26
Financial targets and
progress in them
27
Financial review
35
Risks and risk management
22
Year 2024 summarised by
the Board of Directors
REPORT BY THE BOARD OF DIRECTORS
In 2024, Anora
continued to
improve its
profitability and
strengthen its
balance sheet.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
21Annual Report 2024
Report by the Board of Directors 2024
Anora is a Nordic Wine and Spirits powerhouse and a role model in sustainability in its industry.
Acting as a multi-channel operator, the Group integrates on-trade, off-trade, travel retail, online, and
sales via monopolies into its strategy. Anora effectively navigates the diverse and regulated markets
in the Nordic countries and nearby regions, maximising its market reach and ensuring compliance
with regional laws and consumer expectations. Anora Group also includes Anora Industrial and
logistics company Vectura and offers near-market filling to its partners and customers. Anora’s
shares are listed on Nasdaq Helsinki.
Anora’s year 2024
Strategy execution in 2024
During the year, Anora continued
to execute its strategy, which was
launched in the Capital Markets Day
in November 2022. Anora’s strategy
is founded on core strategic pillars
with sustainability at its centre. These
include leading category growth
across consumer occasions and
channels to cement Anora’s position
as the wine and spirits powerhouse in
Sweden, Norway and Finland.
As part of this goal, Anora further
scaled up its hero brands to reach
cross-border synergies during 2024. In
the Spirits segment, Anora continued
to invest in its biggest brands and
launched, among others, 17 new
Koskenkorva products, spanning from
the RTD category to cream liqueurs,
during the year. Skagerrak’s – also one
of Anora’s hero brands – bottle was
redesigned, reducing the average use
of glass by 28%. The new bottle will be
widely available across all Nordics,
Germany, GTR, and many other
markets.
In the Wine segment, Anora
launched a wide range of new
products for grocery stores in Finland,
following the amendments to Finland’s
Alcohol Act in June allowing the sale
of alcoholic beverages containing
up to 8% ABV in grocery stores. As
the country’s market-leading wine
company with a local production
facility at Rajamäki, Anora is uniquely
positioned to harness this opportunity.
Anora immediately gained a leading
position in Finnish groceries due to the
successful launch of its new lower-
alcohol wine selection. Anora also
focused on its cross-Nordic assortment
after the Globus Wine acquisition.
As another core strategic pillar,
Anora is set out to scale its position in
Denmark and the Baltics, and beyond
the Nordics with its strong, sustainable
hero brands. This has been executed
by establishing Anora Lithuania in
November 2024, combined with the
previous acquisition of Globus Wine in
Denmark in June 2022.
In 2024, Anora also continued
to seek scale benefits on indirect
costs in line with its strategy. As part
of this, Anora is further enhancing
its IT system integration through
the implementation of Group-wide
SAP and RELEX systems also in
Denmark and Norway, to further
optimise its operations and ensure
efficiency across processes. Anora
also harmonised its HR organisation
across its operating countries,
and including Globus Wine, as
well as implemented, e.g., new
recruitment and salary systems for
Group-wide use to generate further
post-integration synergies.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
22Annual Report 2024
Financial performance in brief
In 2024, Anora continued to improve
the marginality of its beverage
business and strengthen the balance
sheet by increasing the share of
margin accretive businesses as well
as focusing on pricing and revenue
management, stable operating
expenses and net working capital
reduction. Anora also continued to
invest in its brands to build long-
term performance. As a result, all
segments improved their respective
gross margins. The full-year Group
gross margin increased to 42.4%
(42.0%). The Group gross profit
showed a decline of 3.9% to EUR
293.4 (305.4) million in 2024, partly
as the comparative year 2023 was
impacted by the one-off capital gain
from the Larsen divestment of EUR 11.6
million, which was not allocated to
any segment.
For the full year 2024, net sales were
EUR 692.0 million, showing a decline
of 4.7%. The Wine and Spirits segment
sales were down due to lower
volumes. The Industrial segment’s
net sales were negatively impacted
by lower sales prices due to declined
grain prices, combined with lower
production volumes.
