Annual Report - Altia · We cherish, Altia annual report 2011 _ environmental responsibility . FINANCIAL RESPONSIBILITY ENVIRONMENTAL RESPONSIBILITY SOCIAL RESPONSIBILITY Business

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Annual Report2011

3 | 3

Financial responsibility

Environmental responsibility

Framework and definition of reporting

Social responsibility

We follow responsible business principles

Comparing the report to the recommendation by Global Reporting Initiative

Board of Directors

Executive Management Team

Contact details

Altia’s quality, safety and environmental principles

3536

33

444951

525456

39

Framework for sustainable development

32

Responsibility report

30

Altia’s year

CEO’s review

Fast track to the Nordic and Baltic markets

20

Industrial Services to customers

24

Selection of Altia’s own brands

18

Selection of Altia’s partner brands

22

Brands are the core of our growth

16Never-ending passion for brands

14Value in three waves

1008

Competitiveness through production, logistics and sourcing

26

04

Altia annual report 2011

_Contents

THIRSTFOR GROWTH

PASSIONFORBRANDS

FAST TRACK

TO THEMARKETS

WE THINK

AHEAD

SHARING

THE BEST

MOMENTS

BORN

RESPONSIBLE

IN GOODCOMPANY

2 | 3

5 | 54 | 5

Altia is the leading wine and spirits company offering quality brands in the Nordic and Baltic countries. Altia produces, delivers, markets, sells, imports and exports alcoholic beverages in these markets.

Altia’s own brands such as Blossa, Chill Out, Explorer, Renault, Grönstedts, Koskenkorva, Jaloviina, O.P. Anderson, Xanté and Skåne Akvavit have a strong market position and many of them a long heritage to cherish.

Altia’s partner brands represent both local and international brands from all over the world, such as Codorníu, Drostdy-Hof, Hardy’s, Jack Daniel’s, Bowmore, Nederburg, Ravenswood and Robert Mondavi.

Altia serves its customers, partners and consumers close to markets with its wide production, sales and logistics set-up.

Net sales, EUR million

Operating profit, EUR million

( % of net sales ) Profit before taxes, EUR million

( % of net sales)Profit for the period, EUR million

( % of net sales)Statement of financial position, EUR million

Return on equity, %Return on invested capital, %Equity Ratio, %Gearing, %Capital expenditure, EUR million

Average number of personnel

Key Ratios for Altia Group 200920102011

487.932.66.729.66.125.75.3

581.117.210.029.676.3106.41 122

407.315.63.89.42.35.31.3

398.44.34.234.355.56.71 042

524.834.46.631.15.921.34.1

586.811.68.432.551.86.11 178


_

Leading in the Nordics and Baltics

Total market volumes (mill. litres) & Altia market shares 2011, spirits (%)

(mil

lion

litre

s)6 | 7

Finland Sweden Norway Denmark Estonia Latvia

35

30

25

20

15

10

0

55 %

30 %

5 %5 % 18 % 7 %

Finland Sweden Norway Denmark Estonia Latvia

(mil

lion

litre

s)

Total market volumes (mill. litres) & Altia market shares 2011, wines (%)

250

200

150

100

50

0

27 %

14 %

8 %2 %

5 % 12 %

Market shares 2011, %

In the case of Finland, Sweden and Norway sales of alcoholic beverages from the State monopolies have been taken into account as retail sales. The figures are based on the sales volumes (litre) published by the monopolies (Alko, Systembolaget and Vinmonopolet). The information relating to Denmark, Estonia and Latvia is based on estimates.

201120122013201420152016

24

1715

26

18 18

Spirit market forecast 2011–2016, mill. litres

201120122013201420152016

220

170

78 71

1724

Wine market forecast 2011–2016, mill. litres

Finland Sweden Estonia Latvia Denmark Norway

Sweden Denmark Norway Finland Latvia Estonia

Sources: The Nordic Alcohol Monopolies and Altia

Source: IWSR


Koskenkorva

Rajamäki

Helsinki (headquarters)

TabasaluStockholm

Riga

Copenhagen

Oslo

Svendborg

Odense

Altia has 1 distillery, 3 bottling plants, warehouses and offices in 6 countries.

DISTILLERY

PRODUCTION

WAREHOUSE

OFFICE

e have reached the financial goals set for the year 2011. For this, I would like to thank everyone in Altia, as well as our customers, partners and cooperation partners.

Our gross margin improved from the previous year totalling EUR 64.8 (51.0) million and our operating profit was EUR 34.4 (32.6) million. We have also been able to improve the key financial position ratios important to our growth strategy; the ratio of net debt and gross margin to 1.5 (2.6) and gearing to 51.8 % (76.3 %).

In 2010, we executed a business acquisition through which we bought leading wine and spirits trademarks in Sweden and Denmark, the Svendborg alcoholic beverage plant in Denmark as well as the logistics centres in Odense, Denmark and Årsta, Sweden. The integration of the business acquisition has met the set expectations, thus strengthening our opportunities to execute further business acquisitions. Together with organic development, it has made Altia the leading actor in our core markets in the Nordic and Baltic countries. Our portfolio of own and partner products is the most extensive in these markets.

During the reporting period, we started a production development project resulting in the Svendborg alcoholic beverage plant in Denmark mainly specialising in packing wines and the Rajamäki alcoholic beverage plant in Finland mainly specialising in bottling spirits. Bottles made of recyclable glass and plastic have been taken into use instead of refillable glass bottles in Finland. As

a consequence, operations in Altia’s associated company A-Pullo Ltd had to be discontinued and operations in the Rajamäki alcoholic beverage plant significantly altered. This massive change project was completed with desired results thanks to well-functioning internal cooperation.

Good operational results were achieved through the development actions carried out within the Swedish partner operations, which reinforced our belief in growth opportunities. In Norway, we have partially achieved our development goals, but we will still launch some new development projects to strengthen our position. Sound results were also achieved in the spirits segments across the whole core market area. The Koskenkorva production plant operated with good utilisation rate mainly attributable to contract production of ethanol and strong demand for starch and feed products.

In 2012, we will continue to execute our strategy. Based on the achieved results, we believe that we are capable of making remarkable operative and financial improvements during the coming years. We will be investing in developing knowhow and preparedness throughout Altia to reach these goals.

Antti Pankakoski CEO

_ CEO’s review

8 | 9 Altia annual report 2011

THIRSTFOR GROWTH

We aim to increase the value of Altia through a growth strategy implemented in three waves. The themes of the waves are efficiency improvement, growth and expansion.

_Value in three waves uring the first wave, we develop our operating model and improve our competitiveness. Efficiency improvements are sought from rationalization of the

operating model structure, our processes and Supply Chain.

Our goal is to create efficient and scalable operating model for Altia, solid basis of knowhow, as well as sufficient cash flow and strong financial position, which together will enable further development and expansion projects. This is made possible by emphasising more the development of the personnel’s knowhow and our operating culture. The incomplete operating model solutions in accordance with the first wave will be completed during 2012.

EFFICIENCY FROm INTEgRATED OPERATINg mODEL

Our current integrated operating model was created in 2009. It enables the efficient use of production capacity and creation of remarkable economies of scale in procurement and logistics. We are also able to offer our customers the most extensive product portfolio of own and partner products.

After the business acquisition executed in 2010, we have renewed our production structure so that we focus on bottling spirits in Finland and on packing wines in Denmark. The operating models of unprofitable business units have been developed and their operating profits have been turned to positive.

Business units and trademarks not fitting in the operating model according to the strategy have been sold or discontinued. As a result of these actions, we have improved our operating profit by approximately EUR 10 million from 2009. Our operating profit as a whole has tripled from 2009.

WE STRENgTHEN OUR POSITION IN THE NORDIC AND BALTIC COUNTRIES

In the second wave, we strengthen our position as the leading alcoholic beverage company in our core markets in the Nordic and Baltic countries by aiming to grow faster than the overall growth of markets. Growth is pursued both organically and through business acquisitions.

During the past two years, we have executed one business acquisition and three supplementary acquisitions of trademarks, which together have increased our net sales by approximately EUR 100 million, or 25 %, and our operating profit with synergetic effects by over EUR 10 million.

Waves of execution

Restructure the business and operating model to improve profitability

Penetrate the home market to increase market share

Expand to new geographies and extend service scope

- Increase efficiency of supply chain and processes- Review the business portfolio- Develop performance culture and competencies

2009–2012

- Grow faster than market average- Acquire businesses and brands

2011–2014

- Expand into growing markets - Grow selected international product segments - Continue developing profitability

2013–


Brands 40,5%

Trading 27,7%

Industrial Services 31,8%

> Antti Pankakoski CEO

The priorities for the next three to five years are growth in the Nordic and in the Baltic countries as well as in Eastern Europe, and rationalization of the supply chain and development of personnel’s expertise.

””

Value through a unique business model

Own Brands

B-B Services

Partner Brands

Capacity optimization Logistics

LogisticsBottling services

Sourcing

OUR AIm IS TO ExPAND TO THE gROWINg mARKETS IN EASTERN EUROPE

In the third wave, our aim is to expand to the growing markets in Eastern Europe where there are opportunities for business acquisitions generating benefits of synergy. We have started to review these markets and potential acquisition targets.

During 2012, we will continue to develop our operations in accordance with the strategy. All business areas will sharpen their operations and focus on actions creating growth. Support functions for their part will continue to improve operational efficiency. We will continue to execute such business and trademark acquisitions that generate synergy benefits and growth. Increasing the value of Altia remains the most important factor steering our operations.

