taxes | –6.9 | –7.8 |
| Correction of previous years’ current | ||
tax expense | –0.6 | 4.3 |
Deferred tax | 35.2 | 37.3 |
Recorded tax | –140.3 | –179.6 |
| Reconciliation of recorded tax | |||
MSEK | 2023 | 2022 | |
Result before taxes | 397.9 | 666.2 | |
| Tax according to Swedish tax rate | |||
of 20.6 | (20.6)% | –82.0 | –137.2 |
| Tax effect of: | |||
| – differences in tax rates for foreign | |||
subsidiaries | –29.6 | –25.8 | |
– non-deductible costs | –29.7 | –15.9 | |
– revaluation of deferred taxes | 3.0 | 3.8 | |
| – correction of previous years’ tax | |||
expense | –0.6 | 1.1 | |
– withholding tax on dividends | –8.7 | –9.7 | |
– other | 7.2 | 4.3 | |
Recorded tax | –140.3 | –179.6 |
| Deferred tax assets and liabilities by nature | ||
MSEK | 2023 | 2022 |
Tax loss carryforwards | 197.2 | 175.1 |
Fixed assets | –242.6 | –212.5 |
Other items | 165.2 | 212.2 |
119.7 | 174.8 | |
| Less: | ||
Tax losses carried forward not valued | –25.4 | –24.8 |
Closing balance, net | 94.3 | 150.0 |
| Allocation of deferred tax assets and liabilities in | ||
| the statement of financial position | ||
MSEK | 2023 | 2022 |
Deferred tax assets | 391.1 | 386.6 |
Deferred tax liabilities | –296.7 | –236.6 |
Closing balance, net | 94.3 | 150.0 |
| Change in deferred tax | ||
MSEK | 2023 | 2022 |
Opening balance, net | 150.0 | 107.5 |
Acquisition of operations | –84.0 | –1.7 |
| Recorded deferred tax on the result | ||
for the year | 35.2 | 37.3 |
Tax items charged directly against other comprehensive income | –7.8 | 9.1 |
Translation differences | 0.8 | –2.2 |
Closing balance, net | 94.3 | 150.0 |
| Due date structure – deferred tax assets relating to tax loss | ||
| carryforwards | ||
MSEK | 2023 | 2022 |
Due within one year | – | – |
Due within 2–5 years | 0.1 | 0.3 |
Due after 5 years | 1.6 | 1.9 |
No due date | 170.1 | 148.1 |
Closing balance | 171.8 | 150.3 |
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
NOTE 10 – Earnings per share
2023 | 2022 | |
| Result for the year attributable to | ||
parent company share holders, MSEK | 248.0 | 470.0 |
| Average number of outstanding | ||
shares, in thousands | 35,358 | 35,358 |
Earnings per share, SEK | 7.02 | 13.29 |
Earnings per share is calculated by dividing the result attributable to the
parent company’s shareholders with the average number of outstanding
shares during the year. There is no dilution.
NOTE 11 – Operating cash flow
MSEK | 2023 | 2022 |
| Cash flow from operating activities | 1,781.8 | 1,105.6 |
Financial items | 326.4 | 183.2 |
Paid taxes | 241.9 | 196.0 |
| Acquired and divested operations | –832.4 | –43.5 |
| Other items included in cash flow | ||
from investing activities | –179.7 | –230.8 |
Operating cash flow | 1,337.9 | 1,210.5 |
Operating cash flow is defined as cash flow from operating activities,
excluding financial items and paid taxes, and cash flow from investing
activities.
NOTE 12 – Supplementary information to cash flow statements
Accounting principles
The cash flow statements are prepared in accordance with the
indirect method. The cash flows of foreign group companies are
translated at an average exchange rate. Changes in the group
structure, acquisitions and divestments are reported gross, ex-
cluding cash and cash equivalents, and are included in the cash
flow from investing activities.
| Adjustment for items not included in cash flow | ||
MSEK | 2023 | 2022 |
Depreciation, amortization and write-downs of intangible and tangible assets | 1,243.0 | 1,091.1 |
| Changes in provisions that affect | ||
cash flow | –37.7 | 24.7 |
| Result from disposal of tangible | ||
assets | –5.3 | –1.5 |
| Unrealized exchange rate gains | ||
and losses | –26.8 | 17.8 |
Other changes | 81.9 | –20.4 |
Total | 1,255.2 | 1,111.7 |
| Paid and received interest | ||
MSEK | 2023 | 2022 |
Paid interest | –342.5 | –187.9 |
Received interest | 14.3 | 3.3 |
Total | –328.2 | –184.6 |
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
NOTE 13 – Intangible assets (cont.)
Goodwill | Trademarks | |||
MSEK | 2023 | 2022 | 2023 | 2022 |
Opening acquisition value | 3,656.0 | 3,305.6 | 783.3 | 701.1 |
Investments | – | – | – | – |
Acquired and divested operations | 865.2 | 46.3 | – | – |
Disposals | – | – | – | – |
Reclassification | – | – | – | – |
Translation difference | –68.4 | 304.2 | –14.8 | 82.2 |
Closing acquisition value | 4,452.8 | 3,656.0 | 768.5 | 783.3 |
Opening accumulated amortization and write-downs | –0.8 | –0.8 | – | – |
Acquired and divested operations | – | – | – | – |
Amortization for the year | – | – | – | – |
Disposals | – | – | – | – |
Reclassification | – | – | – | – |
Translation difference | – | – | – | – |
Closing accumulated amortization and write-downs | –0.8 | –0.8 | – | – |
Net residual value | 4,452.0 | 3,655.2 | 768.5 | 783.3 |
| Other intangible assets | Total | |||
MSEK | 2023 | 2022 | 2023 | 2022 |
Opening acquisition value | 1,220.2 | 1,093.0 | 5,659.6 | 5,099.7 |
Investments | 12.9 | 16.4 | 12.9 | 16.4 |
Acquired and divested operations | 221.2 | 6.8 | 1,086.4 | 53.1 |
Disposals | –31.5 | –12.4 | –31.5 | –12.4 |
Reclassification | 6.7 | 3.8 | 6.7 | 3.8 |
Translation difference | –23.2 | 112.8 | –106.4 | 499.2 |
Closing acquisition value | 1,406.4 | 1,220.2 | 6,627.7 | 5,659.6 |
Opening accumulated amortization and write-downs | –736.2 | –582.5 | –737.0 | –583.1 |
Acquired and divested operations | – | – | – | – |
Amortization for the year | –113.0 | –106.5 | –113.0 | –106.5 |
Disposals | 26.7 | 11.4 | 26.7 | 11.4 |
Reclassification | –1.4 | –0.7 | –1.4 | –0.7 |
Translation difference | 10.3 | –57.9 | 10.3 | –58.1 |
Closing accumulated amortization and write-downs | –813.7 | –736.2 | –814.5 | –737.0 |
Net residual value | 592.7 | 484.1 | 5,813.2 | 4,922.6 |
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
NOTE 13 – Intangible assets (cont.)
| Amortization specified by function in the income statement | ||
MSEK | 2023 | 2022 |
Cost of products and services sold | –60.9 | –57.1 |
Selling expenses | –45.1 | –43.0 |
Administrative expenses | –7.1 | –6.4 |
Total | –113.0 | –106.5 |
| Intangible assets with indefinite useful life divided by cash | ||
| generating unit | ||
MSEK | 2023 | 2022 |
Supply Chain Solutions | 4,064.6 | 3,279.2 |
Print & Packaging Solutions | 1,155.9 | 1,159.3 |
Total | 5,220.5 | 4,438.5 |
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
NOTE 14 – Tangible assets (cont.)
| Equipment, tools, | ||||||
| Buildings and land | Plant and machinery | fixtures and fittings | ||||
MSEK | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 |
Opening acquisition value | 543.6 | 448.0 | 1,029.5 | 936.4 | 1,132.7 | 932.5 |
Investments | 10.2 | 15.8 | 61.0 | 23.3 | 65.2 | 72.8 |
| Acquired and divested operations | – | – | 83.0 | – | 88.2 | 21.8 |
Disposals | –3.5 | –0.8 | –58.1 | –18.7 | –97.4 | –40.6 |
Reclassification | 51.8 | 32.4 | 11.5 | –0.1 | 22.9 | 43.6 |
Translation difference | –10.9 | 48.2 | –5.4 | 88.5 | –21.3 | 102.6 |
Closing acquisition value | 591.2 | 543.6 | 1,121.5 | 1,029.5 | 1,190.3 | 1,132.7 |
| Opening accumulated depreciation | ||||||
and write-downs | –317.2 | –256.9 | –836.4 | –738.0 | –806.6 | –658.7 |
| Acquired and divested operations | – | – | –27.8 | – | –37.7 | –12.4 |
Depreciation for the year | –29.6 | –21.9 | –56.1 | –52.0 | –92.7 | –98.5 |
Disposals | 3.4 | 0.5 | 53.5 | 16.7 | 89.2 | 34.6 |
Reclassification | 0.0 | –10.0 | –0.1 | 10.0 | 1.4 | 0.7 |
Translation difference | 5.7 | –28.8 | 4.0 | –73.0 | 14.4 | –72.2 |
| Closing accumulated depreciation | –337.6 | –317.2 | –862.9 | –836.4 | –831.9 | –806.6 |
| and write-downs | ||||||
Net residual value | 253.6 | 226.5 | 258.5 | 193.0 | 358.4 | 326.2 |
| Fixed assets | ||||||
| under construction | Total | |||||
MSEK | 2023 | 2022 | 2023 | 2022 | ||
Opening acquisition value | 71.9 | 35.0 | 2,777.8 | 2,351.9 | ||
Investments | 54.3 | 109.3 | 190.6 | 221.1 | ||
Acquired and divested operations | – | – | 171.3 | 21.8 | ||
Disposals | –3.3 | – | –162.3 | –58.4 | ||
Reclassification | –101.0 | –78.0 | –14.9 | –3.7 | ||
Translation difference | 0.9 | 5.7 | –36.7 | 245.1 | ||
Closing acquisition value | 22.7 | 71.9 | 2,925.9 | 2,777.8 | ||
Opening accumulated depreciation and write-downs | – | – | –1,960.4 | –1,653.6 | ||
Acquired and divested operations | – | – | –65.4 | –12.4 | ||
Depreciation for the year | – | – | –178.4 | –172.5 | ||
Disposals | – | – | 146.1 | 51.8 | ||
Reclassification | – | – | 1.3 | 0.7 | ||
Translation difference | – | – | 24.2 | –174.4 | ||
Closing accumulated depreciation and write-downs | – | – | –2,032.7 | –1,960.4 | ||
Net residual value | 22.7 | 71.9 | 893.3 | 817.5 | ||
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
NOTE 14 – Tangible assets (cont.)
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
NOTE 15 – Right-of-use assets (cont.)
Buildings and land | Plant and machinery | |||
MSEK | 2023 | 2022 | 2023 | 2022 |
Opening acquisition value | 5,791.0 | 3,742.0 | 350.2 | 272.4 |
Investments | 261.2 | 1,038.2 | 18.9 | 100.8 |
Acquired and divested operations | 700.1 | 3.3 | – | – |
Disposals | –292.4 | –240.3 | –74.3 | –36.1 |
Remeasurement | 183.1 | 791.5 | 0.4 | –11.4 |
Translation difference | –96.6 | 456.3 | 1.3 | 24.5 |
Closing acquisition value | 6,546.5 | 5,791.0 | 296.5 | 350.2 |
Opening accumulated depreciation and write-downs | –1,940.5 | –1,349.1 | –154.3 | –120.3 |
Depreciation for the year | –824.8 | –686.4 | –60.4 | –58.9 |
Disposals | 292.3 | 240.3 | 74.5 | 36.1 |
Translation difference | 40.9 | –145.4 | –0.4 | –11.1 |
Closing accumulated depreciations and write-downs | –2,432.1 | –1,940.5 | –140.7 | –154.3 |
Net residual value | 4,114.4 | 3,850.5 | 155.9 | 196.0 |
| Equipment, tools, | ||||
fixtures and fittings | Total | |||
MSEK | 2023 | 2022 | 2023 | 2022 |
Opening acquisition value | 309.0 | 362.8 | 6,450.5 | 4,377.3 |
Investments | 65.6 | 37.5 | 345.7 | 1,176.5 |
Acquired and divested operations | 16.9 | – | 717.0 | 3.3 |
Disposals | –180.1 | –119.1 | –546.7 | –395.5 |
Remeasurement | –6.0 | – | 177.4 | 780.2 |
Translation difference | 2.6 | 27.9 | –92.7 | 508.6 |
Closing acquisition value | 208.0 | 309.0 | 7,051.1 | 6,450.5 |
Opening accumulated depreciation and write-downs | –203.4 | –234.2 | –2,298.2 | –1,703.6 |
Depreciation for the year | –66.4 | –66.8 | –951.6 | –812.0 |
Disposals | 180.1 | 115.8 | 546.9 | 392.2 |
Translation difference | –3.1 | –18.3 | 37.3 | –174.8 |
Closing accumulated depreciations and write-downs | –92.9 | –203.4 | –2,665.7 | –2,298.2 |
Net residual value | 115.1 | 105.6 | 4,385.4 | 4,152.1 |
| Depreciation specified by function in the income statement | ||
MSEK | 2023 | 2022 |
Cost of products and services sold | –913.0 | –781.3 |
Selling expenses | –14.1 | –12.1 |
Administrative expenses | –24.5 | –18.7 |
Total | –951.6 | –812.0 |
| Expenses recognized in the income statement | ||
MSEK | 2023 | 2022 |
Depreciation right-of-use assets | –951.6 | –812.0 |
Interest expenses lease liability | –140.7 | –107.2 |
| Expenses related to short-term | ||
leases and leases with low value | –206.0 | –152.0 |
| Expenses related to variable leasing | ||
| fees that is not included in the lease | ||
liability | –66.6 | –61.1 |
Total | –1,364.8 | –1,132.4 |
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
NOTE 16 – Financial assets (cont.)
| Financial assets per category 2023 | ||||
| Asstes valued | ||||
| to fair value | ||||
| Assets valued to | through | Whereof | ||
| MSEK | amortized cost | profit & loss | Total | short-term |
Accounts receivable | 2,037.9 | – | 2,037.9 | 2,037.9 |
Cash and cash equivalents | 1,106.6 | – | 1,106.6 | 1,106.6 |
Other securities | 56.3 | – | 56.3 | – |
Hedging derivatives | – | 0.0 | 0.0 | 0.0 |
Other receivables | 92.9 | – | 92.9 | 81.6 |
Closing balance | 3,293.7 | 0.0 | 3,293.7 | 3,226.1 |
| Financial assets per category 2022 | ||||
| Asstes valued | ||||
| to fair value | ||||
| Assets valued to | through | Whereof | ||
| MSEK | amortized cost | profit & loss | Total | short-term |
Accounts receivable | 2,139.2 | – | 2,139.2 | 2,139.2 |
Cash and cash equivalents | 904.0 | – | 904.0 | 904.0 |
Other securities | 56.5 | – | 56.5 | – |
Hedging derivatives | – | 0.1 | 0.1 | 0.1 |
Other receivables | 74.2 | – | 74.2 | 64.6 |
Closing balance | 3,173.9 | 0.1 | 3,174.0 | 3,107.9 |
NOTE 17 – Inventory
MSEK | 2023 | 2022 |
Raw materials and consumables | 197.7 | 431.9 |
Work in process | 27.8 | 33.1 |
Finished goods | 123.6 | 153.9 |
Closing balance | 349.1 | 618.9 |
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
| Accounts receivable – aging report | ||
MSEK | 2023 | 2022 |
Not overdue | 1,618.8 | 1,784.3 |
1–30 days overdue | 343.8 | 279.1 |
31–60 days overdue | 45.8 | 46.7 |
61–90 days overdue | 19.4 | 20.2 |
91–120 days overdue | 18.9 | 13.9 |
More than 120 days overdue | 17.8 | 17.1 |
Provisions doubtful accounts | –26.5 | –22.0 |
Total | 2,037.9 | 2,139.2 |
| Change in provision for doubtful receivables | ||
MSEK | 2023 | 2022 |
Opening balance | –22.0 | –27.8 |
| Provision in acquired operations | –0.6 | 0.0 |
| Reversal of provision from previous | ||
year | 10.1 | 6.2 |
| Utilized provisions for confirmed | ||
losses | 15.6 | 20.1 |
Provisions during the year | –30.1 | –17.9 |
Translation difference | 0.6 | –2.6 |
Closing balance | –26.5 | –22.0 |
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
MSEK | 2023 | 2022 |
Cash and bank | 1,106.6 | 904.0 |
Cash and cash equivalents | 1,106.6 | 904.0 |
| Number of registered shares | ||
in the parent company | 2023 | 2022 |
Issued as of 1 Jan. | 35,357,751 | 35,357,751 |
Issued as of per 31 Dec. | 35,357,751 | 35,357,751 |
| Number | Number | Share | |
| 2023 | of shares | of votes | capital, SEK |
A shares | 1,814,813 | 18,148,130 | 18,148,130 |
B shares | 33,542,938 | 33,542,938 | 335,429,380 |
Total | 35,357,751 | 51,691,068 | 353,577,510 |
NOTE 19 – Prepaid expenses and accrued income
MSEK | 2023 | 2022 |
Services performed, not invoiced | 127.7 | 195.2 |
Prepaid insurance expenses | 13.1 | 9.0 |
Prepaid IT expenses | 25.7 | 16.2 |
Prepaid leasing expenses | 49.4 | 33.6 |
Other prepaid expenses | 84.4 | 75.1 |
Other accrued income | 47.4 | 67.8 |
Total | 347.7 | 396.9 |
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
NOTE 22 – Financial liabilities (cont.)