Anora revised its guidance once
in 2024. Anora first published its
guidance for 2024 on 14 February
2024, at which time it was estimated
Key ratios
2024 2023
Net sales, EUR million 692.0 726.5
Comparable EBITDA, EUR million 68.9 68.2
% of net sales 10.0 9.4
EBITDA, EUR million 61.3 67.5
Comparable operating result, EUR million 42.0 34.8
% of net sales 6.1 4.8
Operating result, EUR million 34.5 -31.3
Result for the period, EUR million 11.1 -39.9
Earnings per share, EUR 0.16 -0.59
Net cash flow from operating activities, EUR million 33.2 135.3
Net debt / comparable EBITDA 1.8 2.0
Personnel at end of period 1,211 1,219
that Anora’s comparable EBITDA was
expected to be between EUR 75-85
million. Anora revised this guidance
range down to EUR 65-70 million (2023:
EUR 68.2 million) on 14 October 2024,
due to lower volumes in the Wine and
Spirits segments in September than
previously forecasted especially in
the monopoly channels. In the fourth
quarter, however, this steep decline
eased up somewhat, due to seasonal
sales picking up for the festive period.
For the full year 2024, comparable
EBITDA increased from EUR 68.2 million
to EUR 68.9 million or 10.0 percent of
net sales. The Wine segment delivered
notable comparable EBITDA growth,
while the other segments declined
from the previous year.
Financial position
At the end of 2024, the Group’s net
debt amounted to EUR 121.6 (137.5)
million. The reported net debt to
comparable EBITDA was 1.8 times,
whereas the long-term financial target
is below 2.5x. Anora Group’s liquidity
position remained strong throughout
the period. Anora paid down its long-
term interest-bearing debt by EUR 50.0
million, thus lowering the net financial
expenses going forward. Cash and
cash equivalents totalled EUR 181.5
million, while interest-bearing debt,
including lease liabilities, amounted to
EUR 303.1 million.
Anora’s business model
Anora’s business model is based
on offering a complete portfolio of
its own brands and a wide range of
prominent international partner wines
and spirits to customers in off-trade
and on-trade channels, and in travel
retail and exports. Anora also provides
services to its partners with the
company’s production, packaging and
logistics capabilities.
Anora’s industrial products –barley
starch, technical ethanols and feed
components – are produced as
by-products from the distillation
of grain spirit and are provided to
B2B customers in various industries.
The logistics company Vectura AS
provides logistics services in the
Norwegian wine and spirits market.
Anora’s integrated operating model
creates significant economies of
scale in sourcing, production and
distribution, and allows the company
to take advantage of its shared
operations – such as consumer
research, innovation, product
development and overall knowhow
– and use its centralised support
functions efficiently.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
23Annual Report 2024
Market environment in 2024
Total Nordic market* sales volumes
declined by 3.3% during 2024
compared to the corresponding
period in the previous year. Spirits
declined by 5.3%, while wines declined
by 3.0% during 2024 compared to the
corresponding period in the previous
year. Finland, notably, contributed to
the market decline, with the Finnish
alcohol monopoly Alko’s volumes
falling. After Covid-19, consumption
has shifted from monopolies back
to on-trade, travel retail and border
trade. Compared to pre-pandemic
levels in 2019, monopolies in Norway
and Sweden grew by 10.1% and 3.3%
in 2024, respectively, while Finland
declined by 13.4%.
The significant decline in Finland
in 2024 compared to the previous
year is mainly due to a change in the
Finnish Alcohol Act in June allowing
the sale of fermentation-based
beverages of up to 8% ABV in grocery
stores. This change has significantly
altered distribution channels in the
alcohol market in Finland, increasing
the points of sale of 5.6-8% ABV
products by 12 times and extending
their sales hours by about 20%. After
the law change, Alko’s wine volumes
declined by 2.6 million liters (-9.8%)
in the second half of 2024, while the
newly introduced up to 8% ABV wines
in grocery stores added 3.1 million
volume to the market. The total Finnish
off-trade wine market therefore grew
by 2.0%, including these lower-alcohol
wines. The law change has also
indirectly affected the Spirits category
in Alko, with a decline of 9.6% during
the second half of 2024, mainly due to
less customer visits to Alko compared
to the previous year.
Additional factors contributing to
the weakened development of the
Finnish monopoly in 2024 included an
excise tax increase in January, a VAT
increase in September, and reduced
consumer purchasing power. Another
excise tax increase was applied in
January 2025.
The availability and cost of raw
materials, labour, energy and fuel
have already partly impacted the
operating environment. Also wage
*The Nordic market sales volumes include overall monopoly sales in Finland, Sweden and Norway, and sales in Denmark. On-trade is excluded. The percentage change in sales volume
is calculated from the change in sales volumes in millions of litres. Sources: Alko, Systembolaget and Vinmonopolet and Nielsen IQ.
inflation has gradually increased.