OUR FINANCIAL gOALS

Our goal is to reach operating profit of 10 % from net sales (EBIT) and return on capital employed (ROCE) of 15 % with the current operating structure. In addition, our goal is to retain our strong financial position so that it allows for executing business acquisitions.

A



PASSIONFORBRANDS

onsumer preferences vary broadly by countries. We are able to take advantage of both our first-class local experience and international brand knowledge with

the operating model developed for our market area. We steer the Brands business across the whole operating area through product categories. Local sales and marketing companies are responsible for the sales and marketing work in practice based on product category strategies.

We are the market leader of grain spirit based alcoholic beverages in both Finland and Sweden and we have strong knowhow on these products. Brands business manages the whole value chain of our grain spirit based trademarks. Many of our grain spirit based products are traditional leading brands, such as Koskenkorva in Finland, the most popular vodka in Sweden, Explorer, and Saarenmaa Vodka in Estonia.

Altia is also a growing cognac house. In addition to the premium cognac Renault, we have local cognac brands, such as the best-selling cognac in Sweden, Grönstedts, Monopol in Finland and Amundsen in Norway. Our expertise is guaranteed by two own Master Blenders.

The strongest brands amongst our traditional aquavits are the Swedish national treasures O.P. Anderson and Skåne Akvavit that both suit dining tables and accompany

Altia is proud of its brands. We cherish, utilise and grow their value with care. The roots of our many well-known brands lie deep in the national drinking cultures of our operating area. We grow our business operations by renewing these brands with consideration as well as developing and acquiring new brands. Our goal is to grow to become the leading company in our key markets and we also want to be strongly involved in the international trade of alcoholic beverages.

social gatherings. The second best-selling bitter in Denmark, 1-Enkelt, has a modern touch in its packing and taste.

We develop taste profiles of wines for the local consumers and bring brand concepts suitable for the Nordic lifestyle to the markets – this is grounded on our profound consumer insight. Opal Springs bag-in-box wine is an example of such product. We also develop new consumer friendly packing designs.

WE KNOW THE CONSUmER

The best consumer insight in the markets is the key to our success. We invest strongly in consumer and market research. Consumers for example participate in developing novelty products and concepts. Creating profound consumer insight means more to us than even the best of market research.

We work together with our customers to produce experiences to consumers. The goal of new flavours, packages and concepts is to generate innovations that bring joy and respond to the consumers’ wishes. Altia aims to apply trends, and also create them as a forerunner. This is how both our customers and consumers benefit from our expertise.

We combine brand knowledge and local consumer insight.

_Strong brands are the

gROWTH THROUgH ExISTINg AND ACqUIRED

BRANDS

Regulation on marketing varies greatly between countries in Altia’s key markets. Restrictions on marketing will further tighten in the future. This makes launching new products challenging and the significance of the already well-known brands in the markets grows. Therefore, we will take advantage of our strong brands even more profoundly and extensively in the future.

We execute our growth strategy also by acquiring brands and businesses that complement our existing product selection. We can increase the value of acquired brands already existing in the markets through our expertise and benefits of synergy. The latest example is the premium liqueur brand Xanté, well-known in the Nordic countries and in travel trade, which Altia acquired in the beginning of 2012. Xanté will strengthen our position in the Nordic alcoholic beverage trade and simultaneously contribute to our international product portfolio.

core of our growth


Selection of Altia’s own brandsPublishing pictures of strong spirits in the internet is illegal according to the Finnish legislation.

El Tiempo

Santa Christina

Drop In

Chill Out

Opal Springs

Ballet Aussie

Blossa

Altia annual report 201118 | 19

FAST TRACK

TO THE

MARKETS

_Fast track to the Nordic and Baltic markets

Altia offers it partners a fast track to the Nordic and Baltic markets. Our unique sales and distribution model combines best-in-class market insight and focus with local market services. Altia’s partner platform is the market leader in terms of sales volume and market share and our aim is to be the 1st choice Nordic distributor.

A STRONg COmmUNITY OF PARTNERS

ltia’s partners cover leading global wine and spirit companies as well as local producers from all main regions around the world. With this network, Altia’s

sales and marketing companies across the Nordic and Baltic countries aim to offer customers and consumers an appealing range of high-quality products in every segment. Regional partners include companies like Distell, Grupo Codorníu, Brown-Forman, Accolade, Constellation and Morrison-Bowmore to name a few. Viña Tarapaca, Masi Agricola, Pasqua Vigneti i Cantine, Bodegas Faustino and Casa Vinicola Zonin are examples of other major partners.

The business operates through our leading network of local sales and marketing companies: Philipson Söderberg and Bibendum in Sweden, Wennerco and SkyCellar in Finland, and Strøm, Bibendum and Best Buys in Norway. Other Altia companies also sell and market partner brands across our operating area.

ADDINg vALUE FOR PARTNERS

Altia offers its partners the fast track to the Nordic and Baltic markets. Our aim is to add value to our partner’s businesses through:

- Solutions that are tailor-made for every partner’s specific expectations- Deep insight into Nordic consumers and strong market knowledge- Market leadership in both on-trade and off-trade channels- Bottling and packaging services close to the markets- Efficient logistics, benefiting from Altia’s scale- Innovative solutions and applications for consumer marketing- Customer and consumer education by Altia Academy- A strong presence in Nordic travel retail

gROWTH DRIvEN BY KNOWLEDgE AND ENgAgEmENT

Altia employees have an excellent knowledge of wines and spirits through their experience in the business. They are experts in the local markets with a deep devotion to sell and develop partner brands in close co-operation with the partners.

Growth and customer satisfaction are achieved by working systematically with local retail monopolies and on-trade customers in order to obtain new listings and revitalise existing ones. Sales and marketing companies in Altia communicate actively with customers, journalists and consumers through various trade fairs, exhibitions and events. We are constantly seeking new ways of reaching consumers and key customers, including wine clubs and digital communication tools.

FIRST CHOICE IN THE NORDICS AND BALTICS

Altia’s goal is to become the 1st choice partner in the Nordic and Baltic region. Our strong regional presence and market knowledge provides us with a competitive advantage that we aim to further develop and utilise in cooperation with our partners.


Selection of Altia’s partner brands

Hardy’s Midori Codorniu Raimat

Fleur du CapDrostdy-Hof

Publishing pictures of strong spirits in the internet is illegal according to the Finnish legislation.

Fresita ZonnebloemNederburg Two Oceans

Robert Mondavi Dos Cortados Palo Cortado

RavenswoodBollingerTarapaca

Viña Pomal PongraczAmarula

22 | 2322 | 23 Altia annual report 2011

WE THINK

AHEAD

The Industrial Services consist of production, packaging and logistic services regarding alcoholic beverages as well as starch and feed and technical ethanol business, which are aimed at Altia’s partners and external customers. By increasing the number of customers of these services we are aiming at the full utilisation of our industrial capacity.

_Industrial Services to leading customers

EFFECTIvENESS TO BOTTLINg AND LOgISTICS THROUgH CONTRACT SERvICES

Altia creates cost-effectiveness by providing contract services in bottling and logistics to its partners and external customers. Our most significant contract customer is Finlandia Vodka Worldwide. Altia produces Finlandia Vodka from Finnish barley and Rajamäki groundwater to be delivered around the world. Other significant contract service customers are among others Pernod Ricard Denmark and Pernod Ricard Sweden, Grupo Codorníu and Belvedere.

We offer an easy, cost-effective and reliable logistics solution to the customers in the Nordic and Baltic markets. Cost advantage is ensured by combined and punctual deliveries. We are also able to identify and predict demand and respond to it by providing the right amount of products at the right time in the right place. Transportation costs are lower and durability of the products is better in the supply chain by packaging our customers’ wines to bag-in-boxes in Svendborg, which is located close to the consumers.

STARCH AND FEED BUSINESS

At the Koskenkorva plant, we use Finnish barley to produce grain spirit as raw material for alcoholic beverages and starch as binding material for the paper and paperboard industry. Barley starch is also used in the brewing and food industry. Altia has a non-controlling interest in the Chemigate company, which undertakes both the basic starch production and the downstream operations.

We utilise our valuable raw material barley effectively in the plant’s process. Animal feed for agriculture is generated as a by-product from the process. We work in close co-operation with our starch and feed customers and we are constantly striving for generation of new applications in the food industry.

THE gROWTH OF gEOTHERmAL APPLICATIONS CONTINUES

Altia has a significant market share in technical ethanol and ethanol-based product applications used in the industry. Growth continues to be strong, particularly in the geothermal applications. Altia is the largest producer of organic ethanol for geothermal applications in Finland.

Alcohol beverage production and packaging services at Altia plants

Altia’s starch and feed customers


Tabasalu

Riga

Odense

Svendborg

Rajamäki

StockholmOslo

Altia’s logistics operates transparently in the Nordic and Baltic countries:

- supply chain management- sales and operations planning- procurement- incoming transportation- inventory management- outgoing transportation- customer service

_Competitiveness through production, logistics and sourcing

ltia manages transportation of raw materials and products, as well as sourcing, manufacturing and logistics, efficiently predicting at the same time precisely the

cyclical demand for alcoholic beverages. Customer receives just the right amount of products at the right time – our competitive advantages are delivery reliability, accuracy and fast response.

We utilise the economies of scale in sourcing and logistics. We can produce the necessary products, either in our own production plants, or have them produced through subcontracting, whichever is the most effective way to operate. Close co-operation with the business areas ensures a good outcome.