| Long-term financial liabilities | ||||
2023 | 2022 | |||
| Carrying | Fair | Carrying | Fair | |
| MSEK | amount | Value | amount | Value |
| Other interest bearing liabilities | ||||
Bank loan (EUR) | 1,109.6 | 1,027.8 | 1,112.8 | 1,059.1 |
Bank loan (USD) | 933.9 | 840.9 | 1,095.9 | 1,017.8 |
Bank loan (GBP) | 847.8 | 766.2 | – | – |
Revolver credit facility (EUR) | 699.0 | 699.0 | 923.7 | 923.7 |
Contingent consideration | 382.4 | 382.4 | 52.8 | 52.8 |
Mandatory put/call options | 20.8 | 20.8 | 479.8 | 479.8 |
Other interest bearing liabilities | 3.2 | 3.2 | 2.1 | 2.1 |
Lease liabilities | 3,608.2 | 3,608.2 | 3,484.6 | 3,484.6 |
Closing balance | 7,604.7 | 7,348.3 | 7,151.8 | 7,019.9 |
| Short-term financial liabilities | ||||
2023 | 2022 | |||
| Carrying | Fair | Carrying | Fair | |
| MSEK | amount | Value | amount | Value |
| Other interest bearing liabilities | ||||
Bank loan (USD) | 120.5 | 117.4 | 125.2 | 123.4 |
Bank loan (GBP) | 12.8 | 12.1 | – | – |
Contingent consideration | 49.9 | 49.9 | – | – |
Mandatory put/call options | 478.4 | 478.4 | 1.5 | 1.5 |
Other interest bearing liabilities | 21.7 | 21.7 | 23.1 | 23.1 |
Lease liabilities | 938.2 | 938.2 | 801.2 | 801.2 |
Accounts payable | 673.3 | 673.3 | 892.5 | 892.5 |
Other financial liablities | 132.5 | 132.5 | 54.2 | 54.2 |
Closing balance | 2,427.2 | 2,423.5 | 1,897.7 | 1,895.9 |
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
NOTE 22 – Financial liabilities (cont.)
| Jan.–Mar. | Apr.–Dec. | 2029 and | ||
| MSEK | 2024 | 2024 | 2025–2028 | later |
Bank loans | 86.4 | 268.9 | 3,904.6 | – |
Contingent consideration | – | 49.9 | 382.4 | – |
Mandatory put/call options | – | 478.4 | 20.8 | – |
Other interest bearing liabilities | 21.7 | – | 3.2 | – |
Lease liabilities | 296.7 | 763.2 | 2,786.1 | 1,197.5 |
Accounts payable | 673.3 | – | – | – |
Other financial liablities | 132.5 | – | – | – |
Total | 1,210.6 | 1,560.5 | 7,097.1 | 1,197.5 |
| Contingent considerations and mandatory put/call options | ||||
| Contingent | Mandatory | |||
| considerations | put/call options | |||
MSEK | 2023 | 2022 | 2023 | 2022 |
Opening balance | 52.8 | 30.7 | 481.3 | 331.6 |
Acquisitions for the year | 382.4 | – | – | – |
Changes in value recognized in the income statement | 14.4 | 18.5 | – | – |
Changes in value recognized in equity | – | – | 38.2 | 107.9 |
Payments | –17.2 | – | –1.2 | –0.8 |
Reclassifications | – | – | – | –4.3 |
Translation differences | –0.1 | 3.6 | –19.1 | 46.9 |
Closing balance | 432.3 | 52.8 | 499.2 | 481.3 |
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
NOTE 24 – Financial risk management
NOTE 23 – Net debt
| Provisions | Other | ||||
| for post- | interest- | ||||
| Cash and cash | Lease | employment | bearing | ||
| MSEK | equivalents | liabilities | benefits | liabilities | Total |
Net debt as of Jan 1, 2023 | –904.0 | 4,285.8 | 77.5 | 3,817.0 | 7,276.4 |
Acquired and divested operations | – | 628.5 | – | 397.7 | 1,026.2 |
Changes with effect on cash-flow | –236.7 | –919.2 | –3.6 | 542.4 | –617.0 |
Changes with no effect on cash-flow | – | 608.4 | –3.0 | 51.3 | 656.7 |
Translation difference | 34.1 | –57.2 | 0.4 | –128.5 | –151.3 |
Net debt as of Dec 31, 2023 | –1,106.6 | 4,546.4 | 71.3 | 4,680.0 | 8,191.1 |
| Provisions | Other | ||||
| for post- | interest- | ||||
| Cash and cash | Lease | employment | bearing | ||
| MSEK | equivalents | liabilities | benefits | liabilities | Total |
Net debt as of Jan 1, 2022 | –898.1 | 2,754.8 | 98.6 | 3,293.4 | 5,248.8 |
Acquired and divested operations | – | 10.8 | – | – | 10.8 |
Changes with effect on cash-flow | 66.6 | –773.9 | –3.0 | 12.3 | –697.9 |
Changes with no effect on cash-flow | – | 1,951.4 | –24.4 | 122.8 | 2,049.8 |
Translation difference | –72.5 | 342.6 | 6.3 | 388.5 | 664.9 |
Net debt as of Dec 31, 2022 | –904.0 | 4,285.8 | 77.5 | 3,817.0 | 7,276.4 |
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
NOTE 24 – Financial risk management (cont.)
| Estimated effect from changes | |||
| in exchange rates by 10% | |||
| Operating | Result | ||
MSEK | Net sales | result | before tax |
EUR | +/– 810 | +/– 43 | +/– 26 |
USD | +/– 470 | +/– 30 | +/– 17 |
EUR & USD | +/– 1,280 | +/– 73 | +/– 43 |
| Nominal | ||
| amount | Average | |
| Currencies | MSEK | hedging rate |
SEK/EUR | 389.1 | 11.06 |
GBP/SEK | 46.3 | 12.73 |
EUR/PLN | 27.5 | 4.49 |
USD/SEK | 20.6 | 9.99 |
USD/PLN | 0.8 | 4.03 |
USD/GBP | 4.4 | 0.78 |
GBP/PLN | 0.1 | 5.01 |
| Floating | Non-interest- | |
| MSEK | interest | bearing |
Other securities | – | 56.3 |
Long-term receivables | – | 11.3 |
Current receivables | – | 2,119.6 |
Cash and bank | 1,106.6 | – |
Long-term liabilities | –7,676.1 | – |
Current liabilities | –1,621.5 | –303.1 |
Total | –8,191.0 | 1,884.1 |
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
NOTE 25 – Provisions for post-employment benefits
NOTE 24 – Financial risk management (cont.)
Sensitivity analysis
The table below presents how group results after tax would have been
affected by a change of one percentage in the variables connected
to Elanders various operational risks. Each variable has been treated
individually under the condition that the others remain constant. It is
assumed that a change in net sales will affect the value added on the
margin which there after will presumably fall straight through the income
statement. A change in personnel costs is multiplied with total person-
nel costs. A change in material costs is multiplied with the total costs of
material and is not assumed to be able to be charged from the customer.
The analysis does not pretend to be exact. It is merely indicative and
aims to show the most relevant, measurable factors in this connection.
The figures are presented in MSEK.
• Net sales +/– 58
• Personnel cost +/– 28
• Cost of material +/– 19
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
NOTE 25 – Provisions for post-employment benefits (cont.)
Defined benefit pension plans
The fair value of the plan assets in the Elanders’ defined benefit pen-
sion plans amounted to MSEK 23.1 (23.2) as of 31 December 2023 and
the present value of the pension obligations amounted to MSEK 94.3
(100.7). The defined contribution plans are mainly attributable to the
operations in Germany.
The actuarial measurement of pension obligations and costs for
defined benefit plans are based on the following actuarial significant
assumptions:
Percent | 2023 | 2022 |
Discount rate, % | 3.60 | 3.15 |
Expected return on plan assets, % | 3.60 | 3.15 |
| Provisions for post-employment obligations | |||
| Funded | Unfunded | ||
| MSEK | plans | plans | Total |
Present value of post- employment obligations | 78.0 | 16.4 | 94.3 |
| The fair value of plan | |||
assets | –23.1 | – | –23.1 |
Provision for post- employment obligations | 54.9 | 16.4 | 71.3 |
| according to the balance | |||
| sheet | |||
| Change in current value of the post-employment obligations | ||
MSEK | 2023 | 2022 |
Opening balance | 100.7 | 121.7 |
Interest expense | 3.4 | 1.8 |
| Actuarial gains(–)/losses(+), net | –5.2 | –22.8 |
| Current year service cost | 0.1 | 0.3 |
Pensions paid out | –5.0 | –4.2 |
Translation difference | 0.3 | 3.9 |
Closing balance | 94.3 | 100.7 |
| Change in plan assets fair value | ||
MSEK | 2023 | 2022 |
Opening balance | 23.2 | 23.1 |
Return on plan assets | 0.7 | 0.2 |
Disbursement | –0.7 | –0.7 |
| Actuarial gains(–)/losses(+), net | –0.1 | –1.2 |
Translation difference | –0.1 | 1.8 |
Closing balance | 23.1 | 23.2 |
| Net expense recognized in the income statement regarding | ||
| defined benefit plans | ||
MSEK | 2023 | 2022 |
| Current year service cost | 0.1 | 0.3 |
Interest expense | 3.4 | 1.8 |
Return on plan assets | –0.7 | –0.2 |
Total | 2.8 | 1.9 |
Defined contribution pension plans
The pension costs for the current period are included in the income
statement and amount to MSEK 55.7 (52.7). The obligations for retire-
ment and sick pensions for white-collar workers for several of the Swed-
ish companies have been safe guarded through an insurance in Alecta.
The payments for pension insurances to Alecta totaled MSEK 1.0 (1.8) in
2023. For 2024, no significant changes are expected regarding the total
costs for pension insurance from Alecta.
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
| Provision for | |||||
| Restructuring | damages to | Restoration | |||
| MSEK | costs | goods etc. | costs | Other | Total |
Opening balance as of 1 Jan. 2023 | 50.2 | 50.9 | 72.4 | 30.4 | 203.8 |
Acquired operations | – | – | 80.5 | 0.1 | 80.6 |
Provided for during the year | 6.5 | 15.3 | 40.7 | 27.4 | 89.9 |
Utilized during the year | –19.8 | –12.9 | –10.8 | –17.5 | –61.0 |
Reversal of unutilized amounts | –31.3 | –15.1 | –10.1 | –3.6 | –60.1 |
Translation difference | 1.3 | 0.3 | –3.8 | –0.9 | –3.1 |
Closing balance as of 31 Dec. 2023 | 7.0 | 38.4 | 168.9 | 35.8 | 250.2 |
| Of which: | |||||
Current | 7.0 | 38.4 | 64.7 | 29.0 | 139.2 |
Non-current | – | – | 104.2 | 6.7 | 111.0 |
| Provision for | |||||
| Restructuring | damages to | Restoration | |||
| MSEK | costs | goods etc. | costs | Other | Total |
Opening balance as of 1 Jan. 2022 | 7.7 | 67.7 | 53.6 | 29.0 | 158.1 |
Acquired operations | – | – | 2.5 | – | 2.5 |
Provided for during the year | 47.8 | 28.3 | 51.2 | 21.0 | 148.2 |
Utilized during the year | –7.9 | –23.0 | –31.8 | –18.1 | –80.7 |
Reversal of unutilized amounts | – | –26.9 | –8.7 | –4.5 | –40.1 |
Translation difference | 2.5 | 4.8 | 5.6 | 3.0 | 15.9 |
Closing balance as of 31 Dec. 2022 | 50.2 | 50.9 | 72.4 | 30.4 | 203.8 |
| Of which: | |||||
Current | 50.2 | 50.9 | 44.9 | 23.4 | 169.3 |
Non-current | – | – | 27.5 | 6.9 | 34.4 |
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
MSEK | 2023 | 2022 |
Holiday pay liability | 66.1 | 62.2 |
Social security contributions | 53.5 | 44.0 |
Accrued salaries and remuneration | 187.7 | 205.5 |
Accrued expenses for services and goods received | 389.0 | 432.1 |
Other accrued expenses and deferred income | 173.2 | 149.2 |
Closing balance | 869.4 | 893.0 |
| Pledged assets | ||
MSEK | 2023 | 2022 |
Floating charges | 119.3 | 119.3 |
Other pledged assets | – | 18.5 |
Total | 119.3 | 137.8 |
| Whereof pledged to: | ||
– credit institutions | 119.3 | 137.8 |
| Contingent liabilities | ||
MSEK | 2023 | 2022 |
Contingent liabilities | 0.2 | 0.2 |
Total | 0.2 | 0.2 |
NOTE 29 – Transactions with related parties
The transactions between subsidiaries have taken place with normal
business terms and at market prices. During the year intra-group sales
of products and services amounted to MSEK 5,869 (5,738).
Intra-group transactions and balances have been eliminated and are
therefore not included in the figures concerning the Group.
Sales of products and services
During 2023 and 2022 there have not been any sales of products and
services to related parties.
Purchase of products and services
Erik Gabrielson, who is member of the Board, is partner in Vinge Law
Firm that during the year has provided legal counsel and invoiced fees
amounting to MSEK 0.4 (0.4).
The Group leases properties in two subsidiaries, where the proper-
ties are wholly or partly owned by minority shareholders within the
Elanders Group.
No board member or senior officer has or has had direct or indirect
participation in any business transactions between themselves and the
Group that were of unusual nature.
Remuneration to Board members and management is reported in
note 5.
All transactions have been on normal business terms and at market
prices.
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
NOTE 30 – Acquired and divested operations
| Recorded | |||
| Acquired | Adjustments | value in | |
| MSEK | book value | to fair value | the Group |
Customer relations | – | 220.4 | 220.4 |
Property, plant and equipment | 105.8 | – | 105.8 |
Property, plant and equipment | 620.3 | – | 620.3 |
Current receivables | 341.8 | – | 341.8 |
Property, plant and equipment | 1.3 | – | 1.3 |
Cash and equivalents | 56.8 | – | 56.8 |
Property, plant and equipment | –620.3 | – | –620.3 |
Liabilities | –269.2 | –55.4 | –324.7 |
Net assets acquired | 236.5 | 165.0 | 401,5 |
Goodwill | 864.3 | ||
Total | 1,265.8 | ||
| Less: | |||
– unpaid purchase price | –395.9 | ||
– cash and cash equivalents in acquired operations | –56.8 | ||
Negative effect on cash and cash equivalents for the Group | 813.1 |
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Group
NOTE 30 – Acquired and divested operations (cont.)
Acquisitions during 2022
In July 2022, Elanders acquired all the shares in the British Bonds World-
wide Holdings Limited with its subsidiaries Bonds Worldwide Express
Limited and Bonds Technical Couriers Limited (together “Bonds”). The
purchase price allocation is now final, and no changes have been made
to the initial one.