As a result, retail selling prices have
increased in all three monopolies. The
price increases, driven by higher input
costs, have led to consumers trading
down, which in turn has resulted in
lower overall sales volumes.
In Anora’s Industrial segment, the
price erosion for grain continued
effecting both side products
and ethanol prices. Contract
manufacturing volumes improved
towards the end of the year
compared to last year after a slower
start in the beginning of the year.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
24Annual Report 2024
Key events
Building growth with strong,
sustainable brands
Anora launched 17 new Koskenkorva
products during 2024, spanning from
the RTD (ready-to-drink) category
to cream liqueurs, from intense salty
liquorice flavours to delicate vanilla
notes. Koskenkorva has embraced
the trend of tropical flavours with
the introduction of products like
Koskenkorva Passionfruit Caipiroska
ready-to-serve and Koskenkorva
Passionfruit-Mango spirit drink. Nordic
flavours were also presented with new
offerings such as the Koskenkorva
Strawberry and Winter Apple liqueurs.
In Norway, Anora launched two new
4.5% RTDs, Vikingfjord Hard Seltzers
Raspberry & Pomegranate and
Orange & Mango, in the grocery retail
channel as well as Opland Premium
Aquavit in the Norwegian monopoly.
In Finland, Anora launched a
new 4.5% RTD, Jaloviina Omena,
for the Finnish retail and on-trade
channels as well as new products in
the Leijona family, including Leijona
Namu Raspberry Sour and Leijona
Bangkok Pineapple.
In Sweden, O.P. Anderson Dill and
Explorer Organic Vodka were met with
great consumer acceptance.
In September, Anora launched
Blossa 24, a limited edition annual
glögg, which sold very well during
the festive season. The Blossa annual
glögg was also launched as an
alcohol-free variant in Sweden.
International recognition and
awards for hero brands
Koskenkorva, Anora’s flagship
export brand, won over 50 awards
in renowned industry competitions
during the year. Koskenkorva Climate
Action won Gold Outstanding (with
98 points) for the second year
running in the IWSC International
Wine and Spirit Competition; Double
Gold and Trophy (best barley-based
vodka) in the International Spirits
Challenge ISC; and a Gold Medal in
the Spirits Business’ Vodka Masters
competition. In liqueurs, highlights
include Koskenkorva Salmiakki’s Gold
Outstanding award (98 points) in
IWSC and Koskenkorva Rhubarb’s
Master medal (best fruit liqueur)
in Spirits Business’ Liqueur Masters.
Koskenkorva also attended the annual
Bartenders Choice Awards, further
strengthening its brand recognition in
the Nordic restaurant scene.
Koskenkorva Vodka Climate
Action entered the Swedish on-trade
with full force in 2024. The product
was very well received, and Anora
continues to educate customers
about regeneratively farmed barley,
the product’s key ingredient, and its
link to the brand’s sustainability work.
Koskenkorva Vodka Climate Action was
featured in the magazine of Martin &
Servera, Sweden’s leading restaurant
and catering specialist, reaching
around 8,000 readers in the industry.
Furthermore, all 70 O’Learys restaurants
in Sweden chose to have Koskenkorva
Climate Action as their only vodka.
Anora’s Linie aquavit was
the main sponsor of the Bocus
D’Or, the most rigorous culinary
competition in the world, generating
significant PR attention in Norway
and internationally. Linie was also
prominently featured in the Broadway
adaptation of the Henrik Ibsen play “An
Enemy of the People” starring Jeremy
Strong in New York.
Market leadership in lower-ABV
wines and success in monopoly
collaboration
One of the momentous events of 2024
was the legislative change in Finland
in June, which created a new category
of lower-ABV wines. Thanks to Anora’s
unique product development and
production capabilities, Anora was
able to launch a wide range of 70
new wine products in Finnish grocery
stores. As testament to Anora’s
innovation work, the success of the
new product range allowed Anora to
immediately gain a leading position in
the new wine category.
Anora participated actively in
monopoly tenders with its impressive
portfolio of premium, international
partner wines during the year. Anora
began collaboration with Robert
Mondavi Winery and Nederburg
Winemasters in Sweden and won two
tender wins with the South African wine
house Arniston Bay together with its
partner AdVini. In Sweden, Anora also
won new partners, including Domaine
des Tourelles, Lebanon’s oldest winery,
as well as Pongrácz, one of the most
important producers in South Africa.
