We
supply
the
world
Elanders Annual and Sustainability Repo 2024Elanders Annual and Sustainability Repo 2024
MÖLNDAL LAXENBURG REICHERSBERG SÃO PAULO
BRAMPTON CHENGDU CHONGQING HONG KONG KUNSHAN
SHANGHAI SHENZHEN XIAMEN BRNO HORNÍ POČERNICE
JIRNY MLADÁ BOLESLAV ZÁKUPY BERLIN HORB BREMEN
BÖBLINGEN DONAUWÖRTH DÜSSELDORF EHNINGEN ERFURT
ESSLINGEN HERTEN FILDERSTADT-BERNHAUSEN GOMARINGEN
PÁTY GROßBOTTWAR HAMBURG HEILBRONN SINDELFINGEN
HERRENBERG HÜNXE KAISHEIM KETSCH NORTH SHIELDS
MANCHING MÖRFELDEN-WALLDORF NECKARSULM SCHWAIG
NÜRNBERG NUFRINGEN RUURLO OSTFILDERN REUTLINGEN
WIESLOCH PŁOŃSK STUTTGART WAGHÄUSEL WAIBLINGEN
WERDER WINNENDEN BIATORBÁGY JÁSZBERÉNY ZALALÖVŐ
CHENNAI TREVISO JUÁREZ MONTERREY VÄXJÖ CHIINĂU
AMSTERDAM MANCHESTER ARAD DRACHTEN NIEUW-VENNEP
OBERHAUSEN VEGHEL WROCŁAW SINGAPORE BORÅS
GOTHENBURG VÄLLINGBY RUNCORN DAVENPORT BELLSHILL
BIRMINGHAM BURTON DORDON KNOWSLEY LIVERPOOL
LONDON DEN BOSCH MILTON KEYNES NEWCASTLE
LANGBURKERSDORF NOTTINGHAM PRESTON WARRINGTON TAIPEI
SKELMERSDALE SWINDON WIDNES WORKSOP ATLANTA
CERRITOS CHON BURI KENNESAW NORTH BERGEN
RUTHERFORD SAN BERNARDINO BOSTON WARSAW HANOI
MÖLNDAL LAXENBURG REICHERSBERG SÃO PAULO
BRAMPTON CHENGDU CHONGQING HONG KONG KUNSHAN
SHANGHAI SHENZHEN XIAMEN BRNO HORNÍ POČERNICE
JIRNY MLADÁ BOLESLAV ZÁKUPY BERLIN HORB BREMEN
BÖBLINGEN DONAUWÖRTH DÜSSELDORF EHNINGEN ERFURT
ESSLINGEN HERTEN FILDERSTADT-BERNHAUSEN GOMARINGEN
PÁTY GROßBOTTWAR HAMBURG HEILBRONN SINDELFINGEN
HERRENBERG HÜNXE KAISHEIM KETSCH NORTH SHIELDS
MANCHING MÖRFELDEN-WALLDORF NECKARSULM SCHWAIG
NÜRNBERG NUFRINGEN RUURLO OSTFILDERN REUTLINGEN
WIESLOCH PŁOŃSK STUTTGART WAGHÄUSEL WAIBLINGEN
WERDER WINNENDEN BIATORBÁGY JÁSZBERÉNY ZALALÖVŐ
CHENNAI TREVISO JUÁREZ MONTERREY VÄXJÖ CHIINĂU
AMSTERDAM MANCHESTER ARAD DRACHTEN NIEUW-VENNEP
OBERHAUSEN VEGHEL WROCŁAW SINGAPORE BORÅS
GOTHENBURG VÄLLINGBY RUNCORN DAVENPORT BELLSHILL
BIRMINGHAM BURTON DORDON KNOWSLEY LIVERPOOL
LONDON DEN BOSCH MILTON KEYNES NEWCASTLE
LANGBURKERSDORF NOTTINGHAM PRESTON WARRINGTON TAIPEI
SKELMERSDALE SWINDON WIDNES WORKSOP ATLANTA
CERRITOS CHON BURI KENNESAW NORTH BERGEN
RUTHERFORD SAN BERNARDINO BOSTON WARSAW HANOI
6 This is Elanders
6 Elanders at a glance
8 CEO comments
12 The year in summary
14 Business concept, goals and
strategies
16 Our business model
21 Our business areas
24 Our customer segments
38 Our largest operations
52 Board of Directors’ repo
52 Board of Directors’ repo
57 Sustainability repo
General information
Environment
Social
Governance
List of material disclosure
requirements
101 Risks and unceainty factors
104 Corporate governance repo
110 Financial repos and notes
110 Group
148 Parent company
162 Proposed appropriation of prots
163 Auditor’s repo
163 Auditor’s repo
Contents
168 Other information
168 Five years in summary
171 Share information and ownership
structure
174 Reconciliation of alternative
peormance measures
176 Financial denitions
177 Specic terms
178 Board of Directors
180 Group Management, auditors and
nomination commiee
182 Contact Elanders
186 Annual general meeting and nancial
calendar
Elanders Annual and Sustainability Repo 2024 — 05
Elanders is a global logistics company oering 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 7,500 employees and operates in
around 20 countries on four continents. The most
impoant markets are China, Germany, Singapore,
Sweden, the UK and the USA. The customers are
divided into six segments according to their
respective business; Automotive, Electronics,
Fashion, Health Care, Industrial and Other.
Integrated
solutions
worldwide
Group
Net sales, MSEK
Employees
,
Locations
>
Number of countries
~
This is Elanders Elanders at a glance
,
%
%
%
North and South America
Share of net sales
Employees
,
Europe
Share of net sales
Employees
,
Asia
Share of net sales
Employees
Elanders Annual and Sustainability Repo 2024 — 07
are confident in our robust business model that is based on diversifica-
tion both geographically and to different customer segments. We also
support our customers with both offshore and nearshore solutions,
completely according to their wishes, and can act with agility when
crises hit.
The Group’s sustainability efforts have been moving along well
during the year and from a pure business perspective, we see the
importance of being a strategic business partner who can assist custom-
ers in getting a handle on and reducing their value chain emissions.
Our Renewed Tech business, where we collect old IT equipment that
we can recondition for a second life, continued growing during the
year and we continued our work to prepare the Group for the new
EU Corporate Sustainability Reporting Directive, CSRD. In December
2023 we made a commitment to the Science Based Targets initiative
and our climate targets will be submitted for validation in 2025.
Supply Chain Solutions
On the strengths of our wide customer base and geographic spread,
our largest business area, Supply Chain Solutions, managed to return
to positive organic growth in the second half of the year, in spite of a
challenging market. Growth was mainly seen in the customer segments
Electronics, Fashion (in Europe), Health Care and Industrial, but also
The recovery in demand was stable in the second half of the year for a
majority of our customer segments. The exception was Automotive in
Europe, which is facing major structural challenges. In North America,
demand in Fashion also remained lower, but, at the same time, there
was an increased inflow of new customers and requests which is prom-
ising for 2025.
As part of our strategy to expand in Southeast Asia, we started
our first logistics unit in Thailand in the third quarter, which made its
first deliveries in the fourth quarter. The roll-out within the Group of
Elanders’ proprietary Warehouse Management System (WMS) CloudX
continued throughout the year which enables us to offer customers a
global logistics solution with only one integration.
The high level of interest rates characterized the year and had
a negative impact on net income. To counteract this effect, we kept
a strong focus on reducing net debt through various actions such as
keeping our investments at reasonable levels, reducing our working
capital and improve our cash flow, which unfortunately was countered
by a continued weak Swedish krona. Thanks to our focus on cash flow
and on reducing working capital, we achieved a cash conversion of
90 percent and strengthened our liquidity and were in this way able
to retain the same dividend pay-out ratio as in the previous year. We
An ongoing trend of declining demand from
2023 continued in the rst half of 2024. In the
second half of the year there was a recovery,
but the market remained volatile. The Group
carried out extensive structural measures to
consolidate its capacity. A continued focus on
cash ow resulted in a reduced working capital
and a cash conversion of 90 percent.
A volatile market
was met with
consolidation
“ The recovery in demand
was stable in the second
half of the year for a
majority of our customer
segments.”
This is Elanders CEO comments
of our road transportation operations in Germany which has a high
exposure to the German automotive industry. As we are counting on
continued potential fluctuations in demand also in other customer
segments in 2025, we have also taken other structural measures to
generally reduce the Group’s cost base.
We continue our efforts to constantly develop the Group’s offer
both in terms of the customer segments and geographically. During
the year we have continued rolling out our proprietary WMS CloudX
within the Group and at the end of 2024, the system was used globally
at 18 sites. Thanks to this fact, we have been able to both attract new
global customers and convert several existing local customers to global
ones. Previously, CloudX has primarily attracted Fashion customers
but during the year customers have also been added from other seg-
in Other that includes our customers within fast-moving consumer
goods (FMCG). In North America, organic growth was negative within
Fashion, but this was expected since the region entered the economic
cycle later. On the positive side, in the second half of the year we
started to notice a stable increase in new requests and an improved
recovery for existing customers.
The Automotive customer segment, however, was challenging with
a negative organic growth, most of all in the fourth quarter. In this
case the reduction in volumes is not only connected to economic cycles
but is also a result of major structural changes. The Group’s exposure
to continued decline in demand is being countered by, among other
things, extensive structural measures that we have carried out during
the year. For example, we in 2024 decided to discontinue a major part
Elanders Annual and Sustainability Repo 2024 — 09
ments with similar needs, such as sales in several countries, deliveries
to both retail and e-commerce as well as handling returns.
We passed a geographic milestone by establishing our first logistics
unit in Thailand, a strategically important step in catching volumes
moving away from China to Southeast Asia. During the year we also
saw positive development in Mexico where we initialized an expan-
sion in 2023 in answer to the nearshoring trend with customers in Asia
moving activities to Mexico as a cost-efficient way of getting closer to
the American market. We have also had great success in the impor-
tant Health Care customer segment through growth within technical
logistics, where we carry out delivery, installation, the taking back and
demo management of medical technology equipment. Parallel to this,
we have grown within contract logistics services for this segment.
In late 2023 and early 2024, we carried out an expansion in the
UK through the acquisitions of the contract logistics company Kammac
and the technical logistics company Bishopsgate. Both companies had
a tough start in the Group due to a weak economic development and
difficult inflation in the UK, which lowered both consumption and
investments. Bishopsgate, which is one of the country’s leading actors
within special transportation, installation and configuration of medical
technical equipment, office printers, data centers, parcel lockers and
charging stations for electrical vehicles, nevertheless managed above
expectations with organic growth and high profitability. Kammac,
that is mainly servicing customers exposed to consumer durables and
perishables, on the other hand, had a more challenging year which
resulted in negative organic growth.
Print & Packaging Solutions
Within the business area Print & Packaging Solutions we could see
a continued weaker demand during the year, resulting in negative
organic growth, but despite this, the adjusted EBITA margin came in
only slightly lower than the previous year. The decline in demand was
mainly attributable to the first half of the year and then improved in
the second half of the year in several product groups and especially in
the important area of online print, but this could not fully compensate
for the extensive decline in demand from the Automotive customer
segment.
Since we expect demand from Automotive to remain challenging,
we have carried out several structural measures during the year and we
continue our efforts to reposition from traditional production to digital
print. Thanks to this repositioning we continue to develop our offering
within online print, but also in other important areas, such as packag-
ing, publishing and marketing materials. Within publishing we notice
a clear trend towards shorter runs instead of purchasing large volumes
from low-cost countries outside Europe. In this area, Elanders has a
very strong offering with print on-demand in Europe, reducing the
scrapping of surplus copies which both saves money and has a positive
impact on the environment.
In a competitive and shrinking market like print there is a need for
constant optimization and streamlining and thanks to our size, we at
Elanders can do this better than most of our competitors that, generally,
are small and local. We meet these demands for efficiency by, among
other things, optimizing our different sites for different products and
maximizing the utilization rates for our production equipment. We are
also constantly developing our offering with new types of products
and concepts within online print and also by combining digital print
with traditional print for efficient solutions with a lower impact on the
environment.
“ The roll-out within the Group
of Elanders’ proprietary Ware -
house Management System
(WMS) CloudX continued
throughout the year which
enables us to oer customers
a global logistics solution with
only one inte gration.”
Magnus Nilsson
President and CEO
This is Elanders CEO comments
Elanders Annual and Sustainability Repo 2024 — 11
The consolidation of print service suppliers continued during the year
and a large number of bankruptcies occurred in several of our markets,
which over time may improve the formation of prices through a
decrease in overcapacity. Looking forward, Elanders remains a very at-
tractive supplier thanks to our steady work aiming to continuously de-
velop and improve our offering, combined with us being one of the few
suppliers that are able to offer solutions for production in a multitude
of countries and regions. Another important factor is that we have suc-
ceeded in developing our offering to both existing and new customers
by taking responsibility for a larger share of their value chain through
handling other products and various logistics services.
Summary
Following a negative trend in demand in all markets and customer seg-
ments in 2023, we could notice a turnaround in 2024, or the beginning
of a turnaround, in a majority of our customer segments and markets,
which was very positive. The high interest rates had a negative impact
on our net income, but this was expected and a consequence of execut-
ing two large acquisitions. To counter this we continue our efforts to
focus on our working capital and on strengthening our cash flow, as
well as increasing profitability. One important milestone in the coming
year is that we will submit our climate targets to the Science Based
Targets initiative for validation.
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 inves-
tors 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 print.
Magnus Nilsson
President and CEO
0
2024 in brief
The year was split in two, with a declining demand for Elanders’
services in the rst half of the year and a recovery in the
second. Focus on cash ow and reducing the working capital
resulted in a high cash conversion. At the same time,
sustainability eos have continued according to plan.
A negative trend from 2023 continued into the first half of 2024, with
a decline in demand for a majority of Elanders’ customer segments and
on all continents. The second half of the year saw a turnaround in all
customer segments except for Automotive, which faces major struc-
tural challenges. In the Fashion customer segment, demand increased
in Europe in the second half of the year but remained weak in North
America. However, there was still an inflow of new customers and
requests.
Elanders has met the development with both a high level of sale
side activity and actions to optimize capacity and reduce costs. A level
of net debt with high interest expenses weighs heavily on the bottom
line. That is why there has been a strong focus on continuously
improving cash flow, reducing working capital and optimizing invest-
ments. Thanks to this, Elanders achieved a 90 percent cash conversion,
demonstrating that the Group retains its ability to generate cash flow
from its results.
There is also an important strategic work, not least towards
Automotive customers, to increase the share of value-added services
while phasing out less profitable business operations. Within Print &
Packaging Solutions the repositioning from traditional production to
digital print continues, with a particular focus
on online print.
Elanders has continued to develop according to its business model
with a diversified customer base and exposure to different geographic
markets. The acquisitions of Bishopsgate Newco Ltd in February 2024
and Kammac Ltd in November 2023 strengthened Elanders’ market
position within technical logistics as well as contract logistics in the
UK. This way, the country has become one of Elanders’ largest mar-
kets. During the year, the Group also started its first contract logistics
unit in Thailand. The roll-out within the Group of Elanders’ propri-
etary WMS CloudX continued throughout the year, which improves its
global offering.
The Group’s sustainability efforts and preparations for compliance
with the new EU Corporate Sustainability Reporting Directive, CSRD,
have been moving along well during the year. In December 2023
Elanders made a commitment to the Science Based Targets initiative
and an upcoming milestone is that the Group’s climate targets will be
submitted for validation in 2025.
The year in summaryThis is Elanders
0
Elanders Annual and Sustainability Repo 2024 — 13
Three year overview
2024 2023 2022
Net sales, MSEK 14,143 13,867 14,974
EBITDA, MSEK 2,197 1,967 1,940
EBITDA exl. IFRS 16, MSEK 1,019 929 1,068
EBITA, MSEK 893 820 940
EBITA adjusted, MSEK 879 927 966
Result aer nancial items, MSEK 278 398 666
Result aer tax, MSEK 183 258 487
Earnings per share, SEK
1)
4.99 7.02 13.29
Cash ow from operating activities per share, SEK 40.04 50.39 31.27
Equity per share, SEK 115.33 108.50 108.46
Dividend per share, SEK 4.15
2)
4.15
,
4.15
EBITA-margin, % 6.3 5.9 6.3
EBITA-margin adjusted, % 6.2 6.7 6.5
Return on total assets, % 5.1 6.5 11.6
Return on equity, % 4.5 6.5 13.0
Return on capital employed, % 6.1 6.4 8.3
Net debt/EBITDA ratio RTM, times 4.1 4.2 3.7
Net debt/EBITDA ratio RTM excl. IFRS 16, times 4.0 3.9 2.8
Debt/equity ratio, times 2.2 2.1 1.9
Equity ratio, % 24.0 24.7 26.6
Average number of outstanding shares, thousands 35,358 35,358 35,358
1)
There is no dilution.
2)
Proposed by the board.
For Reconciliation of alternative peormance measures and Financial denitions, see pages 174–176.
Growing organically and through acquisitions
Elanders is developing together with its customers. Often, global
business emerges 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 and
develops new technological solutions, its capacity to meet custom-
ers’ 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 existing, geographic markets or customer segments.
The objective is that acquisitions always broaden or complement
Elanders’ offer and, if possible, provide further niche expertise.
An optimized
supply chain
to rely on
Elanders’ overarching goal is to be a leader in
global solutions within supply chain manage-
ment in a connected and sustainable world.
Elanders has a particular focus on advanced logistics solutions with a
large portion of value-added services. The Group develops its custom-
ers’ business in cooperation with them, strengthens their competitive-
ness and makes their supply chain more sustainable. Optimal manag-
ing of the supply chain makes an operation both more cost-efficient
and sustainable through reduced resource consumption in production,
warehousing and transportation.
Elanders strives to have a balanced mix of customers in terms of
both geographies and industries. This is done with the aim of reducing
the effect of fluctuations in individual markets as well as of general
business cycles. The Group wants to be a strategic business partner to
its customers and support them in developing 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 deliv-
ery, with sustainability in focus. 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
Elanders is continuously developing its offering to customers in order to
achieve its long-term financial targets and consistently deliver an increase
in value and higher return to its shareholders year after year. A sustain-
able business model and new and continually improved services, com-
bined with innovative technology, creates a good platform for continued
growth and development as well as greater value for shareholders.
The Group’s greenhouse gas reduction targets signify that the
Group shall reach net-zero emissions in the entire value chain by the
year 2050, in line with the Paris agreement.
Business concept, goals and strategiesThis is Elanders
0
1
2
3
4
5
Mål 3-5%
Omsättningstillväxt
20242023202220212020
0
1
2
3
4
5
6
7
8
Mål 3-5%
Omsättningstillväxt
20242023202220212020
–10
–5
0
5
10
15
20
25
30
Mål 3-5%
Omsättningstillväxt
20242023202220212020
Elanders Annual and Sustainability Repo 2024 — 15
Long-term nancial targets
Net debt/EBITDA
< 2.5
“ 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
eciency and delivery, with sustainability in focus.”
Goal achieved Goal not achieved Goal
EBITA-margin, %
> 7 percent
Net sales growth, %
At least 3–5 percent annually over a business
cycle
Long-term sustainability targets
Reduce greenhouse gas emissions within scope
1 and scope 2 by 50 percent and reduce emis-
sions within scope 3 related to own operations
by
30 percent.
Year 2030
Reduce emissions within scope 1 and scope 2
by 75 percent.
Year 2040
The Group should have achieved net zero
emissions over the entire value chain.
Year 20
Elanders’ customer
segments
— Automotive
— Electronics
— Fashion
— Health Care
— Industrial
— Other
“ Whether customers turn to Elanders for separate
services or customized comprehensive solutions,
the Group contributes to their increased productivity,
protability and sustainability.”
Elanders is a global logistics company
suppoing customers with a broad service
range of integrated solutions within supply
chain management through every step of a
product’s life cycle, from the production sta
of its components until it has denitely served
its purpose and is ready for recycling. The Group
also strives to be the customers’ strategic busi -
ness paner in the climate transition.
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, the
Group’s 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 compre-
hensive solutions, the Group contributes to their increased productiv-
ity, profitability and sustainability.
Elanders strives to be a strategic business partner and to grow
together with the customer, not least when it comes to finding sustain-
able logistics solutions that are energy-efficient, reliable and secure.
The more integrated Elanders is in the customer’s value chain, the more
possibilities there are to assist the customer in reducing their negative
environmental impact while at the same time find cost savings in the
logistics chain.
Integrated
sus tainable
solutions within
supply chain
management
Our business modelThis is Elanders
Life Cycle Management
— Service and
installation
— Reverse Logistics
— Redistribution
— Warranty Handling
— Spare Parts
— Repair and
Refurbishment
— Renewed Tech
Production & Assembly
— Cross Docking
— Quality Control
— Assembly and Testing
— Production
Distribution & Outbound Services
— Pick and Pack
— Consolidation and Transit
— Global and Local Deliveries
— JIS (Just-in-Sequence)
— E-commerce
Procurement & Inbound Services
— Sourcing and Procurement
— Customs Services
— Freight Solutions
— Warehouse and Inventory Management
Recipients
— Consumers
— Retail
— E-commerce
— Factories
— Hospitals
Elanders Annual and Sustainability Repo 2024 — 17
All steps of the life cycle
On behalf of customers, Elanders manages and optimizes the flow of
raw materials, components, finished products, payments and informa-
tion through all steps of a product’s life cycle. The service offering
includes everything from order management, procurement, purchasing
components, customs management and warehousing to production
logistics, manufacturing, configuration, quality control and delivery. The
Group also handles payment flows and synchronizing purchasing and
warehousing with demand, as well as managing the recycling or resale
of returned or discarded products. Within the Group there are scalable
circular business models that can be extended to different customer seg-
ments. In dialogue with the customer, Elanders can become an enabler of
circularity within the customer’s business model.
Elanders also has the possibility to use its business model and
global presence for the benefit of both a reduced climate footprint and
increased profitability. Through its broad service portfolio and geograph-
ical 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 transportation 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 time offer alternative solutions aimed at areas where the
customer’s greatest impact and needs are found.
Value-added services
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, Elanders, combined with providing logistics
services, 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 plat-
forms and delivers printed matter for a number of other well-established
companies.
Sustainability a business oppounity
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.
The goal is that the Group’s negative impact on the environment will
be minimized and new business models found that can have a positive
impact in the form of, for example, more circular flows of materials and
resources. At the same time, Elanders will contribute to a sustainable
social development and be a responsible and attractive employer.
Elanders has committed to being part of the transition to net-zero
emissions in its own operations and its value chain, with science-based
targets that contribute to keeping global warming under 1.5 degrees
(see further pages 70–71). When Elanders is now taking measures as a
service provider in order to achieve its set climate targets, this also has an
impact on the transitional efforts of its customers by reducing emissions
in their value chain.
“ Elanders considers sustain ability both a responsibility
and a business oppounity that can improve future
protability and value for Elanders, as well as the
Group’s customers and society at large.”
Our business modelThis is Elanders
0
50
100
150
200
2024202320222021
Sustainable Energy Savings
with the “eSaver”
Elanders is investing in a sustainable future using
innovative solutions. In 2024, Elanders further
expanded the use of the energy saver module
“eSaver”. The “eSaver” module functions as a low-
pass filter that smooths out fluctuations in the
power grid, leading to more efficient energy usage.
Similar to the energy recovery systems in mod-
ern electric vehicles, surplus energy is captured
and reinjected as needed. This helps stabilize
Renewed life for used
IT equipment
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 envi-
ronmental advantages of prolonging its life before
it is finally recycled.
During 2024, Elanders handled approximately 190
thousand discarded units, which equaled more
than 44 thousand tonnes of avoided CO
2
e. This
meant an increase of 17 thousand tonnes of CO
2
e
compared to the previous year.
1)
thousand tonnes
CO
2
equivalents in
emissions savings
in 2024.
40
The installed solar panels
are expected to cover
approximately 40 percent
of the company’s electricity
consumption.
Solar cells Hungary
During the year, Elanders Hungary has invested in
a state-of-the-art solar park system to take ad-
vantage of favorable local conditions and reduce
both its carbon footprint and electricity costs.
The installed solar panels are expected
to cover approximately 40 percent of the com-
pany’s electricity consumption. The company
anticipates that annual electricity costs will
decrease by about one-third, with the largest
savings occurring between May and September.
The investment will also lead to a significant
reduction in the company’s greenhouse gas
emissions, with an estimated saving of
8
Annual savings of approximately
8 percent in electricity usage at
large logistics sites.
44
the power grid and mitigates peak loads. This
module enables annual savings of approximately
8 percent in electricity usage at large logistics
sites and reduces greenhouse gas emissions.
312 tonnes of CO
2
e per year. In addition to cost
and environmental benefits, this cutting-edge
technology also enhances Elanders Hungary’s
reputation and competitiveness in the market.
1)
The avoided emissions 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.
Number of thousands of handled units
Avoided emissions in thousand tonnes CO
2
e
1)
Elanders Annual and Sustainability Repo 2024 — 21
Elanders’ two business areas
Supply Chain Solutions
Through its largest business area Supply
Chain Solutions, Elanders is one of the lea d-
ing com panies in the world in global solutions
for supply chain management. The range of
ser vices includes, among other things, taking
responsibility for and optimizing customers’
material and product ows, everything from
sourcing and procure ment combined with
warehousing to aer-sales services.
The business area accounts for more than four fifths of the Group.
It is within this area that Elanders sees big growth potential going
forward. The market as a whole is expanding, outsourcing and
e-com merce is increasing, and demand is driven by a globally grow-
ing middle class. New regulations and changing behavior patterns
will probably have a major impact on future logistic flows, which
puts high demands on the players who want to operate in the market.
This favors a player like Elanders.
Supply Chain Solutions
— net sales
Supply Chain Solutions
— share of net sales
Supply Chain Solutions
— share of EBITA
0
%
0
%
,475MSEK
Our business areasThis is Elanders
Elanders’ two business areas
Print & Packaging Solutions
With innovative force and global presence,
Elanders, through the business area Print &
Packaging Solutions, oers cost-eective
solutions that can handle customers’ local
and global needs for printed material and
packaging. In many cases, this is combined
with advanced order plaorms on the Inter-
net, value-added services and just-in-time
deliveries.
In general, the market for the business area is characterized by changes
in demand and successive consolidation. Thanks to Elanders’ financial
strength, this creates opportunities for the Group to gain market shares.
There is an ongoing shift from traditional offset print with large edi-
tions towards digital print and more recipient-adapted products. Online
print, that is a strategically prioritized area for the Group, continues to
show organic growth.
The market is also impacted by increased regulation and environ-
mental requirements, such as the EU Deforestation Regulation (EUDR)
which places high demands on companies trading with products
originating from the forest to show sustainable due diligence in their
operations and value chains.
Print & Packaging Solutions
— net sales
Print & Packaging Solutions
— share of net sales
Print & Packaging Solutions
— share of EBITA
Our business areasThis is Elanders
20
%
20
%
,803MSEK
Elanders Annual and Sustainability Repo 2024 — 23
%
%
Our customer segmentsThis is Elanders
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,
the requirements on resource effectiveness and
sustainability are getting higher.
Electronics
Growth prospects: Business cycle
High sensitivity: Medium
E-commerce is increasingly important for the
Fashion industry. Many customers are looking
for a partner that can take an extensive and
comprehensive responsibility and be deeply
integrated into their e-commerce and other
business operations. Managing returns, recycling
and reuse is becoming an increasingly important
part of the supply chain.
Fashion
Growth prospects: Business cycle
High sensitivity: Medium
Elanders’ customer
segments
Elanders divides its customers into six segments
according to the industry they work in: Automotive,
Electronics, Fashion, Health Care, Industrial and
Other. The Group strives to have a good spread
and customer mix in the segments. Diversication
makes Elanders more robust in business cycle
uctuations, swings in demand and global crises.
Percentage distribution of Elanders’ sales
%
%
%
%
Elanders Annual and Sustainability Repo 2024 — 25
The development of electric and self-driving
vehicles and demands for climate neutrality
entail challenging transitions for the Automotive
industry. Brand owners want to focus on their
core business and therefore put high demands
on their supply chain regarding both quality and
reliability.
Automotive
Growth prospects: Business cycle
Medium sensitivity: High
The customer segment Other includes cus-
tomers within online print and fast-moving
consumer goods (FMCG). Within online print,
volumes continue to grow in mass production of
individually customized printed matter ordered
online. FMCG customers often demand agile
flexibility from their logistics partners.
Other
Growth prospects: Business cycle
Medium sensitivity: Medium
Industrial manufacturers need low manu-
facturing costs, high product quality, short lead
times and high delivery precision. From pro-
duction to the aftermarket, logistics are a key
factor. A guaranteed, reliable supply chain all
the way to the end customer also streamlines
the manufacturing.
Industrial
Growth prospects: Business cycle
Medium sensitivity: High
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, which means that there is
great potential for quality-assured suppliers.
Health Care
Growth prospects: Business cycle
High sensitivity: Low
Elec
ct roni
ics
Sourcing &
Procurement
Freight coordination
& Customs management
Warehousing
Quality control &
Assembly and testing
Just-In-Time deliveries
Manufacturing
Freight coordination
& Customs management
Warehousing
Reuse & Recycle
After sales
Returns
management
White glove
delivery
Local and global
distribution &
Customs management
Pick & Pack
Configuration & Testing
Elec
ct roni
ics
Elanders Annual and Sustainability Repo 2024 — 27
Electronics — Services throughout
the life cycle
From component pro-
curement to retrieval
of the nished product
The Electronics customer segment is one of
Elanders’ largest, with several giants within
electronics and IT found among its clients. In
this area, the Group delivers a wide variety of
services staing 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.
percent of
Elanders’
total sales
countries receive
deliveries from
Elanders
laptops are
handled every
year
Elanders in the customers value chain
>
M
Within the Electronics customer segment, Elanders is a well-established
service provider with decades of experience. Clients demand end-to-
end solutions 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 in today’s outsourcing market.
Elanders offers to be the customers’ single point of contact for a
wide range of services during the entire life cycle of the electronic prod-
uct. 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 distribution according to the customers’ wish-
es. A range of value-added services such as assembly of components,
flashing software, country adaptation and consolidating orders are also
offered. Furthermore, clients can get assistance with customs clearance,
certain financial services and cross-border tax management.
Besides efficient delivery 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 discards the product, the services within Life Cycle
Management can be added to circulate the product. There, the dis-
carded equipment is collected and subsequently gets its data wiped and
is either reconditioned and sold on the second-hand market or recycled
after any reusable spare parts have been recovered.
Our customer segments — ElectronicsThis is Elanders
Sourcing &
Procurement
Freight coordination
& Customs management
Warehousing
Quality control &
Assembly and testing
Just-In-Time deliveries
Manufacturing
Freight coordination
& Customs management
Warehousing
Reuse & Recycle
After sales
Returns
management
White glove
delivery
Local and global
distribution &
Customs management
Pick & Pack
Configuration & Testing
Fashion — Pace and variation
Suitable solutions
for all customers
Today, Fashion is one of Elanders’ largest
customer segment. Within this area the
Group oers global supply chain manage -
ment ser vices 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.
percent of
Elanders’
total sales
thousand m
2
in total
floor area at facilities
within the Group
number of
sites globally
Elanders in the customers value chain
This is Elanders Our customer segments — Fashion
The Fashion customer segment includes not only clothes, but also
accessories, perfumes and other lifestyle items. A common character-
istic for the fashion industry is the fast pace, with several new collec-
tions 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. Meanwhile they keep one point of contact and one integration
for their global fulfillment needs. Elanders is a reliable partner provid-
ing high quality and smoothly functioning processes, as well as respon-
siveness to the customers’ needs and the option of different kinds of
value-added services.
~
Fas
hion
Elanders Annual and Sustainability Repo 2024 — 29
Auto
mo
tive
Sourcing &
Procurement
Freight coordination
& Customs management
Warehousing
Quality control &
Assembly and testing
Just-In-Time deliveries
Manufacturing
Freight coordination
& Customs management
Warehousing
Reuse & Recycle
After sales
Returns
management
White glove
delivery
Local and global
distribution &
Customs management
Pick & Pack
Configuration & Testing
Auto
mo
tive
Elanders Annual and Sustainability Repo 2024 — 31
Elanders in the customers value chain
Automotive — Flexibility for change
Bespoke solutions to
optimize production
Elanders is a logistics paner to several
Swedish, German and British car manufact -
urers that are all included in the Automotive
cus tomer segment. The Group assists these
clients with services before, during and aer
their line production, so that they can focus on
what they do best: building and selling cars.
percent of
Elanders’
total sales
thousand m
2
in total
floor area at facilities
within the Group
outgoing deliveries
every year from
Elanders’ warehouses
M
For the Automotive industry, Elanders offers almost every service in
the supply chain. 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 traditional combustion engines to climate
neutrality, electrical power and more self-driving vehicles. The ability
to handle changes and support different kinds of products in the supply
chain is pivotal.
The Group’s key strength is the ability to develop and custom-
ize solutions together with the 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 the
client’s transports. 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.
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 production line, empty packaging and boxes used upon delivery
are cleaned up and reused for the next delivery of components.
This is Elanders Our customer segments — Automotive
Sourcing &
Procurement
Freight coordination
& Customs management
Warehousing
Quality control &
Assembly and testing
Just-In-Time deliveries
Manufacturing
Freight coordination
& Customs management
Warehousing
Reuse & Recycle
After sales
Returns
management
White glove
delivery
Local and global
distribution &
Customs management
Pick & Pack
Configuration & Testing
Elanders in the customers value chain
Other — Collecting smaller sectors
Operations with
potential for growth
Various sectors of Elanders’ business are
serving customers in the customer 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. Another business with good
potential is third-pay logistics within FMCG.
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 com-
mercial 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 works both as a print provider to major brands and sells
directly to companies and consumers through its own channels and
branded web shops. Thanks to economies of scale, advanced automa-
tion, and optimized workflows resulting in high quality, reliability and
scalability, Elanders is very competitive and aiming for further growth.
Since the acquisition of Kammac in 2023, another important part
of the customer segment Other is FMCG, including the beverage indus-
try. Here, the Group provides 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, the Group is a valuable
logistics partner to its clients.
This is Elanders Our customer segments — Other
percent of
Elanders’
total sales
glass bottles
handled
per year
M
M
photo
calendars
per year
Other
Elanders Annual and Sustainability Repo 2024 — 33
Indu
str
ial
Sourcing &
Procurement
Freight coordination
& Customs management
Warehousing
Quality control &
Assembly and testing
Just-In-Time deliveries
Manufacturing
Freight coordination
& Customs management
Warehousing
Reuse & Recycle
After sales
Returns
management
White glove
delivery
Local and global
distribution &
Customs management
Pick & Pack
Configuration & Testing
Indu
str
ial
Elanders Annual and Sustainability Repo 2024 — 35
Elanders in the customers value chain
Industrial — Responsiveness
creates success
Customized solutions
at the right cost
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 great
responsiveness to customers, the Group retains
the high delivery precision and service quality
demanded.
percent of
Elanders’
total sales
outgoing deliveries
every year from
Elanders’ warehouses
thousand m
2
in total
floor area at facilities
within the Group
In order to stay competitive and generate profits, industrial manufac-
turers 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 the 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 to 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 flex-
ibility 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
cleaning of reusable plastic boxes or other charge carriers. Addition-
ally, Elanders can take on individual assembly steps, such as the pre-
assembly of modules that can then be delivered 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.
Our customer segments — IndustrialThis is Elanders
M
Sourcing &
Procurement
Freight coordination
& Customs management
Warehousing
Quality control &
Assembly and testing
Just-In-Time deliveries
Manufacturing
Freight coordination
& Customs management
Warehousing
Reuse & Recycle
After sales
Returns
management
White glove
delivery
Local and global
distribution &
Customs management
Pick & Pack
Configuration & Testing
Elanders in the customers value chain
percent of
Elanders’
total sales
thousand
customer
orders handled
per day
The Health Care customer segment has great growth potential given
the fast-paced scientific and technological development, a globally
aging population and prolonged life expectancy. The industry has
special regulations and strict demands when it comes to things like
sterile handling of equipment, components, consumables and input
materials for medical preparations. For a logistics partner, this entails
considerable investments, high standards, quality-assured processes and
recurring audits of required certifications. Expertise and trust between
provider and client are built over time, since there is no margin of error
when it comes to this type of equipment, products or materials.
The Group has solid experience as a partner to medical technology
companies. Today, Elanders are experts within medical logistics with a
global footprint, committed to delivering services at the highest level
of quality without compromise and with continuous improvements.
The clients are efficiently supported throughout the product life cycle,
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 consum-
ables, 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 (IVD). This
includes demo pool services, installation services, taking back worn-
out equipment, as well as temperature-controlled storage in different
climate zones down to –80 degrees Celsius.