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Parent company
Statements of comprehensive income
MSEK 2023 2022
Result for the year 278.6 –23.6
Other comprehensive income – –
Total comprehensive income for the year 278.6 –23.6
Income statements
MSEK Note 2023 2022
Net sales 47.5 45.3
Selling expenses –12.4 –14.2
Administrative expenses 2 –75.1 –86.6
Other operating income 3 7.0 5.1
Operating result 4, 7 –33.0 –50.5
Result from shares in subsidiaries 275.5 30.4
Interest income 211.2 154.6
Other financial income 133.5 302.1
Interest expenses –191.5 –75.1
Other financial expenses –115.9 –398.7
Result after financial items 5 279.8 –37.3
Taxes 6 –1.2 13.7
Result for the year 278.6 –23.6
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Parent company
Cash flow statements
MSEK Note 2023 2022
Operating activities
Result after financial items 279.8 –37.3
Adjustments for items not included in cash flow from operating activities 15 –398.2 163.0
Paid taxes –0.1 –
Cash flow from operating activities before changes in working capital –118.5 125.7
Cash flow from changes in working capital
Increase (–)/decrease (+) in operating receivables 33.1 –43.0
Increase (+)/decrease (–) in operating liabilities 4.8 11.2
Cash flow from operating activities –80.7 93.9
Investing activities
Acquisition of tangible assets and intangible assets 10, 11 –1.3 –1.4
Acquisition of subsidiaries 9 –222.2 –
Received dividends from subsidiaries 15 299.4 30.4
Lending to and from subsidiaries –362.7 –28.9
Cash flow from investing activities –286.8 0.1
Financing activities
Amortization of loans 13 –126.3 –123.1
New loans 13 884.7 –
Other changes in interest-bearing liabilities 13 –197.0 138.4
Dividend to parent company shareholders –146.7 –127.3
Cash flow from financing activities 414.7 –112.0
Cash flow for the year 47.2 –18.0
Cash and cash equivalents at the beginning of the year 281.0 299.0
Cash and cash equivalents at year-end 328.2 281.0
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Parent company
Balance sheets
MSEK Note 2023 2022
Assets
Fixed assets
Intangible assets 10 2.1 1.5
Tangible fixed assets 11 0.3 0.4
Shares in subsidiaries 9 2,277.9 2,079.6
Receivables from group companies 3,371.3 3,140.0
Deferred tax assets 6 112.9 114.0
Other financial assets 0.0 0.0
Total fixed assets 5,764.5 5,335.6
Current assets
Receivables from group companies 181.6 167.6
Other receivables 1.8 1.5
Prepaid expenses and accrued income 29.8 17.1
Cash and bank balances 328.2 280.9
Total current assets 541.4 467.1
Total assets 6,305.9 5,802.6
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 1,311.6 1,179.7
Total equity 1,997.5 1,865.7
Provisions
Other provisions 1.5 1.5
Total provisions 1.5 1.5
Liabilities
Long-term liabilities
Liabilities to credit institutions 13, 14 3,590.3 3,132.4
Liabilities to group companies – 6.9
Other liabilities 20.9 31.2
Total long-term liabilities 3,611.2 3,170.4
Current liabilities
Liabilities to credit institutions 13, 14 133.3 125.2
Accounts payable 4.8 2.4
Liabilities to group companies 503.5 585.7
Other liabilities 13.6 3.2
Accrued expenses and deferred income 12 40.5 48.5
Total current liabilities 695.6 765.0
Equity, provisions and liabilities 6,305.9 5,802.6
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Parent company
Statements of changes in equity
MSEK Share capital
Statutory
reserve
Unrestricted
equity Total
Opening balance as of 1 Jan. 2021 353.6 332.4 1,330.7 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. 2021 353.6 332.4 1,179.7 1,865.7
Dividend – – –146.7 –146.7
Result for the year – – 278.6 278.6
Other comprehensive income – – – –
Closing balance as of 31 Dec. 2022 353.6 332.4 1,311.6 1,997.5
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Parent company
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 Ac-
counting 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 connection 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 differen-
ce 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 hol-
der 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 tax-
ation. 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
alternative rule in the Swedish Financial Reporting Board Recommenda-
tion RFR 2. This means that received and paid group contributions are
reported 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 2023
No new standards, amendments or interpretations that have had signi-
ficant effect on the company’s financial reports have come into effect
during 2023.
NOTE 2 – Fees to the auditors
MSEK | 2023 | 2022 |
| PwC | ||
Audit assignment | 2.8 | 2.3 |
| Audit-related services | – | – |
Tax advisory services | – | – |
Other services | 0.7 | – |
Total | 3.5 | 2.3 |
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 consulta-
tion given in connection with the audit.
NOTE 3 – Other operating income
MSEK | 2023 | 2022 |
Exchange rate gains | 0.0 | 0.0 |
Other | 7.0 | 5.1 |
Total | 7.0 | 5.1 |
NOTE 4 – Personnel
Please see note 5 to the consolidated financial statements for personnel
related information.
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Parent company
NOTE 5 – Result from financial items
Result from shares in subsidiaries
MSEK 2023 2022
Write-downs of shares in subsidiaries –23.9 –
Dividends from subsidiaries 299.4 30.4
Total 275.5 30.4
Interest income
MSEK 2023 2022
Interest income, external 8.8 1.9
Interest income, subsidiaries 202.5 152.7
Total 211.2 154.6
Other financial income
MSEK 2023 2022
Exchange rate gains 133.5 302.1
Total 133.5 302.1
Interest expenses
MSEK 2023 2022
Interest expenses, external –176.4 –72.4
Interest expenses, subsidiaries –15.1 –2.7
Total –191.5 –75.1
Other financial expenses
MSEK 2023 2022
Exchange rate losses –103.4 –388.0
Other financial expenses –12.6 –10.7
Total –115.9 –398.7
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 accor-
ding 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 70.
Tax on the result for the year
MSEK 2023 2022
Withholding tax on income from
foreign subsidiaries –0.1 –
Correction of previous years’ current
tax expense – –
Deferred tax –1.1 13,7
Total –1.2 13,7
Reconciliation of recorded tax
MSEK 2023 2022
Result before taxes 279.8 –37,4
Tax according to Swedish tax rate
of 20.6 (20.6)%
–57.6
7,7
Tax effect of:
– non-taxable dividends from
subsidiaries 61.7 6,3
– write-downs of shares in
subsidiaries –4.9 –
– withholding tax on income from
foreign subsidiaries –0.1 –
– non tax-deductible contribution,
representation and association
costs –0.3 –0,2
– other 0.0 0,0
Total –1.2 13,7
Deferred tax receivables
MSEK 2023 2022
Tax loss carry forwards 99.8 102,4
Other 13.1 11,6
Total 112.9 114,0
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Parent company
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 subsidia-
ries for MSEK 2.8 (2.6).
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 (0.4).
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 | 2023 | 2022 |
Retained earnings | 1,033.0 | 1,203.4 |
Net result for the year | 278.6 | –23.7 |
Total | 1,311.6 | 1,179.7 |
The Board of Directors and the Chief Executive Officer propose that the
profit and other non-restricted equity will be dealt with accordingly:
MSEK | 2023 | 2022 | |
SEK 4.15 | (4.15) per share is | ||
distributed to the shareholders | 146.7 | 146.7 | |
| Remaining balance to be carried | 1,164.8 | ||
| forward | 1,033.0 | ||
Total | 1,311.6 | 1,179.7 |
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 subsidiar-
ies, 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 impair-
ment 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. During the
year, impairment losses of shares in subsidiaires were recog-
nized of MSEK 23.9 (0.0).
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Parent company
NOTE 9 – Shares in subsidiaries (cont.)
| Specification of shares in subsidiaries | |||||
| Book | |||||
| Per- | value of | ||||
| Number | centage | holding, | |||
Identity no. | Registered office | of shares | holding | MSEK | |
d|o|m Deutsche Online Medien GmbH | HRB265124 | Waiblingen, Germany | 3 | 100 | 0.0 |
myphotobook GmbH | HRB94377 | Berlin, Germany | – | 100 | – |
Elanders do Brasil Representações Ltda | 08.789.936/0001-55 | São Paulo, Brazil | 3,105,550 | 100 | 12.2 |
Mentor Gerenciamento de Supply Chain (Brasil) Ltda | 08.849.405/0001-00 | São Paulo, Brazil | 7,241,126 | 100 | 9.4 |
Elanders Waiblingen GmbH | HRB722349 | Waiblingen, Germany | 1 | 100 | 108.6 |
Elanders International AB | 556058-0622 | Mölndal, Sweden | – | 100 | – |
Mentor Media Ltd | 199302450H | Singapore | – | 100 | – |
Asiapack Limited | 626139 | Hong Kong, China | – | 100 | – |
Asiapack (Shenzhen) Co., Ltd | 91440300734155669E | Shenzhen, China | – | 100 | – |
Chengdu Mentor Media Co., Ltd | 91510100597273959A | Chengdu, China | – | 100 | – |
Mentor Internet Solution Pte Ltd | 199508226M | Singapore | – | 100 | – |
Mentor Media (Chongqing) Co., Ltd | 915000006939331951 | Chongqing, China | – | 100 | – |
| Mentor Media (Chongqing) Co., Ltd – | |||||
Wuhan Branch | 91420100MA4KYTDK3K | Wuhan, China | – | – | – |
Mentor Media (Kunshan) Co., Ltd | 913205837584821700 | Kunshan, China | – | 100 | – |
Mentor Media Ltd, Taiwan Branch | 70777068 | Taoyuan, Taiwan | – | 100 | – |
Mentor Media (Shenzhen) Co., Ltd | 91440300726187433D | Shenzhen, China | – | 100 | – |
| Mentor Media (USA) Supply Chain | |||||
Management Inc | C3095841 | San Bernardino, USA | – | 100 | – |
Mentor Media (Xiamen) Co., Ltd | 91350200612051108M | Xiamen, China | – | 100 | – |
Mentor Media CBZ (Chongqing) Co., Ltd | 915000005814642169 | Chongqing, China | – | 100 | – |
Mentor Media Juárez S.A. de C.V. | MMJ0810145N1 | Juárez, Mexico | – | 100 | – |
Mentor Media (Shenzhen) Logistics Ltd | 91440300793899377C | Shenzhen, China | – | 100 | – |
Mentor Printing and Logistics Pvt. Ltd | U72900TN2006PTC061596 | Chennai, India | – | 100 | – |
Mentor Shanghai Trading Co., Ltd | 91310000329537946A | Shanghai, China | – | 100 | – |
Mentor Supply Chain (Chongqing-CBZ) Co., Ltd | 91500106MA5YR1XH62 | Chongqing, China | – | 100 | – |
Mentor Supply Chain Mexico S.A. de C.V. | MSC191028QH1 | Juárez, Mexico | – | 100 | – |
Mentor Supply Chain (Netherlands) BV | 858777265 | Rotterdam, Netherlands | – | 100 | – |
Mentor Media Czech s.r.o. | CZ27742270 | Brno, Czech Republic | – | 100 | – |
Mentor Supply Chain (USA) Inc. | 202212131646372 | Warsaw, USA | – | 100 | – |
Mentor Supply Chain Thailand Ltd | 105566154947 | Bangkok, Thailand | – | 100 | – |
Mentor Supply Chain Vietnam Ltd | 0110081611 | Hanoi, Vietnam | – | 100 | – |
Shanghai Mentor Media Co., Ltd | 91310115703003515D | Shanghai, China | – | 100 | – |
Tristellar Graphic Sdn. Bhd. | 64775T | Johor, Malaysia | – | 100 | – |
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Parent company
NOTE 9 – Shares in subsidiaries (cont.)
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Parent company
NOTE 9 – Shares in subsidiaries (cont.)
| Specification of shares in subsidiaries (cont.) | |||||
| Book | |||||
| Per- | value of | ||||
| Number | centage | holding, | |||
Identity no. | Registered office | of shares | holding | MSEK | |
Elanders Hungary Kft | 20-09-065122 | Zalalövő, Hungary | 1 | 100 | 146.1 |
Elanders Infologistics AB | 556121-8891 | Mölndal, Sweden | 314,330 | 100 | 286.8 |
Elanders Sverige AB | 556262-1689 | Borås, Sweden | – | 100 | – |
Elanders Italy S.r.l. | 05686620963 | Ponzano Veneto, Italy | 1 | 100 | 2.7 |
Elanders Ltd | GB 3788582 | Newcastle, UK | 2,300,000 | 100 | 31.4 |
Elanders McNaughtan’s Ltd | SC 135425 | Glasgow, UK | – | 100 | – |
Spreckley Ltd | 4179929 | Newcastle, UK | – | 100 | – |
Elanders Polska Sp. z o.o. | KRS 0000101815 | Płońsk, Poland | 144,280 | 100 | 89.9 |
fotokasten GmbH | HRB24050 | Waiblingen, Germany | 3 | 100 | 57.6 |
Midland Information Resources Company | 42-1468885 | Davenport, USA | 10,000 | 100 | 223.0 |
ElandersUSA, LLC | 58-1448183 | Atlanta, USA | – | 100 | – |
ReuseIT AB | 559342-0507 | Mölndal, Sweden | 50,000 | 70 | 120.0 |
ReuseIT Sweden AB | 559210-6404 | Växjö, Sweden | – | 100 | – |
ReuseIT Finance AB | 559210-6602 | Växjö, Sweden | – | 100 | – |
Elanders Kaisheim GmbH | HRB18350 | Kaisheim, Germany | 1 | 100 | 5.5 |
Elanders Donauwörth GmbH | HRB28117 | Donauwörth, Germany | – | 100 | – |
Total | 2,277.9 |
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Parent company
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 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 |
Opening acquisition value | 2.0 | 2.0 | 5.2 | 6.2 | 7.2 | 8.2 |
Acquisitions | – | – | 1.3 | 1.3 | 1.3 | 1.3 |
Disposals | – | – | – | –2.3 | – | –2.3 |
Closing acquisition value | 2.0 | 2.0 | 6.6 | 5.2 | 8.5 | 7.2 |
| Opening accumulated amortization | ||||||
and write-downs | –1.9 | –1.8 | –3.9 | –5.1 | –5.7 | –6.8 |
Amortization of the year | –0.1 | –0.1 | –0.6 | –1.1 | –0.7 | –1.2 |
Disposals | – | – | – | 2.3 | – | 2.3 |
| Closing accumulated amortization | ||||||
and write-downs | –2.0 | –1.9 | –4.5 | –3.9 | –6.4 | –5.7 |
Net residual value | – | 0.1 | 2.1 | 1.4 | 2.1 | 1.5 |
| Amortization specified per function in the income statement | ||
MSEK | 2023 | 2022 |
Selling expenses | –0.5 | –1.0 |
Administrative expenses | –0.2 | –0.2 |
Total | –0.7 | –1.2 |
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Parent company
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 | 2023 | 2022 |
Opening acquisition value | 1.3 | 1.2 |
Acquisitions | – | 0.0 |
Closing acquisition value | 1.3 | 1.3 |
| Opening accumulated depreciation | –0.9 | –0.7 |
Depreciation for the year | –0.1 | –0.2 |
Closing accumulated depreciation | –1.0 | –0.9 |
Net residual value | 0.3 | 0.4 |
Depreciation has been charged entirely to administrative expenses.
There has been no financial leasing.
NOTE 12 – Accrued expenses and deferred income
MSEK | 2023 | 2022 |
Salaries and holiday pay | 5.9 | 15.5 |
Social security contributions | 14.4 | 16.3 |
Interest | 5.6 | 0.4 |
Other accrued expenses and deferred income | 14.6 | 16.3 |
Closing balance | 40.5 | 48.5 |
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 2026. Elanders AB has loans in GBP, USD and EUR.
The interest rate on the loans per 31 December 2023 was in the
interval 5.07–7.14 (3.55–6.01 percent.
Please see note 24 to the consolidated financial statements for infor-
mation regarding financial risk management.
Changes in interest-bearing liabilities
MSEK | 2023 | 2022 |
Opening balance | 3,257.6 | 2,905.2 |
New loans | 884.7 | – |
Amortization of loans | –126.3 | –123.1 |
| Other changes in interest-bearing | ||
liabilities | –197.0 | 141.2 |
Translation difference | –95.4 | 334.4 |
Closing balance | 3,723.6 | 3,257.6 |
Bank overdraft facilities
Utilized amounts and available credit in group bank overdraft
facilities are given below.