SPECIALISINg OUR PLANTS

To achieve cost leadership, we have launched several development projects, which are aimed at utilising economies of scale as well as simplifying and unifying structure and practices. A major ongoing development project is the specialisation of the bottling facilities. The Svendborg plant near the largest wine markets in our operating area will specialise in wine and the Rajamäki plant in spirits packaging, Koskenkorva will process grain spirit from barley and the Tabasalu plant will serve the Baltic markets.

The next phase of the project aims at improving the cost-effectiveness through specialisation. Production of spirits requires different skills than the processing and packaging of wine. Our specialised plants are able to focus on their core competence, which creates an opportunity to develop quality in addition to efficiency.

In addition to the specialisation of the plants, cost-effectiveness will also be sought by combining operations. An example of this is the transfer of logistics operations located in Odense close to the Svendborg bottling facility in the beginning of 2013.

Production, logistics and sourcing have a significant impact on the competitiveness of Altia’s business operations. Our goal is to achieve cost leadership of these sectors within our operating area. Altia’s Koskenkorva, Rajamäki, Svendborg and Tabasalu plants, logistics centres located in different countries in our operating area, as well as sourcing and development activities, serve this target.

HIgH-qUALITY PURCHASINg

Altia has concentrated on the development of its own competence regarding purchasing activities. The goal is that the professionals working with purchasing know the sourcing market of their own category as good as possible. The consistent quality of sourcing is pursued with ensuring the quality requirements relating to purchasing contracts and with the continuous auditing of suppliers.

Altia is the largest actor in its market area. The purchased volumes make us an attractive customer to suppliers, create cost advantages and ensure access directly to the source of raw materials. We do not operate through intermediaries; we buy services and raw materials directly from the producers.

WE FOCUS ON ENERgY AND mATERIAL EFFICIENCY

We develop energy and material efficiency of our plants. The Koskenkorva plant utilises already the whole barley grain material effectively. Material efficiency can be further improved through the continuous development of the plant. An example of this is the implemented dehusking system which enables the separation of starch from barley grain more effectively than before.

The shift from refillable bottles to lighter, returnable bottles means that instead of bottles the glass cullet will be recycled. At the same time it is possible to stop using the detergents that increases the load of the environment, and thus save the energy required in the washing activity. A larger number of beverages will be packed in lighter, materially recyclable PET plastic bottles instead of glass bottles.


SHARING

THE BEST

MOMENTS

Altia annual report 201128 | 29

BORN

RESPONSIBLE

ltia’s goal is to be the leading actor in its operating area. As a leading and responsible actor, our starting point is to achieve compliance with the industry’s

best practices and adapt standards relating to the key competitors at the minimum.

We have set ambitious long-term objectives for Altia concerning financial responsibility. It provides a solid basis for future development and creates conditions also for social and environmental responsibility. The economy is the foundation of everything, but the creation of real added value relates essentially to the solidarity, cooperation with all the people working towards our common goals.

The priorities for the next three to five years are growth in the Nordic and in the Baltic countries as well as in Eastern Europe, and rationalization of the supply chain and development of personnel’s expertise.

THE YEAR OF DEvELOPmENT – 2011

Year 2011 was time of development for Altia. We created plans for our HR activities in the coming years and the close cooperation with our personnel paid off, when we agreed to harmonise the wage structure. The harmonisation ensures that everybody has an equal and fair salary in the production plants in Finland. In Sweden and Denmark, Altia’s 280 new employees worked a full first year as part of our organisation.

We can be very proud of the development of material efficiency in our Koskenkorva plant. We use our valuable raw material barley effectively utilising all the fractions to produce grain alcohol, starch and feed. We further enhance material efficiency at all our plants.

The environmental objectives for the year 2011 were realised as we planned; we managed to reduce the chemical oxygen demand (COD) of waste water and the value of disposable packaging material. Considering the reduction of water and energy consumption, the overall objectives were achieved, although in some units we did not achieve the objectives set for each facility.

Protection of groundwater and soil is important to us, due to the fact that clean groundwater is a central raw material for producing alcoholic beverages. Thus we applied conservation for the Kurkisuo area located close to the water pumping area at the Rajamäki plant during 2011. Altia has protected other swamp areas for the same reason in the past.

TAxATION OF ALCOHOL INCREASES

Climate change affecting to grain and grape harvests and prices, consumers’ growing interest in the products’ country of origin, ecological factors and product safety as well as the environmental impacts of production and transportation are the underlying factors affecting responsibility. These will be reflected in consumer behavior in the future, and also in Altia’s production, use of energy, transportation, packaging and choices related to purchasing.

The societal climate, economic situation and restructuration of agriculture towards larger production units create risks, but also opportunities for the business. A number of our operating countries tighten constantly taxation of alcohol, which means that traveller imports and cross-border trade will increase. In addition, the restrictions relating to the country-specific advertising regulations will expand, although alcoholic beverages are marketed across borders on the internet.

Significant growth is not expected in the Nordic markets of alcoholic beverages with the exception of a slight increase in wine sales. According to our strategy, we are looking for growth in our operating area through company and brand acquisitions. We aim to achieve geographical growth in the growing market of Eastern Europe in the coming years.

RESPONSIBILITY FOR THE WHOLE SUPPLY CHAIN

The Nordic Alcohol Monopolies, Alko in Finland, Systembolaget in Sweden and Vinmonopolet in Norway, have been working for years together to ensure responsibility of the purchasing activity. The ethical principles adopted by the Monopolies highlight working conditions, human rights and environmental issues as well as measures against corruption.

During 2011, we started a pilot project with Alko in Chile, through which we are looking for experiences in evaluating responsibility issues relating to supply chain with multiple stages. We have also implemented a system, which is used to collect information on responsibility issues of our partners who deliver alcoholic beverages.

WE FURTHER DEvELOP OUR REPORTINg

Our development as a responsible actor is directed by the Council of State decision-in-principle made in November 3, 2011 on Finnish state ownership policy. The underlying factors of the ownership policy are socially and economically sustainable business result as well as increasing the shareholder value in a sustainable and responsible way, which manages to take into account different stakeholders.

The owner also emphasises transparency, which should be reflected in the company’s reporting, remuneration and activities in general. According to this goal, we have released a detailed salary and remuneration report relating to the year 2011.

The indicators considering the reporting of responsibility issues were determined in the decision-in-principle. Our reporting does not yet correspond to all new requirements of the owner, but we will seek our possibilities to further develop our reporting.

_Strong economy creates conditions for social and

environmental responsibility

Antti Pankakoski CEO

30 | 31 Altia responsibility report 2011

Framework for sustainable development

FINANCIAL RESPONSIBILITY- profitable, competitive and efficient business operations- creating economic value for the owners- creating well-being near the plants

ENVIRONMENTAL RESPONSIBILITY- continuous decrease of the load caused by the operations and continuous improvement of the condition of the environment- ensuring the quality of raw materials used, the quality of groundwater in particular- environmentally sound and economical use of natural resources

SOCIAL RESPONSIBILITY- well-being and personnel development- work safety- product safety- responsible marketing

Growth strategy

Inte

rest

gro

ups

Continuous im

provement

and reporting

Corporate responsi-

bility

Business principles

This is the fourth responsibility report of Altia and it has been prepared in accordance with sustainable development recommendations in the Global Reporting Initiative (GRI, G3) reporting framework. Recommendations have been taken into account in the best possible way. Responsibility is described from the view point of the whole Group, with the exception of environmental obligations which focus on the environmental impacts of Altia’s own production.

The previous responsibility report was published as a part of the annual report 2010. Altia will publish its responsibility report in the context of annual reporting also in the future. Corporate responsibility is reported with the corresponding indicators as in the previous reports. In addition, the indicators required by the owner will be added to the report if the information is available concerning the year 2011.

Altia’s opportunities to monitor and affect the environmental impacts of the production chain “from field to bottle” are essential and significant for Altia’s own production in proportion to the products imported from partners from all over the world. Risks and opportunities related to own production are also in other respects significant compared to those of imported products.

STAKEHOLDERS

The probable stakeholders using the report are Altia’s key stakeholders: owner and political decision-makers, authorities, customers, personnel, partners, farmers as well as material and raw material suppliers.

OWNER AND POLITICAL DECISION-mAKERS

The State of Finland owns 100 percent of Altia. The Ownership Steering Department of the Prime Minister’s Office is responsible for the company’s corporate governance. In addition to the instructions and orders given by the state-owner, the company complies with the Finnish Corporate Governance Code 2010 with the exception mentioned at the end of Altia’s corporate governance and control statement 2011 (financial statement page 86).

The owner expects Altia to:

- create economic value added to the owner taking into consideration stakeholders- pay special attention to personnel and environment- manage administrative, social and environmental risks- fulfill international agreements and regulations

Our key interaction channels towards the owner and political decision-makers are:

- reporting- interaction between the entity and the owner

AUTHORITIES

Altia’s activities are monitored by regulatory authorities. The key regulatory authorities are authorities who monitor sales and distribution of alcoholic beverages, food authorities as well as environmental and safety authorities, who require compliance with legislative and other regulatory requirements as well as product safety from the Altia Group.

Our key interaction channels towards the authorities are auditing processes and reports.

CUSTOmERS

Our customers are retail sales monopolies in Finland, Sweden and Norway, wholesalers of alcoholic beverages, restaurants, grocery stores, travel sales and importers in export market. Altia also produces and packages alcoholic beverages to other alcoholic beverage companies. In addition to alcoholic beverage customers, our customers are customers of starch and feed products, and customers of chemical and pharmaceutical industry concerning technical ethanol.