Health Care — Customized all the way
Competent help
throughout the
life cycle
In the customer segment Health Care,
Elanders’ principal focus is on medical
technology. The Group oers customized
solutions throughout the product life cycle,
staing from the procurement of input
materials all the way until the equipment is
worn-out.
This is Elanders Our customer segments — Health Care
Ceications within Elanders
ISO 9001, ISO 14001, ISO 13485, ISO 27001, ISO 45001, GDP, WDA (H),
WDA (V), API, BRC, GDPMDS, AEO-F and AEO – Security
Hea
lth C
Care
Elanders Annual and Sustainability Repo 2024 — 37
Elanders supplies its wide range of services within integrated supply chain management
solutions through a number of subsidiaries in the larger business area Supply Chain
Solutions. In addition, the Group oers cost eective solutions that can meet all of its
customers’ needs for printed materials and packaging in the business area Print &
Packaging Solutions. Together, the Group companies serve the six customer segments
Automotive, Electronics, Fashion, Health Care, Industrial and Other on four continents.
The most impoant markets are China, Germany, Singapore, Sweden, the UK and the USA.
On the following pages, Elanders’ largest operations are presented separately.
Elanders’ largest
operations
Our largest operationsThis is Elanders
Supply Chain Solutions Print & Packaging Solutions
0
%
Elanders
Group
20
%
Elanders Print & Packaging
Elanders Annual and Sustainability Repo 2024 — 39
Share of net sales
Share of net sales
LGI, Mentor Media, Bergen Logistics
and Kammac
Based in Germany, LGI is a leading logistics
ser vice provider globally oering a range of
inte grated solutions within supply chain
manage ment, from contract logistics to
transpo/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, through both sister companies
within the Group and external partners. The company 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 entire supply chain. Its
customer base is found within all of Elanders’ customer segments.
Contract logistics account for more than half of LGI’s revenue.
LGI’s strategy in this market segment is to develop and maintain good
and comprehensive relationships 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 the digital transformation of business models through e-commerce
fulfillment, LGI has years of experience and excellent references in both
the B2C and B2B sectors.
LGI was founded around 30 years ago in Germany and has, over
the years, acquired several supply chain management companies and
further expanded its operations. The company was acquired by Elanders
in 2016.
Why should customers choose LGI as a paner?
We are a global service provider that, supported by the Group, enables
end-to-end solutions for our customers. As a reliable and very flexible
partner with absolute customer focus, we are big enough to be a global
player while still able to provide individual solutions to meet specific
needs. We have a unique bandwidth servicing businesses from different
segments end-to-end, always working on improving our processes.
What are your key strengths?
One is our absolute will to serve the customer and work on long-term
customer relationships. It lets us develop reliable solutions that include
reaching deep into the customer’s supply chain to help them be top-
notch. But our most crucial strength is the team and the efforts of our
people every day. Caring for our employees’ well-being is something that
permeates the Elanders Group as a whole and my greatest success as
CEO of LGI is the reduction of days off due to injuries by 40 percent.
How does being pa of the Elanders Group benet LGI?
It enables the global end-to-end and beyond supply chain management
solutions that we offer our customers. Another great benefit is how
group companies are exchanging customer-focused ideas, best practices
Supply Chain Solutions — LGI
A strong will to
serve the customer
~
,
LGI
Net sales, MSEK
Number of employees
Geographical presence
Austria, Czech Republic, Germany, Hungary, Netherlands, Poland,
Romania, Sweden, the UK and the USA
Customer segments
Automotive, Electronics, Fashion, Health Care, Industrial and Other
~
,
Our largest operations — LGIThis is Elanders
Bernd Schwenger, President, LGI, underlines
the value of customer focus and long-term
relationships.
and concepts, which makes us all more innovative. At the same time,
our various cultures are allowed to coexist. LGI retains its European
DNA, just like Mentor Media is Asian and Bergen American. There
is no dominant entity, we can all develop and test new solutions and
innovations to better serve our customers. If something works well,
it can also be implemented elsewhere.
What are your focus areas for the future?
One is technical logistics, where our services also include transport-
ing, setting up and installing advanced technical equipment so that it
is ready for use. This market is only going to grow. Another important
focus area concerns the circular economy. Here, we are already taking
back used IT equipment for refurbishment and reuse, but I believe that
this is just the beginning. There will be an important role for logistics
as circular concepts spread to all kinds of equipment and products.
The third focus area is to keep building and providing end-to-end and
beyond supply chain management solutions for our customers, letting
them focus on their core business.
Do you have other impoant ongoing business initiatives?
Health Care is an area that will grow rapidly, looking forward, due
to fast technological development and an aging population. LGI has
developed a demo pool service, including unique software, giving our
customers’ sales teams a streamlined way to demo new MedTech prod-
ucts at various locations. This concerns extremely expensive equipment
that potential buyers want to try out for real before purchasing. Also,
we see potential in managing the logistics, including transportation
and installation, connected to technical equipment, special beds and
other type of aids that are needed for care given in the home, which is
a growing area.
How is sustainability integrated in your business model?
When it comes to our buildings and the use of electricity, we have
come a long way and are carbon neutral thanks to renewable energy.
Our growing business connected to reuse and circularity, that I have
already covered, is another positive example. The major challenge is
our large fleet of trucks. Here, we are looking for new solutions includ-
ing electric trucks and trailers, as well as other green alternatives to
diesel such as HVO and hydrogen fuel cells. Costs remain a challenge,
but customers are increasingly ready to pay the price to meet their own
emissions reduction targets. The issue is larger than just the type of fuel
or vehicle, however. With center of gravity analysis and supply chain
analysis we can optimize transportation and help make entire supply
chains more sustainable.
“ We are a global service
provider that, suppoed
by the Group, enables
end-to-end solutions
for our customers.”
Elanders Annual and Sustainability Repo 2024 — 41
Why should customers choose Mentor Media as a paner?
We are a trustworthy partner that will let you sleep well at night. With
presence in Asia, Europe and the Americas and combined with the
whole Group, we have a truly global footprint. Our end-to-end supply
chain solutions include advanced value-added services covering every-
thing from the before-market phase to product delivery and on to after-
market services. Our solutions are based on standardized processes and
practices that can be replicated anywhere in the world.
What are your key strengths?
The trust element is very strong for Mentor Media. We are a one-touch
global service provider delivering what our clients need in any region
or country all over the world while retaining full control over their
intellectual property. In today’s unstable world, agility is also more im-
portant than ever. We can rapidly respond to natural disasters, political
disruptions or any other type of crisis, easily moving operations from
one site to another. Furthermore, our innovative and creative team can
help clients find improvements and break new ground.
How does being pa of the Elanders Group
benet Mentor Media?
It adds an ability for us to extend into new customer segments. Mentor
Media has traditionally been very strong within Electronics but is
increasingly establishing a global presence within Health Care and,
Headquaered in Singapore, Mentor Media is a
leading provider of supply chain management
solutions that are sustainable for customers,
other stakeholders and the societies where it
operates. The company’s extensive services are
customized to meet client requirements.
Mentor Media is an innovative global supply chain service provider with
presence in Asia, the Americas and Europe. The company has extensive
experience in manufacturing and has developed an offer of compre-
hensive, high value-added services to help its customers conceive ideas,
develop products, build up brand names and enable further growth.
Through well-developed strategic alliances with other strong global
logistics partners, Mentor Media has also created a complete supply
chain delivering directly to channels and end-users. The company is a
partner to some of the world’s leading companies in consumer electron-
ics, communications, computing, medical technology, software and
retail.
Mentor Media was founded about 40 years ago in Singapore
and was acquired by Elanders in 2014. Since then, Mentor Media has
expanded to a global presence in several customer segments.
Supply Chain Solutions — Mentor Media
Clients can sleep
well at night
Kok Khoon Lim, President, Mentor Media, em-
phasizes the importance of trust, agility and
innovation.
~
,
Mentor Media
Net sales, MSEK
Number of employees
Geographical presence
Brazil, China, Czech Republic, India, Mexico, Singapore, Taiwan,
Thailand, the USA and Vietnam
Customer segments
Electronics, Fashion, Health Care and Other
~
,
Our largest operations — Mentor MediaThis is Elanders
“ With presence in Asia, Europe and the
Americas and combined with the whole
Group, we have a truly global footprint.”
together with our sister company Bergen Logistics, Fashion. Given our
strong presence in Asia and Latin America, we can work as an internal
provider for our sister companies. Furthermore, they can refer custom-
ers demanding advanced value-added services to us, whereas we, for
example, can refer customers in need of contract logistics services to
Bergen, LGI and Kammac. Another added value for our customers is
that we can bring them print services within Elanders Print & Packag-
ing Solutions.
What are your focus areas for the future?
We have a continued focus on Electronics, which is our core customer
segment, but are also working hard to realize our aspirations within
Health Care and will continue to expand our capabilities in this area
to more sites. Together with Bergen Logistics we are also expanding
within Fashion, at present both in Mexico and in Southeast Asia.
What is the signicance of your recent expansion in Thailand?
As a global service provider, we constantly have to review our supply
chain network’s relevance to our global clients. Political and economic
realities are creating a new need to decentralize from China and the
ASEAN region is becoming a new manufacturing hotspot. Ready to
seize new opportunities as they materialize, Mentor Media has secured
an important contract with an existing Electronics client enabling us to
set up our first contract logistics site in Thailand. Looking forward, we
will continue to invest where the business is going.
What are your other impoant ongoing business initiatives?
In the face of potential new customs pressures, we have developed a
‘global launch’ platform. This allows customers to move manufactur-
ing operations to new territories, such as Mexico, and partnering with
us for their supply chain needs, using our infrastructure, space and
people. Another important initiative focuses on building more partner-
ships to help customers meet various challenges in different locations
around the globe.
How is sustainability integrated in your business model?
Our global services help clients manage the supply chain in a way that
is sustainable for the societies where they operate. Our priority is to
always organize our business around local sourcing, cutting carbon
emissions when shipping parts and material, while also providing
resilience to cross-border disruptions. We optimize freight forwarding
through consolidation of goods at local hubs both outbound in the
producing country and inbound in the receiving market. Furthermore,
we promote circularity through our after-market services for refurbish-
ing or recycling old equipment.
Elanders Annual and Sustainability Repo 2024 — 43
Headquaered on the American east coast,
Bergen Logistics is a leading contract logistics
company and omnichannel expe capable of
managing a great number of clients in an
ecient and protable way thanks to its
proprietary technological plaorm CloudX.
Bergen Logistics has evolved rapidly in the USA and Canada, as well
as established itself for further expansion in Europe and Asia. Aiming
to be the world’s leading logistics company, Bergen wants to drive its
customers’ success through innovative technological solutions. Systems
and processes are continuously updated to keep up with changes
within the industry, consumer requirements and technological progress.
Bergen Logistics is specialized in smaller and mid-sized brands
within fashion and other consumer-oriented industries. The com-
pany 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 intending to expand into new markets. The
company wants to be a natural partner to growth companies looking
for a simple way to establish themselves and grow in new markets. For
this end, the company can make good use of Elanders’s global reach.
Bergen Logistics was founded some 20 years ago in the USA and
was acquired by Elanders in 2021. Since then, Bergen’s business model
and unique platform has also been established in a number of Elanders’
subsidiaries in Europe, Asia and South America.
Charles Ickes, President, Bergen Logistics,
along with Florian Beck, COO, discuss the
company’s strengths.
Why should customers choose Bergen Logistics as a paner?
Charles Ickes (CI): With global reach on a single platform and with
one single integration, we have 25 years of experience as a logistics
partner to clients in the Fashion segment. Our strong, state-of-the-art
proprietary Warehouse Management System (WMS) CloudX provides
a seamless workflow and omnichannel fulfillment.
Florian Beck (FB): We also have a strong organizational set-up with
a very customer-centric approach. Clients get a dedicated service team
with a customer account manager helping them with any challenges
along the supply chain. We work as a partner to our clients rather than
as a traditional supplier. The answer to the question ‘How?’ at Bergen
is ’Yes!’ and then we figure it out for you.
What are your key strengths?
CI: One of them is our ability to provide bespoke solutions, which we
do for well over half of our more than 300 customers. Many of them
require value-added services like customized branded packaging or
delivery. We also know the specifics of our clients’ industry and how to
help with pain points such as system integration.
FB: Bergen is very tech savvy, and we have an entrepreneurial mindset
which is evident in what we do with CloudX, but also around AI, data
warehousing and data science. Innovation is a core value for us, both
in how we face the customers and internally, where we are always
improving processes and tools.
Supply Chain Solutions — Bergen Logistics
Innovation is
a core value
~
,
Bergen Logistics
Net sales, MSEK
Number of employees
Geographical presence
Canada, Moldova, Netherlands and the USA
Customer segments
Fashion and Other
~
Our largest operations — Bergen LogisticsThis is Elanders
How does being pa of the Elanders Group
benet Bergen Logistics?
FB: It has opened up the globe for us. With the support of the Group,
we have established the Bergen concept in a number of locations in
Europe and Asia. Furthermore, we can tap into all group locations
around the world, put our software in place and train local teams. We
can set up third-party logistics solutions anywhere in a very short time
frame.
CI: We get the ability to leverage the other Elanders subsidiaries,
our sister companies, in global end-to-end solutions for our clients.
Furthermore, new insights from other customer segments than Fashion
can be brought into CloudX so that it will work successfully for them
as well. Plus, this kind of insights can also inspire innovation in our
operations in the Fashion segment.
What are the main benets of your WMS soware CloudX
now rolling out in the whole group?
CI: A great advantage is the ease and speed of integration with all
major shop systems used by brands, as well as marketplaces, ERP (En-
terprise Resource Planning) systems and retailers. A fulfillment solution
can very rapidly be set up or expanded to a new market, enabling
standardization and a radically improved customer experience. CloudX
is also being continuously developed and improved by our team of
developers, today made up of 55 people. It is a very mature solution
that overtime will break away from Bergen and be supplied by a stand-
alone Elanders subsidiary, adding resources and flexibility to help make
it suitable for all customer segments.
FB: At present we are finishing off a major modernization of the
system that will make us even more agile. CloudX will additionally be
available on the market, to the benefit of customers who, for example,
want to handle logistics in-house in their home market, but use Eland-
ers overseas, and keep the same efficient WMS.
What initiatives have you taken when it comes
to sustainability?
FB: Our global network solutions let us optimize shipment to help our
customers lower their greenhouse gas emissions by enabling last mile
shipping closer to the consumers. We also have an extensive partner
program focusing on circular solutions and aiming to enhance the
longevity of products through secondary markets.
CI: Beyond initiatives like installing solar panels and LED lights, which
are basically hygiene factors today, Bergen furthermore has made an
agreement with UPS for carbon neutral small parcel delivery through-
out the USA.
“ Our strong, state-of-the-a proprietary Warehouse
Management System (WMS) CloudX provides a
seamless workow and omnichannel fulllment.”
Elanders Annual and Sustainability Repo 2024 — 45
The British company Kammac is a exible and
reliable contract logistics provider that provides
supply chain management services to a wide
range of companies within, for example, food
and beverages and health care. The business
model is lean and based on agility to meet
customer requirements.
Starting from its roots in Manchester, Kammac has expanded nationally.
With a unique concept the company offers its customers maximum
storage flexibility through a network of, at present, twelve sites around
the UK. Several warehouse facilities offer services such as bonded
warehouses and temperature-controlled environments. Kammac also
has a license to handle medical products such as pharmaceuticals and
their components.
Kammac responds to its partners’ demand by identifying and pro-
viding cost-efficient solutions ensuring flexibility, control and, above
all, quality and safety. The company’s integrated service offerings suit
businesses of all sizes and can be scaled up or down to accommodate
short-term requirements for complete logistics outsourcing and third-
party logistics partnerships.
Kammac was founded around 40 years ago in the UK and was
acquired by Elanders in 2023. Since then, cooperation with other
Group companies has taken off and, among other things, Kammac
has implemented Bergen Logistics’ technological platform CloudX.
Why should customers choose Kammac as a paner?
Our business is set up for solving customers’ challenges quickly and
efficiently. We have 20 accreditations of compliance including desig-
nated licenses and approvals which are sector specific as well as orga-
nizationally focused. This makes us best placed to provide excellence to
customers, in whichever sector they operate. We focus on the core skill-
set of warehousing with standardized processes to ensure quality and
then specialize by site to provide focus across a multitude of sectors.
What are your key strengths?
Kammac has a definite entrepreneurial streak and a can-do attitude
which gives us the agility and ability to turn a customer challenge
into a joint success. We are team players and are motivated to solve
customer challenges in a cost-efficient way following industry best
practices. We have strength in depth across twelve sites in the UK
which support each other when flexibility is necessary. We can turn on
space and activity at sites quickly to meet the peaks and troughs of our
customers’ demands.
What is the business advantage of your agile and exible ap-
proach?
We are commercially driven, and work hard to use all available space
and strengthen each site by not relying on any single sector. Instead,
Supply Chain Solutions — Kammac
Always nding
a solution
~
720
Kammac
Net sales, MSEK
Number of employees
Geographical presence
The UK
Customer segments
Fashion, Health Care, Industrial and Other
~
400
Our largest operations — KammacThis is Elanders
Tim Bloch, President, Supply Chain Solutions
(Kammac & Bishopsgate), explains more on the
value Kammac is delivering for its customers.
we are providing a shared user operation which can flex between one
customer’s peak and another’s trough. The result is a good return on
the space we invest in. We are always looking for opportunities to help
new customers but always with great service as a cornerstone of our
offering.
How does being pa of the Elanders Group benet Kammac?
There are so many benefits to us being a part of the Elanders Group.
We can leverage expertise elsewhere in the group, from sister compa-
nies like LGI, Bergen and Bishopsgate, adding to best practices and
creating new opportunities in previously unchartered territory. Further-
more, Elanders is well capitalized and can provide us with finance
when significant investment may be necessary at the set-up stage. Our
reach is also extended through the global network of Elanders compa-
nies, providing great business development opportunities.
What is your approach to marketing?
We have built a digital marketing strategy that drives content across
our different channels, supported by clear brand guidelines. By consis-
tently sharing content with new and existing customers, we continually
establish our presence and grow our audience. Moving forward, we
are evolving our marketing into a more tailored strategy, focusing on
data-driven, localized campaigns to build awareness, interest and desire
which can convert to new business opportunities.
What are your focus areas for the future?
At Kammac, first and foremost, we make sure that we deliver excel-
lence for our customers today. This will ensure future developments.
As we expand, we will complement our focus and capabilities to
enable us to gain excellence in new sectors. Currently our focus is on
Health Care, FMCG, industrial mobility, excise bonded opportunities,
e-commerce and value-added services like co-packing.
How have you integrated sustainability into your business
model?
Sustainability is another significant benefit of being a part of the
Elanders Group. It is central to Elanders and central to our business
model. We have implemented the ISO 14001 environmental standard
across the business, ensuring continuous improvement in reducing
our carbon footprint and impact. We have developed a Go Green
Team Training that educates employees in sustainability practices.
Furthermore, we are actively trying out alternative low-emission fuels
like HVO and BIO CNG. These sustainability initiatives directly
benefit our customers by reducing their Scope 3 emissions through our
commit ment to cleaner fuels and responsible waste management.
“ Our business is set up for
solving customers’ challenges
quickly and eciently.”
Elanders Annual and Sustainability Repo 2024 — 47
Why should customers choose Elanders Print & Packaging
as a paner?
We are a really strong, reliable and future-oriented global partner for
our customers. In a print industry characterized by ongoing consoli-
dation, the financial strength of Elanders is an important asset. Our
customers can rely on us for stability and long-term partnerships. We
will not disappear. While being true experts within the area of print
and packaging, we also add value by delivering solutions in every step
of the customer’s supply chain, end-to-end and beyond. Starting from
the online sales process, where we can supply web shop solutions,
online print production, storage and finally invoicing and aftermarket
services, where we for instance can manage end customer returns.
What are your key strengths?
We are global and offer an extremely large product portfolio along
with great expertise. We are continuously working to optimize and
improve our processes and workflows, making full use of the latest,
state-of-the-art technology to deliver exceptional quality and short pro-
duction times. We have strong competence within IT and workflows,
which is crucial within digital printing. Furthermore, in spite of our
size and global presence, we still have a start-up mentality character-
ized by speed and flexibility.
Print & Packaging Solutions
— Elanders Print & Packaging
Finding oppounities
in a challenging market
~
2,800
Elanders Print & Packaging
Net sales, MSEK
Number of employees
Geographical presence
Germany, Hungary, Italy, Poland, Sweden, the UK and the USA
Customer segments
Automotive, Electronics, Fashion, Health Care, Industrial and Other
~
1,300
Our largest operations — Elanders Print & PackagingThis is Elanders
Sven Burkhard, President, Elanders
Print & Packaging, on how the right
focus nurtures future success.
With more than 100 years of experience from
the graphic industry, Elanders Print & Packaging
oers concentrated, cost-ecient and inno-
vative solutions making use of the eciency
and exibility oered by the latest digital tech-
nology to fulll its customers’ requirements
locally as well as globally.
Through its innovative force and global presence, Elanders Print &
Packaging offers cost-efficient solutions that can handle customers’
local and global needs for printed material and packaging, often in
combination with advanced order platforms online, value-added servi-
ces and just-in-time or sequence deliveries. Advanced, user-friendly and
internet-based ordering platforms streamline the process from order to
delivery.
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 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 Print & Packaging was founded more than 100 years
ago in Sweden. After a series of acquisitions through the years, the
company now operates in both Europe and the USA.
What are the benets of Elanders being one of very few
global print companies?
Global customers get one contact that they can connect with in their
own time zone and language, while we take responsibility for their
printing all over the world. As a large global company, we have pur-
chasing benefits that our customers can profit from. Beyond our own
local printing operations, we also have an extensive network of part-
ners making it possible for us to print where the demand is, thereby
reducing our customers’ costs, delivery times and carbon footprint.
How can you succeed in a market where volume products
decrease year by year?
Whereas the print quantities per job are decreasing, the number of
jobs are actually increasing. You can turn the challenges into great
opportunities by having the best possible processes for producing small
digital print runs with superior quality and short delivery times. It is all
about optimizing your processes and it is driven by expertise within IT,
workflows and databases.
What are your focus areas for the future?
We are focusing on more mergers and acquisitions in the direction of
online print – and digital print overall. We will also continue investing
in production equipment and processes as well as marketing. Facing
continued digitalization, we keep our eyes on what there will be
a demand for in the future and deliver within the areas Packaging,
Innovative print products, Mass customization and Publishing. This is
based on the conviction that, in the ongoing consolidation process, you
need to be the best at what you do to be successful. In these four areas
we have a market in the future, we are the best and we have the ability
to scale up the business further, making use of our global advantage.
How have you integrated sustainability in your business
model?
The major driver of greenhouse gas emissions in our printing opera-
tions is usage and waste of paper, which we are targeting in a number
of ways. A basic principle is that the most sustainable way to print is
to print on demand in the location where the demand is found, thereby
reducing the paper usage and waste as well as transportation. This
is what Elanders is doing, together with our partners, and what we
want to keep doing looking forward. We are also reducing our carbon
footprint by using renewable energy and, for instance, choosing DHL
GoGreen solutions for overseas post. Almost all our sites are FSC
®
-
certified, and we explain the advantages of using FSC
®
-certified paper
for our customers who increasingly choose to do so. Another area
we are exploring is to increase the use of cleaner, water-based inkjet
technology.
“ While being true expes
within the area of print
and packaging, we also
add value by delivering
solutions in every step of
the customer’s supply
chain, end-to-end and
beyond.”
Elanders Annual and Sustainability Repo 2024 — 049
2
Elanders Annual and Sustainability Repo 2024 — 51
52 Board of Directors’ repo
52 Board of Directors’ repo
57 Sustainability repo
General information
Environment
Social
Governance
List of material disclosure
requirements
101 Risks and unceainty factors
104 Corporate governance repo
The Board of Directors and the President and
Chief Executive Ocer of Elanders AB (publ),
corporate identity no 556008-1621, herewith
present their annual repo and the con-
solidated nancial statements for 2024.
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
rate identity no 556379-0715, registered in Gothenburg. Carl Bennet
AB prepares consolidated financial statements that include Elanders
Group.
Our business
employees and operates in around 20 countries on four continents.
The most important markets are China, Germany, Singapore, Sweden,
according to their respective business; Automotive, Electronics,
Fashion, Health Care, Industrial and Other.
Our oer
Elanders offers integrated and customized solutions for handling all
or part of the customers’ supply chain. The Group can take complete
responsibility for complex and global deliveries that may include
purchasing, storage, configuration, production and distribution. The
offer also includes order management solutions, payment flows and
after market services on behalf of the customers.
The services are provided by business-minded employees who,
with their expertise and aided by intelligent IT solutions, contribute to
developing the customers’ offers. These offers are often totally depen-
dent on efficient product, component and service flows as well as trace-
ability and information. In addition to the offer to the B2B market,
the Group also sells reused and refurbished IT-related products via its
own brand ReuseIT and photo products via the brands fotokasten and
myphotobook directly to consumers.
Net sales and result
Net sales increased by MSEK 276 to MSEK 14,143 (13,867) compared
to last year. Excluding exchange rate fluctuations, discontinued opera-
tions and acquisitions, net sales declined organically by two percent.
This change is primarily related to the Automotive customer segment
that continues to face major structural challenges, which has led to
strategic cost-side measures. The majority of the company’s other
customer segments, however, are experiencing a gradual improvement
in demand.
With the acquisitions of Bishopsgate Newco Ltd. in February 2024
and Kammac Ltd in November 2023, Elanders strengthened its market
position within technical logistics and contract logistics in the UK. This
has made the country one of the largest markets for Elanders which
is of strategic importance, given that the UK is one of Europe’s largest
logistics markets. Furthermore, the acquisitions were an important step
in the Group’s strategy to constantly evolve its offering, increase its
geographical spread and improve its EBITA margin.
During the year, Elanders has also established its first contract
logistics unit in Thailand after securing an important deal with one of
the Group’s largest customers. Operations started in the fourth quarter
and have developed in a positive direction.
Adjusted EBITA, i.e. the operating result adjusted for amortization
of assets identified in conjunction with acquisitions and one-off items,
was MSEK 879 (927) which corresponded to an adjusted EBITA mar-
gin of 6.2 (6.7) percent. Including one-off items, EBITA increased from
MSEK 820 to MSEK 893. One-off items amounted to MSEK 14 (–107).
A large part of them referred to a revaluation of the additional consid-
eration for the acquisition of Kammac Ltd which has not developed as
expected. The remaining part mainly referred to structural measures in
China, Germany, the UK and the USA, as well as to acquisition costs.
The one-off items of the previous year mainly referred to a correction
of historical inaccuracies in the reporting of one of the subsidiaries
in the business area Print & Packaging Solutions. The remaining part
referred to a provision for additional consideration for an acquisition
that developed better than expected as well as acquisition costs.
Higher interest expenses, as an effect of the current net debt com-
bined with high interest rate levels, continued to have a tangible impact
on the income statement compared to last year.
— Supply Chain Solutions
Elanders Sverige AB, which was previously part of the business area
Supply Chain Solutions, is as of January 1, 2024, included in Print &
Packaging Solutions, which better reflects the Group’s internal report-
ing structure and the company’s product and service offering. The
comparative periods have been restated in accordance with IFRS 8.
Net sales increased by MSEK 373 to 11,475 (11,102) in the business
area compared to last year. Excluding exchange rate fluctuations,
Board of Directors’ report
Board of Directors’ report
Elanders Annual and Sustainability Repo 2024 — 53
discontinued operations and acquisitions, net sales declined organically
by one percent. The change is mainly attributable to the Automotive
customer segment, which is facing major structural challenges and
continues to show a decline in demand. However, the business area can
see increased demand in the customer segments Electronics and Other.
The strategically important customer segment Health Care also showed
organic growth. Fashion showed continued rising growth in Europe
while Fashion in North America has negative growth but, on a positive
note, the inflow of new customers and requests continued to increase
during the end of the year.
The market outlook going forward is positive for the majority
of both customer segments and regions, despite a continued cautious
market. During the second half of the year, demand increased gradu-
ally and is expected to remain stable overall. The Automotive customer
segment is not only affected by the current economic cycle, but also by
major structural changes, which will continue to be challenging going
forward.
Adjusted EBITA, i.e. the operating result adjusted for amortization
of assets identified in conjunction with acquisitions and one-off items,
decreased by MSEK 31 to MSEK 722 (753) compared to last year. At
the same time, the adjusted EBITA margin decreased from 6.8 to 6.3
percent.
Included in the result for the year were also one-off items of
MSEK 46 (–20) that mainly referred to revaluation of the additional
consideration for Kammac Ltd that did not develop as expected. The
remainder is mainly attributable to structural measures in China,
Germany, the UK and the USA, as well as acquisition costs. Last year’s
one-off item referred to acquisition costs.
In 2024, Elanders continued the roll-out of the company’s propri-
etary WMS, CloudX, and by the end of the year, the system was in use
in 18 facilities around the world. As a result, the company has acquired
new global customers and developed several existing local and regional
customers to become global.
— Print & Packaging Solutions
Elanders Sverige AB, which was previously part of the business area
Supply Chain Solutions, is as of January 1, 2024, included in Print &
Packaging Solutions, which better reflects the Group’s internal report-
ing structure and the company’s product and service offering. The
comparative periods have been restated in accordance with IFRS 8.
Net sales decreased by MSEK 111 to 2,803 (2,914) in the business area
compared to last year. Excluding exchange rate fluctuations, discon-
tinued operations and acquisitions, net sales declined organically by
four percent. The negative impact on the business area’s net sales was
mainly due to weak demand in the Automotive customer segment.
Positive development within online print compensated in part for
reduced growth.
Adjusted EBITA, i.e. the operating result adjusted for amortization
of assets identified in conjunction with acquisitions and one-off items,
was only marginally lower than last year despite the negative impact
from the Automotive customer segment and negative organic growth
and amounted to MSEK 195 (207), corresponding to an adjusted
EBITA margin of 6.9 (7.1) percent. Included in the result for the year
was also a one-off item of MSEK –9 (-87) which referred to costs for
structural measures in the UK. Last year‘s one-off items were mainly
attributable to the correction of historical inaccuracies in the reporting
of a subsidiary in the business area and provision for additional consid-
eration for an acquisition that developed better than expected.
Demand increased in the second half of 2024 in several product
groups and especially in the important online print. Despite this, it
could not compensate for the decline in the Automotive customer seg-
ment. Demand in Automotive is expected to continue to be challeng-
ing, but work continues on the move from traditional production to
digital printing and to develop the offering in online print as well as
other important areas. Over time, this will secure both sales and a
positive margin development.
Signicant events during the year
— Acquisitions
Bishopsgate Newco Ltd
In February 2024, Elanders acquired almost 90 percent of the shares
in the English company Bishopsgate Newco Ltd (“Bishopsgate”). The
company is a leading actor in the UK in special transportation, installa-
tion, and configuration of advanced technical equipment. Bishopsgate
has around 250 employees and last year had sales of MGBP 27 with
good profitability. The purchase price for the shares amounted to
approximately MGBP 40 on a cash- and debt-free basis and was
charged to cash flow during the first quarter of 2024. In addition to
this, there is also a mandatory put/call option that gives Elanders the
right to buy the remaining shares based on the company’s future result
development. The company has been consolidated into the Elanders
Group from February 2024.
Financing was provided by an acquisition loan of approximately
MGBP 110 from the Group’s three main banks in cooperation with
SEK, the Swedish Export Credit Corporation. This loan also financed
parts of Elanders’ acquisition of Kammac Ltd in November 2023.
Acquisition-related costs for advisors, among others, amounted to
approximately MSEK 20 which was charged to cash flow during the
first quarter.
Bergen Logistics
In November 2021, Elanders acquired 80 percent of the shares in the
American supply chain management company Bergen Shippers Corp
(Bergen Logistics). The acquisition included a mandatory option to
acquire the remaining shares in 2024 for a purchase price based on the
company’s result development in 2023. In the beginning of April 2024,
the acquisition was completed. The remaining 20 percent of the shares
were acquired for a purchase price of MUSD 47 which were charged to
cash flow during the second quarter.
Kammac Ltd
When Elanders acquired Kammac Ltd in November 2023, two-thirds
of the purchase price was paid at the time of the acquisition. The re-
mainder consists of a contingent consideration that will be paid during
the second quarter of 2025 and is based on the outcome of 2024.
A challenging market has led to the company not meeting the expec-
tations, and therefore two revaluations of the additional consider-
ation have been made during the third and fourth quarters of 2024
respectively. The change in fair value of the additional consideration
amounted to a total of MGBP 14 and had a positive effect on the result
during the year. At the end of the year, the company has begun to see a
recovery in demand and the forecast for 2025 looks more positive.
— Change in Group Management
In April 2024, Åsa Vilsson was appointed new CFO at Elanders and
also became a member of Elanders’ Group Management. She most
recently served as Vice President of Group Finance at Elanders and
was acting CFO since February 2024. Åsa Vilsson replaced Andréas
Wikner, who resigned after 14 years as the Group CFO.
— Structural measures in the USA
The declining demand in the Fashion customer segment and the
previous investments made when the Group had double-digit growth
figures have resulted in overcapacity of warehouse space. The Group
is actively working to optimize capacity utilization, and as part of this,
Elanders during the second quarter decided to implement structural
measures in the USA by, among other things, consolidating the ware-
house facility in Pennsylvania with the facility in Atlanta. The facilities
belong to the subsidiary Bergen Logistics and the business area Supply
Chain Solutions. The consolidation was completed during the third
quarter. These structural measures resulted in one-off costs of approxi-
mately MUSD 2.8 relating to provisions for termination wages and
relocation costs, which were charged to the result in the second quar-
ter. The structural measures are expected to generate annual savings of
approximately MUSD 3.5 with full effect from 2025.
In addition to this, Elanders has also chosen to discontinue a large
part of the subscription box operations, which for a long time has had
low profitability. As a result of this discontinuation, sales will decrease
by MUSD 22 on an annual basis, of which MUSD 13 in 2024.
— Newly established business in Thailand
During the year, Elanders has established its first contract logistics unit
in Thailand after securing an important deal with one of the Group’s
major Electronics customers. The establishment is an important step in
the Group’s strategy to expand in Southeast Asia. Operations started in
the fourth quarter.
— Structural measures regarding the road transpo operations
in Germany
As part of the Group’s strategy to increase the share of value-added
services within contract logistics and technical logistics and reduce the
share of services with lower profitability, Elanders have, during the
end of the fourth quarter of 2024, implemented structural measures in
Germany. This means that a large part of the Group’s road transport
operations in Germany will be discontinued. These measures will also
reduce the exposure to the Automotive customer segment, which is
facing extensive structural challenges. The measures concerns Elanders’
sub-group LGI, which is part of the Supply Chain Solutions business
area.
The closure of these operations means that sales will decrease by
approximately MEUR 80 on an annual basis, of which approximately
MEUR 40 with start in the second half of 2025.
Board of Directors’ report
The structural measures entail one-off costs of approximately
MEUR 3.8, which has been charged to earnings at the end of the fourth
quarter. These costs relate to termination wages, the divestment of
parts of the truck fleet and the restoration and decommissioning of
existing premises.
Investments and depreciation
Net investments for the year amounted to MSEK 1,251 (1,012), of
which purchase prices for acquisitions were MSEK 1,083 (832).
Depreciation, amortization and write-downs amounted to MSEK 1,411
(1,243).
Financial position, cash ow and nancing
Excluding purchase prices for acquisitions, the operating cash flow
amounted to MSEK 1,978 (2,170). Including acquisitions, the operat-
ing cash flow for the period was MSEK 894 (1,338).
Net debt increased by MSEK 921 to MSEK 9,112 compared to
MSEK 8,191 at the beginning of the year. The change mainly referred
to acquisitions and changes in additional considerations that increased
net debt by approximately MSEK 500 and exchange rate fluctua-
tions of MSEK 506. Reduced working capital reduced net debt by
MSEK 145 during the period.
On a rolling twelve-month period, the net debt/EBITDA ratio
decreased to 4.1 compared to 4.2 at the beginning of the year. The net
debt/EBITDA ratio is also affected by acquired leasing agreements. The
new leases generate a somewhat skewed view of the net debt/EBITDA
ratio. The entire leasing liability is reported directly while the EBITDA
contribution is slight.
Excluding effects from IFRS 16, net debt increased to MSEK 4,031
compared to MSEK 3,655 at the beginning of the year. The increase
was mainly attributable to acquisitions and changes in additional
considerations that increased net debt by approximately MSEK 230.