MSEK | 2023 | 2022 |
| Bank overdraft facilities, utilized | ||
amount | – | – |
| Bank overdraft facilities, granted | ||
amount | 236.4 | 236.9 |
Not utilized overdraft | 236.4 | 236.9 |
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Parent company
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 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
2023, until they are satisfied in full and the guarantee is enforceable
against the company by any person to whom the subsidiary compa-
nies 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
Elanders Kaishem GmbH, Elanders Donauwörth GmbH, Elanders
Waiblingen GmbH and Elanders Holding GmbH, all registered in
Germany. The parent company guarantees for all obligations of
Elanders Kaishem GmbH, Elanders Donauwörth GmbH, Elanders
Waiblinen GmbH and Elanders Holding GmbH existing as of 31
December 2023 until the end of the following financial year. As a
consequence of this, Elanders Kaishem GmbH, Elanders Donauwörth
GmbH, Elanders Waiblingen 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, LGI reuseIT GmbH, MotoristicSolutions GmbH, listed in note
9, apply the exemption rules set out in sec. 264 (3) German Commer-
cial Code (HGB). Those rules exempt from legal audit and publishing
and allows preparation reliefs of the financial statements. Further-
more, 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 Waiblingen GmbH are exempted from the
preparation of consolidated financial statements and the manage-
ment commentary as they are included in the consolidated financial
statements of Elanders AB.
| Pledged assets | ||
MSEK | 2023 | 2022 |
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 | 2023 | 2022 |
| Surety and contingent liabilities given | ||
for subsidiaries | 150.8 | 170.7 |
Total | 150.8 | 170.7 |
Elanders’ Annual and Sustainability Report 2023
Financial reports and notes – Parent company
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 | 2023 | 2022 |
Depreciation, amortization and write-downs of intangible and tangible assets | 0.8 | 1.3 |
Dividends from subsidiaries | –299.4 | –30.4 |
| Unrealized exchange rate | –113.3 | |
| gains/losses | 195.5 | |
Other items | 13.7 | –3.4 |
Total | –398.2 | 163.0 |
| Paid and received interest | ||
MSEK | 2023 | 2022 |
Paid interest | –185.9 | –74.3 |
Received interest | 253.0 | 111.7 |
Total | 67.1 | 37.4 |
| Dividends received from subsidiaries | ||
MSEK | 2023 | 2022 |
Elanders Hungary Kft | 17.4 | 6.3 |
Elanders Ltd | 51.5 | – |
Elanders Polska Sp. z o.o. | 3.7 | – |
Elanders UK Ltd | 7.5 | – |
Elanders Waiblingen GmbH | 215.3 | 19.7 |
ReuseIT AB | 4.1 | 4.4 |
Elanders Polska Sp. z o.o. | 299.4 | 30.4 |
Total | 30.4 | 30.4 |
Elanders’ Annual and Sustainability Report 2023
The Board of Directors and Chief Executive Officer hereby certify
that the Annual Report has been prepared in accordance with good
accounting practice in Sweden and that the consolidated financial
statements have been prepared in accordance with International
Financial Reporting 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 operations,
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 1,311,550,200 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 1,164,815,533 is to be carried
forward.
The Board of Directors believes that the proposed dividends are justi-
fiable 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
19 April 2024 for adoption.
Mölndal 22 March 2024
Our auditor’s report was issued on 22 March 2024
PricewaterhouseCoopers AB
Dan Frohm
Chairman of the Board
Carl Bennet
Vice Chairman of the Board
Ulrika Dellby Eva Elmstedt
Erik Gabrielson Anna Hallberg Anne Lenerius Johan Trouvé
Eric Salander
Authorized Public Accountant
Auditor in Charge
Irene Planting Magnus Nilsson
Chief Executive Officer
Martin Schubach
Alexander Ståhl
Authorized Public Accountant
Financial reports and notes – Proposed appropriation of profits
Proposed
appropriation
of profits
Elanders’ Annual and Sustainability Report 2023
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 particular, we considered where management made
subjective judgements; for example, in respect of significant account-
ing 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 management 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
statements 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
financial statements are free from material misstatement. Misstate-
ments may arise due to fraud or error. They 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
consolidated financial statements.
Based on our professional judgement, we determined certain quan-
titative thresholds for materiality, including the overall group mate-
riality 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 pro-
cedures and to evaluate 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 2023 except for the corporate
governance statement on pages 50–55. The annual accounts and
consolidated accounts of the company are included on pages 40–108
in this document.
In our opinion, the annual accounts have been prepared in accor-
dance with the Annual Accounts Act and present fairly, in all material
respects, the financial position of parent company and the group as
of 31 December 2023 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 2023 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 governance statement on pages 50–55. 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 com-
pany and the group.
Our opinions in this report on the annual accounts and consolidat-
ed 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 indepen-
dent 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.
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
Auditor’s report
Auditor’s report
Unofficial translation
To the general meeting of the shareholders of
Elanders AB (publ), corporate identity number
556008-1621
Elanders’ Annual and Sustainability Report 2023
Other Information than the annual accounts and
consolidated accounts
This document also contains other information than the annual ac-
counts and consolidated accounts and is found on pages 1–39 and
113–154. The other information also consists of the remuneration
report of 2023 that we obtained prior to the date of this auditor’s
report. The Board of Directors and the Managing Director are
responsible for this other information.
Our opinion on the annual accounts and consolidated accounts
does not cover this other information and we do not express any
form of assurance conclusion regarding this other information.
In connection with our audit of the annual accounts and consoli-
dated 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 proce-
dure 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 informa-
tion, we are required to report that fact. We have nothing to report in
this regard.
Responsibilities of the Board of Director’s and
the Managing Director
The Board of Directors and the Managing Director are responsible
for the preparation of the annual accounts and consolidated accounts
and that they give a fair presentation in accordance with the Annual
Accounts Act and, concerning the consolidated accounts, in accor-
dance with IFRS as adopted by the EU. The Board of Directors and
the Managing Director are also responsible for such internal control
as they determine is necessary to enable the preparation of annual
accounts and consolidated accounts that are free from material mis-
statement, whether due to fraud or error.
In preparing the annual accounts and consolidated accounts, The
Board of Directors and the Managing Director are responsible for the
assessment of the company’s and the group’s ability to continue as a
going concern. They disclose, as applicable, matters related to going
concern and using the going concern basis of accounting. The going
concern basis of accounting is however not applied if the Board of
Directors and the Managing Director intend to liquidate the com-
pany, to cease operations, or has no realistic alternative but to do so.
The Audit Committee shall, without prejudice to the Board of
Director’s responsibilities and tasks in general, among other things
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.
Key audit matters
Key audit matters of the audit are those matters that, in our profes-
sional judgment, were of most significance in our audit of the annual
accounts and consolidated accounts of the current period. These mat-
ters 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.
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
Note 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.
Auditor’s report
Key audit matters
How our audit addressed
the Key audit matter
Elanders’ Annual and Sustainability Report 2023
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 2023 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 statu-
tory administration 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 audit-
ing 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 responsibilities in accordance with these require-
ments.
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 con-
sidering the requirements which the company’s and the group’s type
of operations, size and risks place on the size of the parent company’s
and the group’ equity, consolidation requirements, liquidity and posi-
tion in general.
The Board of Directors is responsible for the company’s organiza-
tion 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 organiza-
tion is designed so that the accounting, management of assets and the
company’s financial affairs otherwise are controlled in a reassuring
manner. The Managing Director shall manage the ongoing adminis-
tration according to the Board of Directors’ guidelines and instruc-
tions and among other matters take measures that are necessary to
fulfill the company’s accounting in accordance with law and handle
the management of assets in a reassuring manner.
Auditor’s responsibility
Our objective concerning the audit of the administration, and thereby
our opinion about discharge from liability, is to obtain audit evidence
to assess with a reasonable degree of assurance whether any member
of the Board of Directors or the Managing Director in any material
respect:
• has undertaken any action or been guilty of any omission which
can give rise to liability to the company, or
• in any other way has acted in contravention of the Companies Act,
the Annual Accounts Act or the Articles of Association.
Our objective concerning the audit of the proposed appropriations of
the company’s profit or loss, and thereby our opinion about this, is to
assess with reasonable degree of assurance whether the proposal is in
accordance with the Companies Act.
Reasonable assurance is a high level of assurance, but is not a guar-
antee that an audit conducted in accordance with generally accepted
auditing 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 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 consoli-
dated 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 2023.
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
recommendation 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 accoun-
tants in Sweden and have otherwise fulfilled our ethical responsibili-
ties in accordance with these requirements.
We believe that the evidence we have obtained is sufficient and
appropriate 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 material misstatements, whether due to fraud or error.
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.
Auditor’s report
Elanders’ Annual and Sustainability Report 2023
The firm applies International Standard on Quality Management 1,
which requires the firm to design, implement and operate a system
of quality management including policies or procedures regarding
compliance with ethical requirements, professional standards and
applicable legal and regulatory requirements.
The examination involves obtaining evidence, through vari-
ous procedures, 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 assessment, and in order to design procedures that are
appropriate in the circumstances, the auditor considers those elements
of internal control that are relevant to the preparation of the Esef
report by the Board of Directors (and the Managing Director), but
not for the purpose of expressing an opinion on the effectiveness of
those internal controls. The 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 posi-
tion, 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.
The auditor’s examination of the corporate governance
statement
The Board of Directors is responsible for that the corporate gover-
nance statement on pages 50–55 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 gover-
nance statement. This means that our examination of the corporate
governance statement is different and substantially less in scope than
an audit conducted in accordance with International Standards on
Auditing and generally accepted auditing standards in Sweden. We
believe that the examination has provided us with sufficient basis for
our opinions. A corporate governance statement has been prepared.
Disclosures in accordance with chapter 6 section 6 the second para-
graph 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 ac-
cordance with the Annual Accounts Act/ the Annual Accounts Act for
Credit Institutions and Securities Companies/ the Annual Accounts
Act for Insurance Companies.
PricewaterhouseCoopers AB was appointed auditor of Elanders AB
(publ) by the general meeting of the shareholders on the 21 April
2023 and has been the company’s auditor since the 21 April 2008.
Mölndal 22 March 2024
PricewaterhouseCoopers AB
Eric Salander Alexander Ståhl
Authorized Public Accountant Authorized Public Accountant
Auditor in charge
Auditor’s report
Elanders’ Annual and Sustainability Report 2023
Currently the Group
has almost 8,000
employees, spread
out among some 20
countries on four
continents.
Read more on page 124: Sustainabiliy report/Social/Employee relations.
→
Elanders’ Annual and Sustainability Report 2023
Changes in information and reporting
In the information concerning greenhouse gases on page 130,
emissions have been recalculated for scope 1 and scope 2 in line
with the principles in the Greenhouse Gas (“GHG”) Protocol due
to acquisitions and improved calculation method. Reporting has
also been expanded to include scope 3 emissions.
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.
Scope of the Sustainability Report
Elanders’ Sustainability Report is published annually and is an inte-
grated part of the Annual Report. The report comprises the compa-
nies that belonged to the Group during the year.
Established principles for sustainability reporting have been applied
in the preparation of this report. Its contents have been defined with
guidance from, among others, the Global Reporting Initiative (GRI).
The report has been prepared in accordance with EU’s directive on
non-financial reporting (NFRD) which has been enacted in Sweden
through the statutory requirements on sustainability reports as inte-
grated parts of annual reports.
The new directive on sustainability reporting (Corporate Sus-
tainability Reporting Directive, “CSRD”) and the accompanying
mandatory European Standards (European Sustainability Reporting
Standards, “ESRS”) entail more detailed reporting requirements for
sustainability disclosures. The new rules entail a number of compre-
hensive changes in the preparation, formulation and presentation of
sustainability-related information. Elanders is in the process of taking
the necessary measures to be able to report according to CSRD and
ESRS.
For Elanders, sustainability is an integrated part of the Group’s
business and decision-making. Elanders’ Sustainability Report for
the calendar year 2023 is part of the Annual Report. It chronicles
the details in Elanders’ strategic sustainability work and the
progress that has been made during the year.
Sustainability Report 2023
Sustainability report – Introduction
For more information about Elanders,
please visit: www.elanders.com
→
Elanders’ Annual and Sustainability Report 2023
Sustainability report – Introduction
37
thousand tons CO
2
e (2022: 38)
Scope 1 & 2 emissions
28
percent
Percentage female supervisors
61
percent (2022: 59 %)
Percentage renewable
electricity
7 203
persons (2022: 7 248)
Average number of employees
Key ratios
Elanders signs on to the
United Nations Global
Compact.
Mapping of the Group’s value
chain emissions (scope 3)
completed.
Climate targets set for the
Group.
Elanders committed to setting
climate targets in line with
Science Based Targets
initiative.
Preparations for the new EU
directive on sustainability
reporting, CSRD.
Scope 1 and scope 2 emissions
will be reduced by 75 percent.
Operations aligned with the
1.5 degree target according to
the Paris Agreement.
Scope 1 and scope 2 emissions
will be reduced by 50 percent.
Scope 3 emissions related to
our own operations will be
reduced by 30 percent.
The Group will have achieved
net zero emissions over the
entire value chain.
Implementation of the new
EU directive for sustainability
reporting.
Preparation of action plans for
emission reductions.
Elanders will send, at the
latest, emission targets
to Science Based Targets
initiative for validation.
Important steps
→
27
thousand tons CO
2
e (2022: 24,5)
Emissions savings within
Life Cycle Management
195
thousand tons CO
2
e (2022: 219)
Scope 3 emissions
Elanders’ Annual and Sustainability Report 2023
Sustainability report – Strategy and materiality analysis
Aspects connected to compliance are integrated in Elanders’ central
governance framework. The compliance expected from all employees
is described in Elanders’ Code of Conduct, which is available on
Elanders’ website.
Elanders has a whistleblower function where all stakeholders can
report any violations of laws or regulations in Elanders or its value
chain, for example in IT security, data confidentiality, environmental
crime, corruption, human rights, discrimination or financial fraud.
The person reporting is guaranteed anonymity and complete confi-
dentiality.
To ensure that a sustainability perspective permeates governance
of all subsidiaries and that they take the necessary steps within the
prioritized areas, Elanders has three joint Group councils in addi-
tion to group management. These are People & Culture Council,
Environment & Climate Council and IT Council. The members of
these councils are relevant representatives of the subsidiaries as well
as Group staff. The councils normally meet quarterly.
As a global logistics company, the Group must work actively with,
and take responsibility for, 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, a sustainable strategy also
creates greater shareholder value and added-value for all the com-
pany’s stakeholders - customers, investors and society alike.
Elanders structures its sustainability disclosures based on “Environ-
ment”, “Social” and “Governance” and in doing so has identified a
number of sub-categories. These specify and frame Elanders’ material
sustainability aspects.
CSRD requires reporting according to the principle double
materiality which is the basis for sustainability reporting within the
framework of ESRS. This entails assessing materiality from an impact
perspective and a risk and opportunity perspective. The assessment
also takes the entire value chain into consideration. For Elanders this
means updating perspectives and thresholds that previously defined
which information should be included in disclosures. Elanders will
present its double materiality assessment in its Annual Report for
2024.
Governance regarding sustainability matters
Governance regarding sustainability matters is embedded in Elanders’
Board of Directors and group management. Ownership and agency to
drive measures within the material areas are embedded in Elanders’
organization in order to ensure adjustments to the various operations’
priorities.
During the last two decenniums, 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. Sustainability has become increasingly important
for Elanders and its stakeholders. This continued to be notable
in 2023. Elanders closely follows growing external demands and
strives to meet these as efficiently as possible.
Strategy and
materiality analysis
Elanders Code of Conduct can be found here:
www.elanders.com/sustainability/governance/
→
Sustainability report – Strategy and materiality analysis
Sustainability – Corporate governance
People & Culture IT Environment & Climate
Group Finance Corporate Sustainability
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 sustainability area
– is responsible for implementation of the strategy
Committees in
the Board of Directors
(sustainability relevant)
Audit Committee
Environment
Decarbonisation
Investment Committe
Board of Directors
– approves the overall
strategy
Group Management
– designs and monitors the
implementation of the strategy
Governance
Risk & Compliance
Social
Human Resources
Risk & Compliance
Elanders’ Annual and Sustainability Report 2023
Elanders’ Annual and Sustainability Report 2023
Sustainability report – Strategy and materiality analysis
groups: shareholders and investors, customers, employees, suppliers
and the 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 Board of Directors and group manage-
ment have also influenced the contents of the report. External factors
have been taken into account as well, such as political developments,
upcoming regulations for sustainability reporting and sector-specific
trends.
Materiality analysis
The contents of this report reflects the areas where the Group has the
greatest impact and where the most critical risks are found. What is
important to Elanders’ stakeholder groups is key in the assessment
and their interests guide the Group’s overall priorities over time. The
prioritized areas are regularly reviewed to ensure that sustainabil-
ity reporting aligns with developments in the Group and the world
around it.
Elanders maintains continuous dialogues with five stakeholder
Elanders’ five stakeholder groups and the main
channels of communication for each group
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’ Annual and Sustainability Report 2023
0
10,000
20,000
30,000
40,000
50,000
60,000
D
C
B
A
51,639
–9710,368
41,368
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Sustainability report – Environment
The section “Environment” in this Sustainability Report has been
divided into two parts; “Greenhouse gas emissions” and “Material
and waste”. Associated quantitative data is found in the Sustainability
Report notes.
Greenhouse gas emissions
For Elanders, reducing fossil fuel dependence in its own fleet of
trucks, and making adjustments in energy and material choices in
print operations, is crucial since these are the two largest sources of
greenhouse gas emissions in the Group.
At the beginning of the year, the Group adopted targets for
reduction of greenhouse gas emissions. To ensure that the targets
conform to the latest climate science and goals in the Paris agree-
ment, Elanders’ joined the Science Based Targets initiative (SBTi) in
December. Through this, Elanders has committed to zero emissions
of greenhouse gases in its own operations and by its activities in the
value chain no later than year 2050.
As a supplier of end-to-end solutions,
Elanders is dependent on energy to run its
logistics facilities and transport customers’.
In Print & Packaging Solutions, the largest
impact is in the value chain in terms of
paper manufacturing. In order to handle the
company’s impact and related risks Elanders
has clearly formulated principles and targets,
and compliance and achievement of them is
ensured and monitored.