_Framework and definition of reporting


The expectations of our customers relate to profitable growth of the business, long-term and mutually beneficial business relationships, high-quality products which customers are interested in as well as trustworthiness and delivery reliability.

Our key interaction channels towards our customers are:

- customer meetings and other personal interaction- customer magazines, electronic channels- customer training

PERSONNEL

Our own personnel expects Altia as an employer to take actions that maintain and develop job satisfaction and safety, as well as to perform high-quality leadership and offer development and career possibilities. Employees are also interested in the company’s future plans and their impact on employment.

Our key interaction channels towards our personnel are:

- leadership communication- internal communication- training- development discussions- cooperation and health and safety issues at work- HR presence in executive management teams of the businesses- cooperation groups especially relating to the development of culture and knowhow- team practices- personnel information

PARTNERS, FARmERS AS WELL AS mATERIAL AND RAW mATERIAL SUPPLIERS

Alcoholic beverages supplying partners, barley farmers, and material and raw material suppliers are waiting for profitable business growth, mutually beneficial, developing and long-term business relationships, as well as good liquidity from Altia.

Our key interaction channels towards our partners, farmers as well as material and raw material suppliers are:

- meetings, events and other personal interaction- reporting and newsletters- requests for proposals and contracts- fairs and other events- farmer extranet

CERTIFICATES

Altia’s management system has been approved by Lloyd’s Register Quality Assurance to the following Quality, Environmental and Safety Management System Standards: OHSAS 18001:2007, ISO 14001:2004 and ISO 9001:2008.

The scope of this approval is applicable to Altia’s alcoholic beverages, grain spirits, barley starch, technical ethanol and feed business processes in Finland including the related technical and administrative support functions.

In Denmark, the Svendborg plant has been approved by Lloyd’s Register Quality Assurance to the following Quality and Environmental Management Standards: ISO 14001:2004 and ISO 9001:2008.

The scope of this approval is applicable to wine and alcoholic beverage bottling and distribution. Bottling takes place in accordance with Good Manufacturing Practices (GMP) to the appropriate extent. In addition, the plant has International Food Standard, version 5 product safety certificate which has been approved by SAI Global.

* Altia paid in total EUR 33,2 (20.4) million to its farmer partners for the barley used.**Taxes paid in Finland amounted to EUR 249,5 (254.6) million. *** The Board of Directors proposes to the General Meeting that it pays EUR 7,192 million as dividends from the net income in 2011.

Grants and donations: Altia does not give grants or donations with the exception of small-scale, EUR 0,1 (0.1) million, participation in events in the plant locations. Grants and donations are not distributed to any political parties or actors.

_Financial responsibilityFor Altia, financial responsibility stands for creating added value to the shareholders. Sound financial performance enables persistent development of operations and investing in the well-being of employees. Profitable growth, good customer relationships, ongoing development of brands and cooperation with the partners, skilful personnel, development of practices and processes, as well as knowledge of consumers form the basis for creating added value.

Added value to the stakeholders

Investments

DIRECT EFFECT: ALTIA 2011 (2010) INDIRECT EFFECT

Customers: Altia receives revenues from the sales of alcoholic beverages as well as industrial services, feed, starch, technical ethanol and carbon dioxide.

EUR 524,8 million

(EUR 487,9 million)

EUR 73,1 million

(EUR 63,7 million)

EUR 324,1 million

(EUR 313,0 million)

EUR 534,1 million

(EUR 475,5 million)

EUR 6,1 million

(EUR 106,4 million)

EUR 7,192 million

(EUR 0 million)

Customers: Altia offers to its customers unique and the most comprehensive product range

of its operating area.

Employees: Altia pays salaries, commissions and other indirect costs for employers.*

Employees: Altia builds for its personnel of more than

1,100 persons a corporate culture which helps to support work-related well-being.

Suppliers:Altia buys raw material, goods and services from local and international suppliers.

Suppliers:Altia creates additional value for suppliers by the joint development work between varieties

of grain, packaging solutions and flavor selections of the products.

Public sector: Altia pays excise and income taxes to society.Excise taxes are not included in turnover. **

Public sector: Altia takes financial responsibility by taking

care of taxes and social contributions and creating jobs in Altia and for suppliers.

Dividends to shareholders ***

34 | 3534 | 35 Altia responsibility report 2011

The Koskenkorva plant, which is Finland’s largest user of barley, used 180.2 million kilos of barley for production in 2011. This amount was used to produce 22.3 (23.9) million kilos of grain spirit, 49.6 (39.2) million kilos of starch and 63.4 (56.8) million kilos of feed. The Rajamäki, Svendborg and Tabasalu plants produced 53.9, 34.3 and 4.3 million litres of alcoholic beverages.

At the Koskenkorva, Rajamäki and Svendborg plants as well as relating to the support functions, sales and marketing of the Helsinki headquarters, the environmental management systems have been accredited with the ISO 14001 standard. The Tabasalu plant complies with the applicable Estonian environmental standards and regulations issued by the authorities. Environmental systems are developed through regular audits and common practises, such as harmonisation of the assessment of environmental aspects. Energy and environmental aspects are taken into account in planning and execution of production processes and investments in production.

The Quality, Safety and Environmental principles were updated during the reporting period in 2011 to coincide better with the Group’s operations. The environmental targets and environmental programmes for the operations in Finland and Denmark were also updated for the time period of 2010–2012. The environmental targets were as follows:

- reduction in the usage of energy in relation to production,- reduction in the usage of groundwater in relation to production, and- reduction in chemical oxygen demand (COD) of waste water in relation to production.

_Environmental responsibility

Key environmental impacts of Altia are related to the Koskenkorva grain spirit plant as well as the operations at the alcoholic beverage plants in Rajamäki and Svendborg in Denmark, which was acquired in 2010. The Tabasalu alcoholic beverage plant, which serves the Baltic markets, has significantly lower production volume than the other plants, thus its environmental impacts are also smaller.

In addition, the environmental targets for sales and marketing in Finland was to reduce the value (EUR) of disposable packaging material.

Target levels have been defined for all environmental targets. Environmental targets for 2011 were realised according to the plan concerning the reduction in chemical oxygen demand of waste water as well as reduction in the value of disposable packaging material.

Concerning the usage of energy, the Koskenkorva plant performed better than the target level and respectively the Rajamäki and Svendborg plants were slightly below the target level. The Koskenkorva plant succeeded in achieving better usage level of groundwater than the target level, the Svendborg plant was almost consistent with the target whereas Rajamäki did not reach the target level. Part of the reason for this was the changes in the waste water amounts which were included to the target. For the year 2012, the method of determining the usage of water will be defined more precisely for Rajamäki.

PROgRESS IN ENERgY SAvINg

The energy costs for the Altia’s plants (excluding logistics centres and office space) amounted to approximately EUR 7 million in 2011. Energy saving measures are a central development area for Altia both with regard to business profitability and environment.

The target level of reduction in the use of energy is based on the voluntary energy efficiency agreement of the Confederation of Finnish Industries (EK) and the State of Finland, which Altia joined in 2008.

In accordance with the energy efficiency program, Altia is committed to reduce its use of energy by 9% from the level of 2005 by the year 2016. By the end of the year 2011, energy saving amounted to 2,554 MWh or 5.5 % compared to the level of 2010 and 6,852 MWh or 13.1 % compared to the level of 2005.

ENvIRONmENTAL INvESTmENTS AND OPERATIONS DEvELOPmENT

In 2011, the environmental investments made in the Rajamäki plant amounted to EUR 1.25 million. The most important targets of the investments were a partial renewal of clean water pipelines, the separation of the rainwater from the waste water in the plant area through changes in the sewer system, the utilisation of the waste energy from compressed air and steam network for heating the water, survey of the leakage points in the compressed air network, constructing a new waste station in the plant area and dismantling redundant buildings or discontinuation of their heating.

Management review twice a year

Operational Development Manager

Executive Management Team

Supply Chain Brands Trading Support Functions

Svendborg plant

Specialist for environmental issues

Rajamäki plant

Kosken-korva plant

Tabasalu plant

Environment, Quality and Safety Organization

Technical ethanol

Optimisation of the use of waste water pools completed during the previous year was continued in the Koskenkorva plant. In addition, water and waste pipelines were improved as well as internal water circulation of processes were made more efficient, which reduced the use of water and the amount of waste water. The heat recovery was made more efficient by installing condensers to the process. To the water separation of the fibre, a new system was installed, which made it possible to reduce the energy used in drying and at the same time the plant’s hygiene level was enhanced. The stone peeling project of barley was launched and through the project it will be possible to attain more barley peels in the future for burning purposes in the power plant. Renewable and burnable fractions, such as barley peel and distillation fractions, are utilised in the energy production of the Koskenkorva plant, which takes part in emissions trading.

FURTHER INFORmATION ON THE ENERgY

EFFICIENCY AgREEmENT:

www.ek.fi/ek/en/energy_and_climate/energy_efficiency.php


• Indevelopingouroperationsandproducts,wepayattentiontothe wishes and needs of our clients and partners. We produce added value by providing profitable, high-quality products and services while taking into consideration the safety of the environment and our employees. • Weensurethesafetyofourownproductsandproductsmarketedby us, when used in moderation. We use first-class groundwater and other high-grade raw materials in our production process. • Weparticularlyinvestin: - the effectiveness of our business processes - efficient use and recycling of energy, natural resources and materials - preventing environmental degradation - improving work safety, preventive occupational health care and reporting close calls• OurmarketingstrategiescomplywiththeCEPSCharteron Responsible Alcohol Consumption and the EFRD Common Standards for Commercial Communications.• Wevalueanhonestandopenrelationshipwithourstakeholders.• Complyingwithrelevantlaws,decreesandauthorityregulationsareat the core of our operations.• Eachoneofuspromotesactivitiesinaccordancewithquality,safety, and environmental policies in our work and at our workplace.