Changes in exchange rates increased net debt by MSEK 244. Reduced
working capital decreased net debt by MSEK 145 during the period.
Excluding IFRS 16 effects, the net debt/EBITDA ratio was 4.0 on a
rolling twelve-month basis, excluding one-off items and adjusted for
proforma results for acquisitions, in comparison to 2.8 at the begin-
ning of the year.
The Group’s credit agreements contain a financial covenant that
must be met to secure the financing. This 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 per the balance sheet date.
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 the Group’s e-commerce
business where costs for most of the work are recognized as they occur.
Personnel
The average number of employees during the year was 7,324 (7,203),
whereof 164 (164) in Sweden. At the end of the year the Group had
7,175 (7,474) employees, whereof 170 (166) 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.
Elanders Annual and Sustainability Repo 2024 — 55
Parent company
The parent company has provided intragroup services. The average
number of employees during the year was 13 (14) and at the end of the
year 12 (14).
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 2024, there were 1,814,813 registered Class A shares
and 33,542,938 registered Class B shares; in total 35,357,751 shares.
The Class B shares are listed under the symbol ELAN B on NASDAQ
OMX Stockholm, Mid Cap. Each Class A share represents ten votes,
and each Class B share represents one vote. Shareholders may vote
for all the shares they own or represent. All shares receive the same
dividend. The Annual General Meeting has not given the Board any
authority to purchase shares or issue shares. There are no bonus
programs with dilution effects.
— Transferability
There are no restrictions in Class B shares transferability according to
the articles of association or current legislation. The articles of associa-
tion do contain a pre-emption clause concerning the company’s Class
A shares.
The company knows of no other agreements between shareholders
that limit the transferability of the shares.
— Shareholdings
The only direct or indirect shareholding exceeding a tenth of the votes
in the company per 31 December 2024 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 mem-
bers 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 ocers
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 CEO, consti-
tute Group Management. The guidelines are valid for employment
contracts signed after the Annual General Meeting has adopted the
guidelines as well as those cases in which changes are made in existing
agreements after the decision by the Annual General Meeting.
— The guidelines’ promotion of the company’s business strategy,
long-term interests and sustainability
Elanders shall be a global and strategic partner to the customers in
their business-critical processes. By offering integrated and customized
solutions for handling all or part of the customers’ supply chain, the
business-critical processes may be optimized. The overriding goal is to
be a leader in global and sustainable overall solutions within supply
chain management and to best serve the customers’ requirements on
efficiency and delivery, prioritizing sustainability. The strategy is to
act within niche areas in each marketing area where the Group may
achieve a market-leading position. In order to fulfill the long-term
financial goals, and to achieve value growth and increase shareholder
return over time, Elanders continually develops its offer to the custom-
ers. With new and improved services, total integrated solutions, and
implementation of innovative technology, a good platform for continu-
ous 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 fol-
lowing components: fixed cash salary (basic wage), variable cash remu-
neration, pension benefits, and other benefits. Additionally, the general
meeting, may irrespective of these guidelines, resolve on, among other
things, share-related or share price-related remuneration.
For the CEO and the CFO, variable cash remuneration may
amount to, at most, 70 respectively 50 percent of the basic wage. For
other executives, variable cash remuneration may amount to, at most,
40 percent of the basic wage. Additional variable cash remuneration,
however not more than 100 percent of the basic wage, may exception-
ally 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 crite-
ria shall be designed to contribute to the company’s business strategy
and long-term interests, including its sustainability by, for example,
being clearly linked to the business strategy or promote the executive’s
long-term development. To which extent the criteria for awarding vari-
able cash remuneration has been satisfied shall be evaluated when the
measurement period has ended (normally calendar year). The remu-
neration committee is responsible for the evaluation so far it concerns
variable cash remuneration to the CEO. For variable cash remunera-
tion 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.
— 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’ decision to
propose guidelines for executive remuneration. The Board of Directors
shall prepare a proposal for new guidelines at least every fourth year
and submit it to the annual general meeting. The guidelines shall be
in force until new guidelines are adopted by the general meeting. The
remuneration committee shall also monitor and evaluate programs for
variable remuneration to the executive management, the application
of the guidelines for executive remuneration, as well as the current
remuneration structures and compensation levels in the company. The
members of the remuneration committee are independent of the com-
pany and its executive management. The CEO and other members of
the executive management do not participate in the Board of Directors’
processing of and resolutions regarding remuneration-related matters
in so far as they are affected by such matters.
— Derogation from the guidelines
The Board of Directors may temporarily resolve to derogate from the
guidelines, in whole or in part, if in a specific case there is a special
cause for the derogation and a derogation is necessary to serve the
company’s long-term interests, including its sustainability, or to ensure
the company’s financial viability. As set out above, the remuneration
committee’s tasks include preparing the Board of Directors’ resolutions
in remuneration-related matters. This includes any resolutions to dero-
gate from the guidelines. In 2024, 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 necessary in order to offer
the executive competitive total remuneration in light of local market
conditions. In addition, the Board of Directors has also decided to
grant a severance pay exceeding 12 months to a senior executive. This
decision has been made in consideration of the departing executive's
significant contributions to the company.
Outlook for the future
The market outlook going forward is positive for the majority of the
Group’s customer segments and regions despite a continued cautious
market, except for the Automotive customer segment, which is affected
by major structural changes. With a broad and stable customer base
and geographical spread, Elanders continues to have great opportuni-
ties for further expansion both in the short and long term. Elanders’
market position and global footprint are timely. The market and cus-
tomer diversification that Elanders has implemented in recent years has
resulted in the Group being less sensitive to economic fluctuations and
the continued challenges that prevail within Automotive.
Events aer the balance sheet date
After the balance sheet date Elanders has consolidated the leadership of
Supply Chain Solutions in the UK under Tim Bloch, who also replaces
Ged Carabini in the Group Management. Tim Bloch is currently CEO
of Bishopsgate Newco Ltd, a company within the Elanders Group, and
has a long and solid experience in contract and third-party logistics.
Tim Bloch has led the team at Bishopsgate since 2007, through 18
years of solid growth and development.
Besides what have been described in this report, no other major
events have taken place between the balance sheet date and the date
this report was signed.
Appropriation of prots
The Board of Directors and Chief Executive Officer propose that the
profit and other unreserved funds of SEK 1,204,388,778 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 1,057,654,111
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.
Board of Directors’ report
Elanders Annual and Sustainability Repo 2024 — 57
Chapter 6, section 11, and the EU Taxonomy for sustainable
activities.
In the reporting of the Group’s emissions (scope 1–3), Elanders
has adopted definitions in accordance with the international calcula-
tion standard “Greenhouse Gas Protocol” (the GHG Protocol). For
further information on the reporting principles concerning data and
emissions, please refer to the corresponding quantitative disclosures at
the end of each sub-chapter.
The Sustainability Report does not undergo any specific external
review. This will be implemented in the future in accordance with
CSRD.
Changes in information and repoing
The latest Annual Report was published on March 25, 2024. The
contents of the report for 2023 was defined with guidance from,
among other, the Global Reporting Initiative (GRI). The new directive
on sustainability reporting (CSRD) and the accompanying mandatory
European standards (ESRS) entail more detailed reporting requirements
for sustainability disclosures. The new rules entail a number of com-
prehensive changes in the preparation, formulation and presentation
of sustainability-related information. CSRD requires reporting based
General information
Scope of the Sustainability Repo
Elanders’ Sustainability Report is published annually and is an inte-
grated part of the Annual Report. The reporting period corresponds to
the financial year January 1 to December 31, 2024. The report com-
prises the companies that Elanders has had direct or indirect control
over during the year, which corresponds to the scope of the financial
reporting. Acquired companies are normally included in the Sustain-
ability Report from the date when Elanders gains control. This report
details Elanders’ strategic sustainability efforts and the progress that
has been achieved during the year. The report covers Elanders’ entire
value chain, including its own operations as well as up- and down-
stream value chain.
The contents of this report have been defined with guidance from
the EU’s new Corporate Sustainability Reporting Directive (CSRD),
and the associated disclosure requirements within the European Sus-
tainability Reporting Standards (ESRS) that have been issued by the
European Financial Reporting Advisory Group (EFRAG). Work will
continue during the year to ensure that the Annual Report for 2025
will fully align with these standards. Elanders’ Sustainability Report is
also prepared in accordance with the Swedish Annual Accounts Act,
Sustainability Report
2024
List of disclosure requirement
ESRS 2 — General disclosures Page
BP-1 General basis for preparation of sustainability statement 57–58
BP-2 Datapoints that derive from other EU legislation 95–99
GOV-1 The role of administrative, management and supervisory bodies 59–61, 104–108
GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative, management
and supervisory bodies 59–61
GOV-3 Integration of sustainability-related performance in incentive schemes 59–60
GOV-4 Statement on due diligence 59–60
GOV-5 Risk management and internal controls over sustainability reporting 104–108
SBM-1 Strategy, business model and value chain 16–17, 59–60
SBM-2 Interests and views of stakeholders 62
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 63–65
IRO-1 Description of processes to identify and assess material impacts, risks and opportunities 63–65, 104–108
IRO-2 Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement 57, 69, 84, 91, 95–99
Sustainability repo
Board of Directors’ report Sustainability repo
on the principle of double materiality. This entails assessing materiality
from an impact perspective and a risk and opportunity perspective.
The assessment must also take the entire value chain into consider-
ation. During 2024, Elanders has therefore carried out a number of
measures and improvements regarding sustainability reporting in
order to approach reporting in accordance with CSRD and ESRS.
In this year’s report, Elanders is for the first time reporting the results
of the double materiality assessment carried out. This change meant
that some data points have been added compared to the previous year’s
report. Besides this, there have been no changes of calculation meth-
ods, recalculations, or any other adjustments of data reported earlier.
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.
For more information about Elanders, please visit: www.elanders.com.
Key ratios
,
7,324 people
(2023: 7,203)
40 thousand tonnes CO
2
e
(2023: 37)
203 thousand tonnes CO
2
e
(2023: 195)
Scope 1 and 2 emissions
44 thousand tonnes CO
2
e
(2023: 27)
Emissions avoided
within Life Cycle Management
29 percent
(2023: 28%)
Scope 3 emissions
62 percent
(2023: 61%)
” Rappoen omfaar de
bolag vilka Elanders ha
direkt eller indirekt
bestämmande inytande
över under året, vilket
motsvarar omfaningen
i den nansiella
rappoeringen.”
Renewable electricity
Percentage of
Female supervisors
Percentage of
Employees
Average number of
As a global logistics supplier, the Group must work actively with, and
take responsibility for, social, ethical and environmental issues. In the
long term, a sustainable strategy also creates greater shareholder value
— Business model and strategy
In the last two decades, Elanders has gone
through an enormous transition from a pure
printing company with most of its business
in Sweden, to a global logistics Group with
operations on four continents. Sustainability
has become increasingly impoant for the
Group and its stakeholders. Elanders closely
monitors the increasing external demands and
strives to meet these as eciently as possible.
and added value for all company stakeholders – customers, investors
and society alike.
Using ESRS as a starting point, Elanders structures its sustainabil-
ity disclosures based on “Environment”, “Social” and “Governance”.
In connection with carrying out the double materiality assessment, the
company has identified a number of corresponding sub-categories.
These specify and frame Elanders’ material sustainability topics. The
materiality assessment also forms the foundation of Elanders’ sustain-
ability strategy. The process will be reassessed annually in order to
ensure that the latest developments within sustainability are taken
into consideration in the company’s strategy. Elanders’ sustainability
strategy along with accompanying prioritized issues, material topics
and ambitions are illustrated in table on the next page.
During 2025, Elanders will continue working on setting targets
connected to the company’s identified prioritized areas. The current
sustainability targets are mainly overall Group targets setting the
direction for where Elanders is headed. These targets, together with po-
tential upcoming long- and short-term targets in all ESG categories, are
then broken down to business area and entity levels to be able to more
Elanders Annual and Sustainability Repo 2024 — 59
Board of Directors’ report Sustainability repo
clearly connect them to transition plans and concrete target monitor-
ing. Breaking down the targets to concrete, measurable key indicators
and measures is also a prerequisite for sustainability targets to be
included in senior officers’ variable remuneration and targets, which is
an ambition for the company to do in the future.
Elanders is also preparing for the Corporate Sustainability Due
Diligence Directive (CSDDD) which is a compliment to CSRD. This
Sustainability strategy
Environment Social Governance
Sustainability
priorities
Reduced emissions
We are committed to reducing our
emissions throughout our entire
operations and value chain.
Life Cycle Management
We aim to grow our business in the
Life Cycle Management business
concept, where we have scalable
circular business models that can be
expanded to different customer
segments.
Safe conditions
We strive to create attractive and
safe working environments for our
employees. Healthy and motivated
employees contribute to the Group’s
development and success at all
levels. To be able to live up to today’s
expectations from employees and
society, a strong focus is required on
areas such as leadership, opportuni-
ties for influence, work environment,
sustainability and corporate culture.
Human rights in the value chain
Elanders is committed to respecting
human rights in line with the UN
Guiding Principles on Business and
Human Rights (UNGP) and the UN
Declaration of Human Rights as well
as the ILO Declaration on Funda-
mental Principles and Rights at Work.
Ethical business practices
We conduct business with ethical
business practices, integrity and
transparency in focus. We have zero
tolerance for all types of fraud and
bribery. Elanders’ values and way of
conducting business are clearly
regulated in the company’s Code of
Conduct.
Sustainable sourcing
We ensure that our suppliers meet
and understand our requirements and
sustainability goals. This is done,
among other things, through Elanders’
Code of Conduct for suppliers.
Material
topics
— Climate change
— Resource use and circular
economy
— Secure employment
— Health and safety
— Gender equality and equal pay for
work of equal value
— Training and skills development
— Corporate culture
— Protection of whistleblowers
— Corruption and bribery
Ambitions 2030
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.
2040
Scope 1 and scope 2 emissions will
be reduced by 75 percent.
2050
The Group will have achieved net
zero emissions over the entire value
chain.
2024
The number of deaths must not
exceed 0.
2024
Ensure that all employees who have
an email address at one of the
Group’s companies are offered
training on the Code of Conduct and
the anti-corruption policy every two
years.
directive sets demands on large corporations to take actions in order to
lessen and eliminate the negative social and environmental impact in
their value chain. Large parts of the Group have the relevant policies
and procedures in place to meet the demands of the due diligence legis-
lation of Germany, LkSG, which came into effect on January 1, 2023.
The preparations primarily involve implementing processes, systems and
procedures in the Group as a whole in accordance with the directive.
Elanders Annual and Sustainability Repo 2024 — 61
Governance regarding sustainability maers
Governance regarding sustainability matters is embedded in Elanders’
Board of Directors and Group Management. Ownership and respon-
sibility to drive measures within the prioritized areas are embedded in
Elanders’ organization in order to ensure adjustments to the entities’
various local rules, conditions and resources.
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 avail-
able on Elanders’ website.
Elanders has a whistleblower function for all stakeholder groups
to report any violations of laws and regulations within Elanders
operations or in its value chain, for example in regards to IT security,
data confidentiality, environmental crime, corruption, human rights,
discrimination or financial fraud. The person reporting is guaranteed
anonymity and complete confidentiality.
To ensure that a sustainability perspective permeates governance
People & Culture IT Environment & Climate
Group Finance Corporate Sustainability
Suppo functions within the Group
— support the implementation and monitoring of the strategy
Groupwide Councils
— cascades and validates the implementation of the strategy
Board of Directors
— approves the
overall strategy
Commiees in
the Board of Directors
(sustainability relevant)
Audit Commiee
Group Management
— designs and monitors the
implementation of the strategy
Sustainability — Corporate governance
of all subsidiaries and that they take the necessary steps within the
prioritized areas, Elanders has three joint Group councils in addition to
the Group Management. The councils are within social sustainability
(People & Culture Council), environment and climate (Environment
& Climate Council) and an IT Council. The members of these councils
are relevant representatives of the subsidiaries as well as the Group.
The councils normally meet quarterly.
In the councils, there are representatives of the Group’s sustain-
ability function that are responsible for reporting to Group Manage-
ment, who in turn report to the Board of Directors. Sustainability is
an item on the agenda for each regular board meeting. During the
year, discussions have had a particular focus on CSRD as well as on
the execution and outcome of the company’s first double materiality
assessment with its adherent Gap analysis. Both Group Management
and the Board of Directors have a clear strategic focus on the identi-
fied gaps in order to ensure that the company’s strategic direction and
processes are in line with the risks, impact and opportunities that have
been identified.
Board of Directors’ report
For more information on governance and the roles and responsibilities of
the Board of Directors and Group Management concerning sustainability
issues, see the Corporate governance report on pages 104–108.
Stakeholder analysis
Elanders maintains continuous dialogues with five stakeholder groups:
Shareholders and investors, Customers, Employees, Suppliers and
Society. These groups are assessed to be the ones that have the most
material impact on, or the most opportunity to be impacted by, Elanders’
business operations.
Elanders seeks to have continuous dialogues with material stake-
holders in order to better understand their interests and areas of prior-
ity. The expectations and needs of stakeholders have a great impact on
Stakeholder group Communication with the stakeholder group
Shareholders
and investors
— Board meetings
— Financial reports
— Annual General Meeting
— Investor meetings
— Analyst conferences
— Website
— Press releases
Suppliers — Ongoing supplier dialogues
— Procurement and purchase negotiations
— Supplier visits
— Industry organizations
Employees — Employee surveys / performance appraisals
— Group-wide People & Culture Council
— Internal trainings and manager meetings
— Intranet and other internal communication channels
— Whistleblower function
— Dialogue with trade union organizations
Customers — Ongoing customer dialogues
— Customer surveys
— Customer visits
— Participation in customer events and conferences
— Website and social media
Society — Partnerships, sponsoring and volunteer work
— Development projects
— Industry organizations
— Local partnerships
— Participation in networks
— Internships and student papers
Sustainability repo
Elanders’ ve stakeholder groups and the main channels of communication
for each group
2
3
4
5
Elanders’ strategic work and direction. Stakeholder dialogues are an
important part of Elanders’ risk analysis process and double material-
ity assessment. They have had an impact on both the identification of
Elanders’ material sustainability topics and the other areas of priority
for sustainable development.
The efforts to involve stakeholders and establish continuous
dialogues are carried out by the respective Group function, such as, for
example, HR, Risk & Compliance, Procurement, Sales and Business
Development. The results of these dialogues are then regularly commu-
nicated to both Group Management and the Board of Directors.
Besides the stakeholder dialogues already mentioned, conversations
with the Board of Directors and Group Management have also influ-
enced the content of the Sustainability Report. External factors have
been taken into account as well, such as political developments, upcom-
ing regulations for sustainability reporting and sector-specific trends.
— Double materiality assessment
Introduction
In order to identify and define Elanders’ material sustainability topics,
a double materiality assessment has been carried out. Double material-
ity means identifying which sustainability issues have an impact on or
is impacted by Elanders’ operations, i.e. material impacts, risks and
opportunities (IRO). The double materiality assessment is fundamental
for Elanders to comply with legal requirements concerning sustainabili-
ty reporting, and for giving a comprehensive and correct representation
of where the company’s material impacts and risks can be found. This
is of strategic importance and has a major impact on the company’s
strategy and future direction.
Elanders carried out a double materiality assessment for the first
time in 2024 using as a starting point the standards that have been
defined within ESRS and the complementary guidance from EFRAG.
The analysis and its outcome will be reviewed yearly to reflect
changes within the organization or in the surrounding world that
can have a significant effect on Elanders’ material impacts, risks and
opportunities.
Methodology and assumptions
The methodology used in the double materiality assessment is described
below. The starting point has been the requirements included in ESRS
and the complementary guidance from EFRAG. The interpretations
and assumptions made are detailed below.
Delimitations
The assessment has been based on both Elanders’ own operations and
the value chain. For Elanders’ own operations, all subsidiaries have been
included, regardless of their geography or size. Two primary supply chains,
that are reflecting Elanders’ two business areas Supply Chain Solutions
and Print & Packaging Solutions, have been assessed. The supply chain
assessment has covered both upstream and downstream activities, focus-
ing on activities that can be attributed to Elanders’ core operations.
Assessments
The ESRS’s definitions of impact materiality (impact) and financial mate-
riality (risks and opportunities) have been applied. A topic is assessed as
material from an impact perspective if Elanders, directly through its own
operations or through its value chain, has an impact on the environment
and people. It is evaluated according to the following aspects: scale,
scope and irremediability, while also taking risks and opportunities
into consideration. Financial materiality is assessed based on the scope
for the potential impact of topics on the company’s financial earnings
(EBIT) and evaluated based on magnitude and likelihood of occurrence.
The assessment of Elanders’ impact on the environment and
people has taken into consideration both actual and potential impact,
as well as negative and positive impact. Impact materiality has been
assessed based on the degree of severity. For the positive actual impact,
the scale and scope were taken into account. For the negative impact,
irremediability was also taken into consideration, and for potential
impact, likelihood of occurrence was taken into account.
For defining time horizons, the same definitions have been ap-
plied as those used in the financial reports and business strategic risk
analyses, where short term corresponds to 1–3 years, medium term 3–5
years and long term means more than 5 years into the future.
Elanders Annual and Sustainability Repo 2024 — 63
Board of Directors’ report
Process
The double materiality assessment, i.e. identifying, assessing and priori-
tizing material sustainability topics, was carried out in five comprehen-
sive steps. As the assessment was carried out in this form for the first
time, there was particular focus on preparations.
As a first step, a work plan was set up for the double materiality
assessment and a working team put together at central level. The team
was made up of the CEO, the CFO and representatives from Group
Finance, Group Sustainability and Risk & Compliance.
In order to make a framework for identifying impacts, risks and
opportunities, a mapping of Elanders’ business context was then carried
out. This meant illustrating Elanders’ value chains, business activities
and relations, primary stakeholder groups, but also included the external
context, such as the regulatory landscape and industry specific trends.
A first mapping of potential and actual impacts, risks and oppor-
tunities was done on the basis of a top-down process. This was based
on the ESRS pre-defined impact areas per sub-topic and sub-sub-topic
(ESRS 1, Appendix A, AR 16). As a first step, impact, i.e. impact mate-
riality, was assessed, followed in the next step by risks and opportuni-
ties, in other words the financial materiality. The assessment was also
supplemented by earlier risk assessments, company data and other
internal documents, as well as scientific publications. At the time of
execution, Elanders did not yet have a specific process for due diligence
in place that informed the analysis (see the EU directive CSDDD).
Stakeholders were consulted in a later stage of the process with the
purpose of anchoring the result. The outcome of the assessment and
the stakeholder dialogues was presented and discussed with manage-
ment, the Board of Directors and external auditors before the final
assessment was confirmed.
Results
Through the double materiality assessment, Elanders has identified its
material impacts, risks and opportunities. The outcome is divided by
ESRS topic level and shows that Elanders’ material sustainability topics
are found in the categories E1, E5, S1 and G1, divided into eleven ma-
terial topics. The table and the visualization below show where Eland-
ers’ material impacts and risks are found across the entire value chain.
The results show that Elanders’ main impacts are found in its own
operations but also affects both the up- and downstream value chain
in the environmental impact and risk areas that have been identified.
Sustainability repo
Double materiality assessment
Environment and people
Elanders
Impact
materiality
— inside-out
Financial
materiality
— outside-in
Scale, Scope,
Irremediability, Likelihood
Magnitude, Likelihood
Mapping of
value chains
Assessment of
impacts, risks and
opportunities
Review with
stakeholders,
management and
auditors
Preparation
and planning
Documentation and
reporting
Elanders Annual and Sustainability Repo 2024 — 65
These are mainly due to the Group’s dependence on non-renewable
energy for transportation and emissions in relation to the production
of paper. Decreasing the dependence on fossil fuels in both Elanders’
own fleet of trucks and in freight forwarding services supplied by
others and adjusting the choice of energy and materials within the
printing operations are two key issues for Elanders, as they make up
the greatest sources of greenhouse gas emissions within the Group.
For this reason, they have a high strategic priority.
Within the category E5, the company has identified an opportu-
nity for positive impact in the form of the business concept Life Cycle
Management which contributes to more circular flows of material
and avoids greenhouse gas emissions by, for instance, refurbishing
discarded IT equipment to prolong the useful life of, for example,
laptop computers, cell phones, computer screens and servers. This way,
customers can reduce their environmental footprint and contribute to a
more circular economy.
Elanders has also identified mainly positive, but also negative,
impact in connection to Social and Governance topics. The global
growth of the Group means that Elanders continues to create new jobs.
Currently the Group has almost 7,500 employees, spread out among
some 20 countries on four continents. Subsidiaries are governed by the
laws and regulations in their respective countries. Elanders also 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.
More detailed descriptions of and information on how Elanders
manages the effects of these risks and opportunities can be found under
each topic-specific section, “Environment”, “Social” and “Gover-
nance” respectively, which can be found on pages 68–94.
DMA — Result
Financial materiality
Minimal Signicant
Very low Medium Very high
Impact materiality
1
2
3
4
5
6
7
8
9 11
10
Material impacts, risks and oppounities
# Sustainability maers
Impact
materiality
Upstream
value chain
Own
operations
Downstream
value chain
Potential risk/
oppounity
Environment
1 Climate change mitigation
2 Energy
3 Resources inows, including
resource use
4 Resource oulows related to
products and services
Social
5 Secure employment
6 Health and safety
7 Gender equality and equal pay for
work of equal value
8 Training and skills development
Governance
9 Corporate culture
10 Protection of whistle blowers
11 Corruption and bribery
Board of Directors’ report Sustainability repo
Elanders’ value chains
— Supply Chain Solutions
Own operationUpstream
Logistics
Printing house
Raw material
Forest
Transpo
Transpo Transpo
Production
Paper mill
Transpo
Elanders Annual and Sustainability Repo 2024 — 67
DownstreamOwn operation
Logistics
Consumer
Consumer
Recycle
Transpo
Logistics
Store
Production
Reuse
Recycle
Printed products
Elanders Annual and Sustainability Repo 2024 — 69
Based on ESRS and the double materiality assessment, Elanders has
identified four material topics connected to Environment. Three of
these concern risks while one topic concerns an opportunity and an
actual positive impact. See the summary of the identified topics below.
The “Environment” section of this Sustainability Report has been
divided into three parts. One part for each of the two topic categories
that are material for Elanders in connection to Environment: Climate
change and Resource use and circular economy (E1 and E5), as well
as one part for the EU taxonomy. Adherent quantitative information
is found in the sections “Performance, targets and metrics” in each
subchapter.
List of disclosure requirement
E1 — Climate change Page
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 70
E1-1 Transition plan for climate change mitigation 70
E1-2 Policies related to climate change mitigation and adaptation 70
E1-3 Actions and resources in relation to climate change policies 70
E1-4 Targets related to climate change mitigation and adaptation 70–71
E1-5 Energy consumption and mix 70–76
E1-6 Gross scope 1,2,3 and Total GHG emissions 70–76
E5 — Resource use and circular economy Page
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 77
E5-1 Policies related to resource use and circular economy 77
E5-2 Actions and resources in relation to resource use and circular economy 77
E5-3 Targets related to resource use and circular economy 78
E5-4 Resource inflows 77–78
E5-5 Resource outflows 77–78
Material topics
Material impact, risk and opportunity Upstream
Own
operations Downstream
E1 — Climate change
Climate change mitigation Negative actual impact
Energy Negative actual impact
E5 — Resource use and circular economy
Resources inflows, including resource use Negative actual impact
Resource outflows related to products and services Actual positive impact
Environment
As a supplier of end-to-end solutions within the
business area Supply Chain Solutions, Elanders
is dependent on energy to run its logistics
facili ties and transpo its customers’ products
through the value chain. In Print & Packaging
Solutions, the largest environmental impact in
the value chain is connected to paper manu-
facturing. In order to handle the company’s
impact as well as related risks and oppor-
tunities, Elanders has set clear principles and
targets to reduce its climate impact.
Board of Directors’ report Sustainability repo
Board of Directors’ report
— Climate change
Material impact
Elanders’ largest negative climate impact is through greenhouse gas
emissions throughout the entire value chain; scope 1, 2 and 3. For
Elanders, reducing fossil fuel dependence in its own fleet of trucks, as
well as making adjustments in energy and material choices, are two key
issues since these are the two largest sources of greenhouse gas emissions
in the Group’s own operations. In addition, Elanders needs to expand
its collaboration with customers and suppliers to reduce emissions in
the freight forwarding services, primarily in the upstream value chain.
In the company’s double materiality assessment, two material top-
ics were identified in connection to climate change (ESRS E1). The first
concerns climate change mitigation. Elanders’ operations are currently
dependent on fossil fuels. Transportation, in part conducted by the com-
pany itself but mostly through freight forwarding services supplied by
others, accounts for the absolute majority of Elanders’ total greenhouse
gas emissions. Elanders’ dependence on fossil fuels entails not only a
negative impact on the environment in the form of direct greenhouse
gas emissions but is also connected to potential financial risks. There are
constantly increasing requirements and expectations from the surround-
ing world to offer more sustainable alternatives. It is a high strategic
priority for Elanders to keep up with the development in order to be an
attractive business partner in the future as well. The company expects
that resource-intensive investments will be needed for the transition to
be fully implemented. The company also sees potential financial risks in
the form of expanded regulation and regulatory requirements, such as,
for example, emissions taxation which can lead to increased costs.
The other identified topic concerns energy. Elanders is dependent
on energy throughout the whole value chain. In the upstream value
chain, energy needs are principally related to production- and transpor-
tation-related activities connected to purchased products, capital goods
and freight. In Elanders’ own operations, the company is dependent
on non-renewable energy, mainly through fossil fuels in the truck fleet
and natural gas in buildings. The company is also dependent on energy
consumption in the form of electricity and heating, both from renewable
and non-renewable sources. This dependence can also have financial
consequences. Any external events that alter the availability or quality of
energy or lead to price increases could have a negative economic impact.
Policies and actions
Climate-related issues are a part of Elanders’ Code of Conduct. It
includes fundamental guidelines for how the company is to run its
business in an ethically, socially and environmentally sustainable way.
The Code of Conduct touches upon all of Elanders’ identified material
topics. Read more about Elanders’ Code of Conduct in the “Gover-
nance” section on pages 90–94. The Code of Conduct can also be
found on Elanders’ website.
Reducing Elanders’ negative climate impact is a high strategic
priority for the Group. Elanders works continuously to optimize both
energy consumption and costs, for example through optimizing cus-
tomers’ transportations, training programs to promote more efficient
driving as well as investment in a more sustainable vehicle fleet. For
instance, the Group’s self-developed software CloudX, with its system
and platform, enables Elanders’ customers to use several logistics points
located closer to the customer or end customer. This makes distances
shorter, most of all for returns but also for deliveries. This results in
emissions savings in the form of optimized and shortened transports.
Within the transportation sector, there is an ongoing transition
to fossil-free fuels. Development is progressing both within electrical
vehicles and fossil-free fuels for traditional combustion engines, and
Elanders is actively working to keep up to date on developments, includ-
ing through ongoing dialogues with customers and suppliers. The Group
is looking at the possibility of transitioning to electrically powered or
fossil-free road transportation as an important step to reduce emissions
and fulfill the company’s own climate targets. At the same time, there
is an awareness of the fact that a shift to electrical vehicles entails new
challenges, such as an increased reliance on electricity and potential
emissions and risks in the production chain. During the year, Elanders
has carried out projects in order to evaluate an increased use of biodiesel
(HVO) and, furthermore, has invested in the Group’s first electric trucks.
Elanders is continuously working to reduce energy consumption
and be more energy efficient. During the year, the Group has continued
to invest in energy-efficient lighting and e-savers. One of the subsidiar-
ies in the Group has also invested in solar cells for one of its own prop-
erties. Elanders has the ambition 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.
There are challenges here, in that renewable energy is not obtainable
in all markets where the Group is operating, and Elanders is actively
working to constantly find new solutions for sustainable alternatives.
During 2024 the portion of purchased renewable electricity increased
from 61 to 62 percent compared to the previous year. At the same
time, thanks to investments in own solar cell systems, the amount of
self-produced renewable electricity has increased from 279 MWh in the
previous year to 311 MWh in 2024.
During 2025 work will continue to set targets and actions con-
nected to the company’s identified prioritized areas. Principally, the
current sustainability targets are overall Group targets setting the direc-
tion for where Elanders is headed. Elanders is now working to ensure
that each subsidiary has an action plan for reducing emissions in line
with the set targets. These action plans will then form the basis for the
Group’s common transition plan for the journey to net-zero, which will
have an important strategic focus during 2025.
Peormance, targets and metrics
Summary of Elanders’ climate targets
At the beginning of 2023, the Group adopted targets for the reduction
of greenhouse gas emissions. To ensure that the targets conform to the
latest climate science and goals in the Paris agreement, Elanders joined
the Science Based Targets initiative (SBTi) in December of the same
Sustainability repo
Elanders Annual and Sustainability Repo 2024 — 71
year. Through this, Elanders has committed to zero emissions of green-
house gases in its own operations and by its activities in the value chain
no later than year 2050. During 2025 Elanders will submit its climate
targets to SBTi for approval.
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) by 30 percent by 2030. This target excludes
freight forwarding services, where Elanders has limited possibilities to
influence the outcome. The base year for the targets in scope 1 and 2 is
2021. For the target in scope 3 the base year is 2022.
In reporting Group emissions Elanders has adopted the defini-
tions from the international calculation standard the Greenhouse Gas
Protocol (GHG).
Scope 1 and 2 Scope 3
Base year 2021 2022
Base year emissions ~52,000 tonnes CO
2
e ~229,000 tonnes 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 emissions reduction targets.
The targets will be submitted to SBTi for validation during 2025.
Direct and indirect greenhouse gas emissions — scope 1 and 2
In 2024, Elanders’ climate footprint in scope 1 and scope 2 (market-
based calculation) was 30 (26) thousand and 10 (11) thousand tonnes
CO
2
e respectively. This represents a total increase of approximately
eight percent from the previous year, which is mainly explained by
Elanders’ acquisitions of Kammac in November 2023 and Bishops-
gate in February 2024. If the comparative figures are adjusted to also
include Kammac for the whole of 2023, the Group’s total emissions in
scope 1 and 2 have instead decreased by about one percent compared
to the previous year. Compared to the base year 2021, Elanders’ total
emissions in scope 1 and 2 have decreased by 12 thousand tonnes of
CO
2
e, which means a reduction of almost 23 percent.
— Transpoation
Elanders’ direct greenhouse gas emissions are primarily generated from
transportation by its own vehicles in the business area Supply Chain
Solutions. The Group has a truck fleet that by the end of 2024 con-
sisted of approximately 400 trucks. In addition, there are about 400
other company vehicles, most of them cars and vans.
Elanders reports emissions for vehicles divided into the truck fleet
and other company vehicles.
— Facilities
Besides transportation, a smaller portion of the direct emissions are
generated in facilities where Elanders operates. These refer primarily
to burning natural gas for heating. The indirect energy-related emis-
sions chiefly come from purchased electricity consumed in running ma-
chines and equipment, lighting, as well as heating and cooling facilities.
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 2024, Elanders’ climate
footprint in scope 3 was 203 (195) thousand tonnes CO
2
e. This
represents an increase of four percent from the previous year, which
is mainly explained by the acquisitions of Kammac and Bishopsgate.
Compared to the base year 2022, Elanders total emissions in scope 3
decreased with 26 thousand tonnes of CO
2
e, which means a reduction
of over 11 percent.
— Freight forwarding services
The greatest impact is from the air and road freight 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. Collecting data from freight suppliers gives Elanders a
better understanding of its value chain emissions, but also enables the
company to help customers better manage the climate impact in their
own 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.
Other products are wooden pallets, printing plates and various kinds
of packing.
Elanders’ scope 3 also includes value chain emissions for capital
goods. This comprises everything from production equipment, ware-
Board of Directors’ report Sustainability repo
house racks, conveyor belts and forklifts to office furniture and build-
ing constructions. Emissions can vary greatly between years depending
on which investments are made.
— Employee travel
Every week, almost 7,500 employees at Elanders commute to work-
places all over the world. The most common mean of transportation
is travelling by car since many of the Group’s logistics and production
facilities are located on the outskirts of cities. When employees travel
to visit other operations or meet customers they sometimes travel by
air. Elanders also includes indirect emissions from hotel stays.