Environment
The first step is to reduce Group greenhouse gas emissions from
Elanders own operations (scope 1 and 2) by 50 percent, and value
chain emissions (scope 3) related to its own operations by 30 percent
by 2030. The baseline for the targets in scope 1 and 2 is the year
2021. Base year data was recalculated in 2023. For the target in scope
3 the base year is 2022. Elanders is now working to ensure that each
individual subsidiary has an action plan for emission reductions in
line with the adopted targets.
In reporting Group emissions Elanders has adopted the definitions
from the international calculation standard Greenhouse Gas Protocol.
Significant events during the year
As a result of expanded operations in the form of the acquisition
of Kammac, and as the calculation method was refined, base year
emissions for scope 1 and 2 have been adjusted in 2023 as reflected
in the below graph. This is in line with Elanders’ accounting
principles and the guidelines of the GHG Protocol.
Elanders’ total greenhouse gas emissions per scope – 2023
Scope 1 Scope 2 (market-based) Scope 3
Base year emissions scope 1 and 2 (CO
2
e)
Previous base
year value
Effect
acquisition
Effect
improved
calculation
method
New base
year value
Elanders’ Annual and Sustainability Report 2023
Sustainability report – Environment
Direct and indirect greenhouse gas emissions – scope 1 and 2
In 2023, Elanders’ climate footprint in scope 1 and scope 2 (market-
based calculation) was 26 (27) thousand and 11 (11) thousand tons
CO
2
e respectively. This is a reduction in total by more than four
percent from last year. This is mainly due to fewer fossil-fuel driven
road transports, less consumption of natural gas for heating purposes
and continued investment in energy efficient lighting and e-savers.
Transportation
Elanders’ direct greenhouse gas emissions largely consist of carbon
dioxide and are primarily generated from transportation by its own
vehicles in business area Supply Chain Solutions. The Group has a
truck fleet that by the end of 2023 consisted of 325 vehicles. In addi-
tion, there are more than 300 other company vehicles, most of them
cars and vans.
Elanders works continuously to cut costs and save energy through
route planning, training programs to promote more efficient driving
as well as optimizing customer transportation. The transportation
sector is going through a major transition to fossil free fuels. Elanders
continues to consider possibilities to shift to electric road transports
as a significant step in achieving its climate targets. At the same time,
the company is well aware that the transition comes with its own
challenges, such as higher electricity consumption and potential
emissions as well as risks in the production chain.
In 2023, 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 2023, emissions were on the same level as the year
before, which is presented in the Sustainability Report in note 3 on
energy consumption.
Elanders reports emissions for vehicles divided into the truck fleet
and other company vehicles.
Facilities
Besides transports, a smaller portion of the direct emissions are gener-
ated in facilities where Elanders operates. These refer primarily to
burning natural gas for heating. The indirect energy-related emissions
Summary of Elanders’ emission reduction targets
Scope 1 and 2 Scope 3
Base year 2021 2022
Base year emissions ~52,000 tons CO
2
e ~229,000 tons CO
2
e
Type of target Absolute target Absolute target
Target by 2030 50% reduction 30% reduction
Target by 2040 75% reduction N/A
Target by 2050 Net zero emissions Net zero emissions
Activities and greenhouse
gases included in targets
The targets comprise all activities
and include both owned and leased
vehicles and facilities. Scope 2 refers to
market-based calculation. All relevant
greenhouse gases are included.
The short-term target excludes freight forwarding which is when
Elanders is commissioned by a customer to purchase shipping for their
products on their behalf from a third party. All activities are included in
the long-term target. All relevant greenhouse gases are included.
Validation of targets Elanders has committed to setting science based emission reduction targets.
The targets will be submitted to SBTi for validation.
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
2023, the portion of purchased renewable electricity increased from
59 percent to 61 percent compared to the previous year.
Greenhouse gas emissions in the value chain – scope 3
Value chain emissions, scope 3, represent an overwhelming part
of the Group’s total greenhouse gas emissions. In 2023, Elanders’
climate footprint in scope 3 was 195 thousand tons CO
2
e. This is a
reduction in total by 11 percent from last year. The change was most
pronounced in the freight forwarding services due to fewer transports
in Air & Sea.
Freight forwarding services
The greatest impact is from air and road transports that Elanders
purchases on behalf of customers for transportation of their prod-
ucts. Customers decide on the amount of freight and how it will be
forwarded. Now that Elanders has begun to collect data from freight
suppliers, customers can better monitor the climate impact in their
value chain.
Purchased products and material as well as capital goods
Elanders primarily consumes paper-based products such as printing
paper, boxes and packaging material used for packing and distribu-
tion. Emissions arise in the production and in the transportation of
raw materials and can vary greatly depending on where the paper
pulp comes from and what transport mode and energy sources are
used. Elanders has begun to compile data from some of the major
suppliers. Other products are wooden pallets, printing plates and
various kinds of plastic products used in packing.
In addition, Elanders compiles value chain emissions for capital
goods. This comprises everything from warehouse racks, conveyor
belts and forklifts to office furniture and building constructions.
Emissions can vary greatly between years depending on which capital
investments are made.
Elanders’ Annual and Sustainability Report 2023
Sustainability report – Environment
Employee travel
Every week the almost 8,000 employees at Elanders commute to
workplaces all over the world. The most common means of transpor-
tation is by car since many of the Group’s logistics and production fa-
cilities are located on the outskirts of cities. When employees travel to
visit other operations or meet customers they sometimes fly. Elanders
also includes indirect emissions from hotel stays.
Other emissions
There are a number of additional emission sources found in the
value chain where the impact is farther away from Elanders’ core
operations. It is mainly upstream emissions from purchased fuel
and energy. In addition, waste-related emissions and transportation
of bought and sold products are included. To get a comprehensive
picture of the value chain emissions, all sources have been included in
the reporting.
There are many difficulties in accessing data and calculating value
chain emissions. This is a work in progress containing new dialogues
with suppliers and customers. The data quality and description of the
actual impact are expected to improve over time. This is the first year
that Elanders reports this data which means the numbers should be
considered indicative rather than providing an exact picture.
Elanders intends to increase the scope of supplier specific data
every year, prioritizing the largest categories.
2022 2023
Scope 1
Scope 2
(market based)
Total emissions scope 1 and 2
(CO
2
e)
Total emissions scope 1 and 2
(CO
2
e) – against base year
0
50,000
100,000
150,000
200,000
250,000
B
A
36,69338,257
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Lorem ipsum
Freight forwarding
services
Purchased products
and capital goods
Employee travel
Other categories
Total emissions scope 3
(CO
2
e)
Total emissions scope 3
(CO
2
e) – against base year
0
50,000
100,000
150,000
200,000
250,000
D
C
B
A
195,289
219,209
Lorem ipsum
0
50,000
100,000
150,000
200,000
250,000
A
44,87751,639
Lorem ipsum
Lorem ipsum
0
50,000
100,000
150,000
200,000
250,000
A
199,427
229,448
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Base
year
2023
(adjusted *)
2022 2023 Base
year
2023
(adjusted *)
The graphs on the left include Kammac since the acquisition date, November 2023. As the base year data includes Kammac’s emissions for the full
year, an adjusted total for 2023 is shown in the graphs on the right for comparability.
* Reported emissions for the full year 2023
including twelve months for Kammac.
* Reported emissions for the full year 2023
including twelve months for Kammac.
Elanders’ Annual and Sustainability Report 2023
Sustainability report – Environment
1)
The emission savings in CO2 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.
Summary of Elanders’ main emission sources
% of
total
emissions Description of main emission sources
Scope 1 11 Burning fossil fuels, mainly diesel used in own truck fleet and natural gas to heat
buildings. Greater portion of renewable fuel and shift to fossil free transportation
s key to reducing emissions.
Scope 2 5 Production of purchased electricity used in Group units mainly for running machines and
equipment as well as lighting. Elanders can affect this by improving energy efficiency,
buying certified electricity or increasing self-generated renewable electricity by, for
example, installing more solar panel systems.
Scope 3
Freight
forwarding
services
54 Road and air shipping by a third party to transport Elanders’ customers’ products.
The freight is purchased on behalf of the customer and Elanders can influence by
making the emissions visible and providing alternative shipping or suppliers.
Purchased
products and
capital goods
20 Largely production of purchased paper used in printing operations. Other material
procurement categories are printing plates used in offset print and packaging made
of paper and plastic. Production of racking systems, machines, vehicles and other
equipment that Elanders invests in is another significant emission source.
Employee travel 4 Air travel and commuting by car make up a relatively small part of total emissions but
since Elanders has a more direct influence this category is adressed and reported
separately.
Other categories 6 Production of diesel consumed by the fleet of trucks and production of purchased
electricity are the largest among other emission sources. These are out of Elanders’
direct control and can primarily be influenced through choices of fuel and energy sources.
Smaller emission sources are transports between Elanders’ suppliers, own facilities and
customers along with waste management downstream in Elanders’ value chains.
Total all scopes
(2023)
100
For a complete report on Elanders’ emission sources, data sources, calculation methods and commitments see note 2 on greenhouse gases in this
Sustainability Report.
≈232,000
tCO
2
e
Circular solutions
As a separate leg of the Group, Life Cycle Management contributes to
more circular material flows and reductions of greenhouse gas emis-
sions. 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 2023, over 100,000 units were handled in the Swedish and
German operations. All in all, this is estimated to have resulted in
reducing emissions by around 27 thousand tons CO
2
e.
1)
This is an
increase compared to last year by about 2.5 thousand tons CO
2
e.
Elanders’ Annual and Sustainability Report 2023
Sustainability report – Environment
Material and waste
Energy consumption and greenhouse gas emissions are closely linked
to resource consumption. Elanders has an environmental impact here
as well. In line with Elanders’ Code of Conduct, material efficiency
and responsible waste management are sought. With this comes more
circular and sustainable resource flows, while new cost savings are
found.
Material
Supply Chain Solutions
In the business area Supply Chain Solutions, Elanders provides logis-
tics services and mostly purchases packaging and pallet material used
for storing, packing and distributing customers’ products. Paper is the
overwhelmingly largest material category.
Print & Packaging Solutions
Most of the material consumption takes place in Print & Packaging
Solutions where a large amount of paper is used for printing.
Examples of items are packaging, manuals and other printed items
produced according to customers’ specifications. The Group offers
a selection of sustainable material certifications like FSC
®
(Forest
Stewardship Council), the Nordic Swan ecolabel and CGP (Certified
Graphic Production). In addition to paper, plastic for packaging, ink,
varnish and glue are used.
Elanders has continued the transition from offset to digital printing
during the year. There are many advantages with digital printing,
among them greater material efficiency, reduced energy consumption
and lower ozone emissions. In digital printing presses, solvents con-
taining volatile organic compounds (VOCs) are used sparingly and
moisturizing water with isopropyl alcohol (IPA) is not needed.
Each subsidiary is responsible for managing potentially hazardous
substances and chemicals as safely as possible to minimize the risk
of negative effects on the environment and humans. It also entails to
make sure there are safety procedures and the right documentation in
place.
At this point in time, Elanders does not have any definitive targets
concerning material consumption and resource efficiency. The com-
pany is currently improving the quality of its data in this area in order
to present key ratios and targets for resource utilization in the Group
in next year’s Sustainability Report.
Waste
All operations in the Group generate waste. Paper and cardboard
are the largest category in both business areas and make up 74 (71)
percent of the Group’s total waste. There is also some wood and
plastic waste in packaging and distribution.
In the business area Print & Packaging Solutions a smaller portion
of hazardous waste arise consisting of residues of ink, varnish and
solvents. The latter is mainly used in cleaning offset printing presses
and plates. In many cases these have to be collected separately and
managed by the waste removal company. Each subsidiary is respon-
sible for collecting hazardous waste according to national laws and
regulations.
Waste management varies considerably between Elanders’ opera-
tions because different countries have different waste systems. In the
Group there are local recycling procedures on site to minimize the
amount of waste that goes to landfill. In parallel, the Group runs
small-scale projects where material is circulated and reused within
the own operations. As an example, used pallets are renovated and
rebuilt to provide new functions such as furniture.
Elanders intends to increase transparency in waste management
and collects waste data from all subsidiaries. This will be followed up
in 2024 to ensure the quality of the data, 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.
Elanders’ Annual and Sustainability Report 2023
Sustainability report – Social
The section in this report has been divided into four parts; “Health
and safety”, “Employee relations”, “Diversity, equity and inclusion”
and “Human rights”. Accompanying quantitative disclosures
concerning social responsibility can be found in the notes of this
Sustainability Report on pages 131–132.
Health and safety
Elanders’ work environment policy is found in the Group’s Code
of Conduct where guidelines concerning identifying, managing and
preventing potential health and safety risks 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 respon-
sible for ensuring compliance with the Code of Conduct through
further guidelines and policies that suit their specific operations.
Elanders’ subsidiaries establish strategies for health and safety
adapted to the laws in their respective countries. Out in the opera-
tions, work is continuously on-going to minimize both absence due to
illness and accidents. Most work-related injuries occur in production,
and the most common are minor cuts or wounds from falling.
Elanders has a zero vision concerning injuries at the workplace and
works continuously on reducing risks that can lead to serious injuries.
Employee relations
Wellbeing and motivation among employees contribute to the Group’s
development and success on all levels. This also creates the right con-
ditions to keep the right talent and attract the younger generation.
Employees
Because the Group is growing globally, Elanders continues to create
new jobs. Currently the Group has almost 8,000 employees, spread
out among some 20 countries on four continents. For the most part
subsidiaries are governed by the laws and regulations in their respec-
tive countries. Nonetheless, Elanders has a responsibility to ensure
a culture marked by respect for both fellow human beings and the
natural environment throughout the whole Group. These principles
are stipulated in Elanders’ Code of Conduct.
Elanders wants to create attractive and safe work environments
for its employees. To manage the company’s impact, Elanders
has an established Code of Conduct and policies to prevent and
manage risks in the work environment as well as in the value
chain considering human rights.
Social
Safe conditions
Elanders has a continuous and constructive dialogue with employee
representatives. A key example is the European Works Council
(EWC), a council that consists of employee representatives from every
country in Europe that Elanders operates in. Representatives gather
once every year where Elanders’ Chief Executive Officer participates.
These meetings are intended to promote employees’ rights to informa-
tion and consultation in joint European matters. Elanders also has
three employee representatives in the Board of Directors. One of the
representatives is a deputy member.
Diversity, equality and inclusion
Elanders has developed considerably in recent years. Major acquisi-
tions have given the Group a new structure and significantly broad-
ened it geographically. However, Elanders continues to believe that
long-lasting competitiveness can only be achieved if the workplace is
characterized by diversity, equal opportunities and inclusion. Elanders
has zero tolerance for any type of harassment or discrimination.
Human rights
Elanders has committed to respecting human rights, in line with the
UN Guiding Principles on Business and Human Rights (UNGPs),
The UN Declaration on Human Rights and The ILO’s declaration on
fundamental principles and rights in working life. This is established
in the Code of Conduct, which strictly prohibits any kind of forced
labor, human trafficking and child labor. It is self-evident for Elanders
to work for children’s right to education and protection of children
from economic exploitation.
Human rights in the value chain
Elanders has developed a version of its Code of Conduct which is
communicated to its suppliers and business partners. Currently, each
subsidiary is responsible for identifying risks and making sure the
Code of Conduct is also complied with in the value chain. In the
same way that Elanders monitors its suppliers, Elanders is audited by
customers on the basis of compliance with social conditions.
The Group is preparing for EU’s proposed directive on due diligence
in the value chain (Corporate Sustainability Due Diligence Directive,
“CSDDD”). Large sections of the Group have related policies and
procedures in place as required by Germany’s due diligence legislation,
“LkSG”, that went into force on January 1, 2023.
Elanders’ Annual and Sustainability Report 2023
Sustainability report – Governance
This section in this report has been divided into four parts; “Business
ethics”, “Data ethics”, “Sustainable procurement”, “Responsible
taxpayer”.
Business ethics
Elanders’ reputation and ethical behavior are fundamental to all
the company’s stakeholders. The governing documents valid for the
entire Group, the Code of Conduct and Anti-Corruption Policy,
“Anti-Fraud and Anti-Money Laundering Policy”, are available on
Elanders’ website.
Code of Conduct
Elanders’ Code of Conduct comprises all employees, the Board of
Directors and other people who act on behalf of Elanders. It stipu-
lates the principles for actions and behavior in Elanders’ business and
value chain. The principles support the OECD guidelines for multina-
tional companies and the UN Global Compact.
Elanders is a profit-driven organization and part of the society’s economic
activity. By growing Elanders contributes to creating jobs and generating
tax revenue. Compliance with local laws and ordinances, as well as ethical
business methods, are prerequisites for conducting business. In order to
manage the company’s impact and related risks Elanders has binding
company regulations, a Code of Conduct and a Code of Conduct for
business partners along with an anti-corruption policy.