The sewer system in the Svendborg plant was also renewed to separate rainwater from waste water. The quality of the waste water was enhanced for example by removing the amount of the sediment through filtering. Energy saving was improved by making a survey of the optimal use of the air conditioning as well as of the temperature reduction potentials of the natural gas boiler.

Altia Group Company A-Pullo Oy centrally managed the bottle return system for refillable alcoholic beverage bottles in Finland. At the same time, Altia prepared to implement a return system for recyclable glass bottles, which means for example finishing the washing of the bottles and thus reducing the amounts of energy usage, detergents, water and waste water in the Rajamäki plant.

WORK TO PROTECT gROUNDWATER AND SOIL

Protection of groundwater and soil is important to Altia due to the fact that the clean groundwater is a central raw material for producing alcoholic beverages. Altia protects water pumping plants in Finland with land ownerships at the groundwater areas of the pumping plants as well as with the construction limits relating to these areas, the environmental protection areas, making statements relating to the construction works or the use of land at the neighboring areas as well as with the help of monitoring the land-use of the areas. At the Svendborg plant in Denmark, Altia uses tap water from the municipality, which meets the standards of drinking water as well as the regulatory requirements.

The Company applied conservation during the reporting period for the Kurkisuo area which is located nearby of the Rajamäki plant’s water pumping area. The area designated as a nature conservation area would be 144.1 hectares.

Kurkisuo is important area for the threatened plant species and for the types of swamp nature in Uusimaa. Despite surrounding drainages, many types of swamp nature have survived in natural state. Kurkisuo is a part of the raise bogs in the coastal areas of Finland and is one of the ten nationally important swamps.

In Petkelsuo in Hyvinkää, Altia has a 7.5 hectares wide conservation area that is part of the national swamp protection programme. Altia’s operations do not affect the nature of the protected area.

ENvIRONmENTAL COmmITmENTS mATERIALISED

Environmental commitments as well as the target levels adjusted by the municipality realized in the Rajamäki, Koskenkorva, Svendborg and Tabasalu plants during 2011.

Environmental accidents and deviations are recorded in deviation reports and repairing measures are regularly monitored. During 2011, no significant environmental damages took place and stakeholders did not present any environmental concerns. No penalties were paid during the period under review from overrunning the permit provisions or neglecting environmental laws or regulations.

EmISSIONS TRADINg

Distilling is energy intensive activity, which emphasizes the importance of emissions trading for Altia. Approximately 90 % of the energy used in Altia’s production is used in the Koskenkorva plant, where grain spirit is distilled from barley.

Altia’s emission allowances received in 2011 amounted to 54,632 CO2 tonnes, and the actual emissions amounted to 38,863 CO2 tonnes. The total quantity of emission allowances at the end of 2011 was 80,413 CO2 tonnes, including unused emission allowances worth of EUR 1.17 million from the prior years.

Altia’s quality, safety and environmental principles


Material flows and factors affecting the environment for the Koskenkorva, Rajamäki and Svendborg plants in 2011

Alkoholijuomat

HIgH WASTE RECYCLINg RATE

The waste recycling rate for Altia’s plants was high. The average waste recycling rate was 89.2 % in Rajamäki, Koskenkorva and Svendborg. The target of reducing the amount of waste in Finland is carried out by reducing the amount of disposable packaging material. In addition, the unqualified quality requirements, for example the unpacked products from the incorrect packaging are distilled in order to be applicable for technical use.

PRODUCTS PACKED NEAR CONSUmERS

Many of the Altia’s own wine products are transported as large batches to the bottling plants, where they are packed by Altia and which are also located close to the consumers. By operating like this, we will be able to rationalise transports, since the bottles do not have to be transported from the country of origin.

WE ENHANCE mATERIAL EFFICIENCY

Altia measures the production efficiency and hence also the material efficiency. The main indicators are cents/litre and in the Koskenkorva plant cents/ton of grain spirit. The rationalisation work is carried out in every

process stage with separate operations. Indicators and their utilisation in business operations will be further developed.

Material efficiency is at its peak regarding the utilisation of our valuable raw material, barley seed in the Koskenkorva plant. It is utilised 100 percently to produce grain spirit, starch and feed. The remaining peels are burned in the power station of the Koskenkorva plant.

The environmental awareness of the personnel is developed and maintained through intranet, environmental objectives and their follow-up meetings, bulletin boards of the plants and through environmental audits.

Emissions into the air

Energy

Peat

Electric energy Energy

Waste material utilisa-tion

Waste energy utilisa-tion

SewageLandfill waste

Car-bon diox-ide

FeedStarchBarley peels

Transport

Transport

Grain spirit

Grain spirit

Wat

er

Alcoholic beverages

Barley

Power station of the Kosken-korva plant

Water

Other raw materialsTechnical ethanol

Koskenkorva plant

Transport

Transport

Alkoholijuomat

Svendborg plant

Energy

Alcoholic beverages, other raw materials

and supplies

Alcoholic beverages, other raw materials

and supplies

Rajamäki plant

Alcoholic beverages

Use of barley (million kg) 180Natural gas (GWh)(1) 4 607Steam consumption (GWh) direct (3) 0Steam consumption (GWh) indirect (4) 161Electricity consumption (GWh) direct 4,3Electricity consumption (GWh) indirect 41,5Light Fuel Oil consumption (GWh) (2) 0Water consumption (1000 m3) 1 210Amount of waste water (1000 m3) 456CO2 emissions / fossil (t) direct 44 977CO2 emissions / fossil (t) indirect 2 327CO2 emissions / renewable (t) direct 9 279CO2 emissions / renewable (t) indirect 0SO2 emissions into air (t) direct 22,6SO2 emissions into air (t) indirect 0,2NOx emissions into air (t) direct 45NOz emissions into air (t) indirect 2VOC emission (t) direct 0VOC emission (t) indirect 8Particle emissions into air (1,000 t) direct 0,003Particle emissions into air (1,000 t) indirect 0,004Waste amounts (t) Hazardous waste 4 6,5 Landfill waste 1 629 Recycled waste Utilized as energy 5 486 Other utilization 7 407Environmental expenses (EUR million) Environment investments 1,3 Environment costs 1,5 Environment income 1,2 Environment responsibilities

2011

Key environmental figures for production 2011

Use of barley (million kg) 116 164Natural gas (GWh) 1 5 482Steam consumption (GWh) 150 165 Use of electricity (GWh) 45 51Water consumption (1000 m3) 1 076 1292 Amount of waste water (1000 m3) 479 533 CO2 emissions / fossil (t) 39 039 48 475CO2 emissions / renewable (t) 8 354 9 501SO2 emission into the air (t) 23 23NOX emissions into the air (t) 41 48VOC emissions (t) 6 6Particle emissions into the air (1000 t) 3 3Waste amounts (t)– hazardous waste 12 35– landfill waste 138 1 255– utilised waste– energy utilisation 4 879 5 857– other utilisation 7 016 6 698Environmental costs (EUR million)– investments in environmental protection 0,1 0,9– costs of environmental protection 1,6 2,2– profits from environmental protection 0,6 0,9

Figures for 2009 do not include the Svenborg plant.

2009 2010

Key environmental figures for production 2009 - 2010

So far, there is no consistent information available concerning Altia’s measures to reduce greenhouse gas emissions, consumption of important materials relating to the operations (by weight or volume), transportation of products and materials and significant environmental impacts resulting from the commutes.


42 | 43 Altia responsibility report 201142 | 43

IN GOODCOMPANYThe key areas of Altia’s social responsibility are its own personnel, responsible marketing as well as product safety. Our social responsibility is expanded to include the whole production chain of products, since the Finnish, Swedish and Norwegian alcohol monopolies have incorporated a Code of Conduct based on the principles of the labor organization ILO in their contracts.

_Social responsibility

Altia has approximately 1,200 employees in six different countries. The operating principles of our personnel policy include fairness, openness, internationality and equality. Internationality means equality between countries, which increases the diversity of management. Improvement of managerial work and leadership is our current development undertaking.

RIgHT PEOPLE IN THE RIgHT POSITIONS

Our personnel target is to enable the best possible performance of our personnel as well as a corporate culture promoting success. Altia follows labor market contracts and develops its personnel policy continuously and with initiative.

During 2011, our key human resources procedures included the integration of 280 professionals into Altia’s organization after the company acquired, in addition to wine and spirits trademarks, production and logistics operations in Sweden and Denmark. Another major accomplishment was the harmonization of wage structure, which ensures equal and fair salaries in the production facilities in Finland.

Promoting the achievement of business goals by assuring the recruitment of the right persons and by ensuring the commitment, motivation and continuous development of personnel forms the core of our personnel strategy. Year 2011 was a year of reorganization for our human resources function. Performance Culture, knowledge development, optimal organization, uniform procedures throughout the operating area and communication were defined as the focus areas for 2012 - 2014.

PERFORmANCE CULTURE

In the end of 2011, Altia prepared to commence Group-wide Performance Culture work as part of its human resource operations. The topic was chosen as one of Altia’s strategic focus areas in 2012 and the work will continue until the year 2015.