0
50,000
100,000
150,000
200,000
250,000
B
A
39,79636,693
Lorem ipsum
Lorem ipsum
2023
2024
Scope 1
Scope 2
(market
based)
Total emissions scopes 1 and 2 (tonnes CO
2
e)
Total emissions scope 3 (tonnes CO
2
e)
— compared to base year
0
50,000
100,000
150,000
200,000
250,000
A
202,757
229,448
Lorem ipsum
Basår
2024
Total emissions scope 3 (tonnes CO
2
e)
0
50,000
100,000
150,000
200,000
250,000
D
C
B
A
202,757
195,289
Lorem ipsum
Freight forwarding
services
Purchased products
and capital goods
Employee travel
Other categories
20242023
— 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 ad-
dition, waste-related emissions and transportation of bought and sold
products are included.
There are many difficulties in making data accessible and calculat-
ing value chain emissions. This is a work in progress constantly requir-
ing new dialogues with suppliers and customers. The data quality and
description of the actual impact are expected to improve further over
time. Elanders is committed to expanding the scope of supplier-specific
data with the highest priority for the larger categories.
Total emissions scopes 1 and 2 (tonnes CO
2
e)
— compared to base year
0
50,000
100,000
150,000
200,000
250,000
B
A
39,79651,639
Lorem ipsum
Lorem ipsum
Basår
2024
Scope 1
Scope 2
(market
based)
Elanders Annual and Sustainability Repo 2024 — 73
Summary of Elanders’ main emission sources
% of
total
emissions Description of main emission sources
Scope 1 12 Burning fossil fuels, mainly diesel used in the Group’s own truck fleet and natural gas to heat
buildings. Greater portion of renewable fuel and shift to fossil-free transportation is key to
reducing emissions.
Scope 2 4 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
51 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 purchased racking systems, machines, vehicles and other equipment is another
significant emission source.
Employee
travel
5 Air travel and commuting by car make up a relatively small part of total emissions but since
Elanders has a more direct opportunity to influence this category, it is reported separately.
Other
categories
8 The manufacture of fossil fuels 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 freight between Elanders’ suppliers, the Group’s own facilities and
customers along with waste management downstream in Elanders’ value chains.
Total all scopes
(2024)
100
For more details on Elanders’ emission sources, data sources, calculation methods and commitments see adherent quantitative information on following
pages.
~243,000
tCO
2
e
Board of Directors’ report Sustainability repo
Accounting principles
Calculations and repoing of greenhouse gas emissions are based on
the denitions in the global standard Greenhouse Gas Protocol (GHG
Protocol) and suppoed by its guidelines. Elanders repos emissions
from activities of which the Group has nancial 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 con-
trolled by Elanders. This category includes emissions from the combus-
tion of fuels in boilers and emissions from vehicle eets.
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 produced
o-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 repos emissions for nine of the een 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 (CH
4
), nitrous dioxide (N
2
O), HFC gases, PFC gases and sulphur
hexauoride (SF
6
), which are repoed as carbon dioxide equivalents
(CO
2
e). Repoed numbers are based on activity and consumption data
from the last available annual account. No deductions are made for
avoided emissions, carbon osets or carbon credits. Applied emission
factors are specied under each scope and are based on latest avail-
able 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 sign-
cant changes in calculation method or applied accounting principles,
the base year shall be reviewed for restatement. Signcantly is dened
as ve percent change (+/-) in base year data for scope 1 and 2 com-
bined, and for scope 3.
Estimations and assessments
Scope 1
— Facilities
Direct emissions within facilities are based on repoed consumption
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 relled refrigerants. All emissions are calculated with factors from
British Defra (Depament for Environment, Food & Rural Aairs).
— Company vehicles
Direct emissions from company vehicles mainly include trucks, vans and
passenger cars used for transpos and travels for commercial purposes.
The own truck eet is repoed separately as the calculation method is
based on actual fuel consumption data and primarily supplier-specic
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 qual-
ity of emissions data for company vehicles 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 repoing of
renewable electricity from the power grid is based on own assessments
of approved contract instruments. These are electricity contracts and
ceicates considered to ceify 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 factors
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 corresponding emission factor
from Defra.
Scope 3
— Purchased products and materials (category 1)
The largest purchasing category is paper within the printing operations.
In the absence of supplier-specic 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 nance leases are included.
In the absence of supplier-specic 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 factor is retrieved
from Defra. Conversions and estimations of existing data are made
locally in the companies.
— Freight forwarding services (repoed as pa of category 4)
Included are transpos (mainly air, sea and road transpo) carried out
by third pay carriers to ship Elanders customers’ products. A signicant
pa of emissions, 32 percent, are calculated with EcoTransIT World. For
the remaining pa, data availability varies and therefore several calcula-
tion 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. Commut-
ing includes travel by car and public transpo. 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 transpos of purchased and
sold products are calculated using a distance-based method based on
estimated 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 Repo 2024 — 75
Greenhouse gas emissions from own operations and value chain (scope 1, 2 and 3)
Tonnes CO
2
equivalent 2024 2023
Scope 1 — direct greenhouse gas emissions
Facilities 7,977 7,577
Truck eet 19,949 16,696
Other company vehicles 1,751 1,626
Total — scope 1 29,678 25,900
Scope 2 — indirect energy-related greenhouse gas emissions
Electricity 9,108 8,575
District heating/cooling 1,010 2,218
Total — scope 2 10,118 10,793
Total — scope 1 and 2 39,796 36,693
Tonnes CO
2
equivalent 2024 2023
Scope 3 — other indirect greenhouse gas emissions
Freight forwarding services 125,085 124,365
— whereof by road 47,366 48,816
— whereof by air 46,920 41,002
— whereof by sea 30,796 34,543
Purchased products 45,823 42,755
— whereof paper 36,546 35,156
— whereof metal 2,251 2,714
— whereof plastic 3,638 2,057
Employee travels 11,838 9,680
Capital goods 3,340 3,395
Other categories
1)
16,671 15,094
Total — scope 3 202,757 195,288
Total — scope 1, 2 and 3 242,553 231,981
1)
Whereof 13,698 (11,633) 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 repoing of scope 2 emissions. With this method, the total emissions are 10,118 (10,793) tonnes of CO
2
e. If the
location-based method is used instead, the corresponding emissions are 21,156 (20,721) tonnes of CO
2
e.
Greenhouse gas emissions from own operations and value chain
by operating segment
Tonnes CO
2
equivalent 2024 2023
Supply Chain Solutions 195,674 180,714
Print & Packaging solutions 47,097 51,140
Group functions 91 127
Total — scope 1, 2 and 3 242,862 231,981
Board of Directors’ report Sustainability repo
Accounting principles
Elanders repos total energy consumption for owned and leased
facilities, the own truck eet and other company vehicles. The table
below presents gures per energy source.
Estimations and assessment
For energy consumption in facilites, general conversion factors from
supplier data are used.
Energy consumption in own operations, MWh
2024 2023
Vehicles
Diesel truck eet 86,255 64,560
HVO100 629 —
Diesel company vehicles 5,688 Missing
Petrol company vehicles 1,094 Missing
Electricity consumption company vehicles 134 Missing
Total 93,800 64,560
Facilities
Electricity 58,558 51,963
Natural gas 34,435 32,811
District heating/cooling 4,175 5,727
Fuel oil 1,994 2,068
Diesel 60 76
Total 99,222 92,644
Type of electricity
2024 2023
Electricity from renewable sources — from the power
grid, MWh 36,111 31,540
Electricity from renewable sources — self-generated,
MWh 311 279
Electricity from non-renewable sources — from the
power grid, MWh 22,136 20,144
Share of renewable electricity, % 62 61
Energy intensity — truck fleet
2024 2023
Average carbon dioxide emissions per 100 kilometers,
tonnes 0.075 0.071
GHG intensity per net revenue
2024 2023
Total GHG emissions (location-based) per net
revenue (tonnes CO
2
e/MSEK) 18 17
Total GHG emissions (market-based) per net revenue
(tonnes CO
2
e/MSEK) 17 17
Net revenue used in the calculation above refers to Elanders’ total net sales
for the year of MSEK 14,143 (13,867).
Energy consumption and mix
2024
Total fossil energy consumption, MWh 155,971
Share of fossil sources in total energy consumption, % 81
Total renewable energy consumption, MWh 37,051
— whereof biogas, biofuel 629
— whereof electricity renewable sources 36,111
— whereof self-generated electricity 311
Share of renewable sources in total energy consumption, % 19
Total energy consumption, MWh 193,022
Elanders Annual and Sustainability Repo 2024 — 77
— Resource use and circular economy
Material impact
In addition to energy use and greenhouse gas emissions, Elanders’
operations also have an environmental impact linked to the use of
natural resources. Within the topic category Resource use and circular
economy, Elanders has identified two material topics. The first con-
cerns a negative impact on the environment and a financial risk
linked to resource inflows, mainly in the form of paper for printing
operations. The second material impact is positive and, furthermore,
a financial opportunity pertaining to resource outflows through
Elanders’ business concept Life Cycle Management.
The largest use of material within the Group is found in the busi-
ness area Print & Packaging Solutions, where a great amount of paper
is used for printed products. Examples of items are packaging, manuals
and other printed items produced according to customers’ specifica-
tions. The Group purchases both recycled and virgin paper. Within the
Group, certifications for sustainable choices of material are offered,
such as FSC
®
(Forest Stewardship Council), the Nordic Swan Ecolabel,
the EU Ecolabel, PEFC (Program for Endorsement of Forest Certifica-
tion) and CGP (Certified Graphic Production).
No material financial risks or opportunities were identified in the
double materiality assessment connected to resource inflows or the use
of paper.
When it comes to resource outflows, Elanders has identified a
positive impact on the environment and a financial opportunity in the
form of the business concept Life Cycle Management. As a separate leg
of the Group, Life Cycle Management contributes to more circular ma-
terial flows and avoided greenhouse gas emissions. Within its growing
operations it restores obsolete IT equipment extending the life of, for
example, laptop computers, cell phones, computer monitors and serv-
ers. This helps customers to lower their environmental impact and con-
tribute to a more circular economy. A major part of the environmental
impact of these products comes from their production. This means that
there are significant benefits in prolonging their lifespan before they are
finally recycled or disposed of.
Policies and actions
Elanders’ Code of Conduct regulates material efficiency and respon-
sible waste management. This entails more circular and sustainable
resource flows. Read more on Elanders’ Code of Conduct in the
“Governance” section on pages 90–94. There are no directions or
regulations concerning the quality or origin of purchased paper in the
Code of Conduct or other policies. Currently, the overall environmen-
tal impact is evaluated on a Group level and to increase the share of re-
cycled paper is a part of the efforts to decrease Group emissions. It will
be part of the transitional and action plans that are being worked out
for each subsidiary and, depending on the outcome, it will potentially
be included in future climate and environmental policies.
Elanders has continued the transition from traditional offset print-
ing to more digital printing during the year. There are many advantages
with digital printing, among them greater material efficiency and
reduced energy consumption.
Within the Group, certifications for sustainable choices of material
are offered, such as FSC
®
(Forest Stewardship Council), the Nordic
Swan Ecolabel, the EU Ecolabel and CGP (Certified Graphic Produc-
tion). Looking forward, Elanders is focused on increasing the share of
recycled paper in order to reduce its negative impact and reduce value
chain emissions. This requires increased dialogues with the Group’s
customers, since they have the final say on what material they want.
The Group has also started collecting environmental data from
some of the largest paper suppliers. Further increasing the understand-
ing of both the impact of the Group’s own operations and that of its
upstream value chain is an important step in Elanders’ preparations
regarding the EU Regulation on Deforestation-free Products (EUDR)
that is expected to enter into force in December 2025.
Paper and cardboard make up the single largest category of waste
within the Group and constitute 69 (74) percent of Elanders’ total
amount of waste. Waste management differs a lot between Elanders’
operations due to differing waste systems in different countries. Within
the Group there are local recycling practices in place to ensure that as
much waste as possible goes to recycling or reuse, and to minimize the
waste that is disposed of.
Elanders is also taking a number of actions in connection to
resource outflows and circularity. Elanders strives to expand its opera-
tions within the business concept Life Cycle Management. Currently,
operations are mainly concentrating on used IT equipment, but the
circular business model is scalable and, looking ahead, focus is to
expand it to other customer segments and product types. Elanders is
also working to develop this business model in order to offer customers
support with repairs and returns, as well.
In parallel, there are ongoing small-scale projects to circulate and
reuse material within Elanders’ own operations. For example, used
pallets are refurbished and converted to be used for new uses, such as
furniture.
Peormance, targets and metrics
In 2024, the Group purchased 41,535 thousand tonnes of paper. The
share of certified paper was 50 percent, while the share of recycled
paper was 14 percent of the total paper purchased.
Purchased products and materials are included in the Group’s
reporting of scope 3. See the description of Elanders’ climate targets
connected to greenhouse gas emissions in scope 3 in the Climate
change section on pages 70–76.
Elanders presently has no set targets concerning material use and
resource efficiency. Efforts to improve the data quality within this area
are ongoing in order to enable the reporting of key indicators and
targets for resource use within the Group in the upcoming Annual and
Sustainability Report.
Board of Directors’ report Sustainability repo
— EU Taxonomy
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 environ mentally 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
(CCM 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 approximately 400 trucks,
all of which meet the Euro 6 emission standard for heavy vehicles.
At the same time, Elanders follows the technological development in
the transport sector and reviews opportunities to switch from fossil-
powered vehicles. The type of vehicle used is decided through dialogues
with customers. Based on the customers’ requirements, Elanders works
continually to ensure that transportation is as environmentally friendly
as possible, using as the most cost- and energy-efficient solutions as
possible while optimizing customers’ transportation.
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 2024, 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 sustainable
(taxonomy-aligned).
For 2024, 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.
Purchased material — Paper
2024
Total purchased paper, tonnes
1)
41,535
Purchased ceied paper, tonnes
2)
20,885
Share of ceied paper, % 50
Total purchased recycled paper, tonnes 5,842
Share of recycled paper, % 14
1)
Purchased paper refers primarily to paper for the printing operations, but also
includes other paper products such as cardboard and packaging materials.
2)
Ceied paper refer to any of the following ceications; FSC, PEFC,
EU Ecolabel, German Blue Angel or Nordic Swan Ecolabel.
0
50
100
150
200
2024202320222021
Number of thousands of handled units
Avoided emissions in thousand tonnes CO
2
e
1)
In Life Cycle Management, more than 190,000 units were managed
and restored in 2024 within the operations in Sweden and Germany. In
total, this has been calculated to avoided emissions of a total of
approximately 44 thousand tonnes of CO
2
e, which means an increase
of approximately 17 thousand tonnes of CO
2
e compared to the previ-
ous year.
1)
Progress Life Cycle Management
1)
The avoided emissions in
CO
2
equivalents have been
calculated in accordance
with the principles set
out in the repo “Analys av
återbrukade IT-produkter”
(Eng: “Analysis of recycled IT
products”), produced by the
research institute RISE in
collaboration with Elanders.
Elanders Annual and Sustainability Repo 2024 — 79
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
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 nancial ratios: turnover, capital expendi-
ture and operating expenses. In the context of accounting in line with
the EU Taxonomy, turnover, capital expenditure and operating expenses
are dened as per below. The denition of capital expenditure and
operating expenses diers here compared to the regular nancial
repoing.
Turnover
The presentation of total sales includes the Group’s total external net
sales for as repoed in the income statement on page . See
note for accounting principles for the Group’s revenue. Sales related
to the economic activity included in the taxonomy regulation refers to
revenues from road transpoation in the business area Supply Chain
Solutions.
Capital expenditure
Total capital expenditure refers to additions to tangible and intangible
assets during the year and additions to right-of-use assets. This also
includes corresponding assets from business combinations, but not
goodwill, customer relationships and trademarks with indenite useful
life. See details in note Intangible Assets, note Tangible Assets
and note Right-of-use assets. Capital expenditure related to the
economic activity road transpoation 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, sho-term leases and mainte-
nance and repairs as well as other direct costs for maintaining the
xed assets covered by the taxonomy regulations. Operating expenses
related to the economic activity road transpoation refers to operating
expenses related to trucks, such as maintenance and repair costs.
The outcome of the review of Elanders’ economic activities for
in accordance with the EU taxonomy regulation is shown in the
table. Since only one economic activity has been identied as taxono-
my-eligible, information on all key gures is available in the same table.
The economic activity road transpoation only take place within one
business area, therefore no double counting should be possible.
Board of Directors’ report Sustainability repo
Taxonomy repoing table 2024 — Turnover
Substantial contribution
criteria Do No Significant Harm criteria
Economic activities
Code
Turnover
Proportion of turnover
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Minimum safeguards
Proportion of Taxonomy-aligned
turnover 2023, %
Category enabling activity
Category transitional activity
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable
activities (Taxonomy-aligned)
Turnover of environmentally
sustainable activities (A.1) — 0%
Of which enabling activities
Of which transitional activities
A.2 Taxonomy-eligible but not
environmentally sustainable
activities (not Taxonomy-aligned
activities)
Freight transport services by road CCM 6.6 591 4% 3%
Turnover of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities)
(A.2) 591 4% 3%
A. Turnover of Taxonomy-eligible
activities (A.1+A.2) 591 4% 3%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomynon-eligible
activities 13,552 96%
TOTAL 14,143 100%
Elanders Annual and Sustainability Repo 2024 — 81
Taxonomy repoing table 2024 — Capital expenditure
Substantial contribution
criteria Do No Significant Harm criteria
Economic activities
Code
Capital expenditure
Proportion of capital expenditure
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Minimum safeguards
Proportion of Taxonomy-aligned
CapEx 2023, %
Category enabling activity
Category transitional activity
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable
activities (Taxonomy-aligned)
Capital expenditure of
environmentally sustainable
activities (A.1) — 0%
Of which enabling activities
Of which transitional activities
A.2 Taxonomy-eligible but not
environmentally sustainable
activities (not Taxonomy-aligned
activities)
Freight transport services by road CCM 6.6 14 2% 1%
CapEx of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities)
(A.2) 14 2% 1%
A. CapEx of Taxonomy-eligible
activities (A.1+A.2) 14 2% 1%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
Capital expenditure of
Taxonomynon-eligible activities 924 98%
TOTAL 938 100%
Board of Directors’ report Sustainability repo
Taxonomy repoing table 2024 — Operating expenses
Substantial contribution
criteria Do No Significant Harm criteria
Economic activities
Code
Operating expenses
Proportion of operating expenses
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Minimum safeguards
Proportion of Taxonomy-aligned
OpEx 2023, %
Category enabling activity
Category transitional activity
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable
activities (Taxonomy-aligned)
Operating expenses of
environmentally sustainable
activities (A.1) — 0%
Of which enabling activities
Of which transitional activities
A.2 Taxonomy-eligible but not
environmentally sustainable
activities (not Taxonomy-aligned
activities)
Freight transport services by road CCM 6.6 42 9% 3%
OpEx of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities)
(A.2) 42 9% 3%
A. OpEx of Taxonomy-eligible
activities (A.1+A.2) 42 9% 3%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
Operating expenses of
Taxonomynon-eligible activities 450 91%
TOTAL 492 100%
The section has been divided into four parts, one part for each of the top-
ics that were considered material in connection to Elanders’ double mate-
riality assessment, all of them attributable to the ESRS topic category S1.
They are: Secure employments, Health and safety, Gender equality and
equal pay for work of equal value and Training and skills development.
In spite of Elanders’ double materiality assessment not finding any
material impacts, risks or opportunities linked to human rights, Elanders
is continuously working to evaluate and handle any possible risks of
violations of human rights. The company estimates the current risk of
violations within its own operations as low, given the industries that its
subsidiaries are operating within and where the Group’s operations are
Social
Elanders wants to create aractive and safe
work environments for its employees. To man age
the Group’s impact, Elanders has established
a Code of Conduct and policies to prevent and
manage risks in the work environment, as well
as in the value chain, with regard to human rights.
Material topics
Material impact, risk and opportunity Upstream
Own
operations Downstream
S1 — Own workforce
Secure employment Actual positive impact
Health & safety Negative potential impact
Gender equality and equal pay for work of equal value Negative potential impact
Training and skills development Actual positive impact
Elanders Annual and Sustainability Repo 2024 — 83
Board of Directors’ report Sustainability repo
— Secure employments
Material impact
Currently the Group has almost 7,500 employees, spread out among
some 20 countries on four continents. In addition to Elanders’ own
employees, the company also has seasonal workers who are employed
by employment agencies. Around 86 (73) percent of the total employ-
ees are employed directly through Elanders.
The subsidiaries are to a great extent governed by the laws and
regulations in their respective countries. Elanders ensures that the com-
pany’s employees are part of a safe and fair work environment, with
transparent and lawful terms and conditions of employment. Respon-
sible, secure contracts and terms of employment are considered to have
a positive impact on the employee.
No material financial risks or opportunities were identified in the
double materiality assessment.
Policies and actions
Elanders has the responsibility to, throughout the whole Group,
ensure a culture marked by respect for both fellow human beings and
the surroundings. These principles are defined in Elanders’ Code of
Conduct and are valid not only for the company’s own employees, but
also for its Board of Directors, suppliers and other actors working on
behalf of Elanders. The Code of Conduct sets the principles for actions
taken within the framework of Elanders’ operations and value chain.
In many of the countries where Elanders is operating, workers are
furthermore covered by labor legislation or collective agreements. The
principles support the OECD guidelines for multinational companies
and the UN Global Compact. Read more about Elanders’ Code of
Conduct in the “Governance” section on pages 90–94.
Elanders has a continuous and constructive dialogue with em-
ployee representatives. A key example is the European Works Council
(EWC), a council that consists of employee representatives from every
located. The majority of the company’s employees are directly employed
through Elanders. The others are hired through established employment
agencies in order to ensure good working conditions. Elanders has com-
mitted to respecting human rights, in line with the UN Guiding Prin-
ciples 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.
After carrying out the double materiality assessment for the first time
in 2024, the Group is now continuing the analysis of the material top-
ics that were identified. Work is in full swing to map out the Group’s
current situation and identify possible differences and imbalances with-
in the Group, considering the subsidiaries’ differing types of operations
and geographical spread. Depending on the results of this investigation,
the Group could potentially set new targets with adherent action plans.
As of now, Elanders does not have any direct set targets connected to
the social material topics.
List of disclosure requirement
S1 — Own workforce Page
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 84, 86, 87, 89
S1-1 Policies related to own workforce 84–87, 89
S1-2 Processes for engaging with own workforce and workers’ representatives about impacts 84–85
S1-3 Processes to remediate negative impacts and channels for own workforce to raise concerns 86–87
S1-4 Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material
opportunities related to own workforce, and effectiveness of those actions 84, 86, 87, 89
S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities 83–84
S1-6 Characteristics of the undertaking’s employees 85
S1-7 Characteristics of non-employees in the undertaking’s own workforce 85
S1-11 Social protection 84–85
S1-13 Training and skills development metrics 89
S1-14 Health and safety metrics 86
S1-16 Remuneration metrics (pay gap and total remuneration) 87
Elanders Annual and Sustainability Repo 2024 — 85
country in Europe that Elanders operates in. The representatives gather
once every year where Elanders’ CEO participates. These meetings are
intended to promote employees’ rights to information and consultation
in joint European matters. Elanders also has three employee represen-
tatives on the Board of Directors, where one of the representatives is a
deputy member.
Elanders also has a joint Group council, the People & Culture
Council, working with social sustainability issues within the Group.
The members of this council are relevant representatives of the subsid-
iaries’ HR functions as well as of the Group staff. They hold quarterly
meetings. The council’s purpose is to share experiences between sub-
sidiaries, to learn from one another and to understand the differences
between local processes, laws and regulations. For issues concerning
social sustainability, there are great differences between different
geographies, and in this area Elanders is working to find opportuni-
ties for improvements and, if need be, potentially set higher demands
than in the local legislation. This is being done in order to continu-
ously improve conditions for the Group’s employees and ensure safe
employment also in the countries where working conditions are not as
regulated by law. Within the People & Culture Council there is also an
ongoing project to map out what share of the Group’s employees that
are covered by different types of social protection in accordance with
ESRS S1-11 par. 74, on which the company has the ambition to report
in the Annual and Sustainability Report for 2025.
Peormance, targets and metrics
At the end of the year, Elanders had 7,175 (7,474) employees. In addi-
tion, the company had 1,143 (2,819) non-employees, who were instead
employed by employment agencies. This means that around 86 (73)
percent of the total number of employees were employed directly by
Elanders.
The average number of employees during the year was
7,324 (7,203).
For the geographical distribution of employees, see note 5 of the
Group’s financial statements on page 120.
During the year, the company’s employee turnover amounted to 21
percent, which reflects both internal and external factors that influ-
enced employees’ decisions to stay or leave the company. During the
year, the Group has carried out a number of structural measures which
have affected the employee turnover. Elanders work continuously to
improve the work environment, staff development and well-being to
create a long-term and sustainable workforce.
Accounting principles
Employees refer to those who are directly employed by Elanders.
Employees who are not directly employed by the Group are referred
to as non-employees. These refer mainly to seasonal workers from
employment agencies. Full-time equivalents (FTE) are dened
as the number of employees conveed to full-time positions. For
fuher information regarding employees, please see Note 5 in the
Group’s nancial statements.
Estimations and assessments
For the repoing of gender division among employees, assessments
have been made by those responsible at each company, taking into
account privacy reasons.
Number of employees at year-end
2024
Own employees 7,175
— of which women 2,637
— of which men 4,538
— of which other gender/gender not repoed —
Non-employees 1,143
Employee turnover
2024
Number of employees 1,545
Number, % 21
The calculation of employee turnover includes terminated positions as a
result of restructuring but excludes temporary employees.
Board of Directors’ report
— Health and safety
Material impact
Elanders operates in industries that are characterized by both heavy
machinery and physically demanding work. This means that there are
daily risks for accidents that can result in different degrees of physical
injury. In 2024, there were 128 (137) cases of injuries in the Group’s
operations with a relatively elevated accident rate. Most work-related
injuries occur in production, and the most common are minor cuts or
wounds from falling. Managing these risks efficiently and securing a
safe work environment is of the utmost importance to Elanders. Being
able to offer safe working conditions and a good work environment is
the number one priority for Elanders, most of all with the safety and
well-being of the individual employee in mind, but also in order to be
an attractive employer and business partner.
No material financial risks or opportunities were identified in the
double materiality assessment.
Policies and actions
Elanders has a “zero vision” concerning injuries at the workplace and
works continuously on reducing risks that can lead to injuries and,
more than anything, to prevent serious injuries. Elanders’ work envi-
ronment policy is integrated in the Group Code of Conduct. It includes
guidelines for identifying, managing and preventing potential health
and safety risks. The goal is to promote a good work environment and
reduce the risk for work-related injuries and illness. Management for
each company is responsible for ensuring compliance with the Code of
Conduct through further guidelines and policies that suit their specific
operations. Read more on Elanders’ Code of Conduct in the “Gover-
nance” section on pages 90–94.
Elanders’ subsidiaries establish strategies for health and safety
adapted to the local legislation in their respective countries. Out in the op-
erations, work is continuously ongoing to minimize absence due to illness
and accidents. The subsidiaries work to prevent accidents through regular
safety assessment of their facilities and processes. Furthermore, there are
regular health and safety training programs in the entire Group.
There is an ongoing project in Elanders’ People & Culture Council
to implement a global health and safety management system. The
purpose of this project is to further increase focus on health and safety
within the Group and jointly find more efficient ways to continuously
monitor injuries and risks, and to create the prerequisites for working
more proactively with this topic.
Sustainability repo
Accounting principles
Elanders repos work-related injuries that occur as a result of
exposure to hazards and risks at work, all own employees in the
Group have been included. The repoing of fatalities also includes
non-employees.
Estimations and assessments
Injuries are dened as an incident that have resulted in any of the
following; one or more days away from work, restricted work or trans-
fer to another job, medical treatment beyond rst aid, loss of cons-
ciousness or signicant injury or ill health diagnosed by a physician
or other licensed healthcare. The accident rate has been calculated
based on number of accidents per 1,000,000 hours worked. The total
number of hours worked is based on the average number of employ-
ees in the Group, which has been multiplied by normal working
hours in the country where Elanders has most employees.
Number of accidents
2024 2023
Fatalities — —
Injuries 128 137
Number of workdays lost 868 1 620
Total number of hours worked, in thousands 13,476 13,254
Frequences
Fatal injury frequency rate — —
Accident rate 9.5 10.3
The share of people in own workforce covered by the Group’s health and
management system is 100 (100) percent.
Peormance, targets and metrics
The most important work-related risks with the potential to cause
injuries are mainly ergonomical and connected to physical work. The
most common type of injuries are cuts, fractures, muscle injuries and
fall injuries. In 2024, Elanders noted an accident rate of 9.50 (10.30).
Work is underway within the Group to analyse and break down
the injury statistics in order to be able to present more detailed and
insightful data.
No workplace accidents have resulted in fatalities.
— Gender equality and equal pay
for work of equal value
Material impact
Elanders has grown both organically and through acquisitions in recent
years which has given the Group a new structure and significantly
broadened it geographically. It makes it even more important to adhere
to the company’s fundamental conviction that long-lasting competitive-
ness 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 and strives to make all employees
feel included and valuable.
Elanders operates in historically male-dominated industries that
remain so today. This entails challenges when it comes to being part of
creating change and equal opportunities. A low level of diversity and
inclusion can have negative impacts on the Group’s employees as well
as on the Group’s reputation and overall success.
No material financial risks or opportunities were identified in the
double materiality assessment.
Policies and actions
Elanders considers it a strength and an advantage when it comes to cre-
ativity and innovation that the company’s employees have backgrounds
in different cultures, values and experiences with differing perspectives
on matters and situations. Elanders values diversity, gender equality
and equal opportunities for all and has zero tolerance for discrimina-
tion. These principles are stipulated in Elanders’ Code of Conduct that
regulates the Group’s commitments and principles for human rights,
anti-discrimination and other rights enjoyed by the company’s employ-
ees. Read more about Elanders’ Code of Conduct in the “Governance”
section on pages 90–94.
Elanders is striving to increase gender equality and positively
impact the industries in which the company operates. Right now, there
is an ongoing project in the Group to map out the current situation
concerning gender equality and equal pay for work of equal value,
and to look into the possibilities to implement a standardized report-
ing framework in order to collect the data needed in a way that makes
them comparable while reaching appropriate quality. The aim with this
is to increase the understanding of the subsidiaries’ current situation
and what possible differences there are within the Group which also
can form the basis of potential future actions. The project is run within
the People & Culture Council with the purpose of emphasizing the im-
portance of gender equality and securing equal opportunities regardless
of gender throughout the Group.
Elanders also offers a whistleblower function where employees,
among other things, can report any experience of some form of dis-
crimination or unfair treatment. The function is described in full in the
“Governance” section on pages 90–94.
Peormance, targets and metrics
Elanders Annual and Sustainability Repo 2024 — 87
Board of Directors’ report Sustainability repo
At the end of the year, the Group had 7,175 (7,474) employees, of
which 37 (39) percent were women. The Group’s share of women in
management positions was 29 (28) percent.
Concerning diversity at all levels within the Elanders Group,
diversity is assessed in a broad sense, including gender, education, work
experience, nationality and age. The overall ambition of the com-
pany is to have diversified management teams at all levels, using the
company’s strategy, challenges and opportunities as a starting point.
More information on the distribution within the Board of Directors
and Group Management is found in the Corporate governance report
on pages 104-108.
Accounting principles
Employees refer to those who are directly employed by Elanders.
Employees who are not directly employed by the Group are referred
to as non-employees. These refer mainly to seasonal workers from
employment agencies. Full-time equivalents (FTE) are dened
as the number of employees conveed to full-time positions. For
fuher information regarding employees, please see Note 5 in the
Group’s nancial statements.
Estimations and assessments
For the repoing of gender division among employees, assessments
have been made by those responsible at each company, taking into
account privacy reasons.
Age distribution employees, FTE
Female Male
Other/not
reported gender Total
2024 2023 2024 2023 2024 2023 2024 2023
<30 years 480 533 620 675 — 2 1,166 1,211
30–49 years 1,445 1,617 2,475 2,405 — — 3,900 4,022
>50 years 712 768 1,443 1,473 — — 2,110 2,241
Total 2,637 2,919 4,538 4,553 — 2 7,175 7,474
Share of women, %
2024 2023
Share of women, all employees 37 39
Share of women, Board of Directors 44 44
Share of women, Group Management 14 —
Share of women, management positions 29 28
Management position refers to shi manger, group manager, site manager or
more senior position.
Elanders Annual and Sustainability Repo 2024 — 89
— Training and skills development
Material impact
Elanders is to a large extent a service company for which employee
training and skills development are key to the company’s success.
Elanders aims to offer an attractive work environment in order to
attract and retain qualified and motivated employees supporting, and
working in line with, the company’s ambitions. By offering attractive
training and development opportunities that help Group employees to
realize their potential and their ambitions, the company is assessed to
have a positive impact on its employees.
No material financial risks or opportunities were identified in the
double materiality assessment.
Policies and actions
Offering good, gender-equal working conditions and opportunities for
personal development is of the utmost importance to be an attractive
employer. Moreover, it is an important aspect in ensuring that Elanders
has the workforce necessary for achieving the Group’s business ambi-
tions. Elanders works actively to offer opportunities for individuals to
receive education and opportunities for personal development.
Elanders does not have any specific policy regarding training and
skills development. The company assesses that skills development is
most successfully governed locally through regular dialogues between
employees and management to understand different perspectives and
needs up close.
Within the Group, a project is underway to map and ensure that
all of the Group’s employees are offered the opportunity for annual
performance reviews and structured follow-up. The company expects
to be able to present the results of this project with associated data in
the Annual and Sustainability Report for 2025.
Peormance, targets and metrics
The average number of training hours for an Elanders employee dur-
ing the year was 11.4 (8.5) hours. The quota is considered equal for
men and women. The number of training hours is slightly higher than
in previous years and is considered to be in line with the company’s
expectations.
Accounting principles
The repoing covers training oered to employees in the Group
and includes both external and internal training. The repoing
excludes on-site supervision. Average training hours are calculated
per employee corresponding to FTE. For a breakdown of the number
of employees (FTE), please see section “Secure employment” on
page 84.
Estimations and assessments
Estamations and assesments have been made by those responsible
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 2024 2023
All employees 11.4 8.5
Women 10.4 8.7
Men 11.8 8.4
Board of Directors’ report
responsibility to, throughout the whole Group, ensure a culture
marked by respect for both fellow human beings and the surroundings.
These principles are defined in Elanders’ Code of Conduct.
The section is divided into four parts. Three of these are connected
to each of the topics that have been assessed material in relation to
Elanders’ double materiality assessment and are all pertaining to the
ESRS topic category G1. These are: Corporate culture, Protection of
whistleblowers and Corruption and bribery. The final part summarizes
the remaining corporate policies and guidelines and describes Elanders’
positions on data ethics, responsible tax payment and the Group’s
commitment to society.
— Corporate culture
Material impact
The work culture in a company is crucial both for employees’ well-be-
ing and satisfaction, and for running the business in a sustainable and
ethical manner. A strong corporate culture is a prerequisite for building
a good reputation and confidence with different types of stakehold-
ers. Healthy and motivated employees contribute to the development
and success of the Group at all levels. It also creates the conditions for
Sustainability repo
Governance
Sustainability permeates Elanders’ entire oper-
ations and is an integrated pa of the com-
pany’s strategies and governance. Compliance
with local laws and regulations, as well as
ethical business practices, are prerequisites for
conducting a sustainable business and creating
good relations with the company’s stake holders.
In order to manage the Group’s impact and
related risks, Elanders has binding com pany
regulations in the form of an established Code
of Conduct and an anti-corruption policy in
place.
Thanks to the Group’s global growth, Elanders continues to create
new jobs. Currently the Group has almost 7,500 employees, spread
out among some 20 countries on four continents. Elanders has the
Elanders Annual and Sustainability Repo 2024 — 91
List of disclosure requirement
ESRS 2 — General disclosures Page
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 91–93
G1-1 Business conduct policies and corporate culture 91
G1-3 Prevention and detection of corruption and bribery 92–93
G1-4 Incidents of corruption or bribery 93
Material topics
Material impact, risk and opportunity Upstream
Own
operations Downstream
G1 — Business conduct
Corporate culture Negative potential impact
Protection of whistleblowers Actual positive impact
Corruption and bribery Negative potential impact
retaining the right competences and attracting qualified employees.
Lacking a strong corporate culture would potentially have negative
consequences, most of all for those working in the organization, but
also for Elanders’ business and success at large.
No material financial risks or opportunities were identified in the
double materiality assessment.
Policies and actions
Elanders’ corporate culture is founded on the company’s Code of
Conduct that defines fundamental guidelines and values for how the
company should operate in an ethically, socially and environmentally
sustainable way. The Code of Conduct touches upon all Elanders’ iden-
tified material topics and clarifies the principles for action within the
framework of Elanders’ operations and value chain. It applies for all
employees, the Board of Directors and other people who act on behalf
of Elanders. The principles support the OECD guidelines for multina-
tional companies and the UN Global Compact. The Code of Conduct
is available on Elanders’ website.