Governance
Management for each subsidiary is responsible for ensuring com-
munication and compliance with the Code of Conduct. They are also
responsible for formulating further guidelines and policies adapted
to their specific operations, if necessary. In cases where national laws
or regulations are stricter than Elanders’ in matters pertaining to the
Code of Conduct they always go first and must be complied with.
Anti-corruption
The Group’s Anti-Corruption Policy clearly states that Elanders
has absolutely zero tolerance for any kind of fraud, bribes or other
actions that create unfair advantages. Employees may not accept, be
promised, demand or swindle any kind of advantages in connection
with their position.
Education
Central monitoring takes place every other year to ensure that the
Code of Conduct has been communicated to all employees. All em-
ployees must also take a course in anti-corruption. In 2023, a total of
99 (81) percent of all white-collar workers at Elanders had completed
the courses on the Anti-Corruption Policy and Code of Conduct.
Whistleblower function
Elanders’ Anti-Corruption Policy and Code of Conduct also contain
instructions for reporting deviations or irregularities, i.e. a whistle-
blower function. In 2023 adjustments were made in the Group’s
whistleblower system in line with EU’s new whistleblower directive.
No material incidents of fraud, corruption, bribes or money launder-
ing have been reported in 2023.
Data ethics
Elanders’ approach to data ethics takes into consideration the
individual’s right to integrity regarding data, ethical use of artificial
intelligence and careful handling of confidential information. Clear
guidelines are required regarding handling data in connection with
more comprehensive 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.
EU’s General Data Protection Regulation (GDPR) is intended to
protect individuals’ basic rights and their particular right to protect
their personal data. Elanders has educational procedures in place to
ensure that employees are knowledgeable about, and act in accor-
dance with, the stipulations of GDPR and other relevant data protec-
In 2023, a total of 99 (81) percent of
all white-collar workers at Elanders had
completed the courses on the Anti-
Corruption Policy and Code of Conduct.
99%
Elanders Code of Conduct and Anti-
Corruption Policy can be found here:
www.elanders.com/sustainability/
governance/
→
Elanders’ Annual and Sustainability Report 2023
Sustainability report – Governance
tion regulations. In 2023, a total of 99 (81) percent of all white-collar
workers at Elanders had completed the course. The course is held
every other year.
Elanders has binding corporate rules (Binding Corporate Rules,
“BCR”) approved by the Swedish Authority for Privacy Protection
(IMY). These rules regulate how Elanders handles personal data to
ensure that data protection regulations are followed when transfer-
ring personal data to Group companies outside the EU/EES.
Sustainable procurement
Elanders primarily provides services to its customers. In some cases,
the Group uses subcontractors chosen by the customers themselves.
Elanders is affected by a growing number of regulations on responsi-
ble management of risks in supply chains. Elanders’ Code of Conduct
for suppliers defines its fundamental demands on these suppliers and
the responsibility they should take for their stakeholders and environ-
mental impact.
Elanders evaluates compliance with its Code of Conduct through
annual audits, self-assessments and documentation reviews of certain
suppliers. Where applicable, suppliers are requested to remedy any
deficiencies in their implementation of the requirements laid out in the
Code of Conduct, through a time-bound improvement plan defined in
consultation with Elanders.
Responsible taxpayer
As a global logistics actor, Elanders generates profits from serving
many international customers worldwide. Elanders operates in some
twenty countries through more than 80 legal entities and the business
in the Group is structured according to commercial and financial
needs. Taxes are paid where value is created, within the given 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 first 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 responsi-
bly 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 2023 is comprised of sixteen
countries. Elanders does not operate in any of these countries.
Elanders’ total tax expense in 2023 was MSEK 140 compared to
MSEK 180 in the previous year. This corresponded to an effective tax
rate of 35.3 (27.0) 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
Elanders takes a wider responsibility outside of the company and
supports the communities it operates in in different ways. There is a
long tradition of partnership and local initiatives in this area.
Partnership
Elanders collaborates with credible and transparent organizations
that in various ways contribute to more sustainable communities
where they operate. Some of Elanders’ prioritized areas:
• Education for youths and children
• Innovation and research
• Health
• Life Cycle Management
In addition to partnerships on a Group level, all Elanders’ subsidiaries
are in different ways engaged in local initiatives for greater social
sustain ability. Every year Elanders’ subsidiaries also support
a number of humanitarian programs and donate to charitable
organizations.
The 17 Global Goals (SDGs) are a set of
goals launched by the United Nations in
September 2015. They aim to achieve the
changes necessary to ensure that develop-
ment and human well-being continue to
increase within the limits of the planet.
For this, the companies’ commitment and
measures are vital. Elanders supports all
of the UN’s 17 global goals for environmental, social and economic
sustainable development. By making use of its core business and
identifying own goals and sub-goals, guided by the SDGs, Elanders
can have a positive impact on several of the goals.
All Elanders’ subsidiaries are in different
ways engaged in local initiatives for
greater social sustainability.
Elanders’ Annual and Sustainability Report 2023
Elanders is one of thirteen organizations that contribute
to the prize sum of one million Swedish kronor for the
WIN WIN Gothenburg Sustainability Award. In 2018,
the WIN WIN Youth Award was instituted. The awards
spotlight groundbreaking work on annual and alternating
themes for a more sustainable world.
The theme for 2023 was “Fighting Disinformation”. The
winner of the main award was the investigative network
Bellingcat and its founder Elliot Higgins. The youth award
was given to Abbie Richards, disinformation researcher and
influencer.
Together with around ten other large Swedish companies,
Elanders is in partnership with the Indian educational orga-
nization Pratham Education Foundation. Pratham works to
improve the quality of education in India through targeted
programs that take into consideration the gaps in the Indian
educational system. Its methods have been developed
together with award-winning scientists.
During 2023, the partnership project reached an estimated
30,000 (28,000) children in 330 villages in the northeast
states of Assam and West Bengal.
Elanders is in partnership with Universeum, Sweden’s
national science center and a powerful arena for academics
and popular education in science, technology and sustaina-
ble development.
During 2023, the collaboration more specifically resulted
in a project to increase children and youths’ understanding
about the negative environmental impact of cell phones
and a project aimed at getting more young girls interested
in coding and IT.
WIN WIN Gothenburg
Sustainability Award
Pratham Sweden
Universeum
Sustainability report – Governance
A new initiative launched in 2023 consists of a partnership
between one of Elanders’ subsidiaries in Germany and
Tennental Village Community in the area Böblingen in
southern Germany. Tennental is a place for people with
and without disabilities that together create unique places
to live and job opportunities for greater social inclusion.
Elanders’ subsidiary has held workshops in IT know-how
and donated tablets and sports equipment.
Local community
engagement
Elanders’ Annual and Sustainability Report 2023
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 2023. 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 account-
ing of greenhouse gas emissions has been guided by the principles and
definitions of the Greenhouse Gas Protocol. The guidelines provided by
the Global Reporting Initiative (GRI) have also to some extent influenced
the report. Elanders intends to report sustainability data in line with
established sustainability frameworks and is in a preparatory process to
report in accordance with the EU’s upcoming standards for sustainability
reporting, ESRS. Detailed accounting principles as well as estimations
and assessments are specified in the associated note.
Continuous work is underway to develop the data collection 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 sustainability data. In 2023, the focus has been on developing
processes and routines for reporting and preparing a renewed material-
ity assessment based on the principle of double materiality.
Consolidation
The sustainability report covers the companies over 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.
NOTE 2 – Environment – Greenhouse gas emissions
Accounting principles
Calculations and reporting 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, they refer to the following:
Scope 1
Scope 1 emissions cover direct emissions from assets owned or
controlled by Elanders. This category includes emissions from the
combustion of fuels in boilers and emissions from vehicle fleets.
Scope 2
Scope 2 includes indirect greenhouse gas emissions from purchased
electricity, heating, cooling and steam. It mainly refers to electricity
purchased from electricity companies. Since the electricity is pro-
duced off-site, it is considered to give rise to indirect emissions.
Scope 3
Scope 3 includes other indirect emissions that occur in Elanders’
value chain. Elanders reports emissions for nine of the fifteen
upstream and downstream categories. Remaining categories have
been excluded as they are not applicable to Elanders’ operations.
Upstream emissions are linked to procured goods and services.
Downstream emissions are linked to the disposal of sold goods and
services.
The emission calculations cover the gases carbon dioxide (CO
2
),
methane (CH4), nitrous dioxide (N2O), HFC gases, PFC gases and
sulphur hexafluoride (SF6), 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. No deduc-
tions are made for avoided emissions, carbon offsets or carbon
credits. 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 (scope 1 and 2) and base year 2022 (scope 3). The Group
policy states that in the event of major acquisitions or divestments,
or signficant changes in calculation method or applied accounting
principles, the base year shall be reviewed for restatement. Signfi-
cantly is defined as five percent change (+/-) in base year data for
scope 1 and 2 combined, and for scope 3.
In 2023, a full mapping of the value chain emissions (scope 3) was
carried out as well as a recalculation of base year data for scope 1
and 2.
Sustainability report – Notes to the sustainability report
Elanders’ Annual and Sustainability Report 2023
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 consump-
tion data for natural gas and fuel oil. The smaller share 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. All emissions are calcu-
lated with factors from British Defra (Department for Environment,
Food & Rural Affairs).
Company vehicles
Direct emissions from company vehicles mainly include trucks, vans
and passenger cars used for transports and travels for commercial
purposes. The own truck fleet is reported separately as the calcula-
tion method is based on actual fuel consumption data and primarily
supplier-specific emission factors. Emission from other company
vehicles are calculated using distance data and factors from Defra.
Estimations have been made when distance data is missing. Elanders
intends to improve the quality of emissions data for company ve-
hicles through a more consistent calculation method.
Scope 2
Electricity
Electricity includes indirect emissions from purchased electricity. For
European countries, emission factors for residual mix from the AIB
(Association of Issuing Bodies) are used and corresponding from the
IEA (International Energy Agency) for other countries. The report-
ing 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.
Electric vehicles charged outside of own facilities have been
excluded.
District heating/cooling
District heating/cooling includes indirect emissions from purchased
energy. For district heating, calculations are based on emission fac-
tors from Swedenergy for Sweden, IEA factors for other European
countries and AIB factors for other countries. For other heating that
Elanders does not control, natural gas is assumed with correspond-
ing emission factor from Defra.
Scope 3
Purchased products and materials (category 1)
The largest purchasing category is paper within the printing opera-
tions. In the absence of supplier-specific data, secondary data
mainly from Defra is applied, based on average emissions for the
entire life cycle (cradle-to-gate) per material category. The category
other mainly includes printing inks.
Capital goods (category 2)
Capital goods purchased or acquired under finance leases are in-
cluded. In the absence of supplier-specific data at the product level,
secondary data are used based on material composition. Data refer
to average emissions of the entire life cycle (cradle-to-gate) and fac-
tor is retrieved from Defra. Conversions and estimations of existing
data are made locally in the companies.
Freight forwarding services (reported as part of category 4)
Included are transports (mainly air, sea and road transport) carried
out by third party carriers to ship Elanders customers’ products.
A significant part of emissions, 32 percent, are calculated with
EcoTransIT World. For the remaining part, data availability varies and
therefore several calculation methods are used. As a principle, the
tonne-kilometre method is applied in line with the GLEC Framework
(Global Logistics Emissions Council). All emissions refer to WTW
(well-to-wheel).
Employee travels (category 6 and 7)
Business travel includes air travel only as well as hotel nights. Com-
muting includes travel by car and public transport. Emissions are
calculated using average emissions data from Defra based on WTW.
Other categories (category 3, 4, 5, 9 and 12)
Other categories mainly include fuel and energy-related emissions
not included in scope 1 and 2. Emission data is retrieved from Defra.
Emissions from upstream and downstream transports of purchased
and sold products are calculated using a distance-based method
based on estimades average distance. Factor is retrieved from
EcoTransIT World based on WTW. Remaining activities relate to the
waste management of purchased and sold products. Calculations
are based on assumptions about waste method and average factors
from Defra.
Elanders’ Annual and Sustainability Report 2023
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.
Estimations and assessment
Due to reasons of materiality and the lack of complete data, fuel
and electricity consumption (charging that takes place outside
the company’s facilities) for vehicles other than the truck fleet
have not been included below. Greenhouse gas emissions rela-
ted to these activities are still included in scope 2 as reported in
Note 2 in this sustainability report.
Energy consumption in own operations, MWh
2023 2022
Vehicles
Diesel 64,560 64,982
Liquified natural gas (LNG) – 1,212
Total 64,560 66,194
Facilities
Electricity 51,963 53,127
Natural gas 32,811 35,801
District heating/cooling 5,727 5,953
Fuel oil 2,068 2,278
Diesel 76 61
Total 92,644 97,220
Type of electricity
2023 2022
Electricity from renewable sources
– from the power grid, MWh 31,540 31,197
Electricity from renewable sources
– self-generated, MWh 279 203
Electricity from non-renewable
sources – from the power grid, MWh 20,144 21,727
Share of renewable electricity, % 61 59
Energy intensity – truck fleet
2023 2022
Average carbon dioxide emissions
per 100 kilometers, tons 0.071 0.069
Comparison data have been adjusted due to improvements in the calcu-
lation method and data collection.
Sustainability report – Notes to the sustainability report
NOTE 2 – Environment – Greenhouse gas emissions (cont.)
Greenhouse gas emissions from own operations and value
chain (scope 1, 2 and 3)
Tons CO
2
equivalent 2023 2022
Scope 1 – direct greenhouse
gas emissions
Facilities 7,577 8,087
Truck fleet 16,696 16,991
Other company vehicles 1,626 1,821
Total – scope 1 25,900 26,899
Scope 2 – indirect energy-related
greenhouse gas emissions
Electricity 8,575 9,250
District heating/cooling 2,218 2,108
Total – scope 2 10,793 11,358
Total – scope 1 & 2 36,693 38,257
Comparison data have been adjusted due to improvements in the calcu-
lation method and data collection.
Tons CO
2
equivalent 2023 2022
Scope 3 – other indirect
greenhouse gas emissions
Freight forwarding services 124,365 138,798
– whereof by road 48,816 54,596
– whereof by air 41,002 48,348
– whereof by sea 34,543 35,853
Purchased products 42,755 47,981
– whereof paper 35,156 39,962
– whereof metal 2,714 2,095
– whereof plastic 2,057 2,695
Employee travels 9,680 10,726
Capital goods 3,395 6,055
Other categories
1)
15,094 15,649
Total – scope 3 195,288 219,209
Total – scope 1, 2 & 3 231,981 257,466
1)
Whereof 11,633 (12,000) tonnes of CO
2
e refer to fuel and energy-related
emissions not included in scope 1 and 2.
The market-based method has been used for reporting of scope 2 emis-
sions. With this method, the total emissions are 10,793 (11,358) tonnes
of CO
2
e. If the location-based method is used instead, the correspon-
ding emissions are 20,721 (21,339) tonnes of CO
2
e.
Elanders’ Annual and Sustainability Report 2023
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. Employees refer to those who are
directly employed by Elanders. Employees not directly employed
in the Group are not included below. These refer mainly to sea-
sonal workers from employment agencies. Full-time equivalents
(FTE) are defined as the number of employees converted to
full-time positions. 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, assess-
ments have been made by those responsible at each company,
taking into account privacy reasons.
Number of employees at year-end
2023
Full-time employees 7,426
– of which women 2,804
– of which men 4,620
– of which other gender/gender not reported 2
Part-time employees 583
– of which women 383
– of which men 199
– of which other gender/gender not reported 1
Total 8,009
Age distribution employees, FTE
Female Male
Other/not
reported
gender Total
<30 years 533 675 2 1,211
30–49 years 1,617 2,405 – 4,022
>50 years 768 1,473 – 2,241
Total 2,919 4,553 2 7,474
Share of women, %
2023
Share of women, all employees 39
Share of women, Board of Directors 44
Share of women, Group Management –
Share of women, management positions 28
Management position refers to shift manger, group manager, site mana-
ger or more senior position.
Elanders’ Annual and Sustainability Report 2023
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 in the
Group have been included.
Estimations and assessments
The accident rate has been calculated based on number of
accident per 1,000,000 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.
Number of accidents
2023 2023
Fatalities – –
Injuries 137 159
Number of days lost 1,620 1,658
Total number of hours worked,
in thousands
13,752 13,331
Frequences
Fatal injury frequency rate – –
Accident rate 9.93 11.93
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 employees in the Group
and includes both external and internal training. The reporting
excludes on-site supervision. Average training hours are calcula-
ted per employee corresponding to FTE. For a breakdown of the
number of employees (FTE), please see note 4 in this sustaina-
bility report.