Successful launches in in
Norway included the introduction
of AdVini’s Laroche Pinot Noir
Pouch to the customer order range
at Vinmonopolet.
In Finland, Anora began
collaboration with two new big
partners Pasqua and Gisselbrecht.
In Finland, new product launches
included the expansion of the Kung
fu Girl brand with the introduction of
Kung fu Girl Pinot Noir. Furthermore, the
US-based Kung Fu Girl’s two new white
wine launches exceeded expectations
by directly gaining allocation to over
70 stores.
Anora’s own wine brands also
gained tender wins, Yoko Chardonnay
Bag-in-Box and Maison de Chêne Petit
Chablis in Norway and Glöet Tropical
Fruits and Weinwurm Gemischter Satz
in Sweden.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
25Annual Report 2024
Brand transactions
strengthen focus on key
categories and brands
In May 2024, Anora acquired the
market leading Danish glögg brand
Blomberg from Orkla Denmark,
strengthening Anora’s leading position
in the Nordic glögg market. Though
small in absolute and relative terms,
this strategic brand acquisition
complements Anora’s flagship glögg
brand Blossa and solidifies Anora’s
already strong position in the Nordic
glögg market.
Anora sold its Swedish schnapps
brand Snälleröds to the Malmö-based
beverage company Saturnus AB in
November 2024, allowing Anora to
further focus on its core brands and
streamline its portfolio. Saturnus took
over the production, distribution, and
sales of Snälleröds products from
18 November.
Continued recognition
for Anora’s safety work
In November 2024, Koskenkorva
Distillery was granted The Year
Award in the Starch Europe’s Safety
Programme for the fourth consecutive
year. The Year Award is awarded to
plants with a full calendar year without
lost time incidents (LTI), and it is an
important recognition for Anora’s
efforts in developing workplace safety.
Change in the distribution
of the Braastad cognac brand
In 2024, the distribution of Tiffon SA’s
Braastad Cognac brand, which had
been distributed by Anora since 2004,
was transferred to a third party. Anora
is now focusing its resources and
marketing efforts on other prominent
international cognac partner brands
in its portfolio, such as Renault and
Larsen. Anora still holds a minority
share of 34.75% in Tiffon SA. Braastad
generated approximately 8 million
euros of net sales in 2023 and
approximately 4 million euros of net
sales in 2024.
Change negotiations to develop
operating model finalised
As part of Anora’s strategy
implementation and to improve
profitability, Anora launched in
November 2023 change negotiations
in all its business segments, Wine,
Spirits and Industrial, in order to
develop its operational model and
structure. The change negotiations
were started in November and
finalised in January 2024. Anora is
well on track with the targets set
out in these initiatives. The planned
changes were estimated to generate
approximately EUR 3–4 million in
savings and resulted in redundancies
of 37 employees.
Strategy and financial targets
Anora’s financial targets and the
Company’s growth strategy and
sustainability roadmap until 2030 were
introduced at the Capital Markets Day
on 29 November 2022. Anora’s vision
is to be the leading Nordic wine and
spirits group delivering growth through
sustainability.
Financial targets: The table below
presents Anora’s financial targets and
the progress in them.
Dividend policy: Anora aims to
maintain a stable or increasing
dividend with a dividend payout ratio
of 50–70% of the result for the period.
Strategic pillars
Anora’s growth strategy is founded
on core strategic pillars and has
sustainability at its centre:
Long-term financial targets for 2030
Actual
2024
Actual
2023
Actual
2022
Annual net sales growth
including M&A, majority being organic
3–5% -4.7% 3.4% 5.7%
Comparable EBITDA margin
through focus on margin accretive business
and scale benefits on indirect costs
16% 10.0% 9.4% 10.8%
Net IB debt/comparable EBITDA (LTM)
debt levels may occasionally exceed in
connection with M&As
<2.5x 1.8x 2.0x 4.0x*
Dividend pay-out ratio
% of result for the period
50–70% 141.2% -37.2% 83.1%
*The 2022 figure is not comparable to 2023 and 2024 due to the significant expansion of the sales of receivables
programme in 2023.