The CEO has the overall responsibility for the Code of Conduct.
It is reviewed regularly and approved by the Board. Responsibility for
communication and compliance with the Code of Conduct lies with the
management of each subsidiary. They are also responsible for formulat-
ing further guidelines and policies adapted to their specific operations,
if necessary. In cases where national laws or regulations are stricter
than Elanders’ in matters included in the Code of Conduct, they always
take precedence and must be complied with.
All employees sign the Code of Conduct upon employment. Elanders
continuously monitors that the company’s employees are familiar with
the Code of Conduct via the Group’s internal control function. This
is done through regular training every other year in order to update
their knowledge and ensure that the company’s employees are familiar
with and understand the Code of Conduct. Elanders has a Group-wide
program of web-based courses that are mandatory for all employees
having an e-mail address at one of the Group’s companies. The Code of
Conduct is available in a majority of the Group languages.
Elanders also has a Code of Conduct for suppliers. The Group’s
significant material purchases are made in the Print & Packaging
Solutions business area through the purchase of paper for the printing
operations. In the Supply Chain Solutions business area, the Group
mainly provides services to its customers, but in some cases the com-
panies use subcontractors of the customers’ choice. Elanders is affected
by a growing number of regulations on responsible management of
risks in supply chains. Elanders’ Code of Conduct for Suppliers defines
the basic requirements and the responsibility that suppliers should take
towards their stakeholders and for their environmental impact. Cur-
rently, each subsidiary is responsible for identifying risks and making
sure the Code of Conduct is complied with also in the value chain. The
subsidiaries themselves are responsible for ensuring that all significant
suppliers sign the Code of Conduct.
The Code of Conduct for suppliers and the process surrounding it
will be revised in connection with the preparations for the CSDDD.
Peormance, targets and metrics
Central monitoring takes place every other year to ensure that the
Code of Conduct has been communicated to the company’s employees.
The Group requires that all employees that have an e-mail address with
Elanders or any of the subsidiaries should complete the training. At the
last assessment in 2023, 99 percent of all concerned employees com-
pleted the Code of Conduct training, compared to 81 percent in 2021.
Board of Directors’ report Sustainability repo
— Protection of whistleblowers
Material impact
In accordance with the EU Whistleblower Protection Directive, Elanders
has set up a system and process for the reporting of abuses through a
whistleblowing system. The whistleblower channel can be used by com-
pany employees as well as by other stakeholders. Protecting whistle-
blowers from possible acts of reprisal is a high priority. Through the
whistleblower system the business can, at an early stage, catch and deal
with behaviors and activities that otherwise, if they are discovered too
late, could lead to great damage. It could concern anything from sus-
picions of irregularities and corruption to harassment and other types
of violations. A well-functioning process and privacy protection for
whistleblowers and other concerned parties is assessed to have a posi-
tive impact on the company’s employees and concerned stakeholders.
Policies and actions
Having a functioning whistleblower system in place is important for the
ability to discover abuses, but also to prevent and fight corruption and
irregularities. Elanders’ Code of Conduct includes instructions for re-
porting deviations or irregularities that are modelled on the EU Whistle-
blower Protection Directive. These rules apply to the entire Group
regardless of jurisdiction. In case an employee should uncover behaviors
or events violating the Code of Conduct or other laws, regulations or
binding requirements, they are encouraged to bring this up directly
with their manager or anonymously through the Group whistleblower
system. The system enables whistleblowers to choose if an issue should
be reported to the local HR function or directly to the parent company.
Great attention is given to the confidentiality of the whistleblower’s
identity when the person in charge of the inquiry is appointed, in order
to avoid conflicts of interest between investigators and senior officers.
Material whistleblower cases are reported continuously to the
CEO and are a regular item at the Audit Committee’s meetings.
The whistleblower system is web-based and available in all Group
languages. The system is accessible on Elanders’ websites and in the
Code of Conduct.
All reported matters are investigated in an objective manner and
treated with the utmost confidentiality. Whistleblowers reporting
problems in good faith do not risk any type of reprisal. This is valid
regardless of the outcome of the inquiry.
Depending on which country the employee is working in, there is
also the possibility to raise issues and problems through work environ-
ment organizations, local workers’ councils or trade unions.
Peormance, targets and metrics
In 2024, Elanders received 26 reports via the whistleblower channel, of
which one of the cases was forwarded for further investigation accord-
ing to the company’s established procedures.
No material incidents connected to fraud, corruption, bribes or money
laundering have been reported in the Group whistleblower system in
2024.
— Corruption and bribery
Material impact
Responsible business practices are material for creating secure work-
ing conditions for those working within the operations, but also for
maintaining good relations with customers, suppliers and other stake-
holders. Elanders assesses that the overall corruption risks within the
Group are relatively low, given the operations of its subsidiaries. On
the other hand, the company is aware of the fact that the Group in part
has operations in countries with a high Corruption Perceptions Index,
although the majority of operations are located in low-risk countries.
The biggest risk for corruption is assessed to be pertaining to
inappropriate types or levels of gifts presented to subsidiary employees
from potential or actual suppliers or customers, with the purpose of
receiving future business advantages. This type of action can poten-
tially have a negative impact on the stakeholders involved as well as on
Elanders’ overall reputation and success.
Policies and actions
Elanders’ reputation and ethical behavior are fundamental to all the
company’s stakeholders. To manage the company’s impact and related
risks, Elanders has Group-wide corporate rules in the form of the com-
pany’s Code of Conduct and an Anti-Corruption Policy.
The Group’s anti-corruption policy is in line with the UN Conven-
tion against Corruption and establishes zero tolerance for all types of
fraud, bribery, money laundering and other types of irregularities and
actions that create improper advantages. Employees may not accept,
be promised, demand or swindle any kind of advantages in connection
with their position.
The CEO has the overall responsibility for the Anti-Corruption
Policy. It is revised and updated regularly in line with relevant legisla-
tion. Management for each subsidiary is responsible for communicat-
ing the policy and for its compliance. Elanders continuously monitors
that the company’s employees are familiar with both the company’s
Code of Conduct and its Anti-Corruption Policy. This is done through
regular training every other year in order to update their knowledge
and ensure that the company’s employees are familiar with and under-
stand the Group’s policies. Elanders has a group-wide program of web-
based courses that are mandatory for all employees having an e-mail
address with Elanders or one of its subsidiaries.
Besides group-wide policies, the Group also has a well-functioning
framework for internal control and an internal control function with
the purpose to prevent risks for corruption and irregularities. Material
incidents are reported regularly to the Board of Directors, and they are
a fixed agenda item at the Audit Committee’s meetings.
Elanders Annual and Sustainability Repo 2024 — 93
tions are run, according to the tax rates in the country. Elanders acts
responsibly and with integrity in all tax matters and ensures that it
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 2024 is comprised of eleven coun-
tries. Elanders does not operate in any of these countries.
Elanders’ total tax expense in 2024 was MSEK 95 compared to
MSEK 140 in the previous year. This corresponded to an effective tax
rate of 34.2 (35.3) percent.
Society
Elanders takes a wider responsibility outside of the company and in
different ways supports the communities it operates in. There is a long
tradition of partnership and local initiatives in this area.
Panerships
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, many of Elanders’ sub-
sidiaries are in different ways engaged in local initiatives for greater
social sustainability. Every year, the Group also supports a number of
humanitarian programs and donates 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 neces-
sary to ensure that development and human
well-being continue to increase within the limits
of the planet. For this, the companies’ commit-
ment and measures are vital. Elanders supports
all of the UN’s 17 global goals for environmen-
tal, social and economic sustainable development. By making use of its
core business and identifying its own goals and sub-goals, guided by the
SDGs, Elanders can have a positive impact on several of the goals.
Elanders also supports the UN Global
Compact and its ten principles for human
rights, labor, environment, and anti-corrup-
tion. The principles are integrated into the
Group’s operations to promote sustainability
and responsible business practices.
Peormance, targets and metrics
The same process is in place for the Anti-Corruption Policy as for the
Code of Conduct, with central monitoring through training taking
place every other year to ensure that all employees having an e-mail
address with Elanders or one of its subsidiaries are familiar with and
understand the policy. The Group requires that all employees com-
plete the training. At the last assessment in 2023, 99 percent of the
concerned employees completed the Anti-Corruption Policy training,
compared to 81 percent in 2021.
There have been no cases where Elanders has been sued, sentenced
or subject to other reprisals pertaining to violations of laws on corrup-
tion and bribes.
— Other Group policies and guidelines
Data ethics
Elanders’ approach to data ethics takes into consideration the individu-
al’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 comprehen-
sive use of technology and corresponding amounts of data. For Eland-
ers it is extremely important to handle the data of all stakeholders in
such a way that their trust remains intact.
The 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 accordance
with, the stipulations of GDPR and other relevant data protection regu-
lations. At the last assessment in 2023, a total of 99 percent of all
employees with an e-mail address with Elanders or any of its subsidiaries
had completed the course, compared to 81 percent in 2021. The course
is held every other year, the next assessment will take place in 2025.
Elanders has 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 transferring personal data to Group
companies outside the EU/EES.
Responsible taxpayer
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.
All operations in the Group are subject to normal company tax
regulations and income tax is paid in the country where the opera-
Together with around ten other large Swedish
companies, Elanders is in partnership with the
Indian educational organization Pratham Educa-
tion 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 2024, the partner project has reached
nearly 33,000 (30,000) children in 345 villages
across the northeastern states of Assam and
Maharashtra.
Pratham Sweden
Local community engagement
relationships and acquiring valuable experience. The
subsidiary has also contributed support for building
a storage for bicycles.
One of Elanders’ subsidiaries in Germany in 2023
entered into a cooperative initiative with the
Tennental Village Community in the Böblingen
area in southern Germany. Tennental is a place
for people with and without disabilities that
together create unique places to live and job
opportunities promoting social inclusion. During
2024, among other things, five representatives
of Elanders’ subsidiary went through a one-week
social internship helping people with needs of
assistance, while at the same time building
Elanders is in partnership with Universeum,
Sweden’s national science center and a powerful
arena for academics and popular education in
science, technology and sustainable develop-
ment.
Universeum is one of the six most visited attrac-
tions in Sweden, with 550,000 visitors annually.
Universeum
33,000
children in 345 villages across the north-
eastern states of Assam and Maharashtra
have been reached through the partner
project.
of
Elanders was 1 of 12 organizations that contributed to
the prize sum for the WIN WIN Gothenburg
Sustainability Award.
WIN WIN Gothenburg
Sustainability Award
Elanders is one of twelve organizations that con-
tribute to the prize sum of one million Swedish
kronor for the WIN WIN Gothenburg Sustaina-
bility Award. A youth award, the WIN WIN Youth
Award, was also established in 2018. The awards
will highlight pioneering efforts on alternate
themes for a more sustainable world.
The theme for 2024 was “Inclusive Transition”. The
winner of the main award was The Just Transition
Centre (JTC) which is an international center for
cooperation and knowledge sharing founded by
the global trade union ITUC. The youth award
went to Natur og Ungdom, a Norwegian youth or-
ganization promoting, and encouraging commit-
ment to, environmental and climate issues.
5
Five representatives from one of
Elanders’ subsidiaries have com pleted
a week’s social internship where they
got to help people with needs of
assistance.
550
thousand
visitors
anually.
Elanders Annual and Sustainability Repo 2024 — 95
List of material disclosure requirements
ESRS 2 Appendix B — List of data points that derive from other EU legislation
Disclosure Requirement
and related datapoint SFDR reference Pillar 3 reference
Benchmark
Regulation
reference
EU Climate
Law
reference
Material
/ Not
material
Page
reference
ESRS 2 GOV-1 Board’s gender
diversity paragraph 21 (d)
Indicator number 13 of
Table #1 of Annex 1
Commission Delegated
Regulation (EU)
2020/181612, Annex II Material 104–108
ESRS 2 GOV-1 Percentage of
board members who are
independent paragraph 21 (e)
Delegated Regulation
(EU) 2020/1816, Annex II Material 104–108
ESRS 2 GOV-4 Statement on
due diligence paragraph 30
Indicator number 10
Table #3 of Annex 1 Material 104–108
ESRS 2 SBM-1 Involvement in
activities related to fossil fuel
activities paragraph 40 (d) i
Indicators number 4
Table #1 of Annex 1
Article 449a Regulation
(EU) No 575/2013;
Commission Imple-
menting Regulation (EU)
2022/245313Ta ble 1:
Qualitative information
on Environmental risk
and Table 2: Qualitative
information on Social
risk
Delegated Regulation
(EU) 2020/1816, Annex II
Not
material
ESRS 2 SBM-1 Involvement in
activities related to chemical
production paragraph 40 (d) ii
Indicator number 9
Table #2 of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex II
Not
material
ESRS 2 SBM-1 Involvement
in activities related to
controversial weapons
paragraph 40 (d) iii
Indicator number 14
Table #1 of Annex 1
Delegated Regulation
(EU) 2020/181814, Article
12(1) Delegated
Regulation (EU)
2020/1816, Annex II
Not
material
ESRS 2 SBM-1 Involvement in
activities related to
cultivation and production of
tobacco paragraph 40 (d) iv
Delegated Regulation
(EU) 2020/1818, Article
12(1) Delegated
Regulation (EU)
2020/1816, Annex II
Not
material
ESRS E1-1 Transition plan to
reach climate neutrality by
2050 paragraph 14
Regulation
(EU)
2021/1119,
Article 2(1) Material 70
ESRS E1-1 Undertakings
excluded from Paris-aligned
Benchmarks paragraph 16 (g)
Article 449a Regulation
(EU) No 575/2013;
Commission Imple-
menting Regulation (EU)
2022/2453 Template 1:
Banking bookClimate
Change transition risk:
Credit quality of
exposures by sector,
emissions and residual
maturity
Delegated Regulation
(EU) 2020/1818, Article12.1
(d) to (g), and Article 12.2
Not
material
Board of Directors’ report Sustainability repo
Board of Directors’ report
ESRS 2 Appendix B — List of data points that derive from other EU legislation (cont.)
Disclosure Requirement
and related datapoint SFDR reference Pillar 3 reference
Benchmark
Regulation
reference
EU Climate
Law
reference
Material
/ Not
material
Page
reference
ESRS E1-4 GHG emission
reduction targets paragraph
34
Indicator number 4
Table #2 of Annex 1
Article 449a Regulation
(EU) No 575/2013;
Commission Imple-
menting Regulation (EU)
2022/2453 Template 3:
Banking book – Climate
change transition risk:
alignment metrics
Delegated Regulation
(EU) 2020/1818, Article 6 Material 70–71
ESRS E1-5 Energy consump-
tion from fossil sources
disaggregated by sources
(only high climate impact
sectors) paragraph 38
Indicator number 5
Table #1 and Indicator
n. 5 Table #2 of Annex 1 Material 70–76
ESRS E1-5 Energy consump-
tion and mix paragraph 37
Indicator number 5
Table #1 of Annex 1 Material 70–76
ESRS E1-6 Gross Scope 1, 2, 3
and Total GHG emissions
paragraph 44
Indicators number 1 and 2
Table #1 of Annex 1
Article 449a; Regulation
(EU) No 575/2013;
Commission Imple-
menting Regulation (EU)
2022/2453 Template 1:
Banking book – Climate
change transition risk:
Credit quality of
exposures by sector,
emissions and residual
maturity
Delegated Regulation
(EU) 2020/1818, Article
5(1), 6 and 8(1) Material 70–76
ESRS E1-6 Gross GHG
emissions intensity
paragraphs 53 to 55
Indicators number 3
Table #1 of Annex
Article 449a Regulation
(EU) No 575/2013;
Commission Imple-
menting Regulation (EU)
2022/2453 Template 3:
Banking book – Climate
change transition risk:
alignment metrics
Delegated Regulation
(EU) 2020/1818, Article
8(1) Material 70–76
ESRS E1-7 GHG removals and
carbon credits paragraph 56
Regulation
(EU)
2021/1119,
Article 2(1)
Not
material
ESRS E1-9 Exposure of the
benchmark portfolio to
climate-related physical
risks paragraph 66
Delegated Regulation
(EU) 2020/1818, Annex II
Delegated Regulation
(EU) 2020/1816, Annex II
Not
material
ESRS E1-9 Disaggregation of
monetary amounts by acute
and chronic physical risk
paragraph 66 (a) ESRS E1-9
Location of significant assets
at material physical risk
paragraph 66 (c).
Article 449a Regulation
(EU) No 575/2013;
Commission Imple-
menting Regulation (EU)
2022/2453 paragraphs
46 and 47; Template 5:
Banking book – Climate
change physical risk:
Exposures subject to
physical risk.
Not
material
Sustainability repo
Elanders Annual and Sustainability Repo 2024 — 97
ESRS 2 Appendix B — List of data points that derive from other EU legislation (cont.)
Disclosure Requirement
and related datapoint SFDR reference Pillar 3 reference
Benchmark
Regulation
reference
EU Climate
Law
reference
Material
/ Not
material
Page
reference
ESRS E1-9 Breakdown of the
carrying value of its real
estate assets by energy-
efficiency classes paragraph
67 (c).
Article 449a Regulation
(EU) No 575/2013;
Commission Imple-
menting Regulation (EU)
2022/2453 paragraph
34;Template 2: Banking
book -Climate change
transition risk: Loans
collateralised by
immovable property -
Energy efficiency of the
collateral
Not
material
ESRS E1-9 Degree of exposure
of the portfolio to climate-
related opportunities
paragraph 69
Delegated Regulation
(EU) 2020/1818, Annex II
Not
material
ESRS E2-4 Amount of each
pollutant listed in Annex II of
the EPRTR Regulation
(European Pollutant Release
and Transfer Register) emitted
to air, water and soil,
para graph 28
“Indicator number 8
Table #1 of Annex 1
Indicator number 2
Table #2 of Annex 1
Indicator number 1
Table #2 of Annex 1
Indicator number 3
Table #2 of Annex 1”
Not
material
ESRS E3-1 Water and marine
resources paragraph 9
Indicator number 7
Table #2 of Annex 1
Not
material
ESRS E3-1 Dedicated policy
paragraph 13
Indicator number 8
Table 2 of Annex 1
Not
material
ESRS E3-1 Sustainable oceans
and seas paragraph 14
Indicator number 12
Table #2 of Annex 1
Not
material
ESRS E3-4 Total water
recycled and reused
paragraph 28 (c)
Indicator number 6.2
Table #2 of Annex 1
Not
material
ESRS E3-4 Total water
consumption in m3 per net
revenue on own operations
paragraph 29
Indicator number 6.1
Table #2 of Annex 1
Not
material
ESRS 2- IRO 1 – E4 paragraph
16 (a) i
Indicator number 7
Table #1 of Annex 1
Not
material
ESRS 2- IRO 1 – E4 paragraph
16 (b)
Indicator number 10
Table #2 of Annex 1
Not
material
ESRS 2- IRO 1 – E4 paragraph
16 (c)
Indicator number 14
Table #2 of Annex 1
Not
material
ESRS E4-2 Sustainable land /
agriculture practices or
policies paragraph 24 (b)
Indicator number 11
Table #2 of Annex 1
Not
material
ESRS E4-2 Sustainable oceans
/ seas practices or policies
paragraph 24 (c)
Indicator number 12
Table #2 of Annex 1
Not
material
ESRS E4-2 Policies to address
deforestation paragraph 24
(d)
Indicator number 15
Table #2 of Annex 1
Not
material
Board of Directors’ report
ESRS 2 Appendix B — List of data points that derive from other EU legislation (cont.)
Disclosure Requirement
and related datapoint SFDR reference Pillar 3 reference
Benchmark
Regulation
reference
EU Climate
Law
reference
Material
/ Not
material
Page
reference
ESRS E5-5 Non-recycled
waste paragraph 37 (d)
Indicator number 13
Table #2 of Annex 1
Not
material
ESRS E5-5 Hazardous waste
and radioactive waste
paragraph 39
Indicator number 9
Table #1 of Annex 1
Not
material
ESRS 2- SBM3 - S1 Risk of
incidents of forced labour
paragraph 14 (f)
Indicator number 13
Table #3 of Annex I
Not
material
ESRS 2- SBM3 - S1 Risk of
incidents of child labour
paragraph 14 (g)
Indicator number 12
Table #3 of Annex I
Not
material
ESRS S1-1 Human rights policy
commitments paragraph 20
Indicator number 9
Table #3 and
Indicator number 11
Table #1 of Annex I
Not
material
ESRS S1-1 Due diligence
policies on issues addressed
by the fundamental
Inter national Labor
Organisation Conventions
1 to 8, paragraph 21
Delegated Regulation
(EU) 2020/1816, Annex II
Not
material
ESRS S1-1 processes and
measures for preventing
trafficking in human beings
paragraph 22
Indicator number 11
Table #3 of Annex I
Not
material
ESRS S1-1 workplace
accident prevention
policy or management
system paragraph 23
Indicator number 1
Table #3 of Annex I Material 86
ESRS S1-3 grievance/
complaints handling
mechanisms paragraph 32 (c)
Indicator number 5
Table #3 of Annex I Material 86–87
ESRS S1-14 Number of
fatalities and number and
rate of work-related accidents
paragraph 88 (b) and (c)
Indicator number 2
Table #3 of Annex I
Delegated Regulation
(EU) 2020/1816, Annex II Material 86
ESRS S1-14 Number of days
lost to injuries, accidents,
fatalities or illness paragraph
88 (e)
Indicator number 3
Table #3 of Annex I Material 86
ESRS S1-16 Unadjusted gender
pay gap paragraph 97 (a)
Indicator number 12
Table #1 of Annex I
Delegated Regulation
(EU) 2020/1816, Annex II Material 87–88
ESRS S1-16 Excessive CEO pay
ratio paragraph 97 (b)
Indicator number 8
Table #3 of Annex I Material 87–88
ESRS S1-17 Incidents of
discrimination paragraph 103
(a)
Indicator number 7
Table #3 of Annex I
Not
material
ESRS S1-17 Nonrespect of
UNGPs on Business and
Human Rights and OECD
paragraph 104 (a)
Indicator number 10
Table #1 and Indicator n.
14 Table #3 of Annex I
Delegated Regulation
(EU) 2020/1816, Annex II
Delegated Regulation
(EU) 2020/1818 Art 12 (1)
Not
material
Sustainability repo
Elanders Annual and Sustainability Repo 2024 — 99
ESRS 2 Appendix B — List of data points that derive from other EU legislation (cont.)
Disclosure Requirement
and related datapoint SFDR reference Pillar 3 reference
Benchmark
Regulation
reference
EU Climate
Law
reference
Material
/ Not
material
Page
reference
ESRS 2- SBM3 – S2
Significant risk of child labour
or forced labour in the value
chain paragraph 11 (b)
Indicators number 12 and
n. 13 Table #3 of Annex I
Not
material
ESRS S2-1 Human rights policy
commitments paragraph 17
Indicator number 9
Table #3 and Indicator n.
11 Table #1 of Annex 1
Not
material
ESRS S2-1 Policies related to
value chain workers paragraph
18
Indicator number 11 and
n. 4 Table #3 of Annex 1
Not
material
ESRS S2-1 Nonrespect of
UNGPs on Business and
Human Rights principles and
OECD guidelines paragraph 19
Indicator number 10
Table #1 of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex II
Delegated Regulation
(EU) 2020/1818, Art 12 (1)
Not
material
ESRS S2-1 Due diligence
policies on issues addressed
by the fundamental
International Labor Organisa-
tion Conventions 1 to 8,
paragraph 19
Delegated Regulation
(EU) 2020/1816, Annex II
Not
material
ESRS S2-4 Human rights
issues and incidents
connected to its upstream
and downstream value chain
paragraph 36
Indicator number 14
Table #3 of Annex 1
Not
material
ESRS S3-1 Human rights policy
commitments paragraph 16
Indicator number 9
Table #3 of Annex 1 and
Indicator number 11
Table #1 of Annex 1
Not
material
ESRS S3-1 nonrespect of
UNGPs on Business and
Human Rights, ILO principles
or and OECD guidelines
paragraph 17
Indicator number 10
Table #1 Annex 1
Delegated Regulation
(EU) 2020/1816, Annex II
Delegated Regulation
(EU) 2020/1818, Art 12 (1)
Not
material
ESRS S3-4 Human rights
issues and incidents
paragraph 36
Indicator number 14
Table #3 of Annex 1
Not
material
ESRS S4-1 Policies related to
consumers and endusers
paragraph 16
Indicator number 9
Table #3 and Indicator
number 11 Table #1 of
Annex 1
Not
material
ESRS S4-1 Non-respect of
UNGPs on Business and
Human Rights and OECD
guidelines paragraph 17
Indicator number 10
Table #1 of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex II
Delegated Regulation
(EU) 2020/1818, Art 12 (1)
Not
material
ESRS S4-4 Human rights
issues and incidents
paragraph 35
Indicator number 14
Table #3 of Annex 1
Not
material
ESRS G1-1 United Nations
Convention against Corruption
paragraph 10 (b)
Indicator number 15
Table #3 of Annex 1 Material 92–93
ESRS G1-1 Protection
of whistle-blowers
paragraph 10 (d)
Indicator number 6
Table #3 of Annex 1 Material 92
Board of Directors’ report Sustainability repo
ESRS 2 Appendix B — List of data points that derive from other EU legislation (cont.)
Disclosure Requirement
and related datapoint SFDR reference Pillar 3 reference
Benchmark
Regulation
reference
EU Climate
Law
reference
Material
/ Not
material
Page
reference
ESRS G1-4 Fines for violation
of anti-corruption and
anti-bribery laws paragraph
24 (a)
Indicator number 17
Table #3 of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex II) Material 92–93
ESRS G1-4 Standards of
anti- corruption and anti-
bribery paragraph 24 (b)
Indicator number 16
Table #3 of Annex 1 Material 92–93
Elanders Annual and Sustainability Repo 2024 — 101
Essential risks and
uncertainty factors
Elanders operates in many dierent 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 oers and services.
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 changing
world). For more information regarding the financial risks, please see
note 24 in the consolidated financial statements.
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.
Risks and unceainty factors
Board of Directors’ report Risks and unceainty factors
Business risk
Essential risks and unceainty 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 41 (45)
percent of the total net sales in 2024. Elanders has one customer whose
sales exceed 10 percent of the Group’s net sales. In 2024, sales to the
Group’s largest customer amounted to 15 (17) percent while sales to
the next largest customer amounted to 9 (9) 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 busi-
ness 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 2,670 (2,688), personnel costs MSEK
4,369 (3,993) and freight costs MSEK 2,164 (2,443). These accounted
for 68 (69) percent of total operating costs in 2024.
Contracts and disputes
In business, daily operations can give rise to disputes.
Employees
Elanders needs access to competent and committed employees. Com-
petition in the labor market is fierce, and there are high demands on
the companies’ ability to attract, develop and retain competence 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 expecta-
tions from employees requires a strong focus on areas such as leader-
ship, opportunities for influence, work environment, sustainability,
human rights and company culture.
What Elanders does
Customer concentration
Elanders’ strategy is not only to be a supplier to the 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 cov-
ers 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.
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 agreements
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 fac-
tor to attract the new generation of employees.
Elanders Annual and Sustainability Repo 2024 — 103
Circumstantial risk
Essential risks and unceainty factors
Business cycle sensitivity
The most tangible business cycle sensitivity is in Group operations that
supply customers in the manufacturing industry, particularly in auto-
motive and consumer electronics. Sales to customers in foods, cosmet-
ics, medical devices, pharmaceuticals and the public sector as well as to
consumers are less affected by the general economic situation.
Wars and conicts
Wars, conflicts and other political unrest can have a devastating effect
on the world around us. When it occurs in areas the Group or its cus-
tomers and suppliers operate in, it also has a direct impact on Elanders’
operations. The Group has been affected in many ways since Russia in-
vaded Ukraine in February 2022. Some of the Group’s customers have
subcontractors in Ukraine and Russia. These customers have therefore
started to have some problems with their supply chain. At the same
time, inflation has 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 trans-
parency of companies’ negative impact on the environment is driving
new regulations in regions where Elanders operates. Customers may
demand new types of logistics solutions. Increased demands to quickly
adapt to new technologies create increased needs for investments and
financial resources to carry out shifts and phase out old technology.
What Elanders does
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 sig-
nificant 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 conicts
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 mea-
sures for possible scenarios that may arise.
Pandemics
In the event of a pandemic, Elanders’ main priority is to protect the
employees and their surroundings to the highest extent possible against
the spread of infection. Measures will be taken to ensure that guide-
lines and recommendations of national authorities are followed. To
soften any effects of lower demand, a close dialogue with 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 external
financiers.
This Corporate governance repo, a pa of the
Board of Directors’ repo in the Annual Repo,
describes Elanders’ corporate governance,
which comprise the management and the
administration of the company operations as
well as internal control over both nancial and
sustainability repoing.
The role of corporate governance in Elanders is to create a good foun-
dation for active and responsible ownership, a suitable distribution of
responsibility between the different company bodies as well as good
communication with all of the company’s interested parties.
Swedish Code of Corporate Governance
Elanders follows the Swedish Code of Corporate Governance
(“the Code”) and this Corporate Governance Report has been
prepared in accordance with the Code and the Swedish Annual
Accounts Act. Elanders have also provided information on the
company’s website in line with the Code requirements. The Code
is available at the website of the Swedish Corporate Governance
Board, www.corporategovernanceboard.se.
Corporate governance in Elanders — a brief overview
Corporate governance in Elanders is based on legal requirements
(primarily the Companies Act), accounting regulations, the articles of
association, NASDAQ OMX Stockholm’s issuer rules, internal regula-
tions, policies, and the Code.
The Elanders Group’s corporate governance, management and
control are shared by the shareholders at the Annual General Meeting,
the Board of Directors, and the Chief Executive Officer in accordance
with the Companies Act, the articles of association as well as the
Group Management. Shareholders appoint the company’s nomination
committee, Board and external auditors at the Annual General Meet-
ing.
Shareholders
On 31 December 2024, there were 4,939 (4,628) known shareholders.
The foreign ownership in Elanders was 7 (8) percent of the shares and
5 (5) percent of the votes.
The only direct or indirect shareholding exceeding a tenth of the
votes in the company per 31 December 2024 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
vote. Class A shares and Class B shares have the same right to a share
of company assets and profit. At the Annual General Meeting each
person with voting rights is entitled to vote for their entire holding or
represented holding without restrictions. Elanders’ Class A shares are
included in pre-emption as stated in the articles of association.
The Annual General Meeting decides on changes in the articles
of association, chooses a Chairman, the Board and external auditors,
adopts the annual accounts, decides on dividends, if any, and any other
Annual General Meeting 2024
The Annual General Meeting on April 19 2024
decided:
— to adopt the Annual Report for 2023,
— to distribute a dividend of SEK 4.15 per share
for the financial year of 2023,
— to discharge the members of the Board of
Directors and the Chief Executive Officer
from liability for 2023,
— to grant according to a proposal in the
summons the Board and committee
remuneration for a total of SEK 4,512,600
to be divided within the Board,
— to appoint the following Board Members:
Carl Bennet (re-elected), Ulrika Dellby
(re-elected), Eva Elmstedt (re-elected),
Dan Frohm (re-elected), Erik Gabrielson
(re-elected), Anna Hallberg (re-elected),
Anne Lenerius (re-elected), Magnus
Nilsson (CEO) (re-elected), Johan Trouvé
(re-elected)
— to appoint Dan Frohm Chairman of the Board,
— to elect PricewaterhouseCoopers as company
auditors until the Annual General Meeting
2025,
— 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.
Corporate governance report
Board of Directors’ report Corporate governance repo
Elanders Annual and Sustainability Repo 2024 — 105
disposition of the result as well as discharges the Board from liability.
Furthermore, the Annual General Meeting decides on guidelines for
salaries and other remuneration for leading senior officers, any new
share issue, and the manner in which the nomination committee is to
be elected. Any shareholder with a matter they would like the Annual
General Meeting to deal with should present their proposal to the
Chairman of the Board or present any nomination proposal to the
nomination committee. Minutes from Elanders’ Annual General Meet-
ings can be downloaded from www.elanders.com under Corporate
Governance.
Annual General Meeting 2025
The next Annual General Meeting for shareholders in Elanders will
be held on Wednesday April 23, 2025. More information will be pub-
lished in connection with the notice convening of the Annual General
Meeting and will also be published on www.elanders.com.
Nomination commiee
The nomination committee prepares proposals for the Annual General
Meeting concerning the election of, and remuneration to, the Chair-
man of the Board, Board members, committee members, and external
auditors, the latter having been proposed by the audit committee.
The nomination committee meets as needed and at least once a year.
The nomination committee met once last year and discussed the work
of the Board, the independence of Board members, Board members’
evaluation of the work of the Board, the work of the committees, the
audit and the composition of the nomination committee. This year the
committee has consisted of Carl Bennet, Chairman (Carl Bennet AB),
Dan Frohm (Chairman of the Board), Johan Ståhl (Svolder AB), Jannis
Kitsakis (Fjärde AP-fonden) and Viktor Henriksson (Carnegie Funds).
During the year, Dag Marius Nereng (Protector Forsikring ASA) was
replaced by Viktor Henriksson (Carnegie Funds). 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
majority 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 181 in the Annual Report and on
www.elanders.com under Corporate Governance.
The Board of Directors and its work in 2024
The Board is elected by the Annual General Meeting and proposed by
the nomination committee. The Board is ultimately responsible for the
management of the company, monitoring the work of the Chief Execu-
tive Officer, and continuously following developments in operations
as well as the reliability of the company’s internal control. The Board
also decides on significant changes in the organization, investments
and divestitures, adopts strategies and goals, and approves the budget
and annual accounts. The Board is ultimately responsible for ensur-
ing 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. The Board shall also identify how sustainability
issues affect the company’s impacts, risks and business opportunities.
In conclusion this constitutes the Board’s responsibility for corporate
governance, which is regulated in the Board’s work plan.
Elanders Board members are evaluated and appointed based on
the company’s business, development phase and other relevant circum-
stances. The diversity of education, knowledge, and experience as well
as age and gender represented in the Board is also taken into account.
When considering the election and re-election of Board members these
factors have been used to make the Board as diverse and efficient as
possible.
In accordance with Elanders’ articles of association the Board of
Directors should consist of at least three and no more than ten mem-
bers with a maximum of two deputies. During the year the Board con-
sisted of nine members without deputies: Dan Frohm (Chairman), Carl
Bennet (Vice Chairman), Ulrika Dellby, Eva Elmstedt, Erik Gabrielson,
Anna Hallberg, Anne Lenerius, Magnus Nilsson and Johan Trouvé. In
Shareholders
Annual General
Meeting
Group Management
Chief Executive Officer
Corporate governance
Remuneration
committee
Audit committeeBoard of Directors
External auditors
Nomination
committee
Board of Directors’ report Corporate governance repo
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-
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 consists of 44 percent women and 56 percent men. The
age of the company's board members varies between 43 and 73 years.
The members have different educational backgrounds in everything
from finance, economics and law, to graphic technology and computer
science. The company’s board members also have professional experi-
ence from a variety of industries. A description of the members of the
Board of Directors and their respective backgrounds and competencies
can be found in the section "Board of Directors" on pages 178–179.
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 and sustainability 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 com-
ing 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 one occasion relating to other topics.
At the constitutional meeting of the Board, the work plan and in-
structions for the Chief Executive Officer are reviewed and the custom-
ary decisions concerning authorized signatories are taken. In addition,
the work plans for the remuneration and audit committees are adopted
and their members appointed. At the constitutional meeting of the
Board after the Annual General Meeting 2024, 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 meet-
ings in one of the Group’s subsidiaries. The Board members’ remunera-
Members of the Board, remuneration, aendance, etc.