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 2023 2022
All employees 8.5 7.1
Women 8.7 6.6
Men 8.4 7.3
Sustainability report – Notes to the sustainability report
Elanders’ Annual and Sustainability Report 2023
Sustainability report – Auditor’s report
Engagement and responsibility
It is the board of directors who is responsible for the statutory
sustainability report for the year 2023 on pages 114–132 and
134–135 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
auditing 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, 22 March 2024
PricewaterhouseCoopers AB
Eric Salander Alexander Ståhl
Authorised Public Accountant Authorised Public Accountant
Auditor in charge
This is a literal translation of the Swedish
original report
To the general meeting of the shareholders in
Elanders AB (publ), corporate identity number
556008-1621
Auditor’s report
on the statutory
sustainability report
Elanders’ Annual and Sustainability Report 2023
Sustainability report– EU taxonomy
Elanders works actively to reduce energy consumption and improve
energy efficiency in its own operations. At the same time, the aim is
to use as much renewable electricity as possible in markets 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 expenditure 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.
For 2023, three key financial ratios will be reported, showing the
proportion of operations covered by the taxonomy’s technical audit
criteria for climate change (taxonomy-eligible). The reporting shall
also show to what extent the economic activities meet the technical
audit criteria, and thus are considered to be environmentally sustain-
able (taxonomy-aligned).
For 2023, it shall also be reported whether the Group conducts or
is exposed to gas or nuclear power activities. Nothing of the kind is
applicable to Elanders, see table below.
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
accordance with the Taxonomy regulation ((EU) 2020/852) and its
delegated acts, companies should identify the economic activities that
are environmentally sustainable based on technical audit criteria. For
a certain economic activity to be classified as environmentally sustain-
able, there are three criteria that must be met: it must substantially
contribute to at least one of the EU’s climate or environmental objec-
tives, it must not cause significant harm to any of the other objectives,
and it must comply with fundamental labor law conventions and
human rights.
Elanders has concluded that the Group financial operation that this
reporting encompasses is services regarding road transportation (An-
nex 1, EU Taxonomy 6.6 Freight transport services by road) which is
carried out in-house. These services are supplied by the business area
Supply Chain Solutions. Road transportation is carried out either
with owned or leased trucks. The truck fleet consists of approxi-
mately 300 trucks, all of which meet the Euro 6 emission standard
for heavy vehicles. At the same time, Elanders follows the techno-
logical develop ment in the transport sector and reviews opportunities
to switch from fossil-powered vehicles. The type of vehicle used is
decided through dialogues with customers. Based on the customers’
requirements, Elanders works continually to ensure that transporta-
tion is as environmentally friendly as possible, using as the most cost-
and energy-efficient solutions as possible while optimizing customers’
transportation.
EU taxonomy
Nuclear energy related activities
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of
innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from
the fuel cycle.
NO
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to
produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen
production, as well as their safety upgrades, using best available technologies.
NO
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce
electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen
production from nuclear energy, as well as their safety upgrades.
NO
Fossil gas related activities
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that
produce electricity using fossil gaseous fuels.
NO
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined
heat/cool and power generation facilities using fossil gaseous fuels.
NO
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation
facilities that produce heat/cool using fossil gaseous fuels.
NO
Elanders’ Annual and Sustainability Report 2023
Sustainability report– EU taxonomy
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: turno-
ver, 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 2023 as reported in the income statement on page 56.
See note 3 for accounting principles for the Group’s revenue. Sales
related to the economic activity included in the taxonomy regula-
tion refers to revenues from road transportation in the business
area Supply Chain Solutions.
Capital expenditure
Total capital expenditure refers to additions to tangible and intan-
gible assets during the year and additions to right-of-use assets.
This also includes corresponding assets from business combina-
tions, 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 expen-
diture 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 ma-
intenance 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
The outcome of the review of Elanders’ economic activities for 2023 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.
Taxonomy reporting table 2023
Total (MSEK)
Share of taxonomy-
eligible activities ( %)
Taxonomy-aligned
proportion (%)
Share of non-taxonomy-
eligible activities (%)
Turnover 13,867 3 0 97
Capital expenditure 1,437 1 0 99
Operating expenses 419 3 0 97
Taxonomy reporting table 2022
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
Elanders’ Annual and Sustainability Report 2023
Other information – Five years in summary
Income statements – Summary
MSEK 2023 2022 2021 2020 2019
Net sales 13,867 14,974 11,733 11,050 11,254
Operating expenses –13,143 –14,125 –11,153 –10,504 –10,895
EBIT 724 849 580 546 359
Financial items –326 –183 –98 –132 –143
Result after financial items 398 666 482 414 216
Result for the year 258 487 331 292 153
EBITDA 1,967 1,940 1,468 1,431 1,285
EBITDA excl. IFRS 16 929 1,068 770 737 573
EBITA 820 940 641 598 413
EBITA adjusted 927 966 658 598 563
Cash flow – Summary
MSEK 2023 2022 2021 2020 2019
Cash flow from operating activities 1,782 1,106 1,063 1,725 1,337
Paid taxes –242 –196 –128 –42 –114
Investments –1,012 –274 –1,394 –116 –140
Operating cash flow 1,338 1,210 –105 1,783 1,454
Change in net debt 915 2,027 2,395 –1,106 1,422
Balance sheets – Summary
MSEK 2023 2022 2021 2020 2019
Goodwill 4,452 3,655 3,305 2,413 2,480
Other fixed assets 7,099 6,690 4,936 3,224 3,546
Inventory 349 619 400 233 335
Accounts receivable 2,038 2,139 1,822 1,344 1,740
Other current assets 586 567 438 324 448
Cash and cash equivalents 1,107 904 898 1,101 655
Equity 3,864 3,870 3,304 2,908 2,777
Interest-bearing liabilities 9,297 8,180 6,147 3,955 4,616
Non-interest-bearing liabilities 2,468 2,524 2,349 1,776 1,811
Total assets 15,630 14,574 11,800 8,369 9,205
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.
Five years
in summary
Elanders’ Annual and Sustainability Report 2023
Other information – Five years in summary
Key ratios
2023 2022 2021 2020 2019
EBITA-margin, % 5.9 6.3 5.5 5.4 3.7
EBITA-margin adjusted, % 6.7 6.5 5.6 5.4 5.0
Operating margin, % 5.2 5.7 4.9 4.9 3.2
Profit margin, % 2.9 4.4 4.1 3.7 1.9
Equity ratio, % 24.7 26.6 28.0 33.6 30.2
Risk capital ratio, % 26.6 28.2 30.0 35.6 32.2
Interest coverage ratio, times 2.2 4.5 6.3 5.0 2.7
Debt/equity ratio, times 2.1 1.9 1.6 1.0 1.4
Return on equity, % 6.5 13.0 10.4 9.9 5.3
Return on capital employed, % 6.4 8.3 8.5 8.6 5.0
Return on total assets, % 6.5 11.6 6.3 6.4 4.2
Average number of employees 7,203 7,248 6,288 6,260 6,696
Number of employees at the end of the year 7,474 7,245 7,019 6,058 6,664
Net debt/EBITDA, times 4.2 3.7 3.6 2.0 3.1
Net debt/EBITDA excl. IFRS 16 ratio, times 3.9 2.8 3.3 1.5 3.7
Enterprise Value, MSEK 11,613 12,580 11,401 7,083 7,044
Risk capital, MSEK 4,161 4,107 3,537 3,076 2,962
Capital employed, MSEK 12,055 11,147 8,553 5,762 6,738
Net debt, MSEK 8,191 7,276 5,249 2,854 3,961
Net debt excl. IFRS 16, MSEK 3,655 3,022 2,539 1,123 2,142
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 of alternative performance measures and Financial definitions, see pages 142–144.
Elanders’ Annual and Sustainability Report 2023
Other information – Five years in summary
Despite a challenging year
characterized by high inflation,
declining consumption and normalized
freight rates, the EBITA margin and
cash flow have improved and Elanders
is well prepared for the future.
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
20232022202120202019
4%
5%
6%
7%
8%
EBITA-marginal
0
1,500
3,000
4,500
6,000
7,500
9,000
Nettooms„ttning, Mkr
20232022202120202019
1
2
3
4
5
RörelseresultatMkr
0
300
600
900
1,200
1,500
1,800
Nettooms„ttning, Mkr
20232022202120202019
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
20232022202120202019
3%
6%
9%
12%
15%
Avkastning
0
1,000
2,000
3,000
4,000
Nettooms„ttning, Mkr
20232022202120202019
15%
25%
35%
45%
RörelseresultatMkr
0
3,000
6,000
9,000
12,000
20232022202120202019
4%
6%
8%
10%
Elanders’ Annual and Sustainability Report 2023
Other information – Share information and ownership structure
History
Elanders’ B shares were first listed on the Stockholm Stock Exchange
on 9 January 1989. On 31 December 2023 the company had
33,542,938 (33,542,938) B shares listed on NASDAQ OMX Stock-
holm, Mid Cap, under the ELAN B symbol.
Development during the year
The market value of B shares fell by 56 (14) percent during 2023,
while the Stockholm Stock Exchange index OMX Stockholm PI
increased by 13 percent during the same period, compared to a
decrease by 25 percent during the last year. During 2023, a total of
4,819,125 (5,528,565) shares were traded, which is equivalent to an
average turnover rate of approximately 0.14 (0.16) times.
The lowest share price during 2023 was SEK 79.40 on October 31,
and the highest was SEK 177.60 on January 27. The final share price
in 2023 was SEK 96.00 (150.00), which means that Elanders’ market
capitalization at year-end amounted to MSEK 3,394 (5,304).
Share capital, class of shares and liquidity guarantee
At the end of 2023, 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 Monitor/Euroclear Sweden AB, Elanders had
4,628 (4,622) shareholders at year-end. The share of foreign share-
holders amounted to 8 (12) percent of the capital. Swedish private
individuals and institutions owned 9 (9) percent and 31 (26) 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 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 financial 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, repre-
sent 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 informa-
tion 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.
In 2023, the market for Elanders’ customers
continued to weaken, which resulted in
negative organic growth, but Elanders
was still able to improve its EBITA margin.
Increasing financial costs had a negative
effect on earnings per share, which contributed
to the company’s Class B share performing
worse than Stockholm OMX PI during the year.
Share information and
ownership structure
Swedish institutions and
Investment companies
Swedish companies
Swedish private individuals
Foreign owners
Source: Monitor / Euroclear Sweden AB.
Shareholder categories 31 december 2023
Percent of share capital
9.1
30.7
52.0
8.1
Percent of votes
21.0
67.2
6.2
5.6
Elanders’ Annual and Sustainability Report 2023
Other information – Share information and ownership structure
Data per share
2023 2022 2021 2020 2019
Net result, SEK 7.02 13.29 9.12 8.12 4.19
Net result adjusted, SEK 9.60 13.63 9.12 8.12 7.16
Share price at year-end, SEK 96.00 150.00 174.00 119.60 87.20
P/E ratio 13.7 11.3 19.1 14.7 20.8
Adjusted P/E ratio 10.0 11.0 19.1 14.7 12.2
P/S ratio, times 0.2 0.4 0.5 0.4 0.3
Dividend, SEK
1)
4.15 4.15 3.60 3.10 –
Dividend yield, % 3.4 2.9 2.2 4.6 0.0
Share price/equity, times 1.1 1.3 1.7 1.5 1.1
Equity, SEK 108.50 108.46 92.67 81.65 78.54
Risk capital, SEK 117.68 116.15 100.05 86.41 83.78
EBITDA, SEK 55.64 54.88 41.52 40.46 36.35
EBITDA excl. IFRS 16 26.28 30.20 21.78 20.84 16.21
Operating cash flow, SEK 37.84 34.23 –3.00 50.44 41.14
Cash flow from operating activities, SEK 50.39 31.27 30.10 48.80 37.81
Average number of outstanding shares, in thousands 35,358 35,358 35,358 35,358 35,358
Turnover rate 0.16 0.16 0.20 0.17 0.16
1)
Proposed by the Board for 2023.
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 of alternative performance measures and Financial definitions, see pages 142–144.
OMX Stockholm PI
ELAN B
Number of traded
shares
Källa: Monitor.
0
300
600
900
1,200
1,500
0
50
100
150
200
20232022202120202019
SEK 1,000s/month
Development of the Elanders share
Elanders’ Annual and Sustainability Report 2023
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 2023 1,814,813 33,542,938 35,357,751 353,577,510
Major shareholders 31 December 2023
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 – 3,602,567 7.0 10.2
Fourth Swedish National Pension Fund – 2,989,931 5.8 8.5
Protector Forsikring ASA – 1,869,079 3.6 5.3
Carnegie Fonder – 1,756,023 3.4 5.0
Third Swedish National Pension Fund – 751,856 1.5 2.1
Söderberg & Partners – 546,612 1.1 1.5
Keel Capital – 360,944 0.7 1.0
Dimensional Fund Advisors – 343,893 0.7 1.0
Avanza Pension – 261,588 0.5 0.7
Other shareholders – 5,156,849 10.0 14.6
Total 1,814,813 33,542,938 100.0 100.0
Source: Monitor / Euroclear Sweden AB.
Shareholder statistics 31 December 2023
Number of shares
Number of
shareholders
Number of
A shares
Number of
B shares
Percent of
share capital
Percent
of votes
1–500 3,772 – 414,631 1.2 0.8
501–5,000 735 – 1,046,453 3.0 2.0
5,001–50,000 95 – 1,469,885 4.2 2.8
50,001–500,000 19 – 2,944,154 8.3 5.7
500,001– 7 1,814,813 27,442,346 82.7 88.2
Anonymous ownership N/A – 225,469 0.6 0.4
Total 4,628 1,814,813 33,542,938 100.0 100.0
Source: Monitor / Euroclear Sweden AB.
Elanders’ Annual and Sustainability Report 2023
Other information – Reconciliation of alternative performance measures
MSEK 2023 2022 2021 2020 2019
Average total assets 14,853 13,661 9,741 9,198 9,677
Average cash and cash equivalents –997 –847 –815 –944 –749
Average non-interest-bearing liabilities –2,491 –2,599 –2,127 –1,912 –1,808
Average capital employed 11,365 10,215 6,799 6,342 7,120
Operating result 724 849 580 546 359
Return on capital employed % 6.4 8.3 8.5 8.6 5.0
Interest-bearing long-term liabilities 7,676 7,229 5,326 3,268 3,579
Interest-bearing short-term liabilities 1,621 951 821 687 1,037
Cash and cash equivalents –1,107 –904 –898 –1,101 –655
Net debt 8,191 7,276 5,249 2,854 3,961
Interest-bearing long-term liabilities excl. IFRS 16 4,070 3,747 3,279 2,124 2,374
Interest-bearing short-term liabilities excl. IFRS 16 691 179 158 100 423
Cash and cash equivalents –1,107 –904 –898 –1,101 –655
Net debt excl. IFRS 16 3,655 3,022 2,539 1,123 2,142
Operating result 724 849 580 546 359
Depreciation and write-downs 1,243 1,091 888 885 927
EBITDA 1,967 1,940 1,468 1,431 1,286
Operating result excl. IFRS 16 628 775 536 506 323
Depreciation and write-downs excl. IFRS 16 301 293 234 231 250
EBITDA excl. IFRS 16 929 1,068 770 737 573
Net debt/EBITDA ratio, times 4.2 3.7 3.6 2.0 3.1
Net debt/EBITDA ratio excl. IFRS 16, times 3.9 2.8 3.3 1.5 3.7
Operating result 724 849 580 546 359
Amortization of assets identified in conjunction with
acquisitions
96
90 61 52 54
EBITA 820 940 641 598 413
Adjustments for one-off items 107 26 17 – 150
EBITA adjusted 927 966 658 598 563
Net sales 13,867 14,974 11,733 11,050 11,254
EBITA-margin, % 5.9 6.3 5.5 5.4 3.7
EBITA-margin adjusted, % 6.7 6.5 5.6 5.4 5.0
Reconciliation
of alternative
performance
measures
Elanders’ Annual and Sustainability Report 2023
Other information – Reconciliation of alternative performance measures
MSEK 2023 2022 2021 2020 2019
Share price at year-end, SEK 96.00 150.00 174.00 119.60 87.20
Number of shares as per balance sheet date, in thousands 35,358 35,358 35,358 35,358 35,358
Net debt 8,191 7,276 5,249 2,854 3,961
Equity attributable to non-controlling interests
28
36 27 21 –
Enterprise value, MSEK 11,613 12,616 11,428 7,104 7,044
Total assets 15,630 14,574 11,800 8,639 9,205
Cash and cash equivalents 1,107 904 –898 –1,101 –655
Non-interest-bearing liabilities 2,469 2,524 2,349 1,776 –1,812
Capital employed, MSEK 19,206 18,002 13,251 9,314 6,738
Average share price 121.87 143.27 161.86 66.68 84.45
Dividends per share, SEK
1)
4.15 4.15 3.60 3.10 –
Dividend yield % 3.4 2.9 2.2 4.6 –
Share capital 3,836 3,835 3,276 2,887 2,777
Share capital per share, SEK 108.50 108.46 92.67 81.65 78.54
Cash flow from operating activities 1,782 1,106 1,063 1,725 1,337
Net financial items 326 183 98 132 143
Paid tax 242 196 128 42 114
Net investments –1,012 –274 –1,394 –116 –140
Operating cash flow 1,338 1,210 –105 1,783 1,454
Average number of shares, in thousands 35,358 35,358 35,358 35,358 35,358
Operating cash flow per share, SEK 37.84 34.23 –3.00 50.43 41.12
Volume on the stock market, in thousands 4,819 5,529 6,584 5,848 5,824
Turnover rate 0.14 0.16 0.20 0.17 0.16
1)
Proposed by the board for the year 2023.