— Lead category growth across
consumer occasions and channels
to cement the position as the wine
and spirits powerhouse in Sweden,
Norway and Finland
— Scale position in Denmark and
the Baltics, and beyond the
Nordics, build the world’s leading
sustainable brands from Nordic
heroes to international challengers
Long-term sustainability targets
Anora’s long-term sustainability
targets are:
Targets approved by the Science-
Based Targets initiative (SBTi):
— 42% near-term reduction (2030)
and 90% long-term reduction
(2050) in absolute Scope 1 and
2 and absolute Scope 3 GHG
emissions from purchased goods
and services, upstream and
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
26Annual Report 2024
downstream transportation and
distribution emissions from a 2021
baseline and
— 30.3% near-term reduction (2030)
and 72% long-term reduction
(2050) in absolute Scope 1 and 3
FLAG greenhouse gas emissions
from a 2021 baseline.
Own, separate sustainability targets:
— A carbon-neutral Koskenkorva
Distillery by 2026 and all
production by 2030, without carbon
compensations
— Increasing the amount of own
grain spirit products made from
regeneratively farmed barley to 30%
— By 2030 all packages are
lightweight, 100% recyclable and of
materials from certified sources or
from recycled origins.
Efficiency improvements
through centres of excellence
Anora is improving its supply chain
efficiency by creation of centres of
excellence where Rajamäki bottling
plant focuses on vodka-based spirits
and 8% wines in Finland whereas
Gjelleråsen plant in Norway focuses
on distilling, blending and bottling
of matured aquavits bitters. Anoras
operation in Køge, Denmark focuses
solely on wine bottling. By having
focused factories Anora has reduced
its complexity and improved its
cost efficiency.
Research and development
activities
The Group’s direct research and
development expenditure amounted
to EUR 2.7 million in 2024 (EUR 2.3
and 2.2 million in 2023 and 2022,
respectively) million and was
related to the product development
of alcoholic beverages. The R&D
expenditure represented 0.4% of net
sales in 2024 (0.3% and 0.3% in 2023
and 2022, respectively).
Information on
key intangible resources
Anora has material key intangible
resources in its own-developed
leading brands. These include
Koskenkorva, Linie, O.P. Anderson,
Xanté and Skagerrak in the Spirits
segment and Blossa, Chill Out, Falling
Feather, Il Capolavoro, Ruby Zin and
Wongraven in the Wine segment.
Of these, Koskenkorva, Xanté, Linie
and Skagerrak and defined as
Anora’s hero brands, which Anora
is scaling up beyond the Nordics
to generate growth in international
markets according to its strategy.
The other local and tactical brands
are optimised to cover all consumer
segments in the monopoly markets.
Financial review
Net sales, profitability and
result for the period
In 2024, Anora Group reported net
sales of EUR 692.0, reflecting a 4.7%
decrease compared to the net sales
(EUR 726.5) in the previous year. The
Wine and Spirits segment sales were
down due to lower volumes. The
Industrial segment’s net sales were
negatively impacted by lower sales
prices due to declined grain prices,
combined with lower production
volumes. The consolidated income
statement includes the income
statement of the divested business of
Larsen until 29 September 2023.
In 2024, Anora Group’s comparable
EBITDA amounted to EUR 68.9 (68.2)
million or 10.0% (9.4%) of net sales.
The recent price increases and the
more stabilised currencies supported
performance. The gross margin
amounted to 42.4 (42.0) percent of
net sales, with improvements in all
segments. The gross profit decreased
by 3.9% to EUR 293.4 (305.4) million.
The gross profit for the previous year
was impacted by the one-off gain
from the Larsen divestment of EUR 11.6
million, which was not allocated to
any segment.
The Wine segment delivered
notable comparable EBITDA growth,
while the other segments declined
from the previous year. The Spirits
segment continued to invest in
its biggest brands. The Industrial
segment’s performance was
negatively impacted by ethanol
and side products price erosion due
to declined grain prices and lower
production volume.
Items affecting comparability
have been presented on page 246.
Additional inventory impairments of
EUR 3.8 million were made in the Wine
and Industrial segments, reported as
items affecting comparability.
For the full year 2024, employee
benefit expenses totalled EUR 103.9
(103.8) million, including EUR 83.3
(83.0) million in wages and salaries.
Other operating expenses amounted
to EUR 128.3 (134.1) million.
Result for the period amounted to
EUR 11.1 (-39.9) million, and earnings
per share were EUR 0.16 (-0.59).