Member
Board,
aendance
(number of
meetings)
Remuneration
Commiee,
aendance
(number of
meetings)
Audit
Commiee,
aendance
(number of
meetings)
Total
aen dance, %
Remuneration
Board +
Commiee
work,
SEK ’000s
Share-
holding
1)
Independent
Members chosen by the AGM
Dan Frohm, Chairman 8 (8) 1 (1) Not member 100 848 + 89 30,283 B No, owner
Carl Bennet, Vice Chairman 8 (8) 1 (1) Not member 100 424 + 44
1,814,813 A
15,903,596 B No, owner
Ulrika Dellby 8 (8) Not member 3 (3) 100 424 + 87 4,000 B Yes
Eva Elmstedt 8 (8) Not member 3 (3) 100 424 + 173 8,000 B Yes
Erik Gabrielson 7 (8) 1 (1) Not member 88 424 + 44 — No, owner
Anna Hallberg 7 (8) Not member 3 (3) 88 424 + 87 9,000 B Yes
Anne Lenerius 8 (8) Not member 3 (3) 100 424 + 87 6,892 B Yes
Magnus Nilsson, CEO 8 (8) Not member Not member 100 Employee 107,577 B No, company
Johan Trouvé 8 (8) Not member 3 (3) 100 424 + 87 100 B Yes
Employee representatives
Irene Planting 7 (8) Not member Not member 88 Employee 12 B No, company
Main Schubach 8 (8) Not member Not member 100 Employee 267 B No, company
Johan Lidbrink 7 (8) Not member Not member 88 Employee — No, company
Total 96 4,513
1)
Shareholding as of December 31, 2024. The number of shares is only stated for the people who were in the Board of Directors at this time.
Elanders Annual and Sustainability Repo 2024 — 107
tion 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 178–179.
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 Chairman
of the Board represents the company in ownership matters and com-
municates 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 commiee
The remuneration committee is composed of Board members with
the highest competence in this field. It deals with matters concerning
remuneration to the Chief Executive Officer and officers that report
directly to him. Decisions concerning remuneration to other employees
in manage ment positions in the Group are made by each individual’s
closest superior in consultation with their closest superior, also known
as the “grandfather principle”. During the year, the remuneration
committee held one meeting during which they adopted their work
plan and prepared a proposal for remuneration. The remuneration
committee consists of Dan Frohm, Chairman, Carl Bennet and Erik
Gabrielson. The guidelines for remuneration to senior officers adopted
at the Annual General Meeting 2022 can be found in note 5 in the
consolidated financial statements and on the company’s website,
www.elanders.com under Corporate Governance. The guidelines for
remuneration to senior officers can also be found on pages 55–56 in
this Annual Report. The company has not issued, and will not issue,
any share-based payment obligation, or any similar incitement programs.
Audit commiee
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 2024. The auditors reported on the audit
of the nine-month report, and the year-end report, the company’s situa-
tion with the Code of Corporate Governance and internal control were
discussed. From 2025 and onwards, the committee will meet four times
a year and as needed. The members of the audit committee were Eva
Elmstedt, Chairman, Ulrika Dellby, Anna Hallberg, Anne Lenerius and
Johan Trouvé.
Chief Executive Ocer
The Chief Executive Officer is the President of the Group, a member of
the Board, and leads the Group’s operations. The Chief Executive
Officer’s work is steered by the Companies Act, other laws and regula-
tions, current laws for listed companies including the Code, the articles
of association, and the framework established by the Board in, among
other things, the CEO instruction. The Chief Executive Officer is
authorized to sign for Elanders AB, as well as sign for all significant
subsidiaries. The Chief Executive Officer is responsible for provid-
ing the Board with continual reports on group results and financial
position as well as the information the Board needs to make qualified
decisions. The Chief Executive Officer also keeps the Chairman of
the Board apprised of developments in operations. All the managing
directors in the Group’s subsidiaries receive written instructions. These
instructions contain guidelines the managing director must observe in
the running of operations.
Group Management
The President and Chief Executive Officer lead the work performed
by Group Management and make decisions in consultation with
members of Group Management. Group Management is responsible
for day-to-day financial and commercial management and follow-up
in the Group. It also strives to continually achieve synergies, identify
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 January 2025, Elanders’ Group Management
consists of:
— Magnus Nilsson, President and CEO
— Åsa Vilsson, CFO
— Sven Burkhard, responsible for Print & Packaging Solutions
— Tim Bloch, responsible for Supply Chain Solutions
(Kammac & Bishopsgate)
— 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)
Board of Directors’ report Corporate governance repo
The Group Management consists of 14 percent women and 86 percent
men. The age of the members varies between 39 and 69 years. They
have a large geographical spread and represent all of the Group ’s
business areas and customer segments. A description of the members of
Group Management and their respective backgrounds can be found in
the section “Group Management ” on the pages 180–181.
The Board’s repo on internal control over nancial repoing
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 con-
trol published by COSO (Committee of Sponsoring Organizations of
the Treadway Commission) and which comprises the control environ-
ment, risk assessment, control activities, information, communication
as well as follow-up. The Chief Executive Officer is responsible for an
organization and processes that ensure the quality of financial reports
to the Board and the market.
— Control environment
The control environment at Elanders is characterized by the proximity
between Group Management and the operating units. All of the mem-
bers in Group Management, except the Chief Executive Officer and
the Chief Financial Officer, are also MDs in one or more of the larger
operative units in the Group. The framework for internal control over
financial reporting in Elanders consists of routines and distribution of
responsibility that are clearly communicated in internal policies and
different kinds of manuals. The Board has adopted a work plan that
regulates the Board’s responsibility and the manner in which work is
done in committees. The Board also has an audit committee that is re-
sponsible for ensuring that established principles in financial reporting
and internal control are complied with and developed. It also maintains
regular contact with the external auditors. In order to maintain an
effective control environment and good internal control the Board has
delegated the practical responsibility to the Chief Executive Officer and
established a CEO instruction which defines the division of responsibil-
ity 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
The Board of Directors is responsible for identifying and managing
material risks and risks of error in the financial and sustainability report-
ing. 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 affect both the company’s impact, risks and business opportunities.
— 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 procedures
consist of general and detailed controls and can be both preventive
and detective. For instance, the Board continuously follows develop-
ments 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. Representatives from
Group Finance or Group Internal Control regularly visit the entities
within the Group and evaluate internal control and financial report-
ing. 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.
The focus going forward is to integrate sustainability reporting
into the internal control function and set up formal processes in this
area as the scope of data collection and structures around sustainability
reporting increases.
— 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 2024 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.
Elanders Annual and Sustainability Repo 2024 — 109
110 Financial repos and notes
110 Group
148 Parent company
162 Proposed appropriation of prots
163 Auditor’s repo
163 Auditor’s repo
Financial reports and notes Group
| Statements of comprehensive income | ||
MSEK | 2024 | 2023 |
Result for the year | ||
| Items that will not be reclassied to the income statement | ||
Actuarial gains/losses on dened benet pensions plans | – | |
Tax eect on actuarial gains/losses on dened benet pensions plans | – | |
| Items that will be reclassied to the income statement | ||
Translation dierences | – | |
Change in fair value of the hedge of the net investment abroad | – | |
Tax eect 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 aributable to — parent company shareholders | ||
— non-controlling interests |
Income statements
MSEK Note 2024 2023
Net sales 2, 3 14,143 13,867
Cost of products and services sold –11,731 –11,519
Gross prot 2,411 2,348
Selling expenses –525 –482
Administrative expenses –1,349 –1,168
Other operating income 4 305 130
Other operating expenses 4 –57 –103
Operating result 5, 6, 7, 29 786 724
Financial income 8 64 235
Financial expenses 8 –571 –561
Result aer nancial items 278 398
Taxes 9 –95 –140
Result for the year 183 258
Result for the year aributable to
— parent company shareholders 176 248
— non-controlling interests 7 10
Earning per share, SEK
1)
10 4.99 7.02
1)
There have been no dilution effects.
Elanders Annual and Sustainability Repo 2024 — 111
| Statements of cash ow | |||
MSEK | Note | 2024 | 2023 |
| Operating activities | |||
Result aer nancial items | |||
Adjustments for items not included in cash ow | 12 | ||
Paid taxes | 9, 11 | – | – |
Cash ow from operating activities before changes in working capital | |||
| Cash ow from changes in working capital | |||
Increase (–)/decrease (+) in inventory | – | ||
Increase (–)/decrease (+) in operating receivables | – | ||
Increase (+)/decrease (–) in operating payables | – | ||
Cash ow 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 ow from investing activities | – | – | |
| Financing activities | |||
Amoization of borrowing debts | 22, 23 | – | – |
Amoization of lease liabilities | 22, 23 | – | – |
New loans | 22, 23 | ||
Other changes in interest-bearing liabilities | 12, 22, 23 | – | |
Dividend to shareholders | – | – | |
Cash ow from nancing activities | – | – | |
Cash ow for the year | 11 | – | |
Cash and cash equivalents at the beginning of the year | |||
Translation dierence in cash and cash equivalents | – | ||
Cash and cash equivalents at year-end | 20 |
Financial reports and notes Group
| Statements of nancial position | |||
MSEK | Note | 2024 | 2023 |
| Assets | |||
| Fixed assets | |||
Intangible assets | 13 | ||
Tangible assets | 14, 28 | ||
Right-of-use assets | 15 | ||
Deferred tax assets | 9 | ||
Other nancial assets | 16 | ||
Total xed 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 | |||
| Equity and liabilities | |||
| Equity | |||
Share capital | |||
Other contributed capital | |||
Other reserves | |||
Retained earnings | |||
Equity aributable to parent company shareholders | 21 | ||
Equity aributable to non-controlling interests | |||
Total equity | |||
| Liabilities | |||
| Long-term liabilities | |||
Lease liabilities | 22 | ||
Other interest-bearing liabilities | 22, 23, 28 | ||
Provisions for post-employment benets | 23, 25 | ||
Other provisions | 26 | ||
Deferred tax liabilities | 9 | ||
Total long-term liabilities | |||
| Sho-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 sho-term liabilities | |||
Total equity and liabilities |
Elanders Annual and Sustainability Repo 2024 — 113
| Statements of changes in equity | |||||||
| Equity aributable to parent company shareholders | |||||||
| Equity | |||||||
| Other | of non- | ||||||
| Share | contributed | Other | Retained | controlling | Total | ||
MSEK | capital | capital | reserves 1) | earnings | Total | interest | equity |
Opening balance as of 1 Jan. 2023 | |||||||
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. 2023 | |||||||
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. 2024 |
1)
Other reserves peain hedges of net investments and translation dierences.
Financial reports and notes Group
NOTE 1 — Accounting principles
General information
ited company registered in Sweden
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
Elanders Annual and Sustainability Repo 2024 — 115
Important estimations and assessments | Note | |
| Valuation of tax loss carry forwards | 9 | Taxes |
| Impairment of goodwill and other intangible assets | 13 | Intangible assets |
| Impairment of tangible assets and residual value risks | 14 | Tangible assets |
| Measurement of lease liabilities and right-of-use assets | 15 | Right-of-use assets |
| Assessments made when calculating fair value | 16 | Financial assets |
| Impairment and obsolescence in inventory | 17 | Inventory |
| Provision of bad debt and expected credit losses | 18 | Account receivables |
| Assessments made when calculating fair value | 22 | Financial liabilities |
| Assumptions when calculating post-employment benefits | 25 | Provisions for post-employment benefits |
| Assumptions made in determining the existence and amount of provisions | 26 | Other provisions |
| Assessments made when acquiring subsidiaries | 30 | Acquired and divested operations |
Financial reports and notes Group
| Reporting by segment | ||||||
| Supply Chain | Print & Packaging | |||||
| Solutions | Solutions | |||||
MSEK | 2024 | 2023 | 2024 | 2023 | ||
Net sales | 11,475 | 11,102 | 2,803 | 2,914 | ||
Operating expenses | –10,808 | –10,456 | –2,625 | –2,803 | ||
Operating result | 667 | 646 | 179 | 111 | ||
Net financial items | — | — | — | — | ||
Result before tax | 667 | 646 | 179 | 111 | ||
Investments | 453 | 410 | 141 | 135 | ||
Depreciation and amortization | –1,226 | –1,051 | –184 | –190 | ||
Goodwill | 3,629 | 3,044 | 1,458 | 1,408 | ||
Trademarks with indefinite useful life | 816 | 769 | — | — | ||
Group functions | Eliminations | Group | ||||
MSEK | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
Net sales | 50 | 47 | –186 | –197 | 14,143 | 13,867 |
Operating expenses | –110 | –80 | 186 | 197 | –13,357 | –13,142 |
Operating result | –60 | –33 | — | — | 786 | 724 |
Net financial items | –507 | –326 | — | — | –507 | –326 |
Result before tax | –568 | –359 | — | — | 278 | 398 |
Investments | 1 | 4 | — | — | 594 | 549 |
Depreciation and amortization | –2 | –2 | — | — | –1,411 | –1,243 |
Goodwill | — | — | — | — | 5,088 | 4,452 |
Trademarks with indefinite useful life | — | — | — | — | 816 | 769 |
Elanders Annual and Sustainability Repo 2024 — 117
NOTE 2 — Segment reporting (cont.)
| Sales by geographic area | ||
MSEK | 2024 | 2023 |
Germany | 5,527 | 5,604 |
USA | 2,136 | 2,698 |
United Kingdom | 1,511 | 688 |
Singapore | 1,476 | 1,494 |
Sweden | 575 | 508 |
Netherlands | 496 | 458 |
China | 475 | 444 |
Switzerland | 298 | 379 |
Poland | 222 | 251 |
Hungary | 151 | 216 |
Other countries | 1,276 | 1,125 |
Total | 14,143 | 13,867 |
| Fixed assets by geographic area | ||
MSEK | 2024 | 2023 |
Germany | 2,996 | 2,822 |
United Kingdom | 1,288 | 1,015 |
USA | 1,266 | 1,190 |
Netherlands | 159 | 176 |
Singapore | 93 | 147 |
Austria | 91 | 103 |
Czech Republic | 79 | 97 |
Sweden | 73 | 78 |
Hungary | 66 | 65 |
Poland | 43 | 45 |
Other countries | 141 | 133 |
Total | 6,294 | 5,871 |
Financial reports and notes Group
| Supply Chain | Print & Packaging | |||||
| Solutions | Solutions | Total | ||||
MSEK | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
Total net sales | 11,475 | 11,102 | 2,803 | 2,914 | 14,279 | 14,017 |
Less: net sales to group companies | –79 | –89 | –57 | –61 | –136 | –150 |
Net sales | 11,396 | 11,013 | 2,746 | 2,854 | 14,143 | 13,867 |
| Supply Chain | Print & Packaging | |||||
| Solutions | Solutions | Group | ||||
MSEK | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| Customer segments | ||||||
Automotive | 1,992 | 2,249 | 532 | 590 | 2,524 | 2,839 |
Electronics | 3,647 | 3,429 | 57 | 65 | 3,704 | 3,494 |
Fashion | 3,263 | 3,626 | 50 | 275 | 3,313 | 3,901 |
Health Care | 581 | 453 | 56 | 61 | 637 | 514 |
Industrial | 1,036 | 915 | 625 | 657 | 1,661 | 1,572 |
Other | 878 | 341 | 1,425 | 1,206 | 2,303 | 1,547 |
Net sales | 11,396 | 11,013 | 2,746 | 2,854 | 14,143 | 13,867 |
| Main revenue streams | ||||||
Sourcing and procurement services | 1,873 | 1,939 | — | — | 1,873 | 1,939 |
Freight and transportation services | 3,192 | 3,396 | — | — | 3,192 | 3,396 |
Other contract logistics services | 5,925 | 5,471 | 227 | 312 | 6,152 | 5,783 |
Other work/services | 406 | 207 | 2,519 | 2,541 | 2,926 | 2,748 |
Net sales | 11,396 | 11,013 | 2,746 | 2,854 | 14,143 | 13,867 |
Elanders Annual and Sustainability Repo 2024 — 119
NOTE 3 — Disaggregation of revenue (cont.)
| Supply Chain | Print & Packaging | |||||
| Solutions | Solutions | Group | ||||
MSEK | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| Geographic markets | ||||||
| Europe | ||||||
Germany | 4,357 | 4,355 | 1,170 | 1,249 | 5,527 | 5,604 |
United Kingdom | 1,227 | 361 | 284 | 327 | 1,511 | 688 |
Sweden | 333 | 259 | 242 | 249 | 575 | 508 |
Netherlands | 439 | 405 | 57 | 53 | 496 | 458 |
Switzerland | 232 | 313 | 66 | 66 | 298 | 379 |
Poland | 93 | 125 | 128 | 127 | 222 | 251 |
Hungary | 102 | 162 | 48 | 55 | 151 | 216 |
Other countries | 463 | 347 | 398 | 353 | 861 | 700 |
Europe total | 7,247 | 6,327 | 2,394 | 2,479 | 9,641 | 8,806 |
| Asia | ||||||
Singapore | 1,476 | 1,494 | 0 | 0 | 1,476 | 1,494 |
China | 472 | 441 | 2 | 3 | 475 | 444 |
India | 94 | 100 | 2 | 1 | 96 | 101 |
Other countries | 108 | 87 | 30 | 32 | 138 | 119 |
Asia total | 2,149 | 2,122 | 34 | 36 | 2,184 | 2,158 |
| North and South America | ||||||
USA | 1,839 | 2,387 | 297 | 311 | 2,136 | 2,698 |
Other countries | 146 | 160 | 13 | 20 | 159 | 179 |
North and South America total | 1,985 | 2,547 | 310 | 331 | 2,295 | 2,878 |
Other | 15 | 16 | 8 | 9 | 23 | 25 |
Net sales | 11,396 | 11,013 | 2,746 | 2,854 | 14,143 | 13,867 |
| Other operating income | ||
MSEK | 2024 | 2023 |
Result from investments in associated companies | 0 | — |
Exchange rate gains | 14 | 17 |
Gains from sales of fixed assets | 20 | 16 |
Insurance compensations | 8 | 23 |
Revaluation of additional consideration | 186 | — |
Other | 77 | 75 |
Total | 305 | 130 |
| Other operating expenses | ||
MSEK | 2024 | 2023 |
Exchange rate losses | –12 | –20 |
Losses from sales of fixed assets | –5 | –10 |
Revaluation of additional consideration | — | –14 |
Other | –40 | –58 |
Total | –57 | –103 |
Financial reports and notes Group
| Average number of employees | ||||||
Women | Men | Total | ||||
Number (FTE) | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| Parent company | ||||||
Sweden | 7 | 8 | 6 | 6 | 13 | 14 |
| Subsidiaries | ||||||
Germany | 887 | 943 | 2,168 | 2,274 | 3,055 | 3,217 |
USA | 717 | 782 | 426 | 439 | 1,143 | 1,220 |
United Kingdom | 124 | 61 | 705 | 232 | 828 | 292 |
Singapore | 184 | 200 | 254 | 271 | 439 | 470 |
China | 249 | 316 | 78 | 91 | 327 | 407 |
Hungary | 112 | 120 | 158 | 177 | 270 | 297 |
Czech Republic | 118 | 130 | 150 | 181 | 268 | 311 |
Poland | 78 | 95 | 179 | 199 | 257 | 294 |
Netherlands | 52 | 49 | 132 | 132 | 184 | 181 |
Sweden | 39 | 37 | 113 | 113 | 151 | 150 |
Austria | 58 | 13 | 64 | 37 | 122 | 51 |
India | 13 | 20 | 86 | 126 | 99 | 146 |
Mexico | 31 | 28 | 25 | 15 | 55 | 44 |
Brazil | 24 | 25 | 26 | 23 | 49 | 48 |
Italy | 18 | 17 | 7 | 6 | 25 | 23 |
Canada | 9 | 13 | 3 | 7 | 12 | 21 |
Moldova | 1 | — | 11 | 8 | 12 | 8 |
Taiwan | 4 | 5 | 1 | 1 | 5 | 6 |
Romania | 3 | 2 | 2 | 3 | 5 | 5 |
Thailand | 2 | — | 1 | — | 3 | — |
Total | 2,730 | 2,863 | 4,594 | 4,340 | 7,324 | 7,203 |
Elanders Annual and Sustainability Repo 2024 — 121
| Salaries and other remuneration | ||||||
| Board and CEO | ||||||
Basic wage incl. other benefits | Variable remuneration | Other employees | ||||
MSEK | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
Parent company | 17 | 16 | — | — | 31 | 17 |
Subsidiaries | 59 | 50 | 12 | 14 | 3,436 | 3,059 |
Total | 76 | 65 | 12 | 14 | 3,467 | 3,075 |
Salaries and remuneration | Social security contribution | Pension contributions | ||||
MSEK | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
Parent company | 48 | 32 | 18 | 12 | 10 | 8 |
Subsidiaries | 3 507 | 3 122 | 564 | 522 | 52 | 47 |
Total | 3 555 | 3 155 | 582 | 534 | 62 | 56 |
| Gender distribution in management at the balance sheet date | ||||||
Women | Men | Total | ||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
Board members | 4 | 4 | 5 | 5 | 9 | 9 |
Group Management | 1 | — | 6 | 6 | 7 | 6 |
Management positions | 271 | 255 | 655 | 656 | 926 | 911 |
| Remuneration to the board, chief executive officer and other senior officers 2024 | |||||
| Basic wage/Board | Variable | Other | Pension | ||
| SEK ’000s | remuneration | remuneration | benefits | contributions | Total |
Chairman of the Board | 937 | — | — | — | 937 |
Board members (7 persons) | 3,576 | — | — | — | 3,576 |
Chief Executive Officer | 12,035 | — | 144 | 4,122 | 16,301 |
Other senior officers (6 persons) | 35,678 | 9,883 | 910 | 1,529 | 48,000 |
| Total remuneration to the Board, CEO and senior | 52,226 | 9,883 | 1,053 | 5,651 | 68,813 |
| officers |
| 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 |
Financial reports and notes Group
NOTE 5 — Personnel (cont.)
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 com-
pensation other than Board and committee remuneration. Remunera-
tion 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, comprised Group Management in 2024.
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 remunera-
tion 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 2024,
which is normally paid out in 2025.
The variable remuneration for the Chief Executive Officer is based
on goals established by the Board. For other senior officers, variable
remuneration is based on goals established by the Chief Executive
Officer together with the remuneration committee. No variable remu-
neration or any other kind of remuneration had a dilution effect.
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. At 31 December 2024
the defined benefit obligation has been paid out. All pensions are fully
vested, i.e. there is no dependency on future employment.
The current Chief Executive Officer only has a defined contribu-
tion 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 instru-
ments.
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. The Board has also
deviated from the guidelines and decided to grant a severance pay
exceeding 12 months to a senior executive.
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 Execu-
tive Officer for the financial year of 2024 based on the remuneration
committee’s proposals. The Chief Executive Officer has determined
the remuneration for other senior officers after consultation with the
chairman of the remuneration committee.
Members of the remuneration committee during the year were
Dan Frohm, Chairman, Carl Bennet, and Erik Gabrielson. The remu-
neration 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 remu-
neration committee draws up principles for salary levels and employ-
ment 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
2024. When necessary, the committee has been supported by external
expertise in matters concerning compensation levels and structures.
Elanders Annual and Sustainability Repo 2024 — 123
MSEK | 2024 | 2023 |
| PwC | ||
Audit assignment | 8 | 7 |
Audit-related services | — | — |
Tax advisory services | 0 | 0 |
Other services | 0 | 1 |
Other Audit assignment | 2 | 2 |
Audit-related services | 0 | 0 |
Tax advisory services | 1 | 1 |
Other services | 0 | 0 |
Total | 11 | 10 |
MSEK | 2024 | 2023 |
| Costs for goods for resale and other production | ||
material | 2,670 | 2,688 |
Personnel costs | 4,369 | 3,993 |
Freight costs | 2,164 | 2,443 |
Other production costs | 2,490 | 2,344 |
Costs for depreciation and write-downs | 1,411 | 1,243 |
Cost for advertising and other selling expenses | 63 | 65 |
Other costs | 438 | 395 |
Total | 13,605 | 13,169 |
| Financial income | ||
MSEK | 2024 | 2023 |
Interest income | 21 | 14 |
Exchange rate gains | 42 | 218 |
Other | 1 | 3 |
Total | 64 | 235 |
| Financial expenses | ||
MSEK | 2024 | 2023 |
Interest expenses leasing liabilities | –177 | –141 |
Interest expenses other liabilities | –327 | –197 |
Exchange rate losses | –53 | –211 |
Other | –15 | –13 |
Total | –571 | –561 |
Financial reports and notes Group
| Recorded tax | ||
MSEK | 2024 | 2023 |
Current tax on the result for the year | –170 | –168 |
Withholding tax on dividends and other taxes | –9 | –7 |
Correction of previous years’ current tax expense | –5 | –1 |
Deferred tax | 88 | 35 |
Recorded tax | –95 | –140 |
| Reconciliation of recorded tax | ||
MSEK | 2024 | 2023 |
Result before taxes | 278 | 398 |
Tax according to Swedish tax rate of 20.6 (20.6)% | –57 | –82 |
| Tax effect of: | ||
— differences in tax rates for foreign subsidiaries | 17 | –30 |
— non-deductible costs | –37 | –30 |
— revaluation of deferred taxes | –12 | 3 |
— correction of previous years’ tax expense | –5 | –1 |
— withholding tax on dividends | –5 | –9 |
— other | 5 | 7 |
Recorded tax | –95 | –140 |
Elanders Annual and Sustainability Repo 2024 — 125
NOTE 9 — Taxes (cont.)
| Deferred tax assets and liabilities by nature | ||
MSEK | 2024 | 2023 |
Tax loss carryforwards | 235 | 197 |
Fixed assets | –218 | –243 |
Other items | 206 | 165 |
222 | 120 | |
| Less: | ||
Tax losses carried forward not valued | –16 | –25 |
Closing balance, net | 206 | 94 |
| Allocation of deferred tax assets and liabilities in the statement | ||
| of financial position | ||
MSEK | 2024 | 2023 |
Deferred tax assets | 490 | 391 |
Deferred tax liabilities | –284 | –297 |
Closing balance, net | 206 | 94 |
| Change in deferred tax | ||
MSEK | 2024 | 2023 |
Opening balance, net | 94 | 150 |
Acquisition of operations | –4 | –84 |
Recorded deferred tax on the result for the year | 88 | 35 |
Tax items charged directly against other comprehensive income | 18 | –8 |
Translation differences | 9 | 1 |
Closing balance, net | 206 | 94 |
| Due date structure — deferred tax assets relating to tax loss | ||
| carryforwards | ||
MSEK | 2024 | 2023 |
Due within one year | 1 | — |
Due within 2–5 years | 6 | 0 |
Due after 5 years | 3 | 2 |
No due date | 208 | 170 |
Closing balance | 219 | 172 |
2024 | 2023 | |
| Result for the year attributable to parent company | ||
shareholders, MSEK | 176 | 248 |
Average number of outstanding shares, in thousands | 35,358 | 35,358 |
Earnings per share, SEK | 4.99 | 7.02 |
MSEK | 2024 | 2023 |
Cash flow from operating activities | 1,416 | 1,782 |
Financial items | 507 | 326 |
Paid taxes | 222 | 242 |
Acquired and divested operations | –1,083 | –832 |
| Other items included in cash flow from investing | ||
activities | –168 | –180 |
Operating cash flow | 894 | 1,338 |
Financial reports and notes Group
NOTE 12 — Supplementary information to cash flow statements
| Adjustment for items not included in cash flow | ||
MSEK | 2024 | 2023 |
Depreciation, amortization and write-downs of intangible and tangible assets | 1,411 | 1,243 |
Changes in provisions that affect cash flow | 16 | –38 |
Result from disposal of tangible assets | –16 | –5 |
Unrealized exchange rate gains and losses | –26 | –27 |
Other changes | –171 | 82 |
Total | 1,215 | 1,255 |
| Paid and received interest | ||
MSEK | 2024 | 2023 |
Paid interest | –499 | –343 |
Received interest | 21 | 14 |
Total | –478 | –328 |
Elanders Annual and Sustainability Repo 2024 — 127
NOTE 13 — Intangible assets (cont.)
| Other intangible | ||||||||
Goodwill | Trademarks 1) | assets 2) | Total | |||||
MSEK | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
Opening acquisition value | 4,453 | 3,656 | 769 | 783 | 1,406 | 1,220 | 6,628 | 5,660 |
Investments | — | — | — | — | 19 | 13 | 19 | 13 |
Acquired and divested operations | 372 | 865 | — | — | –37 | 221 | 334 | 1,086 |
Disposals | — | — | — | — | –23 | –31 | –23 | –31 |
Reclassification | — | — | — | — | 13 | 7 | 13 | 7 |
Translation difference | 264 | –68 | 48 | –15 | 79 | –23 | 391 | –106 |
Closing acquisition value | 5,089 | 4,453 | 816 | 769 | 1,457 | 1,406 | 7,362 | 6,628 |
Opening accumulated amortization and write-downs | –1 | –1 | — | — | –814 | –736 | –815 | –737 |
Acquired and divested operations | — | — | — | — | — | — | — | — |
Amortization for the year | — | — | — | — | –125 | –113 | –125 | –113 |
Disposals | — | — | — | — | 20 | 27 | 20 | 27 |
Reclassification | — | — | — | — | — | –1 | — | –1 |
Translation difference | — | — | — | — | –40 | 10 | –40 | 10 |
Closing accumulated amortization and write-downs | –1 | –1 | — | — | –959 | –814 | –960 | –815 |
Net residual value | 5,088 | 4,452 | 816 | 769 | 498 | 593 | 6,402 | 5,813 |
Financial reports and notes Group
NOTE 13 — Intangible assets (cont.)
| Amortization specified by function in the income statement | ||
MSEK | 2024 | 2023 |
Cost of products and services sold | –75 | –61 |
Selling expenses | –45 | –45 |
Administrative expenses | –5 | –7 |
Total | –125 | –113 |
| Intangible assets with indefinite useful life divided by cash | ||
| generating unit | ||
MSEK | 2024 | 2023 |
Supply Chain Solutions | 4,446 | 3,812 |
Print & Packaging Solutions | 1,458 | 1,408 |
Total | 5,904 | 5,221 |
| Estimated useful life | |
25–30 years | |
Building inventories | 5–15 years |
Land improvements | 20 years |
Printing presses, offset | 7–10 years |
Printing presses, digital | 3–5 years |
Other mechanical equipment | 7–10 years |
Computer equipment and systems | 3–5 years |
Vehicles | 5 years |
Other equipment | 5–10 years |
Elanders Annual and Sustainability Repo 2024 — 129
NOTE 14 — Tangible assets (cont.)
| Buildings | Plant and | Equipment, tools, | ||||
and land 1) | machinery | fixtures and fittings | ||||
MSEK | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
Opening acquisition value | 591 | 544 | 1,121 | 1,029 | 1,190 | 1,133 |
Investments | 12 | 10 | 32 | 61 | 91 | 65 |
Acquired and divested operations | 5 | — | 26 | 83 | 39 | 88 |
Disposals | –1 | –4 | 5 | –58 | –41 | –97 |
Reclassification | 19 | 52 | –8 | 11 | 24 | 23 |
Translation difference | 31 | –11 | 64 | –5 | 73 | –21 |
Closing acquisition value | 658 | 591 | 1,239 | 1,121 | 1,376 | 1,190 |
Opening accumulated depreciation and write-downs | –338 | –317 | –863 | –836 | –832 | –807 |
Acquired and divested operations | — | — | — | –28 | — | –38 |
Depreciation for the year | –33 | –30 | –77 | –56 | –109 | –93 |
Disposals | 1 | 3 | –8 | 53 | 35 | 89 |
Reclassification | –15 | — | 15 | 0 | 0 | 1 |
Translation difference | –17 | 6 | –50 | 4 | –50 | 15 |
Closing accumulated depreciation and write-downs | –401 | –338 | –982 | –863 | –955 | –832 |
Net residual value | 256 | 254 | 257 | 258 | 421 | 358 |
| Fixed assets | ||||||
under construction 2) | Total | |||||
MSEK | 2024 | 2023 | 2024 | 2023 | ||
Opening acquisition value | 23 | 72 | 2,926 | 2,778 | ||
Investments | 42 | 54 | 176 | 191 | ||
Acquired and divested operations | — | — | 70 | 171 | ||
Disposals | –3 | –3 | –40 | –162 | ||
Reclassification | –48 | –101 | –13 | –15 | ||
Translation difference | 1 | 1 | 169 | –37 | ||
Closing acquisition value | 15 | 23 | 3,288 | 2,926 | ||
Opening accumulated depreciation and write-downs | — | — | –2,032 | –1,960 | ||
Acquired and divested operations | — | — | — | –65 | ||
Depreciation for the year | — | — | –218 | –178 | ||
Disposals | — | — | 28 | 146 | ||
Reclassification | — | — | 0 | 1 | ||
Translation difference | — | — | –117 | 24 | ||
Closing accumulated depreciation and write-downs | — | — | –2,339 | –2,032 | ||
Net residual value | 15 | 23 | 950 | 893 | ||
| Depreciation specified by function in the income statement | ||
MSEK | 2024 | 2023 |
Cost of products and services sold | –188 | –149 |
Selling expenses | –4 | –4 |
Administrative expenses | –25 | –26 |
Total | –218 | –178 |
Financial reports and notes Group
NOTE 15 — Right-of-use assets
| Equipment, tools, | ||||||||
Buildings and land | Plant and machinery | fixtures and fittings | Total | |||||
MSEK | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
Opening acquisition value | 6,546 | 5,791 | 297 | 350 | 208 | 309 | 7,051 | 6,450 |
Investments | 279 | 261 | 77 | 19 | 44 | 66 | 399 | 346 |
Acquired and divested operations | 273 | 700 | — | — | — | 17 | 273 | 717 |
Disposals | –156 | –292 | –50 | –74 | –75 | –180 | –282 | –547 |
Remeasurement | 615 | 183 | 2 | 0 | –2 | –6 | 615 | 177 |
Translation difference | 361 | –97 | 13 | 1 | 8 | 3 | 382 | –93 |
Closing acquisition value | 7,918 | 6,546 | 338 | 297 | 183 | 208 | 8,439 | 7,051 |
Opening accumulated depreciation and write-downs | –2,432 | –1,940 | –141 | –154 | –93 | –204 | –2,666 | –2,298 |
Depreciation for the year | –955 | –825 | –55 | –60 | –59 | –66 | –1,068 | –952 |
Disposals | 156 | 292 | 49 | 74 | 73 | 180 | 278 | 547 |
Translation difference | –127 | 41 | –6 | 0 | –3 | –3 | –137 | 37 |
Closing accumulated depreciations and write-downs | –3,358 | –2,432 | –153 | –141 | –82 | –93 | –3,593 | –2,666 |
Net residual value | 4,561 | 4,114 | 186 | 156 | 100 | 115 | 4,847 | 4,385 |
Elanders Annual and Sustainability Repo 2024 — 131
NOTE 15 — Right-of-use assets (cont.)
| Depreciation specified by function in the income statement | ||
MSEK | 2024 | 2023 |
Cost of products and services sold | –1,017 | –913 |
Selling expenses | –19 | –14 |
Administrative expenses | –32 | –24 |
Total | –1,068 | –952 |
| Expenses recognized in the income statement | ||
MSEK | 2024 | 2023 |
Depreciation right-of-use assets | –1,068 | –952 |
Interest expenses lease liability | –177 | –141 |
| Expenses related to short-term leases and leases | ||
with low value | –299 | –206 |
Expenses related to variable leasing fees that is not included in the lease liability | –67 | –67 |
Total | –1,610 | –1,365 |
Financial reports and notes Group
Elanders Annual and Sustainability Repo 2024 — 133
| Financial assets per category 2024 | ||||
| Assets valued to | ||||
| Assets valued to | fair value through | |||
| MSEK | amortized cost | profit and loss | Total | Whereof short-term |
Accounts receivable | 2,194 | — | 2,194 | 2,194 |
Cash and cash equivalents | 1,138 | — | 1,138 | 1,138 |
Other securities | 58 | — | 58 | — |
Investments in associates | 7 | — | 7 | — |
Hedging derivatives | — | 0 | 0 | 0 |
Other receivables | 98 | — | 98 | 84 |
Closing balance | 3,496 | 0 | 3,496 | 3,417 |
| Financial assets per category 2023 | Assets valued to | |||
| Assets valued to | fair value through | |||
| MSEK | amortized cost | profit and loss | Total | Whereof short-term |
Accounts receivable | 2,038 | — | 2,038 | 2,038 |
Cash and cash equivalents | 1,107 | — | 1,107 | 1,107 |
Other securities | 56 | — | 56 | — |
Hedging derivatives | — | 0 | 0 | 0 |
Other receivables | 93 | — | 93 | 82 |
Closing balance | 3,294 | 0 | 3,294 | 3,226 |
NOTE 17 — Inventory
MSEK | 2024 | 2023 |
Raw materials and consumables | 198 | 198 |
Work in process | 37 | 28 |
Finished goods | 144 | 124 |
Closing balance | 378 | 349 |
Financial reports and notes Group
| Accounts receivable — aging report | ||
MSEK | 2024 | 2023 |
Not overdue | 1,852 | 1,619 |
1–30 days overdue | 266 | 344 |
31–60 days overdue | 53 | 46 |
61–90 days overdue | 24 | 19 |
91–120 days overdue | 17 | 19 |
More than 120 days overdue | 12 | 18 |
Provisions doubtful accounts | –30 | –27 |
Total | 2,194 | 2,038 |
| Change in provision for doubtful receivables | ||
MSEK | 2024 | 2023 |
Opening balance | –26 | –22 |
Provision in acquired operations | — | –1 |
Reversal of provision from previous year | 6 | 10 |
Utilized provisions for confirmed losses | 18 | 16 |
Provisions during the year | –25 | –30 |
Translation difference | –2 | 1 |
Closing balance | –30 | –26 |
Elanders Annual and Sustainability Repo 2024 — 135
Number of registered shares in the parent company | 2024 | 2023 |
Issued as of 1 Jan. | 35,357,751 | 35,357,751 |
Issued as of 31 Dec. | 35,357,751 | 35,357,751 |
2024 | Number of shares | Number of votes | Share 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 20 — Cash and cash equivalents
MSEK | 2024 | 2023 |
Cash and bank | 1,138 | 1,107 |
Cash and cash equivalents | 1,138 | 1,107 |
Cash and cash equivalents are cash in financial institutions and short-term
liquid placements with a term of less than three months. The closing balan-
MSEK | 2024 | 2023 |
Services performed, not invoiced | 214 | 128 |
Prepaid insurance expenses | 13 | 13 |
Prepaid IT expenses | 36 | 26 |
Prepaid leasing expenses | 32 | 49 |
Other prepaid expenses | 45 | 84 |
Other accrued income | 46 | 47 |
Total | 387 | 348 |
Financial reports and notes Group
Elanders Annual and Sustainability Repo 2024 — 137
| Long-term financial liabilities | ||||
2024 | 2023 | |||
MSEK | Carrying amount | Fair Value | Carrying amount | Fair Value |
| Other interest bearing liabilities | ||||
Bank loan (GBP) | 1,448 | 1,321 | 848 | 766 |
Bank loan (EUR) | 1,149 | 1,085 | 1,110 | 1,028 |
Bank loan (USD) | 891 | 816 | 934 | 841 |
Revolver credit facility | 1,283 | 1,283 | 699 | 699 |
Contingent considerations | — | — | 382 | 382 |
Mandatory put/call options | 69 | 69 | 21 | 21 |
Other interest bearing liabilities | 2 | 2 | 3 | 3 |
Lease liabilities | 4,037 | 4,037 | 3,608 | 3,608 |
Closing balance | 8,879 | 8,613 | 7,605 | 7,348 |
| Short-term financial liabilities | ||||
2024 | 2023 | |||
MSEK | Carrying amount | Fair Value | Carrying amount | Fair Value |
| Other interest bearing liabilities | ||||
Bank loan (USD) | 132 | 129 | 120 | 117 |
Bank loan (GBP) | 55 | 53 | 13 | 12 |
Contingent considerations | 3 | 3 | 50 | 50 |
Mandatory put/call options | 18 | 18 | 478 | 478 |
Other interest bearing liabilities | 17 | 17 | 22 | 22 |
Lease liabilities | 1,073 | 1,073 | 938 | 938 |
Accounts payable | 790 | 790 | 673 | 673 |
Other financial liablities | 282 | 282 | 132 | 132 |
Closing balance | 2,370 | 2,364 | 2,427 | 2,423 |
Financial reports and notes Group
NOTE 22 — Financial liabilities (cont.)