Elanders’ Annual and Sustainability Report 2023
Other information – Financial definitions
Financial
definitions
Added value
Net turnover minus material costs and for-
ward invoiced disbursements 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 out-
standing 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 conversion
Operating cash flow, excluding consider-
ations paid for acquisitions, in relation to
EBITDA.
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 amortiza-
tion; operating result plus amortization of
assets identified in conjunction with acquisi-
tions.
EBITA adjusted
Earnings before interest, taxes and amortiza-
tion; operating result plus amortization of
assets identified in conjunction with acquisi-
tions adjusted for one-off items.
EBITDA
Earnings before interest, taxes, deprecia-
tion 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-control-
ling 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 income 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 relation 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 2023
Other information – Specific terms
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 busi-
nesses, such as between a manufacturer and
a wholesaler, or between a wholesaler 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 accu-
rately, a cleanroom 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 cooperation
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 deliveries in small editions pos-
sible. Offset technique is still more efficient
for larger editions.
E-commerce
Online sales, also known as electronic com-
merce or internet commerce, refers to the
buying and selling of goods or services using
the internet, and the transfer of money and
data to execute these transactions.
End-to-end solution
An end-to-end solution refers to a compre-
hensive 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 between 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 customers 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, refurbishment
and reselling or recycling. The service aims
to maximize the product’s life and optimize
logistics flow in order to reduce the environ-
mental 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 coher-
ent, evolving, cross-channel experience. The
approach includes channels such as physical
locations, FAQ web pages, social media, mo-
bile applications and telephone communica-
tion. Companies 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 com-
merce 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, cata-
logues, 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 protect, 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 competitive
infrastructure, leveraging worldwide logistics,
synchronizing supply with demand and mea-
suring performance globally.
Elanders’ Annual and Sustainability Report 2023
Other information – Board of Directors
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 in Business Administration,
ec.Dr.h.c., med.Dr.h.c., tech.Dr.h.c.
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 L E Lundberg-
företagen AB.
Previous appointments: President
and CEO of Getinge AB. Member of
the board of Holmen AB.
Shareholding through
companies: 1,814,813 Class A shares
and 15,903,596 Class B shares.
Johan Trouvé
Member of the Board.
Born: 1960.
Master’s degree in engineering.
Elected in: 2023.
Appointments on the Elanders
Board: Member of the audit
committee.
Other appointments: CEO of
the West Swedish Chamber of
Commerce. Member of the board
of Maquire AB, the Swedish
Exhibition & Congress Centre,
Thomas Concrete AB and UNICEF
Sweden.
Previous appointments: Regional
manager for Schenker AB.
Shareholding (own and related
parties): 100 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.
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.
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: Deputy
Chairman of the board of Lifco AB.
Member of the board of Arjo AB,
Carl Bennet AB, Getinge AB and
Swedish-American Chamber of
Commerce, Inc.
Previous appointments:
Management consultant at Applied
Value LLC (New York office).
Shareholding (own and related
parties): 30,283 Class B shares.
Elanders’ Annual and Sustainability Report 2023
Other information – Board of Directors
Ulrika Dellby
Member of the Board.
Born: 1966.
Master’s degree in business
administration.
Elected in: 2023.
Appointments on the Elanders
Board: Member of the audit
committee.
Other appointments: Chairman of
the board of Fasadgruppen Group
AB. Member of the board of Bico
Group AB, Kungliga Dramatiska
Teatern AB, Lifco AB, Linc AB and
Werksta Nordic AB.
Previous appointments: Partner
Boston Consulting Group and
Fagerberg & Dellby (private equity).
Shareholding: 4,000 Class B shares.
Anna Hallberg
Member of the Board.
Born: 1963.
Academic education in law and
business administration.
Elected in: 2023.
Appointments on the Elanders
Board: Member of the audit
committee.
Other appointments: Member
of the board of Stena Metall AB
and the Korsvägen Foundation
(Universeum).
Previous appointments:
Minister for Foreign Trade and
Nordic Affairs. Deputy CEO of
Almi Företagspartner. A number
of senior positions within SEB.
Shareholding (own and related
parties): 6,000 Class B shares.
Irene Planting
Employee representative.
Born: 1963.
Elementary school and
Medborgarskolan – decoration,
advertising and interior design.
Elected in: 2023.
Work: Transport operator at
Elanders Sverige AB.
Shareholding: 12 Class B shares.
Martin Schubach
Employee representative.
Born: 1974.
Upper secondary education.
Elected in: 2015.
Work: Data and automation at
Elanders Sverige AB.
Shareholding: 267 Class B shares.
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,
Fagerhult Group 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 2023
Other information – Group management, auditors and nomination committee
Group
management
Ged Carabini
Supply Chain Solutions (Kammac),
President.
Born: 1969.
Employed since 2023. Chief
Operations Officer of Kammac
before its acquisition by the
Elanders Group, and prior to that
has served in multiple senior roles
across operations, commercial,
and business development for
several different companies. More
than 34 years of experience within
the logistics industry.
Shareholding:
None.
Andréas Wikner
CFO.
Born: 1971.
Employed since 2007. Master of
Science in Business Administration.
Auditor during 1997–2007. Approved
Public Accountant 2004. Authorized
Public Accountant 2005.
Shareholding: 4,664 Class B shares.
Charles Ickes
Supply Chain Solutions
(Bergen Logistics), President.
Born: 1969.
Employed since 2021. Has been
with the company for the last
five years, mainly working as the
Chief Operations Officer in North
America. Previously Chief Logis-
tics Officer for Rent the Runway
in the USA.
Shareholding:
None.
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.
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.
Elanders’ Annual and Sustainability Report 2023
Other information – Group management, auditors and nomination committee
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.
Alexander Ståhl
Born: 1990.
Company Auditor since 2023.
Other appointments:
Arjo Sweden AB, Beckhoff Automation AB
and Baldwin Jimek AB.
Nomination committee
Carl Bennet
Chairman of the nomination committee and contact,
represents Carl Bennet AB.
Dan Frohm
Chairman of the Board.
Johan Ståhl
Svolder AB.
Jannis Kitsakis
Fourth Swedish National Pension Fund.
Dag Marius Nereng
Protector Forsikring ASA.
Nomination committee questions can be submitted
by e-mail or post mail to: valberedning@elanders.com
Elanders AB
Att: Nomination committee
Flöjelbergsgatan 1 C
431 37 Mölndal, Sweden
Auditors and
nomination
committee
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.
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.
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: Charles Ickes
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
7575 Cobb International Blvd, Kennesaw,
GA 30152, USA
Tel: +1 201 854 1512
1925 Shiloh road, Kennesaw, GA 30144, 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: +31 857 602 726 203
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: lgigroup.com
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
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, P3 Park Horb a.N.,
72160 Horb, Germany
Tel: +49 1514 3109 829
Neckarsulm
c/o LGI Deutschland GmbH
c/o Audi AG
NSU-Straße 1, Werk Neckarsulm, Gebäude V10,
74172 Neckarsulm, Germany
Tel: +49 1624 0149 94
Nufringen
c/o LGI Deutschland GmbH
Im Hübschtanz 1, 71154 Nufringen, Germany
Tel: +49 7032 2291 0
Ostfildern (Kemnat)
c/o LGI Deutschland GmbH
Zeppelinstraße 32, 73760 Ostfildern, Germany
Tel: +49 703 2229 14 70
Reutlingen
c/o LGI Deutschland GmbH
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 Mittelkai 40, 70329 Stuttgart, Germany
Tel: +49 1522 1867 079
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: +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 4211 7569 0, Fax: +49 4211 7569 19
Hamburg
c/o ITG Air & Sea GmbH
Weg beim Jäger 218-222, 22335 Hamburg, Germany
Tel: +49 4050 062 0, Fax: +49 4059 803 3
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, Fax: +49 4033 3966 290
Elanders’ Annual and Sustainability Report 2023
Other information – Contact Elanders
AREA FRANKFURT-HEIDELBERG
Ketsch
c/o LGI Deutschland GmbH
Vorpommernstraße 2, 68775 Ketsch, Germany
Tel: +49 6202 2899 011 3, Fax: +49 7254 9588 301
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 Halle 5, 69168 Wiesloch, Germany
Tel: +49 6222 82 2136, Fax: +49 6222 8265 812
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 Langburkersdorf, 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, 40472 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 103, 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, Fax: +49 3620 4722 100
Erfurter Landstraße 59a, 99095 Erfurt, Germany
Tel: +49 3620 4722 201
AUSTRIA
LGI Austria GmbH
Vienna
Frank-Stahl-Straße 1, 2361 Laxenburg, Austria
Tel: +43 2236 860 936 110, Fax: +43 2236 860 936 111
ITG Austria GmbH
Reichersberg
Kammer 35, 4981 Reichersberg, Austria
Tel: +43 7751 501510
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
Dordrecht
Burgemeester Noorlandstraat 150, 3316 LV Dordrecht,
Netherlands
Tel: +31 78 7900 800
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
LGI Technical Logistics
Den Bosch
c/o Eijgenhuijsen BV Precisievervoer
Aziëlaan 22A, 5232 BA Den Bosch, Netherlands
Tel: +31 735 033 498
Drachten
c/o Eijgenhuijsen BV Precisievervoer
Galvanilaan 7, 9207 HG Drachten, Netherlands
Ruurlo
c/o Eijgenhuijsen BV Precisievervoer
Spoorstraat 15, 7261 AE Ruurlo, Netherlands
Tel: +31 573 45 31 80
POLAND
LGI Polska Sp. z. o. o.
Wrocław
ul. Magazynowa 2, Bielany Wroclawskie,
55-040 Kobierzyce, Poland
Tel: +48 71 38 22 525, Fax +48 71 72 24 142
ROMANIA
LGI Romania SRL
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
LGI Technical Logistics
Birmingham
c/o Bonds Worldwide Express Ltd
Unit 6, The Gateway Estate, B26 3QD Birmingham,
England
Tel: +44 12 17822 233
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 1411
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 2023
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, Gongx-
ing 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 301, 3rd Floor, Xingda Logistics Building,
No. 3, Lanhua Road, Fubao Community, Fubao Street,
Futian District, Shenzhen, 518038 China
Tel: +86-755 8348 0418
Mentor Media (Shenzhen) Logistics Ltd
Unit 3C, 3rd Floor warehouse, Xingda Logistics Building,
No. 3, Lanhua Road, Fubao Community, Fubao Street,
Futian District, 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
SCM Operations - Monterrey
Avenida Miguel Alemán 2455, Parque Industrial via 54,
66627 Cd Apodaca, N.L., Mexico
Mentor Supply Chain Mexico S.A. de C.V
Libre Comercio No. 2164, Parque Industrial Américas
Cd. Juárez, Chih. C.P. 32575, Mexico
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 Dist,
Taoyuan City, 333611, Taiwan
Tel: +886-3-3279389#401, Fax: +886-3279382
THAILAND
Mentor Supply Chain (Thailand) Co. Ltd
999, Gaysorn Building, 5th Floor, Unit 5B-1,
Ploenchit Rd., Lumpini, Patumwan, Bangkok 10330,
Thailand
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
Mentor Supply Chain USA Inc.
1395 Polk Drive, Warsaw, Indiana, 46582, USA
Tel: +1 574 376 2953, Fax: +1 574 376 2963
VIETNAM
Mentor Supply Chain Vietnam Ltd
Pacific Place Building, 10 Floor 83B Ly Thuong Kiet
Street, Tran Hung Dao ward, Hoan Kiem District
100000, Hanoi, Vietnam
Kammac Ltd.
Web: www.kammac.com
E-mail: info@kammac.com
Tel: +44 1695 727272
MD: Ged Caribini
Kammac Skelmersdale Head Office
M58 Distribution Centre, Gillibrands Rd, Skelmersdale,
WN8 9TA, England
Kammac Skelmersdale M58 365
M58 Distribution Centre, Gillibrands Rd, Skelmersdale,
WN8 9TA, England
Kammac Skelmersdale Outstore 200
M58 Distribution Centre, Gillibrands Rd, Skelmersdale,
WN8 9TA, England
Kammac Knowsley 200
Ainsworth Lane, Knowsley, Merseyside,
L34 9EU, England
Kammac Knowsley Jupiter 143
143 Deacon Park, Hornhouse Lane, Knowsley,
Merseyside, L33 7YQ, England
Kammac Knowsley Titan 525
9, Coopers Point, Knowsley Industrial Park, Coopers
Lane, Liverpool, L33 7TU, England
Kammac Wavertree 170
1, Pighue Lane, Wavertree, Liverpool, Merseyside,
L7 9QA, England
Kammac Runcorn 152
Aston Lane North, Preston Brook, Runcorn,
WA7 3GE, England
Elanders’ Annual and Sustainability Report 2023
Other information – Contact Elanders
Kammac Manchester 208
21 Commerce Way, Trafford Park, Manchester,
M17 1HW, England
Kammac Worksop 68
Unit 1, Highgrounds Industrial Estate, Worksop,
Nottinghamshire, S80 3AT, England
Kammac Burton 16
Molson Coors Brewery E Gate Entrance, Hawkins Lane,
Burton-on-Trent, DE14 1PT, England
Kammac Preston 90
366 Four Oaks Road, Walton Summit, Preston,
Lancashire, PR5 8AP, England
Kammac Warrington 379
379 Dallam Lane, Warrington, WA2 7NT, England
Kammac Widnes 258
258, Unit 2, Gorsey Lane, Widnes, WA8 0RN, England
Kammac Burton 101
Quintus Park, Unit 5, Port way, Branston,
Burton on Trent, DE14 3PD, England
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
ReuseIT Sweden AB
Växjö
Web: www.reuseit.se
E-mail: info@reuseit.se
Tel: +46 470 70 35 00
MD: Daniel Steneby
Illervägen 13, 352 45 Växjö, Sweden
Gothenburg
Web: www.reuseit.se
E-mail: info@reuseit.se
Tel: +46 31 313 32 59
MD: Daniel Steneby
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
MD: Daniel Steneby
Första Långgatan 30, 413 27 Gothenburg, Sweden
Print & Packaging
Solutions
President: Sven Burkhard
GERMANY
Elanders Waiblingen GmbH
Anton-Schmidt-Straße 15, 71332 Waiblingen,
Germany
Web: www.elanders.de
E-mail: info.germany@elanders.com
Tel: +49 71 51 95 63 0
Elanders Donauwörth GmbH
Am Stillflecken 4, 86609 Donauwörth, Germany
Web: www.elanders.de
E-mail: info@schaetzl.com
Tel: +49 90 67 06 34 0
Elanders Kaisheim GmbH
Gewerbepark 5, 86687 Kaisheim, Germany
Web: www.elanders.de
E-mail: info@druckerei-schmid.de
Tel: +49 90 99 96 95 0
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
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
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: www.elanders.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
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 2023
Other information – Contact Elanders
Elanders’ Annual and Sustainability Report 2023
Elanders AB’s Annual General Meeting
will be held on April 19, 2024.
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
Annual general meeting and
financial calendar
Shareholders in Elanders AB (publ) are welcomed to the
company’s Annual General Meeting Friday 19 April 2024.
Apr.
Annual General Meeting
Apr.
Quarterly Report Q1, 2024
Jul.
Quarterly Report Q2, 2024
Oct.
Quarterly Report Q3, 2024
Jan.
Year-end Report 2024
→ →
→
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→
FSC® labeled
Annual and
Sustainability
Report
For the Annual and Sustainability Report 2023,
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.
Tryck: Elanders Kaisheim GmbH, Germany,
a member of Elanders Group.
Photo
Bergen Logistics: page 37.
Elanders: page 3, 114.
Kammac: pages 38, 148.
LGI: pages 3, 10–11, 23–29, 32–33, 35, 39, 46, 127.
Mentor Media: pages 30–31.
Mikael Göthage: pages 3, 12–13, 36–37, 39,
146–149.
Pratham: page 127.
Shutterstock: page 36.
Universeum: page 127.
WIN WIN Gothenburg Sustainability Award:
page 127.
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.
Elanders Annual and Sustainability Report 2023