Performance Culture includes among others the story of Altia and the basic pillars of corporate culture, good leadership, human resources promise, remuneration policies, clear indication of direction and an organization enabling this. Special attention is paid to desired behavior. A survey covering all operating countries was conducted to outline the operational plan for the Performance Culture work. Based on the survey, Altia’s personnel are willing to build a common Altia and they expect their work community to be professional, cooperative and flexible.

KNOWLEDgE DEvELOPmENT

As a responsible employer, Altia wants to offer its personnel opportunities to develop. Seven new internal trainings are being prepared as part of the first stage of knowledge development. We are also simultaneously drafting the grand lines of knowledge development to ensure sufficient knowhow of the personnel and its ability to change.

Development discussions are held with all members of the personnel during the year. Development discussions related to setting and achievements of goals for the entire year are held in the spring. Development discussions held with the personnel in the fall relate to knowledge development.

OPTImAL ORgANIzATION

The optimal organization we pursue takes advantage of collective knowhow and is flexible and low in hierarchy. It is essential to have the persons with the right knowledge in the right roles. We utilize strategic projects and change support as tools towards optimal organization.

UNIFORm PROCEDURES THROUgHOUT THE OPERATINg AREA

The key processes of human resource work, among others compensation, orientation, recruitment and development discussions, will be uniformed, which will facilitate managerial work in the future. Providing equivalent level of professional support for all supervisors and the whole personnel, transparency, uniform tools and compliance with the legislation are central in human resources processes. The same principles are followed throughout the operating area, applying the principles locally when necessary.

OPEN COmmUNICATION AND DIALOgUE

We want to emphasize open human resources communication to ensure the prerequisites of work and availability of information. At the same time, we are building corporate culture and Altia’s employer image. The development of a new and more interactive intranet was started in 2011.

The shop steward meeting between Altia’s senior management and shop stewards is arranged at least twice a year. The topics discussed in the meetings include, e.g. Altia’s performance, future prospects, business operations, matters related to the position of the personnel and common plans.

WE PROmOTE EqUALITY

We ensure that equality is realized in our daily operations with several different actions. We develop the working conditions to be suitable for both men and women. Tasks are not intentionally classified as either women’s or men’s work. Open positions can be applied by both women and men. Job advertising is conducted in a way that it promotes the gravitation of both women and men to open positions. The employer promotes women’s and men’s equal placing in different tasks as well as creates uniform opportunities for all for further education and advancing career.

The employer executes the principle of equal remuneration, which means that equal remuneration is paid to women and men for the same work. Diverse work skills are developed fairly. Benefit and remuneration practice is equal to everyone. Well-being at work, worker protection and occupational health care are developed evenly for both women and men. The employer ensures that no one becomes a target for sexual harassment or bullying at the workplace.

There were seven members in Altia’s Board of Directors, of which three were women. (In 2012, there are four women in the Board of Directors.) Of the six members in the Executive Management Team, one is a woman.

In Altia, employment relationships are mainly based on contracts of indefinite duration. The turnover of personnel varies by countries and is relatively low especially in the plant locations. Corresponding benefits are offered to full-time and temporary employers regarding the central functions.


A AA AA A

PERFORmANCE AND PRODUCTION BONUS

PROgRAmS

Altia’s entire personnel are part of either annual performance bonus or production bonus programs. Altia’s clerical and managerial employees and management are part of annual performance bonus program applied in Altia Group. The potential annual performance bonus is based on budgeted operative performance targets at the Group level.

Other working employees are part of production bonus program. The profit for the period 2011 included a performance bonus provision of EUR 5.4 (4.0) million with social expenses. Based on the profit for the comparable period, annual performance bonuses of EUR 4.1 million including social expenses were paid in 2011.

Altia Group’s Executive Management Team and the key personnel of business operations are part of a long-term incentive plan executed in accordance with the guidance on management remuneration and retirement benefits in a State-owned company. The profit for 2011 included a provision of EUR 2.5 (1.1) million with social expenses relating to the plan in question.

REORgANIzATION AND LAYOFFS

Terminations of employment are aimed to be avoided. In potential employment termination situations, the discharged are supported when applicable by using a replacement service. The occupational health care also provides special support if needed. There were no layoffs during 2011.

WELL-BEINg AT WORK

Due to the circumstances no personnel survey was exceptionally carried out during 2011 but it is planned to be conducted again in 2012.

The personnel’s ability to work and well-being were supported with early support model as well as a health campaign and work ability day in Finland. Common events for the personnel are also arranged in other operating countries on a yearly basis.

OCCUPATIONAL HEALTH AND SAFETY

Absence from work due to illness in Koskenkorva and Rajamäki plants were below the average in the food

industry. Sick leaves are tried to be reduced by e.g. the application of the early support model. In the Svendborg plant, the sick leave rate is higher than in Finland. Altia’s plants in Finland have a plant specific accident frequency and sick leave rate targets. The targets were not reached during 2011.

The number of accidents at work and near-miss situations is regularly monitored in Altia. There were no employment related fatalities during 2011.

Altia has arranged its personnel a comprehensive occupational health care exceeding the requirements stipulated by legislation in the whole operating area. In Finland, the benefits also include extensive medical expense insurance.

Personnel by business area 2011

TYPE OF EMPLOYMENT 2011

Permanent 93,4%Temporary 6,6%Finland 566

Denmark 198 Sweden 193Baltic Countries 152 Norway 70

Average number of personnel by country

2011Total 1178

Brands 162 Trading 99Industrial Services 71Supply Chain and Support Functions 847

Total 1178

DEVELOPMENT OF THE NUMBER OF PERSONNEL

2007-2011

07 08 09 10 11

1135

1108

908 11

22

1178

FULL-TIME 87,5%PART-TIME 12,5%

The percentage of full-time and part-time

employees 2011

Personnel by group 2011

Total 1178

Workers 456Clerical employees 722


OUR mARKETINg IS RESPONSIBLE

Marketing alcoholic beverages is highly regulated in many of our countries of operation. In addition to legal regulation, Altia Group has voluntarily committed to execute in its alcoholic beverage marketing the actions to reduce the harmful effects of alcohol enshrined in the Roadmap 2015 published by the European Confederation of Spirits Producers (CEPS), as well as to follow EFRD’s (European Forum for Responsible Drinking) Common Standards on Commercial Communication. The main principle is that alcohol beverages can be marketed in a responsible and appropriate manner only to adults.

Further information:

www.efrd.org and www.europeanspirits.org

OUR PRODUCTS ARE TRACEABLE

Consumer should always ensure the safety and origin of acquired alcoholic beverage. Altia’s products are safe when consumed with reason. We analyze a product we have produced or imported for free if a consumer has a reason to doubt the authenticity of the product. One should contact the nearest police authority if fraud or methanol is suspected.

Altia’s own products are continuously traceable to the specific production lots of the packaging and raw material producers. Continuous quality control is part of the company’s risk management process. The Group has a product liability insurance covering all business units for any unexpected accidents.

Methanol analyses documented on a daily basis are taken from the certified production process of Koskenkorva plant. In addition, ethanol samples are analyzed in the official alcohol inspection laboratory of the EU, Alcohol Control Laboratory (ACL). Besides the analyses in the grain spirits production plant, Rajamäki plant examines every received raw material lot. Also Svendborg bottling facility and Tabasalu plant have their own quality control laboratories.

During 2011, the Rajamäki alcoholic beverage plant produced spirits and wines in total of 53.9 (54.9) million liters. Svendborg alcoholic beverage plant produced 34.3 (33.8) million liters of alcoholic beverages. The total production of Tabasalu alcohol beverage plant in Estonia was 4.3 (3.2) million liters.

Koskenkorva plant used 180.2 (164) million kilos of domestic barley to produce 22.3 (23.9) million kilos of grain spirits, 49.6 (39.2) million kilos of starch and 63.4 (56.8) million kilos of forage.

Cognacs and wines were subcontracted for 3.0 (0.5) million liters.

ETHICAL PRINCIPLES OF mONOPOLIES’ PROCUREmENT

Alko and other Nordic alcohol monopolies have created common ethical principles for responsible procurement. The goal of the alcohol monopolies’ responsible procurement is to ensure that the products sold by the monopolies are produced in socially acceptable production conditions.

In accordance with the goals of the Inter-Nordic project, the alcohol monopolies incorporated the ethical principles (The Business Social Compliance Initiative Code of Conduct) as part of the contracts with alcohol beverage suppliers from beginning of 2012. Altia’s sales and marketing companies have signed an assertion, based on which they are committed to the social and environmental regulation of the Code of Conduct.

The companies need to ensure that the Code of Conduct is followed throughout their supply chain. In Altia, this is executed by the sales and marketing companies collecting an electronic questionnaire from their partners with information on how they have taken care of the focus areas of the Code of Conduct, mainly the labor and human rights based on ILO’s principles, in their own operations. If deficiencies are detected, the partners are supported in the development work of responsibility where necessary.

Altia launched a pilot program with Alko in Chile in the fall of 2011, in which Alko audits our significant wine producer and its suppliers of grapes. The pilot aims at gaining knowledge and experience for responsible development of operations.

BUSINESS PRINCIPLES

Standard of ConductWe operate honestly, with integrity and openly.

LegalityWe comply with the laws, regulations and industry codes of the countries in which we operate.