MSEK | Jan.–Mar. 2025 | Apr.–Dec. 2025 | 2026–2029 | 2030 and later |
Bank loans | 124 | 348 | 4,900 | — |
Contingent consideration | — | 3 | — | — |
Mandatory put/call options | — | 18 | 69 | — |
Other interest bearing liabilities | 17 | — | 2 | — |
Lease liabilities | 344 | 885 | 3,194 | 1,402 |
Accounts payable | 790 | — | — | — |
Other financial liablities | 282 | — | — | — |
Total | 1,557 | 1,255 | 8,164 | 1,402 |
| Contingent considerations and mandatory put/call options | ||||
Contingent considerations | Mandatory put/call options | |||
MSEK | 2024 | 2023 | 2024 | 2023 |
Opening balance | 432 | 53 | 499 | 481 |
Acquisitions for the year | — | 382 | 94 | — |
| Changes in value recognized in the income | ||||
statement | –185 | 14 | — | — |
Changes in value recognized in equity | — | — | –21 | 38 |
Other changes | –210 | — | — | — |
Payments | –60 | –17 | –501 | –1 |
Translation differences | 26 | 0 | 16 | –19 |
Closing balance | 3 | 432 | 87 | 499 |
Elanders Annual and Sustainability Repo 2024 — 139
NOTE 23 — Net debt
| Provisions | Other | ||||
| for post- | interest- | ||||
| Cash and cash | Lease | employment | bearing | ||
| MSEK | equivalents | liabilities | benefits | liabilities | Totalt |
Net debt as of Jan 1, 2024 | –1,107 | 4,546 | 71 | 4,680 | 8,191 |
Acquired and divested operations | — | 302 | — | 9 | 311 |
Changes with effect on cash-flow | 42 | –1,014 | –6 | 399 | –578 |
Changes with no effect on cash-flow | — | 1,012 | 5 | –335 | 682 |
Translation difference | –73 | 264 | 2 | 314 | 506 |
Net debt as of Dec 31, 2024 | –1,138 | 5,110 | 72 | 5,067 | 9,112 |
| 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 | 4,286 | 78 | 3,817 | 7,276 |
Acquired and divested operations | — | 629 | — | 398 | 1,026 |
Changes with effect on cash-flow | –237 | –919 | –4 | 542 | –617 |
Changes with no effect on cash-flow | — | 608 | –3 | 51 | 657 |
Translation difference | 34 | –57 | 0 | –128 | –151 |
Net debt as of Dec 31, 2023 | –1,107 | 4,546 | 71 | 4,680 | 8,191 |
Financial reports and notes Group
NOTE 24 — Financial risk management
| Estimated effect from changes | |||
| in exchange rates by 10% | |||
| Operating | |||
MSEK | Net sales | result | before tax |
EUR | +/– 795 | +/– 37 | +/– 26 |
USD | +/– 418 | +/– 26 | +/– 18 |
GBP | +/– 136 | +/– 17 | +/– 12 |
EUR, USD & GBP | +/– 1,349 | +/– 80 | +/– 56 |
| Nominal | Average | |
| amount | hedging | |
| Currencies | MSEK | rate |
EUR/SEK | 257 | 11.49 |
GBP/SEK | 150 | 13.78 |
EUR/PLN | 29 | 4.34 |
USD/PLN | 0.5 | 3.94 |
PLN/SEK | 0.6 | 2.64 |
Elanders Annual and Sustainability Repo 2024 — 141
NOTE 24 — Financial risk management (cont.)
| Non- | ||
| Floating | interest- | |
| MSEK | interest | bearing |
Other securities | — | 65 |
Long-term receivables | — | 14 |
Current receivables | — | 2,278 |
Cash and bank | 1,138 | — |
Long-term liabilities | –8,952 | — |
Current liabilities | –1,298 | –1,072 |
Total | –9,112 | 1,285 |
Financial reports and notes Group
NOTE 25 — Provisions for post-employment benefits
Elanders Annual and Sustainability Repo 2024 — 143
NOTE 25 — Provisions for post-employment benefits (cont.)
Defined benefit pension plans
The fair value of the plan assets in the Elanders’ defined benefit
pension plans amounted to MSEK 26 (23) as of 31 December 2024
and the present value of the pension obligations amounted to
MSEK 98 (94). 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 | 2024 | 2023 |
Discount rate, % | 3.35 | 3.60 |
Expected return on plan assets, % | 3.35 | 3.60 |
| Provisions for post-employment obligations | |||
| Funded | Unfunded | ||
| MSEK | plans | plans | Total |
| Present value of post- employment | |||
obligations | 82 | 16 | 98 |
The fair value of plan assets | –26 | — | –26 |
| Provision for post-employment | 56 | 16 | 72 |
| obligations according to the balance | |||
| sheet |
| Change in current value of the post-employment obligations | ||
MSEK | 2024 | 2023 |
Opening balance | 94 | 101 |
Interest expense | 4 | 3 |
Actuarial gains(–)/losses(+), net | 2 | –5 |
Current year service cost | 0 | 0 |
Pensions paid out | –5 | –5 |
Translation difference | 3 | 0 |
Closing balance | 98 | 94 |
| Change in plan assets fair value | ||
MSEK | 2024 | 2023 |
Opening balance | 23 | 23 |
Return on plan assets | 1 | 1 |
Disbursement | 0 | –1 |
Actuarial gains(–)/losses(+), net | 1 | 0 |
Translation difference | 1 | 0 |
Closing balance | 26 | 23 |
| Net expense recognized in the income statement regarding | ||
| defined benefit plans | ||
MSEK | 2024 | 2023 |
Current year service cost | 0 | 0 |
Interest expense | 4 | 3 |
Return on plan assets | –1 | –1 |
Total | 3 | 3 |
Defined contribution pension plans
The defined contribution pension costs for the current period are
included in the income statement and amount to MSEK 62 (56). The
obligations for retirement and sick pensions for white-collar workers
for several of the Swedish companies have been safe guarded through
an insurance in Alecta. The payments for pension insurances to Alecta
totaled MSEK 3 (1) in 2024. For 2025, no significant changes are
expected regarding the total costs for pension insurance from Alecta.
Financial reports and notes Group
| MSEK | |||||
Elanders Annual and Sustainability Repo 2024 — 145
MSEK | 2024 | 2023 |
Holiday pay liability | 71 | 66 |
Social security contributions | 55 | 53 |
Accrued salaries and remuneration | 191 | 188 |
Accrued expenses for services and goods received | 416 | 389 |
Other accrued expenses and deferred income | 140 | 173 |
Closing balance | 873 | 869 |
| Pledged assets | ||
MSEK | 2024 | 2023 |
Floating charges | 119 | 119 |
Other pledged assets | — | — |
Total | 119 | 119 |
| Whereof pledged to: | ||
— credit institutions | 119 | 119 |
| Contingent liabilities | ||
MSEK | 2024 | 2023 |
Contingent liabilities | 0 | 0 |
Total | 0 | 0 |
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 5,436 (5,869). 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 2024 and 2023 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. During the year, Vinge has provided the Group with ongoing
legal counsel. The total transactions during the year amounted to less
than MSEK 1.
The Group leases a property in a subsidiary, where the property is
wholly owned by a person who has significant influence in the subsid-
iary in question.
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.
Financial reports and notes Group
| MSEK | |||
Elanders Annual and Sustainability Repo 2024 — 147
NOTE 31 — Events after the balance sheet date
After the balance sheet date Elanders has consolidated the leadership of
Supply Chain Solutions in the UK under Tim Bloch, who also replaces
Ged Carabini in the Group Management. Tim Bloch is currently CEO
of Bishopsgate Newco Ltd, a company within the Elanders Group, and
has a long and solid experience in contract and third-party logistics.
Tim Bloch has led the team at Bishopsgate since 2007, through 18
years of solid growth and development.
Apart from what has been presented above and in this report in gen-
eral, no other significant events have occurred after the balance sheet
date up to the date of signature of this report.
Financial reports and notes Parent company
Statements of comprehensive income
MSEK 2024 2023
Result for the year 40 279
Other comprehensive income — —
Total comprehensive income for the year 40 279
Income statements
MSEK Note 2024 2023
Net sales 50 47
Selling expenses –14 –12
Administrative expenses 2 –101 –75
Other operating income 3 7 7
Other operating expenses 3 –2 —
Operating result 4, 7 –60 –33
Result from shares in subsidiaries 193 276
Interest income 299 211
Other nancial income 214 134
Interest expenses –326 –192
Other nancial expenses –318 –116
Result aer nancial items 5 2 280
Taxes 6 38 –1
Result for the year 40 279
Elanders Annual and Sustainability Repo 2024 — 149
Cash ow statements
MSEK Note 2024 2023
Operating activities
Result aer nancial items 2 280
Adjustments for items not included in cash ow from operating activities 15 –143 –398
Paid taxes 0 0
Cash ow from operating activities before changes in working capital -141 –118
Cash ow from changes in working capital
Increase (–)/decrease (+) in operating receivables 12 33
Increase (+)/decrease (–) in operating liabilities 7 5
Cash ow from operating activities –123 –81
Investing activities
Acquisition of tangible assets and intangible assets 10, 11 –1 –1
Acquisition of subsidiaries 9 –575 –222
Received dividends from subsidiaries 15 193 299
Lending to and from subsidiaries –408 –363
Cash ow from investing activities –791 –287
Financing activities
Amoization of loans 13 –141 –126
New loans 13 560 885
Other changes in interest-bearing liabilities 13 542 –197
Dividend to parent company shareholders –147 –147
Cash ow from nancing activities 814 415
Cash ow for the year –99 47
Cash and cash equivalents at the beginning of the year 328 281
Cash and cash equivalents at year-end 229 328
Financial reports and notes Parent company
Balance sheets
MSEK Note 2024 2023
Assets
Fixed assets
Intangible assets 10 — 2
Tangible xed assets 11 0 0
Shares in subsidiaries 9 2,842 2,278
Receivables from group companies 4,124 3,371
Deferred tax assets 6 151 113
Other nancial assets 0 0
Total xed assets 7,118 5,764
Current assets
Receivables from group companies 160 182
Other receivables 1 2
Prepaid expenses and accrued income 17 30
Cash and bank balances 229 328
Total current assets 407 541
Total assets 7,525 6,306
Equity, provisions and liabilities
Equity
Share capital 354 354
Statutory reserve 332 332
Restricted equity 686 686
Unrestricted equity 8 1,204 1,312
Total equity 1,890 1,998
Provisions
Other provisions 4 2
Total provisions 4 2
Liabilities
Long-term liabilities
Liabilities to credit institutions 13, 14 4,771 3,590
Other liabilities 0 21
Total long-term liabilities 4,772 3,611
Current liabilities
Liabilities to credit institutions 13, 14 187 133
Accounts payable 4 5
Liabilities to group companies 592 504
Other liabilities 21 14
Accrued expenses and deferred income 12 40 40
Other provisions 14 —
Total current liabilities 859 696
Equity, provisions and liabilities 7,525 6,306
Elanders Annual and Sustainability Repo 2024 — 151
Statements of changes in equity
MSEK
Share
capital
Statutory
reserve
Unrestricted
equity Total
Opening balance as of 1 Jan. 2023 354 332 1,180 1,866
Dividend — — –147 –147
Result for the year — — 279 279
Other comprehensive income — — — —
Closing balance as of 31 Dec. 2023 354 332 1,312 1,998
Dividend — — –147 –147
Result for the year — — 40 40
Other comprehensive income — — — —
Closing balance as of 31 Dec. 2024 354 332 1,204 1,890
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 Recommen-
dation RFR 2 Accounting for legal entities and where applicable state-
ments 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 par-
ent 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 differ-
ence between the rules of the Pension Obligations Vesting Act and IAS
19 Employee Benefits in respect of pensions is that Swedish practice
disregards future increases in salaries and pensions when calculating
the present value of the pension obligation. Both defined contribution
and defined benefit plans exist in the Parent Company.
Financial guarantee contracts
The parent company’s financial guarantee contracts consist primarily
of guarantees on behalf of subsidiaries. A financial guarantee contract
is a contract in which the company has a commitment to reimburse the
holder of a debt instrument for loss it incurs because a specified debtor
fails to make payment when due according to the contract terms. The
parent company applies RFR 2 p. 71 to account for financial guar-
antees, which is a relief compared to the rules in IAS 39 connected to
reporting and taxation. The parent company recognizes financial guar-
antee 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 Recommen-
dation 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 acquisi-
tion 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 eect in 2024
No new standards, amendments or interpretations that have had sig-
nificant effect on the company’s financial reports have come into effect
during 2024.
NOTE 2 — Fees to the auditors
MSEK | 2024 | 2023 |
| PwC | ||
Audit assignment | 4 | 3 |
Audit-related services | — | — |
Tax advisory services | — | — |
Other services | 0 | 1 |
Total | 4 | 4 |
No fees were paid to other auditing rms.
Audit assignment is dened as the statutory audit, i.e. the work necessary to
produce the auditor’s repo as well as so called audit consultation given in
connection with the audit.
NOT 3 — Other operating income
and other operating expenses
| Other operating income | ||
MSEK | 2024 | 2023 |
Exchange rate gains | 0 | 0 |
Other | 7 | 7 |
Total | 7 | 7 |
| Other operating expenses | ||
MSEK | 2024 | 2023 |
Capital losses on disposal of xed assets | –2 | — |
Total | –2 | — |
Elanders Annual and Sustainability Repo 2024 — 153
NOTE 4 — Personnel
Please see note 5 to the consolidated financial statements for personnel
related information.
NOTE 5 — Result from nancial items
| Result from shares in subsidiaries | ||
MSEK | 2024 | 2023 |
Write-downs of shares in subsidiaries | — | –24 |
Dividends from subsidiaries | 193 | 299 |
Total | 193 | 276 |
| Interest income | ||
MSEK | 2024 | 2023 |
Interest income, external | 14 | 9 |
Interest income, subsidiaries | 286 | 202 |
Total | 299 | 211 |
| Other nancial income | ||
MSEK | 2024 | 2023 |
Exchange rate gains | 214 | 134 |
Total | 214 | 134 |
| Interest expenses | ||
MSEK | 2024 | 2023 |
Interest expenses, external | –302 | –176 |
Interest expenses, subsidiaries | –25 | –15 |
Total | –326 | –192 |
| Other nancial expenses | ||
MSEK | 2024 | 2023 |
Exchange rate losses | –304 | –103 |
Other nancial expenses | –14 | –13 |
Total | –318 | –116 |
NOTE 6 — Taxes
Accounting principles
Tax pooling in the Group is carried out through group contributions
paid and received. When accounting for group contributions, the
parent company applies the alternative rule according to RFR 2
and recognize the net of group contributions paid and received as
appropriations. The parent company recognizes most of the Group’s
Swedish taxes. In the table below, the expected tax expense is
calculated based on prot 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.
| Tax on the result for the year | ||
MSEK | 2024 | 2023 |
Withholding tax on income from foreign subsidiaries | 0 | 0 |
Correction of previous years’ current tax expense | 0 | 0 |
Deferred tax | 38 | –1 |
Total | 38 | –1 |
| Reconciliation of recorded tax | ||
MSEK | 2024 | 2023 |
Result before taxes | 2 | 280 |
Tax according to Swedish tax rate of 20.6 (20.6)% | 0 | –58 |
| Tax eect of: | ||
— non-taxable dividends from subsidiaries | 40 | 62 |
— write-downs of shares in subsidiaries | — | –5 |
| — withholding tax on income from foreign | ||
subsidiaries | 0 | 0 |
| — non tax-deductible contribution, representation | ||
and association costs | –1 | 0 |
— other | 0 | 0 |
Total | 38 | –1 |
| Deferred tax receivables | ||
MSEK | 2024 | 2023 |
Tax loss carry forwards | 135 | 100 |
Other | 16 | 13 |
Total | 151 | 113 |
Financial reports and notes Parent company
NOTE 7 — Transactions with related paies
Sales of products and services
The parent company reimburse its subsidiaries for services mainly re-
lating 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 subsid-
iaries for MSEK 3 (3). Erik Gabrielson, who is member of the Board,
is partner in Vinge Law Firm. During the year, Vinge has provided
the Group with ongoing legal counsel. The total transactions during
the year amounted to less than MSEK 1. 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 mem-
bers and Group Management is reported in note 5 to the consolidated
financial statements.
NOTE 8 — Proposed appropriation of prots
Prot and other non-restricted equity at the disposition of the Annual
General Meeting:
MSEK | 2024 | 2023 |
Retained earnings | 1,165 | 1,033 |
Net result for the year | 40 | 279 |
Total | 1,204 | 1,312 |
The Board of Directors and the Chief Executive Ocer propose that the
prot and other non-restricted equity will be dealt with accordingly:
MSEK | 2024 | 2023 | |
SEK 4.15 | (4.15) per share is distributed to the | ||
shareholders | 147 | 147 | |
Remaining balance to be carried forward | 1,058 | 1,165 | |
Total | 1,204 | 1,312 |
Accounting principles
Shares in associated companies, jointly controlled entities and sub-
sidiaries are reported in the parent company according to the acqui-
sition method. Acquisition-related costs for subsidiaries, which are
expensed in group accounting, are included as part of the acquisi-
tion value for shares in subsidiaries. An annual assessment is made
of whether there is any indication of impairment regarding shares
in subsidiaries. The need for impairment is examined individually
and impairment occurs if the decrease in value is considered to be
permanent.
Impairment
The impairment test means that the carrying amount of shares
in subsidiaries is compared with consolidated equity. This year’s
impairment test of the book value of shares in subsidiaries has not
resulted in any impairment.
MSEK | 2024 | 2023 |
Opening balance | 2,278 | 2,080 |
Investments | 565 | 222 |
Revaluation of additional consideration | –1 | — |
Write-downs | — | –24 |
Closing balance | 2,842 | 2,278 |
Elanders Annual and Sustainability Repo 2024 — 155
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 | |
Elanders do Brasil Representações Ltda | 08.789.936/0001-55 | São Paulo, Brazil | 3,105,550 | 100 | 12 |
Mentor Gerenciamento de Supply Chain (Brasil) Ltda | 08.849.405/0001-00 | São Paulo, Brazil | 7,241,126 | 100 | 9 |
Elanders Holding GmbH | HRB105591 | Herrenberg, Germany | 25,000 | 100 | 381 |
LGI Logistics Group International GmbH | HRB243806 | Herrenberg, Germany | — | 100 | — |
Helix Software + Support GmbH | HRB226056 | Herrenberg, Germany | — | 100 | — |
ITG GmbH Internationale Spedition und Logistik | HRB66157 | München, Germany | — | 100 | — |
ITG Air & Sea GmbH | HRB250422 | Oberding (Schwaig), Germany | — | 75 | — |
ITG International Transports Inc. | 43240627 | Boston, USA | — | 100 | — |
ITG Austria GmbH | FN 560496i | Reichersberg, Austria | — | 100 | — |
ITG Fulfillment GmbH | HRB33746 | Oberhausen, Germany | — | 100 | — |
LGI Netherlands BV | 34083373 | Amsterdam, Netherlands | — | 100 | — |
Eijgenhuijsen Exploitatie BV | 08040501 | Ruurlo, Netherlands | — | 100 | — |
Eijgenhuijsen Precisievervoer BV | 08064979 | Ruurlo, Netherlands | — | 100 | — |
LGI Austria GmbH | FN 349601 w | Laxenburg, Austria | — | 100 | — |
LGI Espana s.l. | B19274901 | Cabanillas del Campo, Spain | — | 100 | — |
LGI Hungária Logisztikai Kft. | 13-09-140503 | Páty, Hungary | — | 100 | — |
LGI Logistics Group International AB | 556727-7990 | Borås, Sweden | — | 100 | — |
LGI Logistics Group International Ltd | 07251732 | Milton Keynes, UK | — | 100 | — |
Bonds Worldwide Holdings Ltd | GB 4608847 | Birmingham, UK | — | 100 | — |
Bonds Technical Couriers Ltd | GB 3036141 | Birmingham, UK | — | 100 | — |
Bonds Worldwide Express Ltd | GB 1938935 | Birmingham, UK | — | 100 | — |
LGI Polska Sp. z o.o. | KRS 0000246814 | Wroclaw, Poland | — | 100 | — |
LGI Romania s.r.l. | J02/1032/2019 | Arad, Romania | — | 100 | — |
LGI Czechia s.r.o. | CZ25204581 | Zákupy, Czech Republic | — | 100 | — |
LGI Deutschland GmbH | HRB354685 | Herrenberg, Germany | — | 100 | — |
LGI FreightLog GmbH | HRB761526 | Freiberg am Neckar, Germany | — | 100 | — |
LGI Logistics Solution GmbH | HRB32410 | Hünxe, Germany | — | 100 | — |
LGI reuseIT GmbH | HRB781610 | Herrenberg, Germany | — | 100 | — |
LGI TechLog GmbH | HRB513968 | Erfurt, Germany | — | 100 | — |
Logistik Lernzentrum GmbH | HRB246072 | Böblingen, Germany | — | 100 | — |
MotoristicSolutions GmbH | HRB781648 | Herrenberg, Germany | — | 100 | — |
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 Holding UK Limited | 15224840 | Cheshire, UK | 99 | 100 | 359 |
Bishopsgate Holding Ltd | GB15087903 | Swindon, UK | — | 88 | — |
Bishopsgate Newco Ltd | GB15087826 | Swindon, UK | — | 100 | — |
Kammac Ltd | 2255591 | Skelmersdale, UK | — | 100 | — |
Elanders Holding USA Inc. | 87-2849643 | Delaware, USA | 10,000 | 100 | 851 |
Bergen Shippers Corp | 0400327871 | New Jersey, USA | — | 100 | — |
Bergen Logistics Canada, Inc. | 002489278 | Brampton, Canada | — | 100 | — |
Bergen Ventures BV | 860650704 | Veghel, Netherlands | — | 100 | — |
Bergen Logistics BV | 860652397 | Veghel, Netherlands | — | 100 | — |
Rey 11 LLC | 0400422543 | New Jersey, USA | — | 100 | — |
CloudX Systems LLC | 0450769787 | New Jersey, USA | — | 100 | — |
Rex 11 SRL | 1016600023931 | Chișinău, Moldova | — | 100 | — |
Elanders Hungary Kft | 20-09-065122 | Zalalövő, Hungary | 1 | 100 | 146 |
Elanders Infologistics AB | 556121-8891 | Mölndal, Sweden | 314,330 | 100 | 287 |
Elanders Sverige AB | 556262-1689 | Borås, Sweden | — | 100 | — |
Elanders Italy S.r.l. | 05686620963 | Ponzano Veneto, Italy | 1 | 100 | 3 |
Elanders Kaisheim GmbH | HRB18350 | Kaisheim, Germany | 1 | 100 | 5 |
Elanders Donauwörth GmbH | HRB28117 | Donauwörth, Germany | — | 100 | — |
Elanders Ltd | GB 3788582 | Newcastle, UK | 2,300,000 | 100 | 31 |
Spreckley Ltd | 4179929 | Newcastle, UK | — | 100 | — |
Elanders Polska Sp. z o.o. | KRS 0000101815 | Płońsk, Poland | 144,280 | 100 | 90 |
Elanders Annual and Sustainability Repo 2024 — 157
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 Waiblingen GmbH | HRB722349 | Waiblingen, Germany | 1 | 100 | 109 |
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 CBZ (Chongqing) Co., Ltd | 915000005814642169 | Chongqing, China | — | 100 | — |
Mentor Media (Chongqing) Co., Ltd – Wuhan Branch | 91420100MA4KYTDK3K | Wuhan, China | — | — | — |
Mentor Media (Kunshan) Co., Ltd | 913205837584821700 | Kunshan, China | — | 100 | — |
Mentor Media Juárez S.A. de C.V. | MMJ0810145N1 | Juárez, Mexico | — | 100 | — |
Mentor Media Ltd, Taiwan Branch | 70777068 | Taoyuan, Taiwan | — | — | — |
Mentor Media (Shenzhen) Co., Ltd | 91440300726187433D | Shenzhen, China | — | 100 | — |
Mentor Supply Chain (Shenzhen) Co., Ltd Chongqing branch | 91500107MAE58P1995 | Chongqing, China | — | — | — |
Mentor Supply Chain (Shenzhen) Co., Ltd Shanghai branch | 91310115MAE7X5BU8C | Shanghai, China | — | — | — |
Mentor Supply Chain (Shenzhen) Co., Ltd Xiamen branch | 91350200MAE5E0T40H | Xiamen, China | — | — | — |
Mentor Media (Shenzhen) Logistics Ltd | 91440300793899377C | 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 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 | — |
Midland Information Resources Company | 42-1468885 | Davenport, USA | 10,000 | 100 | 223 |
ElandersUSA, LLC | 58-1448183 | Atlanta, USA | — | 100 | — |
myphotobook GmbH | HRB265124 | Berlin, Germany | 3 | 100 | 217 |
ReuseIT AB | 559342-0507 | Mölndal, Sweden | 50,000 | 85 | 119 |
ReuseIT Finance AB | 559210-6602 | Växjö, Sweden | — | 100 | — |
ReuseIT Sweden AB | 559210-6404 | Växjö, Sweden | — | 100 | — |
Total | 2,842 |
No book value is stated for the companies not directly owned by the parent company.
Financial reports and notes Parent company
NOTE 10 — Intangible assets
Accounting principles
The parent company amoizes goodwill according to plan, which is not permied for the Group. Goodwill is amoized on a straight-line basis over a
twenty-year period since it relates to acquisitions of a strategic nature. Other intangible assets refer to soware and is amoized over 3–5 years.
| Other | ||||||
| Goodwill | intangible assets | Total | ||||
MSEK | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
Opening acquisition value | 2 | 2 | 7 | 5 | 9 | 7 |
Acquisitions | — | — | 1 | 1 | 1 | 1 |
Disposals | — | — | –7 | — | –7 | — |
Closing acquisition value | 2 | 2 | 1 | 7 | 3 | 9 |
Opening accumulated amoization and write-downs | –2 | –2 | –4 | –4 | –6 | –6 |
Amoization of the year | — | 0 | –1 | –1 | –1 | –1 |
Disposals | — | — | 4 | — | 4 | — |
Closing accumulated amoization and write-downs | –2 | –2 | –1 | –4 | –3 | –6 |
Net residual value | — | — | — | 2 | — | 2 |
| Amoization specied per function in the income statement | ||
MSEK | 2024 | 2023 |
Selling expenses | –1 | –1 |
Administrative expenses | 0 | 0 |
Total | –1 | –1 |
Elanders Annual and Sustainability Repo 2024 — 159
NOTE 12 — Accrued expenses and deferred
income
MSEK | 2024 | 2023 |
Salaries and holiday pay | 7 | 6 |
Social security contributions | 17 | 14 |
Interest | 2 | 6 |
Other accrued expenses and deferred income | 14 | 15 |
Closing balance | 40 | 40 |
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, EUR and
SEK. The interest rate on the loans per 31 December 2024 was in the
interval 4.35–6.95 (5.07–7.14) percent.
Please see note 24 to the consolidated financial statements for
information regarding financial risk management.
| Changes in interest-bearing liabilities | ||
MSEK | 2024 | 2023 |
Opening balance | 3,724 | 3,258 |
New loans | 560 | 885 |
Amoization of loans | –141 | –126 |
Other changes in interest-bearing liabilities | 552 | –197 |
Translation dierence | 263 | –95 |
Closing balance | 4,958 | 3,724 |
Bank overdra facilities
Utilized amounts and available credit in group bank overdraft facilities
are given below.
MSEK | 2024 | 2023 |
Bank overdra facilities, utilized amount | –9 | — |
Bank overdra facilities, granted amount | 242 | 236 |
Not utilized overdra | 233 | 236 |
NOTE 11 — Tangible xed assets
Accounting principles
The parent company’s tangible xed assets refer to oce equip-
ments and is depreciated over a straight-line basis over 3–5 years.
| Equipment, tools, | ||
| xtures and ings | ||
MSEK | 2024 | 2023 |
Opening acquisition value | 1 | 1 |
Disposals | 0 | — |
Closing acquisition value | 1 | 1 |
Opening accumulated depreciation | –1 | –1 |
Depreciation for the year | 0 | 0 |
Disposals | 0 | — |
Closing accumulated depreciation | –1 | –1 |
Net residual value | 0 | 0 |
Depreciation has been charged entirely to administrative expenses.
There has been no nancial leasing.
Financial reports and notes Parent company
NOTE 14 — Pledged assets and contingent liabilities
Accounting principles
The parent company’s nancial guarantee contracts consist primarily
of guarantees on behalf of subsidiaries. A nancial 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 specied debtor
fails to make payment when due according to the contract terms. The
parent company applies RFR 2 p. 71 to account for nancial guarantees,
which is a relief compared to the rules in IAS 39 connected to repo-
ing and taxation. The parent company recognizes nancial 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 2024 in
respect of the subsidiaries Elanders 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 2024, until they are satised in full and the guarantee
is enforceable against the company by any person to whom the subsid-
iary companies are liable in respect of those liabilities. The subsidiaries
have taken advantage of the exemption from audit by viue of Section
479(A) of the UK Companies Act 2006. In accordance with Section 401
of the UK Companies Act 2006, Elanders Holding UK Limited applies the
exemption from preparing consolidated nancial statements as they are
included in the consolidated nancial statements of Elanders AB.
The parent company has issued a guarantee to the subsidiaries
Elanders Kaishem GmbH, Elanders Donauwöh GmbH, Elanders
Waiblingen GmbH and Elanders Holding GmbH, all registered in
Germany. The parent company guarantees for all obligations of Elanders
Kaishem GmbH, Elanders Donauwöh GmbH, Elanders Waiblingen
GmbH and Elanders Holding GmbH existing as of 31 December 2024
until the end of the following nancial year. As a consequence of
this, Elanders Kaishem GmbH, Elanders Donauwöh 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 Soware +
Suppo GmbH, Logistik Lernzentrum GmbH, LGI Logistics Solution
GmbH, ITG GmbH Internationale Spedition und Logistik, ITG Fulllment
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 Commercial Code (HGB). Those rules exempt from legal
audit and publishing and allows preparation reliefs of the nancial
statements. Fuhermore, 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 nancial statements and the management
commentary as they are included in the consolidated nancial state-
ments of Elanders AB.
| Pledged assets | Contingent liabilities | ||||
MSEK | 2024 | 2023 | MSEK | 2024 | 2023 |
Floating charges | 3 | 3 | Surety and contingent liabilities given for | ||
subsidiaries | 146 | 151 | |||
Other pledged assets | — | — | |||
Total | 146 | 151 | |||
Total | 3 | 3 | |||
| Given to: | |||||
Credit institutions | 3 | 3 | |||
Total | 3 | 3 | |||
Other pledged assets primarily refer to collateral in the form of shares in subsidiaries. |
Elanders Annual and Sustainability Repo 2024 — 161
NOTE 15 — Supplementary information to the statements of cash ow
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 ow from | ||
| operating activities | ||
MSEK | 2024 | 2023 |
Depreciation, amoization and write-downs of intangible and tangible assets | 3 | 1 |
Dividends from subsidiaries | –193 | –299 |
Unrealized exchange rate gains/losses | 31 | –113 |
Other items | 16 | 14 |
Total | –143 | –398 |
| Paid and received interest | ||
MSEK | 2024 | 2023 |
Paid interest | –325 | –186 |
Received interest | 272 | 253 |
Total | –53 | 67 |
| Dividends received from subsidiaries | ||
MSEK | 2024 | 2023 |
Elanders Donauwöh GmbH | 46 | — |
Elanders Hungary K | 9 | 17 |
Elanders Ltd | — | 51 |
Elanders Polska Sp. z o.o. | 9 | 4 |
Elanders UK Ltd | — | 8 |
Elanders Waiblingen GmbH | 127 | 215 |
ReuseIT AB | 3 | 4 |
Total | 193 | 299 |
Proposed appropriation of profits
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 state-
ments 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 1,204,388,778 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 1,057,654,111 is to be carried
forward.
The Board of Directors believes that the proposed dividends are justifi-
able in relation to the demands that the business’ nature, scope and
risks make on Group equity and on the Group’s consolidation needs,
liquidity and its position in general.
This Annual Report will be presented at the Annual General Meeting
23 April 2025 for adoption
Mölndal 21 March 2025
Our auditor’s repo was issued on 21 March 2025
Öhrlings 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 Ocer
Main Schubach
Alexander Ståhl
Authorized Public Accountant
Financial reports and notes Proposed appropriation of prots
Elanders Annual and Sustainability Repo 2024 — 163
Auditor’s report
Auditor’s report
Unocial translation
To the general meeting of the shareholders of
Elanders AB (publ), corporate identity number
556008-1621
Repo on the annual accounts and consolidated accounts
Opinions
We have audited the annual accounts and consolidated accounts of
Elanders AB (publ) for the year 2024 except for the corporate gover-
nance statement on pages 104–108 and the sustainability report on
pages 57–100. The annual accounts and consolidated accounts of the
company are included on pages 52–162 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 2024 and its financial performance and cash flow for the
year then ended in accordance with the Annual Accounts Act. The con-
solidated accounts have been prepared in accordance with the Annual
Accounts Act and present fairly, in all material respects, the financial
position of the group as of 31 December 2024 and their financial
performance and cash flow for the year then ended in accordance with
IFRS Accounting Standards as adopted by the EU, and the Annual
Accounts Act. Our opinions do not cover the corporate governance
statement on pages 104–108 and the sustainability report on pages
57–100. The statutory administration report is consistent with the
other parts of the annual accounts and consolidated accounts.
