ANNUAL REPORT 2018

ANNUAL REPORT 2018

Arcus ASA

Destilleriveien 11 Postbox 64

NO-1483 Hagan

Tel. (+47) 67 06 50 00 post@arcus.no

arcus.no

Facebook: ArcusGruppen

Contents

In brief

Group CEO The2Company

Corporate Social Responsibility

Corporate Governance

Directors' Report

Financial Statements and Notes

ANCNoUnAtLaRcEtPORT 2018 Ar2cu/s1A3S3A

IN BRIEF

Business Structure A Leading Nordic Brand Company Key Figures 2018 Strategy and Key Information Group CEO

S?REN NIELSEN, SALES MANAGER

S?ren is enthusiastic and dedicated, with solid knowledge of Arcus' spirits. He sees what the customer needs, and which spirits and cocktails are right for every occasion.

Contents

In brief

Group CEO

The3 CompanyIN BRIEFC|orBpuosrinaetses SStorcuciatul rReesponsibility

Corporate Governance

Directors' Report

Financial Statements and Notes

ANCNoUnAtLaRcEtPORT 2018 Ar3cu/s1A3S3A

IN BRIEF

Business Structure A Leading Nordic Brand Company Key Figures 2018 Strategy and Key Information Group CEO

BUSINESS STRUCTURE

Arcus ASA

Arcus-Gruppen AS Finance, IT, HR, Communication

Business Area Wine

Sweden: Vingruppen i Norden AB

Norway: Vingruppen AS

Finland: Vingruppen Finland Oy

Business Area Spirits

Subsidiaries: NO, SWE, FI, DK, DE

Third-party distribution: DE, US and others

Tiffon (cognac): 34.75% owner share

Business Area Distribution

Norway: Vectura AS

INNHOLD

IN BRIEF

Business Structure

3

A Leading Nordic Brand Company

4

Key Figures 2018

5

Strategy and Key Information

6

Group CEO

8

THE COMPANY

The Company in Brief

9

Wine

12

Spirits

21

Distribution

28

Organisation

31

Group Management

34

CORPORATE SOCIAL RESPONSIBILITY 35

CORPORATE GOVERNANCE

47

DIRECTORS' REPORT

51

FINANCIAL STATEMENTS & NOTES

Contents

57

Consolidated Financial Statements

with Notes

58

Parent Company Financial Statements

with Notes

121

Declaration

130

Auditor's Report

131

IR and Media Contact: Group Director Communications and IR Per Bj?rkum per.bjorkum@arcus.no Tel. (+47) 922 55 777

Concept, design and produktion: oktanoslo.no

Contents

In brief

Group CEO

The4CompanyIN BRIEFC|orApLoeraadtiengSNoocridaicl RBreasnpdoCnosmipbailniyty

Corporate Governance

Directors' Report

Financial Statements and Notes

ANCNoUnAtLaRcEtPORT 2018 Ar4cu/s1A3S3A

IN BRIEF

Business Structure A Leading Nordic Brand Company Key Figures 2018 Strategy and Key Information Group CEO

A LEADING NORDIC BRAND COMPANY

SOLID POSITIONS IN THE NORDIC REGION AND GERMANY

SALES REVENUE BY BUSINESS AREA IN 2018

10%

#1 Spirits #1 Wine

29%

#6 Spirits #3 Wine

61%

Wine Spirits Distribution (Vectura)

#2 Spirits #1 Aquavit

#5 Spirits

#2 Wine

THE BEST OF NORDIC SPIRITS TO THE WORLD AND THE WORLD'S BEST WINES TO THE NORDICS

SALES REVENUE BY COUNTRY IN 2018

2% 5% 5%

8%

39%

41%

Norway Sweden Finland Denmark Germany Tax-free,

other countries

Contents

In brief

Group CEO

The5 CompanyIN BRIEFC|orKpeoyrFaigteurSeso2c0ia1l8Responsibility

Corporate Governance

Directors' Report

Financial Statements and Notes

ANCNoUnAtLaRcEtPORT 2018 Ar5cu/s1A3S3A

IN BRIEF

Business Structure A Leading Nordic Brand Company Key Figures 2018 Strategy and Key Information Group CEO

KEY FIGURES 2018

Arcus ASA Group Operating revenues Of which operating revenues outside Norway EBITDA EBITDA adjusted for non-recurring items EBITDA margin adjusted for non-recurring items Number of FTEs, 31.12

NOK million NOK million NOK million NOK million (%) Persons

2018 2,723.2 1,646.8

307.3 312.6 11.5%

435

2017 2,575.1 1,554.4

347.6 360.7 14.0%

425

2016 2,582.5 1,567.7

290.5 335.3 13.0%

409

2015 2,470.9 1,479.5

257.8 274.4 11.1%

422

2014 2,332.4 1,288.5

272.1 266.3 11.4%

448

OPERATING REVENUES NOK million

2,723

GROWTH 2006?2018

NOK million 400

350

300

250

200

150

965

100

50

68

0 2006

1,220 109 2007

1,309 121 2008

1,505 128 2009

1,632 170

2010

1,789 198

2011

1,957 210

2012

2,268 268

2013

EBITDA adjusted for non-recurring items Operating revenues

2,332 266

2014

2,471 274

2015

2,583 335

2016

2,575 361

2017

NOK million

2,723

3,000

2,500

313

2,000

1,500

1,000

500

0 2018

EBITDA adjusted for nonrecurring items NOK million

313

NUMBER OF EMPLOYEES

435

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