EmployeesWe respect and promote basic human rights and international labour standards in accordance with the United Nation’s Universal Declaration of Human Rights and the most central agreements of the International Labour Organization. We respect diversity and promote equal treatment and equal possibilities in recruitment, employment, personnel development and career advancement independent of race, religion, political opinion, gender, age, nationality, sexual orientation, marital status and disabilities. We do not employ child labour or forced labour.

We hire, employ and promote employees based solely on the competence and skills required to handle the tasks. We strive to offer all our employees safe and healthy working conditions. We are committed to working with employees to develop and enhance each individual’s skills and capabilities. We respect individual privacy and the confidentiality of private information, as well as our employees’ freedom of association.

We are committed to responsible alcohol consumption and behave accordingly. We acknowledge responsibility for the company’s success and reputation.

ConsumersWe offer products and services, the price and quality of which generate value for consumers. The products are safe when used responsibly. All Altia companies observe

_We follow responsible business principles

the regulations in the Charter on Responsible Alcohol Consumption published by the European Confederation of Spirits Producers CEPS, as well as EFRD’s (European Forum for Responsible Drinking) Common Standards on Commercial Communications.

ShareholdersWe operate according to the accepted principles of corporate governance.

Business PartnersAltia maintains mutually beneficial relationships with its suppliers, customers and business partners. Our business relationships are based on honesty and trust. We guarantee the confidentiality of ours and our business partners’ business secrets, as well as preserve all confidential information that we acquire in our operations. We expect our business partners to observe principles consistent with our own.

EnvironmentWe take care of the environmental impacts of our operations and strive to reduce the environmental impacts of our operations as part of our sustainable business.

CompetitionWe believe in tough but fair competition and support the development of appropriate competition legislation. We observe the principles of fair competition and all applicable regulations in our operations.

Business IntegrityWe do not offer or accept, whether directly or indirectly, bribes or other improper benefits for business or financial gain. Similarly, we may not offer or accept any gifts or payments, which can be perceived as bribing. We do not support, whether directly or indirectly, political parties or organisations. We also do not participate in financing individual candidates’ election campaigns.

As an international company, Altia wants to ensure that the guidance on business principles is explicit. Our business operations must be honest, incorruptible and fair.


50 | 50

Conflicts of InterestWe avoid tasks or financial interests which could conflict with our responsibilities to the company. We may not misuse our position to gain an advantage for ourselves or others.

Observance – Monitoring – ReportingAltia’s Board of Directors has approved these Business Principles which are part of our corporate culture. Compliance with the business principles is an essential element in the success of our operations. It is the task of Altia’s Executive Management Team to ensure that all employees know, understand and observe these principles. Day to day responsibility is delegated to the management of the operating companies and functions. They are responsible for implementing these principles, if necessary through more detailed guidance tailored to local needs. If we consider that our operations may not be in line with the Business Principles or if we suspect any irregularities, we will consult our supervisor or his/her supervisor.

We welcome any feedback on this report. Please contact corporate communications at [email protected].

_Comparing the report to the recommendation by Global Reporting Initiative

1. Strategy and analysis

1.1 CEO’s statement1.2 Key impacts, risks and opportunities

2. Background description of the organisation

2.1 Name of the organisation2.2. Primary brands, products and/or services2.3 Operative structure of the organisation2.4 Location of the organisation’s headquarters2.5 Number and names of countries where the organisation operates 2.6 Nature of ownership and legal form2.7 Market areas 2.8 Scale of the reporting organisation2.9 Significant changes in the organisation2.10* Awards received in the reporting period

3. Report parameters

REPORT DESCRIPTION

3.1 Reporting period3.2 Date of most recent previous report3.3 Reporting cycle3.4 Contact point for ordering the report and making related questions

SCOPE AND LIMITATIONS OF THE REPORT

3.5 Report content specification3.6* Boundary of the report3.7 Any specific limitations on the scope or boundary of the report3.10* Explanation of re-statements3.11* Significant changes from previous reporting periods in the scope, boundary or measurement methods

GRI CONTENT INDEX

3.12 GRI content index

4. Governance, commitments and engagement

GOVERNANCE

4.1 Governance structure of the organisation4.2* Indicate whether the Chair of the highest governance body is also an executive officer4.3 Number of members of the Board who are independent and/or non-executive members4.4* Mechanisms for shareholders and employees to provide recommendations or direction to the highest governance body

STAKEHOLDER ENGAGEMENT

4.14 List of the organisation’s interest groups4.15* Interest group determination and selection basis4.16 Approaches to stakeholder engagement

Included

yesyes

yesyesyesyesyes

yesyesyesyesyes

yesyesyesyes

yesyesno

yesyes

yes

yesyes

yes

yes

yespartly

yes

Included

yesyes

partlyyesyesyes

yes

yes

yes

yespartly

yes

partly

yes

yes

yes

yes

yes

Page

30 - 3130 - 31

56FS 4FS 10-11, 61FS 22FS 8-9

FS 84FS 8-9, 22FS 5, 10FS 451

33333350

32- 3333

5151

51

FS 84-85FS 88, 90

FS 88

52, FS 88

33 - 3433 - 3433 - 34

Page

3546, FS 12-13

41414138

38

41

41

4141

38

41

46 - 47

45

44

35, 49

51

Economic perfromance indicators

EC1 Direct economic value generated and distributed EC3 Coverage of the organisation’s defined benefit plan oblications

Environmental indicators

EN1 Materials used, by weight and quantityEN3 Main sources’ direct energy consumptionEN8 Source-specific overall consumption of waterEN11 The location and size of owned, leased and controlled land in conserved areas or their vicinity as well as in high biodiversity areas outside conserved areasEN12 The key impacts of the organisation’s operations, products and services on conserved areas and high biodiversity areas outside the conserved areasEN16 Direct and indirect overall greenhouse gas emissions by weightEN20 Nitrogen and sulphur dioxide emissions (NO and SO emissions) and other significant emissions into air, by type and weightEN22* Overall weight of waste by type and disposal methodEN24 As regards waste that has been classified as hazardous in Appendices I, II and VIII of the Basel Convention Annex, the weight ot transported, imported, exported or treated waste and the relative proportion of waste shipped internationallyEN28 Regarding the neglect of environmental legislation and regulations, the monetary value of the significant fines imposed and the overall number of other penaltiesEN30* Environment protection’s overall expenses and investments by type

Social indicators

LA1 Total workforce by employment type, employment contract and regionLA3 Benefits provided for full-time employees that have not been provided temporary or part-time employeesLA12 The percentage of employees with whom regular performance and career development reviews are carried outS6 Total value of financial and in-kind contributions to political parties, politicians, and related institutions by countryS7* Total number of legal actions for anti-competitive behaviour, anti-trust, and monopoly practices and their outcomes

2.10 The company did not receive any awards during the reporting period.3.6 Environmental indicators are reported regarding plants excluding separate logistics centers.3.10 The report does not include diverging information compared to the previous reports.3.11 The reporting for 2011 included in the table on page 63 is more extensive than previously. 4.2 The Chairman of the Board is not part of the executive management.4.4 A representative of the owner acts as a member of the Board.4.15 The selection is based on an internal questionnaire.EN22 The reported plants do not include information regarding Estonia.EN30 The reported plants do not include information regarding Estonia.S7 No legal proceedings or other actions regarding restrictions on competition took place.

* CommentsFS = Financial Statements


53 | 53

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_Board of Directors

Matti Tikkakoski b. 1953B.Sc. (econ.)

Independent of the company and the shareholder, Member of the Board of Altia since 2011Chairman of the BoardChairman of the Nomination and Compensation CommitteeMember of the Audit CommitteeMember of the Board of Componenta Plc

Main work experience CEO of Atria Oyj (2006-2010)Senior Vice President of År-Carton Group AB (2003-2005)Different management positions in Huhtamäki Oyj (1980-2002)

Markku Rönkkö b. 1951 M.Sc. (Econ)

Independent of the company and the shareholder, Member of the Board of Altia since 2006Member of the Audit CommitteeMember of the Board of Digital Foodie OyVice Chairman of the Board of Hotel Artos OyVice Chairman of the Board of Osuuskunta KPYMember of the Board and Member of the Audit Committee of Tulikivi OyjChairman of the Board of Voimatel OyDeputy Member of the Auditing Board of Central Chamber of CommerceShareholder/Partner of Boardman OyMember of the Board of the Orthodox Church Museum Foundation of Finland

Main work experienceCEO of Järvi-Suomen Portti Oy (2008-2011) CEO of Karelia-Upofloor Oy (2006-2007)CEO of Savon Voima Oyj (2004-2006)CEO of Olvi Oyj (1985-2004)Part-time auditor (APA) (1984-2003)

Mikael Aro b. 1965eMBA

CEO of VR GroupIndependent of the company and the shareholder, Member of the Board of Altia since 2010Member of the Nomination and Compensation CommitteeMember of the Board of Varma Mutual Pension Insurance CompanyChairman of the Board of Finnkino Oy

Main work experienceSenior Vice President of Carlsberg breweries AS, Northern Europe (2007-2009)CEO of Oy Sinebrychoff Ab (2005-2007)Commercial Director of Oy Sinebrychoff Ab (2003-2005)

Ainomaija Haarla b. 1953 D.Sc. (tech). Mba

CEO of the Technology Academy FoundationIndependent of the company and the shareholder, Member of the Board of Altia since 2008Member of the Audit CommitteeChairman of the Board of Korona Invest OyChairman of the Board of Korona Invest II OyMember of the Board of Euro-CASE Main work experienceCEO of Pro Consilium Ltd (2007 - 2009)Executive management positions in United Paper Mills Ltd and UPM-Kymmene Corp. (1979 - 1999 and 2001 - 2007) in Finland and abroad (in Germany 2002 - 2005)Marketing Director of Metso Corp. (1999 - 2000)

Annikka Hurme b. 1964 M.Sc. (Food sciences) Director of Valio Oy, Nordic Sales and DistributionIndependent of the company and the shareholder, Member of the Board of Altia since 2010

Main work experienceDirector of Valio Oy, Perishable Goods and Domestic Sales and Marketing (2007-2010)Director of Valio Oy, Marketing (2000-2007)

Jarmo Kilpelä b. 1957M.Sc. (Econ.)