We therefore recommend that the general meeting of shareholders
adopts the income statement and balance sheet for the parent company
and the group.
Our opinions in this report on the annual accounts and consoli-
dated accounts are consistent with the content of the additional report
that has been submitted to the parent company’s audit committee in
accordance with the Audit Regulation (537/2014) Article 11.
Basis for opinions
We conducted our audit in accordance with International Standards on
Auditing (ISA) and generally accepted auditing standards in Sweden.
Our responsibilities under those standards are further described in the
Auditor’s Responsibilities section. We are independent of the parent
company and the group in accordance with professional ethics for
accountants in Sweden and have otherwise fulfilled our ethical respon-
sibilities 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 com-
pany 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.
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 judge-
ments; for example, in respect of significant accounting estimates that
involved making assumptions and considering future events that are
inherently uncertain. As in all of our audits, we also addressed the risk
of management override of internal controls, including among other
matters consideration of whether there was evidence of bias that repre-
sented 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 material-
ity. 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 material-
ity for the consolidated financial statements as a whole as set out in the
table below. These, together with qualitative considerations, helped us
to determine the scope of our audit and the nature, timing and extent
of our audit procedures and to evaluate the effect of misstatements,
both individually and in aggregate on the financial statements as a
whole.
Key audit maers
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.
Auditor’s report
Other Information than the annual accounts and consolidated
accounts
This document also contains other information than the annual
accounts and consolidated accounts and is found on pages 1–51,
167–187 and the sustainability report on pages 57–100. The other
information also consists of the Remuneration Report 2024, which we
obtained before the date of this audit 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 accordance
with IFRS Accounting Standards 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 prepara-
tion of annual accounts and consolidated accounts that are free from
material misstatement, whether due to fraud or error.
In preparing the annual accounts and consolidated accounts, The
Board of Directors and the Managing Director are responsible for the
assessment of the company’s and the group’s ability to continue as a
going concern. They disclose, as applicable, matters related to going
concern and using the going concern basis of accounting. The going
concern basis of accounting is however not applied if the Board of
Directors and the Managing Director intend to liquidate the company,
to cease operations, or has no realistic alternative but to do so.
The Audit Committee shall, without prejudice to the Board of
Director’s responsibilities and tasks in general, among other things
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. Mis-
statements 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 Revisorsins-
pektionen’s website: www.revisorsinspektionen.se/revisornsansvar. This
description is part of the auditor’s report.
Key audit maers How our audit addressed the Key audit maer
Valuation of intangible assets
— With reference to Note 13.
Goodwill and other intangible assets with an indenite useful life repre-
sents a signicant pa of the Balance Sheet of Elanders. The Company
peorms an impairment assessment of the assets based on a calcula-
tion of the discounted cash ow for the cash generating units in which
goodwill and other intangible assets are repoed.
This impairment test is based on a high level of judgments and assump-
tions regarding future cash ows. Information is provided in Note 13 as
to how the Company’s management has undeaken its assessments,
and also provides information on impoant assumptions and sensitiv-
ity analyses. Key variables in the test are growth rate, prot margins
and discount factor (cost of capital). It is presented that no impairment
requirement has been identied based on the assumptions undeaken.
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 as-
sess the risk of need for impairment.
We have also assessed the correctness of the disclosures included in
the nancial statements.
Elanders Annual and Sustainability Repo 2024 — 165
Repo on other legal and regulatory requirements
The auditor’s audit of the administration of the company and
the proposed appropriations of the company’s prot 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 2024 and the proposed appropriations of the company’s profit or
loss.
We recommend to the general meeting of shareholders that the
profit be appropriated in accordance with the proposal in the statutory
administration report and that the members of the Board of Director’s
and the Managing Director be discharged from liability for the finan-
cial 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 ful-
filled our ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinions.
— Responsibilities of the Board of Director’s and the Managing
Director
The Board of Directors is responsible for the proposal for appropria-
tions of the company’s profit or loss. At the proposal of a dividend,
this includes an assessment of whether the dividend is justifiable 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 position 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 administra-
tion according to the Board of Directors’ guidelines and instructions
and among other matters take measures that are necessary to fulfill the
company’s accounting in accordance with law and handle the manage-
ment 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
guarantee 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 repo
— 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 finan-
cial year 2024.
Our examination and our opinion relate only to the statutory
requirements.
In our opinion, the Esef report has been prepared in a format that,
in all material respects, enables uniform electronic reporting.
— Basis for Opinion
We have performed the examination in accordance with FAR’s recom-
mendation RevR 18 Examination of the Esef report. Our responsibility
under this recommendation is described in more detail in the Auditors’
responsibility section. We are independent of Elanders AB (publ) in
accordance with professional ethics for accountants in Sweden and
have otherwise fulfilled our ethical responsibilities in accordance with
these requirements.
We believe that the evidence we have obtained is sufficient and
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 Manag-
ing Director determine is necessary to prepare the Esef report without
material misstatements, whether due to fraud or error.
Auditor’s report
— Auditor’s responsibility
Our responsibility is to obtain reasonable assurance whether the Esef
report is in all material respects prepared in a format that meets the
requirements of Chapter 16, Section 4(a) of the Swedish Securities
Market Act (2007:528), based on the procedures performed.
RevR 18 requires us to plan and execute procedures to achieve
reasonable assurance that the Esef report is prepared in a format that
meets these requirements.
Reasonable assurance is a high level of assurance, but it is not a
guarantee that an engagement carried out according to RevR 18 and
generally accepted auditing standards in Sweden will always detect
a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in
aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of the ESEF report.
The 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 misstate-
ment in the report, whether due to fraud or error. In carrying out this
risk assessment, and in order to design audit 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 XHMTL format and a reconciliation of
the Esef report with the audited annual accounts and consolidated
accounts.
Furthermore, the procedures also include an assessment of
whether the consolidated statement of financial performance, financial
position, changes in equity, cash flow and disclosures in the Esef report
have 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 governance
statement on pages 104–108 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 RevR 16 The
auditor’s examination of the corporate governance 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 examina-
tion has provided us with sufficient basis for our opinions.
A corporate governance statement has been prepared. Disclosures
in accordance with chapter 6 section 6 the second paragraph points
2–6 of the Annual Accounts Act and chapter 7 section 31 the second
paragraph the same law are consistent with the other parts of the an-
nual accounts and consolidated accounts and are in accordance with
the Annual Accounts Act.
— Auditor’s repo on the statutory sustainability repo
It is the board of directors who is responsible for the statutory sustain-
ability report for the year 2024 on pages 57–100 and that it has been
prepared in accordance with the Annual Accounts Act according to the
prior wording that was in effect before 1 July 2024.
Our examination has been conducted in accordance with FAR’s
auditing standard RevR 12 The auditor’s opinion regarding the
statu tory sustainability report. This means that our examination of
the statu tory 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 suf-
ficient basis for our opinion.
A statutory sustainability report has been prepared.
Öhrlings PricewaterhouseCoopers AB was appointed auditor of
Elanders AB (publ)s by the general meeting of the shareholders on the
19 April 2024 and has been the company’s auditor since the 21 April
2008.
Mölndal 21 March 2025
Öhrlings PricewaterhouseCoopers AB
Eric Salander Alexander Ståhl
Authorized Public Accountant Authorized Public Accountant
Auditor in charge
This is a translation of the Swedish language original. In the event
of any differences between this translation and the Swedish language
original, the latter shall prevail.
Elanders Annual and Sustainability Repo 2024 — 167
168 Other information
168 Five years in summary
171 Share information and ownership
structure
174 Reconciliation of alternative
peormance measures
176 Financial denitions
177 Specic terms
178 Board of Directors
180 Group Management, auditors and
nomination commiee
182 Contact Elanders
186 Annual general meeting and nancial
calendar
4
Five years in summary
Income statements — Summary
MSEK 2024 2023 2022 2021 2020
Net sales 14,143 13,867 14,974 11,733 11,050
Operating expenses –13,357 –13,143 –14,125 –11,153 –10,504
Operating result (EBIT) 786 724 849 580 546
Financial items –507 –326 –183 –98 –132
Result after financial items 278 398 666 482 414
Result for the year 183 258 487 331 292
EBITDA 2,197 1,967 1,940 1,468 1,431
EBITDA excl. IFRS 16 1,019 929 1,068 770 737
EBITA 893 820 940 641 598
EBITA adjusted 879 927 966 658 598
Cash ow — Summary
MSEK 2024 2023 2022 2021 2020
Cash flow from operating activities 1,416 1,782 1,106 1,063 1,725
Paid taxes –222 –242 –196 –128 –42
Net investments –1,251 –1,012 –274 –1,394 –116
Operating cash flow 894 1,338 1,210 –105 1,783
Change in net debt 921 915 2,027 2,395 –1,106
Balance sheets — Summary
MSEK 2024 2023 2022 2021 2020
Goodwill 5,088 4,452 3,655 3,305 2,413
Other fixed assets 7,680 7,099 6,690 4,936 3,224
Inventory 378 349 619 400 233
Accounts receivable 2,194 2,038 2,139 1,822 1,344
Other current assets 589 586 567 438 324
Cash and cash equivalents 1,138 1,107 904 898 1,101
Equity 4,102 3,864 3,870 3,304 2,908
Interest-bearing liabilities 10,250 9,297 8,180 6,147 3,955
Non-interest-bearing liabilities 2,715 2,468 2,524 2,349 1,776
Total assets 17,067 15,630 14,574 11,800 8,369
Other information Five years in summary
Elanders Annual and Sustainability Repo 2024 — 169
Key ratios
2024 2023 2022 2021 2020
EBITA-margin, %
6.3 5.9 6.3 5.5 5.4
EBITA-margin adjusted, %
6.2 6.7 6.5 5.6 5.4
Operating margin, %
5.6 5.2 5.7 4.9 4.9
Prot margin, %
2.0 2.9 4.4 4.1 3.7
Equity ratio, %
24.0 24.7 26.6 28.0 33.6
Risk capital ratio, %
25.7 26.6 28.2 30.0 35.6
Interest coverage ratio, times
1.6 2.2 4.5 6.3 5.0
Debt/equity ratio, times
2.2 2.1 1.9 1.6 1.0
Return on equity, %
4.5 6.5 13.0 10.4 9.9
Return on capital employed, %
6.1 6.4 8.3 8.5 8.6
Return on total assets, %
5.1 6.5 11.6 6.3 6.4
Average number of employees
7,324 7,203 7,248 6,288 6,260
Number of employees at the end of the year
7,175 7,474 7,245 7,019 6,058
Net debt/EBITDA ratio RTM, times
4.1 4.2 3.7 3.6 2.0
Net debt/EBITDA ratio RTM excl. IFRS 16, times
4.0 3.9 2.8 3.3 1.5
Enterprise Value, MSEK
12,241 11,613 12,580 11,401 7,083
Risk capital, MSEK
4,387 4,161 4,107 3,537 3,076
Capital employed, MSEK
13,214 12,055 11,147 8,553 5,762
Net debt, MSEK
9,112 8,191 7,276 5,249 2,854
Net debt excl. IFRS 16, MSEK
4,031 3,655 3,022 2,539 1,123
For Reconciliation of alternative performance measures and Financial definitions, see pages 174–176.
0
4,000
8,000
12,000
16,000
Nettooms„ttning, Mkr
20242023202220212020
4%
5%
6%
7%
8%
EBITA-marginal
0
2,000
4,000
6,000
8,000
10,000
Nettooms„ttning, Mkr
20242023202220212020
1
2
3
4
5
RörelseresultatMkr
0
300
600
900
1,200
1,500
1,800
Nettooms„ttning, Mkr
20242023202220212020
Equity, MSEK
ROE, %
0
1,000
2,000
3,000
4,000
5,000
Eget kapital, Mkr
20242023202220212020
3%
6%
9%
12%
15%
Avkastning
0
1,000
2,000
3,000
4,000
5,000
Nettooms„ttning, Mkr
20242023202220212020
15%
25%
35%
45%
RörelseresultatMkr
“ The strategy of constantly broadening
the customer base to more industries
and increasing the geographical
spread has created a more resilient
Elanders that can beer handle a
decrease in demand.”
EBITA Net debt Cash ow
Return on equity Return on capital employed Equity ratio
Capital employed, MSEK
ROCE, %
Net debt, MSEK
Net debt/EBITDA RTM, times
Equity, MSEK
Equity ratio, %
Net sales, MSEK
EBITA margin adjusted, %
Cash flow from operating
activities, MSEK
0
3,000
6,000
9,000
12,000
15,000
Eget kapital, Mkr
20242023202220212020
4%
6%
8%
10%
Avkastning
Other information Five years in summary
Elanders Annual and Sustainability Repo 2024 — 171
Swedish institutions and Investment companies
Swedish companies
Swedish private individuals
Foreign owners
Source: Modular Finance AB/Euroclear Sweden AB.
During the rst half of 2024, the market for
Elanders' customers continued to weaken, for
then to improve in the second half of the year.
Increasing nancial costs combined with high
volatility in demand from ceain markets and
customer segments had a negative eect on
earnings per share, which contributed to the
company's B-share peorming worse than
Stockholm OMX PI during the year.
History
Elanders’ B shares were first listed on the Stockholm Stock Exchange
on 9 January 1989. On 31 December 2024 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 9 (56) percent during 2024, while
the Stockholm Stock Exchange index OMX Stockholm PI increased
by 6 (13) percent during the same period. During 2024, a total of
4,465,438 (4,819,125) shares were traded, which is equivalent to an
average turnover rate of approximately 0.13 (0.14) times.
The lowest share price during 2024 was SEK 84.50 on 18 October,
and the highest was SEK 126.20 on 2 April. The final share price in
2024 was SEK 87.80 (96.00), which means that Elanders’ market capi-
talization at year-end amounted to MSEK 3,104 (3,394).
Share capital, class of shares and liquidity guarantee
At the end of 2024, 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 Carnegie Investment Bank is the guarantor.
Share allocation
According to Modular Finance AB/Euroclear Sweden AB, Elanders
had 4,939 (4,628) shareholders at year-end. The share of foreign
share holders amounted to 7 (8) percent of the capital. Swedish private
individuals and institutions owned 11 (9) percent and 30 (31) percent
respectively of the capital. At the end of the year Carl Bennet AB con-
trolled 66 (66) percent of the votes and 50 (50) percent of the capital
Share information and
ownership structure
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,
represent approximately 30–50 percent of profit after tax.
Other information
Elanders’ financial information can be found at the Group website
www.elanders.com, under the section Investors.
Questions can also be asked to Elanders directly via e-mail at
info@elanders.com. Annual Reports, Quarterly Reports and other
information can be requested from Group headquarters at telephone
number +46 31 750 07 50, the website or through the above e-mail
address.
During the year, ABG Sundal Collier, Aktiespararna, Erik Penser
Bank and Nordea have continuously monitored the Group’s develop-
ment and published analyses of Elanders. From 2025, the Group is
monitored by Carnegie and Nordea.
Shareholder categories 31 december 2024
Percent of share capital Percent of votes
52.5
30.1
6.7
10.7
67.5
20.6
4.6
7.3
Share information and ownership structure
OMX Stockholm PI
ELAN B
Number of traded shares
Source: Modular Finance AB.
Data per share
2024 2023 2022 2021 2020
Net result, SEK 4.99 7.02 13.29 9.12 8.12
Net result adjusted, SEK 3.85 9.60 13.63 9.12 8.12
Share price at year-end, SEK 87.80 96.00 150.00 174.00 119.60
P/E ratio, times 12.51 13.7 11.3 19.1 14.7
Adjusted P/E ratio, times 22.81 10.0 11.0 19.1 14.7
P/S ratio, times 0.2 0.2 0.4 0.5 0.4
Dividend, SEK
1)
4.15 4.15 4.15 3.60 3.10
Dividend yield, % 4.1 3.4 2.9 2.2 4.6
Share price/equity, times 0.9 1.1 1.3 1.7 1.5
Equity, SEK 115.33 108.50 108.46 92.67 81.65
Risk capital, SEK 124.06 117.68 116.15 100.05 86.41
EBITDA, SEK 62.14 55.64 54.88 41.52 40.46
EBITDA excl. IFRS 16, SEK 28.81 26.28 30.20 21.78 20.84
Operating cash flow, SEK 25.29 37.84 34.23 –3.00 50.44
Cash flow from operating activities, SEK 40.04 50.39 31.27 30.10 48.80
Average number of outstanding shares, in thousands 35,358 35,358 35,358 35,358 35,358
Turnover rate, times 0.13 0.16 0.16 0.20 0.17
1)
Proposed by the Board for 2024.
For Reconciliation of alternative performance measures and Financial definitions, see pages 174–176.
Development of the Elanders share
0
300
600
900
1,
200
1
,500
0
50
100
150
200
20242023202220212020
SEK 1,000s/month
Other information Share information and ownership structure
Elanders Annual and Sustainability Repo 2024 — 173
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 11
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 14 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 16 in connection with the acquisition of Sommer Corporate Media
83,333 1,311,666 9,764,999 97,649,990
2010 New share issue 11
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 16 in connection with the acquisition of Mentor Media
194,444, 3,593,872 26,518,314 265,183,140
2016 New share issue 13 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 2024 1,814,813 33,542,938 35,357,751 353,577,510
Major shareholders 31 December 2024
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 — 4,280,000 8.3 12.1
Fourth Swedish National Pension Fund — 3,040,367 5.9 8.6
Carnegie Funds — 1,756,023 3.4 5.0
Protector Forsikring ASA — 801,739 1.6 2.3
Third Swedish National Pension Fund — 751,856 1.5 2.1
Söderberg & Partners — 546,612 1.1 1.5
Avanza Pension — 481,409 0.9 1.4
Dimensional Fund Advisors — 367,974 0.7 1.0
Provobis Holding — 250,000 0.5 0.7
Other shareholders — 5,363,362 10.4 15.2
Total 1,814,813 33,542,938 100.0 100.0
Source: Modular Finance AB/Euroclear Sweden AB.
Shareholder statistics 31 December 2024
Number of shares
Number of
shareholders
Number of
A shares
Number of
B shares
Percent of
share capital
Percent
of votes
1–500 3,985 — 453,371 1.3 0.9
501–5,000 827 — 1,199,601 3.4 2.3
5,001–50,000 104 — 1,622,659 4.6 3.1
50,001–500,000 16 — 2,770,019 7.8 5.4
500,001– 7 1,814,813 27,102,875 81.8 87.5
Anonymous ownership N/A — 394,413 1.1 0.8
Total 4,939 1,814,813 33,542,938 100.0 100.0
Source: Modular Finance AB/Euroclear Sweden AB.
MSEK 2024 2023 2022 2021 2020
Average total assets 16,888 14,853 13,661 9,741 9,198
Average cash and cash equivalents –1,234 –997 –847 –815 –944
Average non-interest-bearing liabilities –2,681 –2,491 –2,599 –2,127 –1,912
Average capital employed 12,973 11,365 10,215 6,799 6,342
Operating result 786 724 849 580 546
Return on capital employed % 6.1 6.4 8.3 8.5 8.6
Interest-bearing long-term liabilities 8,952 7,676 7,229 5,326 3,268
Interest-bearing short-term liabilities 1,298 1,621 951 821 687
Cash and cash equivalents –1,138 –1,107 –904 –898 –1,101
Net debt 9,112 8,191 7,276 5,249 2,854
Interest-bearing long-term liabilities excl. IFRS 16 4,929 4,070 3,747 3,279 2,124
Interest-bearing short-term liabilities excl. IFRS 16 240 691 179 158 100
Cash and cash equivalents –1,138 –1,107 –904 –898 –1,101
Net debt excl. IFRS 16 4,031 3,655 3,022 2,539 1,123
Operating result 786 724 849 580 546
Depreciation and write-downs 1,411 1,243 1,091 888 885
EBITDA 2,197 1,967 1,940 1,468 1,431
Operating result excl. IFRS 16 675 628 775 536 506
Depreciation and write-downs excl. IFRS 16 343 301 293 234 231
EBITDA excl. IFRS 16 1,019 929 1,068 770 737
Net debt/EBITDA RTM ratio, times 4.1 4.2 3.7 3.6 2.0
Net debt/EBITDA RTM ratio excl. IFRS 16, times 4.0 3.9 2.8 3.3 1.5
Operating result 786 724 849 580 546
Amortization of assets identified in conjunction with acquisitions 108 96 90 61 52
EBITA 893 820 940 641 598
Adjustments for one-off items –14 107 26 17 —
EBITA adjusted 879 927 966 658 598
Net sales 14,143 13,867 14,974 11,733 11,050
EBITA-margin, % 6.3 5.9 6.3 5.5 5.4
EBITA-margin adjusted, % 6.2 6.7 6.5 5.6 5.4
Reconciliation of alternative
peormance measures
Other information Reconciliation of alternative peormance measures
Elanders Annual and Sustainability Repo 2024 — 175
MSEK 2024 2023 2022 2021 2020
Share price at year-end, SEK 87.80 96.00 150.00 174.00 119.60
Number of shares as per balance sheet date, in thousands 35,358 35,358 35,358 35,358 35,358
Net debt 9,112 8,191 7,276 5,249 2,854
Equity attributable to non-controlling interests 25 28 36 27 21
Enterprise value, MSEK 12,241 11,613 12,616 11,428 7,104
Total assets 17,067 15,630 14,574 11,800 8,639
Cash and cash equivalents –1,138 –1,107 –904 –898 –1,101
Non-interest-bearing liabilities –2,715 –2,469 –2,524 –2,349 –1,776
Capital employed, MSEK 13,214 12,054 11,146 8,553 5,762
Average share price 100.10 121.87 143.27 161.86 66.68
Dividend per share, SEK
1)
4.15 4.15 4.15 3.60 3.10
Dividend yield % 4.1 3.4 2.9 2.2 4.6
Share capital 4,078 3,836 3,835 3,276 2,887
Share capital per share, SEK 115.33 108.50 108.46 92.67 81.65
Cash flow from operating activities 1,416 1,782 1,106 1,063 1,725
Net financial items 507 326 183 98 132
Paid tax 222 242 196 128 42
Net investments –1,251 –1,012 –274 –1,394 –116
Operating cash flow 894 1,338 1,210 –105 1,783
Average number of shares, in thousands 35,358 35,358 35,358 35,358 35,358
Operating cash flow per share, SEK 25.29 37.84 34.23 –3.00 50.43
Volume on the stock market, in thousands 4,465 4,819 5,529 6,584 5,848
Turnover rate 0.13 0.14 0.16 0.20 0.17
1)
Proposed by the board for the year 2024.
Added value
Net turnover minus material costs and forward
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 outstanding
during the period.
Capital employed
Total assets less liquid funds and non-interest-
bearing liabilities.
Capital turnover rate
Net sales in relation to average total assets.
Cash conversion
Operating cash flow, excluding considerations
paid for acquisitions, in relation to EBITDA.
Cash-ow 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 num-
ber 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 acquisitions.
Financial
denitions
EBITA adjusted
Earnings before interest, taxes and amortization;
operating result plus amortization of assets iden-
tified in conjunction with acquisitions adjusted
for one-off items.
EBITDA
Earnings before interest, taxes, depreciation and
amortization; operating result plus depreciation,
amortization and write-downs of intangible as-
sets and tangible fixed assets.
EBITDA excl. IFRS 16 RTM adjusted
EBITDA excl. IFRS 16 RTM adjusted is calculated
as the company’s reported EBITDA during the
last twelve-month period (RTM) excluding IFRS
16 effects, one-off items and adjusted for pro-
forma results for acquisitions.
Enterprise value
Market value plus net debt and non-controlling
interests.
Equity per share
Equity divided by the number of outstanding
shares at balance sheet date.
Equity ratio
Equity, including non-controlling interests,
in relation to total assets.
FTE
Full time equivalents refers to number of em-
ployees 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 ow
Cash flow from operating activities and investing
activities, adjusted for paid taxes and financial
items.
Operating cash ow per share
Operating cash flow divided by the average num-
ber 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.
Prot margin
Result after financial items in relation to net
turnover.
Propoion of risk capital
Risk capital in relation to total assets.
P/S ratio
Share price at year-end in relation to net turn-
over 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 aver-
age number of shares.
Financial denitionsOther information
Elanders Annual and Sustainability Repo 2024 — 177
Aer sales
Provision of services, support and spare parts
after making an initial sale. This occurs for exam-
ple in the provision of products which requires
regular upgrades.
Business-to-business (B2B)
Sale of goods and services between businesses,
such as between a manufacturer and a whole-
saler, 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 accurately, 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 prerequi-
site for print-on-demand and makes quick deliv-
eries in small editions possible. 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 performance
and efficiency in a process.
Specic
terms
FMCG
Fast-Moving Consumer Goods. Refers to prod-
ucts that sell quickly and have a short life cycle
and include everyday goods such as food, bever-
ages, and personal care items.
Fulllment
This term used to describe a number of steps in
the process between production and distribu-
tion. 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 cus-
tomers 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 recy-
cling. The service aims to maximize the product’s
life and optimize logistics flow in order to reduce
the environmental impact.
Oset print
A printing method in which ink and water are
spread out on a printing plate that is then
pressed against a rubber blanket. This absorbs
the ink and transfers it to the paper. The expres-
sion 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, mobile
applications and telephone communication.
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 commerce via both stores
and e-commerce that is referred to.
Online print
A service where printed matter can easily be
ordered via a web-based interface and the user
can create their own unique design. Typical
products are business cards, catalogues, books,
photo products, newsletters, calendars and
brochures.
Outsourcing
Companies or organizations choose to let an ex-
ternal 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 monitor-
ing of activities with the objective of creating
net value, building a competitive infrastructure,
leveraging worldwide logistics, synchronizing
supply with demand and measuring performance
globally.
Specic terms
Board of
Directors
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 Carl
Bennet AB and Lifco AB. Member
of the board of Arjo AB, Getinge AB
and Swedish-American Chamber of
Commerce, Inc.
Previous appointments: Manage-
ment consultant at Applied Value
LLC (New York office).
Shareholding (own and related
parties): 30,283 Class B shares.
Magnus Nilsson
Member of the Board.
President and CEO.
Born: 1966.
Education in Graphic Technology,
Design, Business Administration
and Marketing.
Elected in: 2010.
Employed in Elanders since 1999.
Shareholding: 107,577 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.
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.
Board of DirectorsOther information
Elanders Annual and Sustainability Repo 2024 — 179
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. Deputy Chairman of the
board of Bico Group AB. Member
of the board of Arjo 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: 10,000 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.
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 Lifco AB, 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): 9,000 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.
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.
Main Schubach
Employee representative.
Born: 1974.
Upper secondary education.
Elected in: 2015.
Work: Data and automation at
Elanders Sverige AB.
Shareholding: 1,000 Class B
shares.
Eva Elmstedt
Member of the Board.
Born: 1960.
Bachelor’s degree in Economics
and Computer Science, Stockholm
School of Economics and Indiana
University of Pennsylvania, USA.
Elected in: 2021.
Appointments on the Elanders
Board: Chairman of the audit
committee.
Other appointments: Chairman of
the board of Nordlo, Omegapoint AB
and Serline. 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): 15,000 Class B shares.
Group
Management
Tim Bloch
Supply Chain Solutions (Kammac &
Bishopsgate), President.
Born: 1964.
Employed since 2024. CEO
of Bishopsgate Newco Ltd, a
company within the Elanders
Group, and has a long and solid
experience in contract and
third-party logistics. Has led the
team at Bishopsgate since 2007,
through 18 years of solid growth
and development.
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 com-
pany Flyeralarm. Education in
Graphic Technology, Design and
Business Administration. More
than 15 years’ experience in print-
ing technologies, E-commerce,
Product Management and
Business Development.
Shareholding: 6,000 Class B
shares.
Åsa Vilsson
CFO.
Born: 1982.
Employed since 2014. Master of
Science in Business Administration.
Auditor during 2007-2013. Authorized
Public Accountant 2011.
Shareholding: 500 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 Logistics
Officer for Rent the Runway in the
USA.
Shareholding: None.
Magnus Nilsson
President and 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: 107,577 Class B
shares.
Group Management, auditors and nomination commieeOther information
Elanders Annual and Sustainability Repo 2024 — 181
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.
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 commiee
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.
Viktor Henriksson
Carnegie Funds.
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
commiee
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
President: Charles Ickes
Bergen Logistics Corporate HQ
5903 West Side Avenue, North Bergen,
NJ 07047, USA
Tel: +1 201 854 1512
USA
Bergen Logistics
5903 West Side Avenue, North Bergen,
NJ 07047, USA
Tel: +1 201 854 1512
299 Thomas E. Dunn Memorial Hwy.,
Rutherford, NJ 07070, USA
Tel: +1 201 624 2170
16012 Arthur Street, Cerritos, CA 90703, USA
Tel: +1 323 490 1075
7575 Cobb International Blvd, Kennesaw,
GA 30152, USA
CANADA
Canada INC
3925 Steeles Ave East, Unit 3 Brampton,
Ontario, L6T 5W5 Canada
Tel: +1 905 792 8585
NETHERLANDS
Bergen Logistics B.V.
De Amert 445, 5462 GH Veghel, Netherlands
Tel: +31 857 602 726
MOLDOVA
REX 11 S.R.L.
mun. Chiinău, sec. Centru, str. Negreteni, 9,
ap.(of.) 11, Moldova
Tel: +1 201 854 1512
LGI
Web: lgigroup.com
E-mail: info@lgi.de
President: Bernd Schwenger
LGI Logistics Group International GmbH
Corporate HQ
Konrad-Zuse-Str. 10, 71034 Böblingen, Germany
Tel: +49 7031 2009 0
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: +49 711 45984 173, Fax: +49 7114 5984 140
Gomaringen
c/o LGI Deutschland GmbH
Siemensstraße 4, 72810 Gomaringen, Germany
Tel: +49 7072 9151 100
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 2291 0, Fax: +49 7032 2291 111
Heilbronn
c/o LGI Deutschland GmbH
c/o AUDI AG
Alexander Baumann Straße 45, Building K40
74078 Heilbronn, 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
Martinistraße 33, 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
Other information Contact Elanders
— AREA FRANKFURT-HEIDELBERG
Ketsch
c/o LGI Deutschland GmbH
Vorpommernstraße 2, 68775 Ketsch, Germany
Tel: +49 6202 2899 011 3
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 10, 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
Erfurter Landstraße 59a, 99095 Erfurt, Germany
Tel: +49 3620 4722 201, Fax: +49 3620 4722 100
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
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
Tel: +31 5734 5318 0
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: +48 664 050 752
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 Repo 2024 — 183
Mentor Media
Web: www.mentormedia.com
E-mail: sales@mentormedia.com
President: Kok Khoon Lim
Mentor Media Ltd Corporate HQ
47 Jalan Buroh, #08-02, Singapore 619491
Tel: +65-6631 3333, Fax: +65-6896 3826
BRAZIL
Mentor Gerenciamento de Supply Chain
(Brasil) Ltda
Rod SP 073, 1.800 – KM 37 1 Galpao
Modulos 01, 02 E 03 – Bloco 300 – Distrito
Industrial Do Lageado – Salto – SP Brazil
Tel: +55 11 3195 3400
CHINA
Chengdu Mentor Media Co., Ltd
Floor3, BLDG 1, No.11 Zongbao Dadao Yiduan,
Gongxing Street, Shuangliu Area, Chengdu City,
610213, China
Tel: +86-28 6708 2288, Fax: +86-28 6708 2285
Mentor Supply Chain (Shenzhen) Co., Ltd
Chongqing branch
#303-02, 304-01, HP PC factory, No.22, Xi Yuan
Yi Lu, Xiyong Street, Gaoxin District, Chongqing
401332 China
Tel: +86-23 6562 0388, Fax: +86-23 6566 0985
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
Str, 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 Supply Chain (Shenzhen) Co., Ltd
Xiamen branch
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
Mentor Supply Chain (Shenzhen) Co., Ltd
Shanghai branch
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
Room 104, No.388 Huigang 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
Mentor Internet Solution Pte Ltd
47 Jalan Buroh, #08-02, Singapore 619491
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
551/6-8 WHA Logistics Park 1 Building, Mu 2,
Khao Khansong Sub-district, Si Racha District,
Chon Buri Province 20110 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
President: Tim Bloch
Kammac Skelmersdale Head Office
M58 Distribution Centre, Gillibrands Rd,
Skelmersdale, WN8 9TA, England
Tel: +44 1695 727272
UNITED KINGDOM
Kammac Skelmersdale M58 365
M58 Distribution Centre, Gillibrands Rd,
Skelmersdale, WN8 9TA, England
Kammac Knowsley Jupiter 143
143 Deacon Park, Hornhouse Lane, Knowsley,
Merseyside, L33 7YQ, 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
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
Kammac North Shields 48
Unit L6, High Flatworth, North Shields,
NE29 7UT, England
Bishopsgate Specialist Logistics
Web: bishopsgate.co.uk
E-mail: contactus@bishopsgate.co.uk
President: Tim Bloch
Bishopsgate Specialist Logistics, HQ
Unit 1 Interface, Technology Drive, Royal
Wootton Bassett, Swindon, SN4 8SY, England
Tel: +44 1793 859 010
UNITED KINGDOM
Bishopsgate Specialist Logistics
Premier Park, Unit A, Off Abbey Rd,
London NW10 7NZ, England
Tel: +44 2037 256 200
Unit E1B Birch Coppice Business Park, Dordon,
Tamworth B78 1SG, England
Tel: +44 1827 908 290
Bridge St, Golborne, Warrington WA3 3PX,
England
Tel: +44 1616 676 180
Unit 1 Belgrave Street, Bellshill Industrial Estate,
Bellshill, ML4 3NP, Scotland
Tel: +44 1417 732 266
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@elanders-donauwoerth.com
Tel: +49 90 67 06 34 0
Elanders Kaisheim GmbH
Gewerbepark 5, 86687 Kaisheim, Germany
Web: www.elanders.de
E-mail: info@elanders-kaisheim.com
Tel: +49 90 99 96 95 0
myphotobook GmbH
Köpenicker Str. 10, 10997 Berlin, Germany
Web: www.myphotobook.de
E-mail: kundenservice@myphotobook.de
Tel: +49 30 61 65 08 00 2
fotokasten – a brand of myphotobook GmbH
Web: www.fotokasten.de
E-mail: info@fotokasten.de
Tel: +49 30 61 65 08 00 1
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
SWEDEN
Elanders Sverige AB
Viared
Box 22035, 501 14 Borås, Sweden
Web: www.elanders.se
E-mail: info.sweden@elanders.com
Tel: +46 31 750 00 00
Vällingby
Box 518, 162 15 Vällingby, Sweden
Web: www.elanders.se
E-mail: info.sweden@elanders.com
Tel: +46 31 750 00 00
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
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
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 Repo 2024 — 185
Annual general meeting
and nancial calendar
Shareholders in Elanders AB (publ) are welcomed to
the company’s Annual General Meeting Wednesday 23 April 2025.
April July
Q
5
Other information Annual general meeting and nancial calendar
Q
Annual General Meeting
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.
Elanders Annual and Sustainability Repo 2024 — 187
January
Q
October
Q
6
Production facts
Art Direction and design Narva Communications.
Production Elanders AB in collaboration with
Narva Communications.
Paper cover Colorplan Imperial Blue 350 g.
Paper inlay Circle Silk Premium White 130 g.
Print Elanders Kaisheim GmbH, Germany,
a member of Elanders Group.
Photo
Adobe Stock: pages 23, 29–30, 33–34, 36.
Bergen Logistics: pages 5, 44–45, 50, 83.
Bishopsgate: pages 46, 180. Elanders: pages
19, 23, 37, 48–49. Kammac: page 47. LGI: pages
5–7, 19–20, 27–28, 31–32, 35, 38–39, 40–41, 44,
58–59, 63, 68, 87, 90, 94. Mentor Media: page
43. Mikael Göthage: pages 5, 9–10, 42, 178–181.
Pratham: page 94. Universeum: page 94.
Distribution policy
Elanders’ Annual and Sustainability Report is dis-
tributed to those share holders who have actively
ordered a printed version, certain customers and
other interested parties. It is possible to down-
load 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 and Elanders. This document is
essentially a translation of the Swedish language
version. In the event of any discrepancies be-
tween this translation and the original Swedish
document, the latter shall be deemed correct.
FSC ® labeled Annual and Sustainability Repo
For the Annual and Sustainability Report 2024, we have used the 100 percent recycled paper
Circle Silk Premium White with a basis weight of 130 g/m
2
for the inlay. For the cover we have
used the paper Colorplan Imperial Blue with a basis weight of 350 g/m
2
.