Senior Financial Counsellor, Prime Minister’s Office, Ownership Steering DepartmentIndependent of the company, Member of the Board of Altia since 2011Member of the Nomination and Compensation CommitteeChairman of the Board of Hansel LtdMember of the Board of HAUS Finnish Institute of Public Management Ltd

Main work experienceSenior Financial Counsellor, Ministry of Finance (1996-2007)Head of Administration and Finance, Government Guarantee Fund (1993-1996)Analyst, Bank of Finland (1992-1993)Head of Department, Deputy Director of Department, Corporate Analyst, Skopbank of Finland Plc (1981-1992)

Catarina Fagerholm b. 1963M.Sc. (econ.)

CEO of Instru optiikka OyIndependent of the company and the shareholder, Member of the Board of Altia since 2008Vice Chairman of the Board since 2010Chairman of the Audit CommitteeMember of the Supervisory Board of LuottokuntaMember of the Board of Atasun Optik, Turkey

Main work experienceCEO of Bosch and Siemens Home Appliances Oy (1998-2005)Country Manager of AEG Home Appliances of Finland, Russia, Estonia, Latvia and Lithuania (1996-1998)

1. 2. 3. 4.

5. 6. 7.


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_Executive Management Team

Tomi Tanninen b. 1967m.sc. (econ)

CFO ( 2008 – )

Main work experienceFinance Director, Gustav Paulig Ltd ( 1999 – 2008 )Business Controller, Gustav Paulig Ltd ( 1996 – 1998 )Finance Manager, Paulig Export Ltd ( 1995 – 1996 )

Antti Pankakoski b. 1954M.SC. (laws)

CEO ( 2007 – )

Member of the Board of Finnish Food and Drink Industries’ FederationMember of the Board of HOK-ElantoMember of the Board of Kristina Cruises Oyj

Main work experienceCEO of Silja Line Oy (2003-2006)Director of Nordea Corporate Finance (2000-2002)Director of Kvärner A/S (1998-2000)CEO of Cunard Line Ltd (1996-1997)

Sanna Hokkanen b. 1974M.Sc. in behavioural science

Senior Vice President, HR ( 2011 – )

Main work experienceHR Director of Fujitsu Oy (2008-2010)Senior HR Manager of Nokia Oyj (2004-2008)HRD Manager of Nokia Oyj (2001-2004)HR Director of Done Oyj (2000-2001)HR Specialist of Nokia Oyj (1997-2000)

Joacim Hultin b.1967Bachelor of Arts in Economy

Senior Vice President, Trading ( 2009 – )

Main work experienceSenior Vice President, Sweden and Portfolio Management, Altia Plc (2007-2009)Brand Manager, Purchasing Manager, Commercial Manager and Managing Director, Bibendum AB (1996-2007) Product and Store Consultant, Systembolaget (1995-1996)

Kari Lampinen b. 1961M.Sc. (econ)

Senior Vice President, Brands ( 2009 – )

Main work experienceCountry Manager, Fresh bakery products, Commercial Director, Marketing and Sales Director, Vaasan Oy (1999-2009)Marketing Director, HK Ruokatalo Oyj (1994-1999) Director, Marketing, Sales and Product Development, Broilertalo Oy/ Kariniemi Oy (1989-1994)Product Manager and Key Account Manager, Vaasanmylly Oy (Cultor Oyj) (1985-1989)

Hannu Tuominen b. 1958M.sc. (eng)

Senior Vice President, Industrial Services and Supply Chain ( 2009 – )

Main work experienceSenior Vice President, Industrial Services and Production, Altia Plc (2008-2009)Division Director of Vaisala Oyj (1994-2007)Production Director of Vaisala Oyj (1992-1994)Production Director of Fiskars Power Systems Oyj (1990-1992)Product Marketing Manager of Fiskars Power Systems Oyj (1988-1990)Business Controller of Fiskars Power Systems Oyj (1986-1988)

1. 2.

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Altia OyjPorkkalankatu 22 APL 35000101 Helsinkipuh. 0207 013 013etunimi.sukunimi @ altiacorporation.com

Graafinen suunnittelu: Kuudes kerrosKuvatuotanto: Kuvasuunnittelu- & Agentuuritoimisto KeksiPainatus: Erweko

FINLAND

Altia Plc Porkkalankatu 22 A FI-00180 Helsinki P.O. Box 350, 00101 Helsinki Tel. +358 207 013 013 firstname.lastname @altiacorporation.com www.altiacorporation.com

Altia Plc Koskenkorva Plant FI-61330 Koskenkorva Tel. +358 207 013 013

Altia Plc Rajamäki Plant Valta-akseli FI-05200 Rajamäki Tel. +358 207 013 013

Altia Finland (sales and marketing unit) Porkkalankatu 22 A FI-00180 Helsinki Tel. +358 207 013 013 [email protected] www.viinimaa.fi

SkyCellar ltd Porkkalankatu 22 A FI-00180 Helsinki Tel. +358 207 013 011 [email protected] www.skycellar.fi

Roal ltd Tykkimäentie 15 FI-05200 Rajamäki Tel. +358 9 290 420 [email protected]

Oy Wennerco Ab Porkkalankatu 22 A FI-00180 Helsinki Tel. +358 207 013 012 [email protected] www.mikaviini.fi

SW EDEN

Altia Sweden ab Visiting address: Sandhamnsgatan 63 C SE-115 28 Stockholm Shipping address: Sandhamnsgatan 73 SE-115 28 StockholmPostal address: P.O. Box 27144 SE-102 52 Stockholm Tel. +46 8 557 790 00 firstname.lastname @altiacorporation.com

Altia Sweden AB Logistics Center Visiting and shipping address: Transportvägen 7 SE-11743 Stockholm Postal address: P.O. Box 27144 SE-102 52 Stockholm Invoicing address: Altia Sweden AB Fack 880187 R088 SE-10637 Stockholm Tel. +46 8 450 47 00 firstname.lastname @altiacorporation.com

Altia Sweden Services AB Sandhamnsgatan 63 A P.O. Box 27084 SE-10251 Stockholm Tel. +46 8 598 110 00 firstname.lastname @altiacorporation.com

BevCo AB Sandhamnsgatan 63 C P.O. Box 27084 SE-10251 Stockholm Tel. +46 8 557 790 09

Bibendum AB Sandhamnsgatan 63 A P.O. Box 27084 SE-10251 Stockholm Tel. +46 8 598 111 00 [email protected]

Philipson Söderberg AB Sandhamnsgatan 63 C P.O. Box 29163 SE-10052 Stockholm Tel. +46 8 598 112 00 firstname.lastname @philipsonsöderberg.se www.philipsonsoderberg.se

NORWAy

Altia Norway Services AS Harbitzalléen 2a, 5th floor N-0275 Oslo Tel. +47 21 50 18 00 firstname.lastname @altiacorporation.com www.altiacorporation.com

Best Buys international AS Harbitzalléen 2a, 5th floor N-0275 Oslo P.O. Box 473, Skøyen N-0213 Oslo Tel. +47 21 50 18 00 [email protected]

Bibendum AS Harbitzalléen 2a, 5th floor N-0275 Oslo P.O. Box 476, Skøyen N-0213 Oslo Tel. +47 21 50 18 00 [email protected] www.bibendum.no

InterBev AS Harbitzalléen 2a, 5th floor N-0275 Oslo P.O. Box 422, Skøyen N-0213 Oslo Tel. +47 21 50 18 00 [email protected]

Strøm AS Harbitzalléen 2a, 5th floor N-0275 Oslo P.O. Box 459, Skøyen N-0213 Oslo Tel. +47 21 50 18 00 [email protected] www.strom.no

DENM A R K

Altia Denmark A/S Ragnagade 7, 3-floor DK-2100 Copenhagen Tel. +45 4 588 4020 [email protected] www.altiadenmark.com

Altia Denmark Logistics Center Gl. Højmevej 30 DK-5250 Odense SV Tel. +45 4 8880 3600 firstname.lastname @altiacorporation.com

Altia Denmark Svendborg Plant Rødeledsvej 70 DK-5700 Svendborg Tel. +45 4 8880 3600 [email protected]

ESTONI A

Altia Eesti AS Tammi tee 30 Laabi küla, Tabasalu sjsk EE-76901 Harjumaa Tel. +372 671 2000 [email protected] www.altia.ee

L AT V I A

SIA Mobil Plus Kuldigas iela 36a LV-1083, Riga Tel. +371 67 62 8884 [email protected]

_Contact details


Annual Report2011

Altia PlcPorkkalankatu 22 A

P.O. Box 350FI-00101 Helsinki

tel. +358 207 013 [email protected]

Annual Report - Altia · We cherish, Altia annual report 2011 _ environmental responsibility . FINANCIAL RESPONSIBILITY ENVIRONMENTAL RESPONSIBILITY SOCIAL RESPONSIBILITY Business

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