The below tables illustrate net
sales and comparable EBITDA by
reporting segments.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
27Annual Report 2024
Net sales by segment, total*
EUR million 2024 2023 Change %
Wine 323.0 334.3 -3.4
Spirits 227.0 237.0 -4.2
Industrial 234.0 269.5 -13.2
Anora Group net sales, external 692.0 726.5 -4.7
*Total net sales by segment includes external and internal sales.
Comparable EBITDA by segment
EUR million 2024 2023 Change %
Wine 22.1 12.4 78.5
Spirits 38.0 40.3 -5.7
Industrial 14.7 17.5 -16.2
Group allocations -5.9 -1.9
Anora Group 68.9 68.2 1.0
% of net sales 10.0 9.4
Wine segment
The Wine segment develops, markets
and sells partner wines and Anora’s
own wine brands to customers in
the Nordic markets and in Denmark.
Globus Wine is reported as part of
Anora’s Wine segment as of 1 July
2022.
In 2024, net sales decreased by 3.4%
to EUR 323.0 (334.3) million compared
to the previous year, primarily due
to the resignation of Francois Lurton
in Sweden in March 2023 and the
discontinuation of low-margin third-
party filling contracts in Denmark. The
impact of exchange rate fluctuations
on net sales was not significant.
In 2024, comparable EBITDA
increased to EUR 22.1 (12.4) million, or
6.9% (3.7%) of net sales, driven by price
increases, improved gross profits,
and lower operating expenses. There
were some operational challenges
in Denmark due to the Globus Wine
integration, relating to e.g. ERP
implementation related processes and
planning of material flows, and the
corrective actions have been taken.
Globus Wine had some additional
inventory impairments, reported as
items affecting comparability. The
gross margin improved to 29.4%
(26.9%) of net sales, and gross profit
increased by 5.6% to EUR 94.9 million.
Spirits segment
The Spirits segment consists of
the business areas Spirits and
International. The Spirits business
area develops, markets and sells both
Anora’s own spirits brands and partner
brands to customers in the Nordic
monopoly markets. The International
business area consists of Anora’s own
operations in the Baltics, Denmark and
Germany, as well as global duty free
and travel retail, and exports.
In 2024, net sales of the Spirits
segment decreased by 4.2% from
the previous year, totalling EUR 227.0
(237.0) million. Within the Spirits
segment, net sales declined in all
markets except for Sweden. In 2024,
the distribution of Tiffon SA’s Braastad
Cognac brand, which had been
distributed by Anora since 2004, was
transferred to a third party. Braastad
generated approximately 8 million
euros of net sales in 2023 and
approximately 4 million euros of net
sales in 2024.
During 2024, the comparable
EBITDA of Spirits declined to EUR 38.0
(40.3) million, or 16.7% (17.0%) of net
sales, mostly driven by lower volumes,
declining monopoly markets and
higher operating expenses due to
targeted increase in A&P spend. The
gross margin improved to 44.8%
(42.1%) of net sales, and gross profit
increased by 2.0% to EUR 101.7 million.
Industrial segment
The Industrial segment comprises
Anora’s industrial business – industrial
products and services , the logistics
company Vectura in Norway, and
supply chain operations.
In 2024, the Industrial segment’s
total net sales decreased to EUR 234.0
(269.5) million. Net sales were negatively
impacted by lower sales prices due to
declined grain prices, combined with
lower production volumes.
In 2024, the comparable EBITDA of
the Industrial segment was EUR 14.7
(17.5) million, or 6.3% (6.5%) of net
sales. The performance was negatively
impacted by ethanol and side products
price erosion due to declined grain
prices and lower production volume.
Additional inventory impairments were
made primarily in Norway, reported
as items affecting comparability.
The gross margin improved to 47.3%
(44.2%) of net sales.
Financial items
For the full year 2024, other operating
income amounted to EUR 8.5 (20.3)
million, coming from sales of steam,
energy and water of EUR 4.4 (4.0)
million and rental income of EUR 1.5
(1.4) million. The one-off capital gain
of EUR 11.6 million from the divestment
of Larsen was reported during the
comparative period in 2023 under
other operating income.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
28Annual Report 2024
Net financial expenses were EUR
20.0 (22.8) million for the full year 2024.
An insurance claim relating to the
acquisition of Globus Wine
Anora made a claim during Q2 2023
under the warranties and indemnity
insurance policy taken in connection
with the acquisition of Globus Wine.
Anora thus has a contingent asset
in the form a potential insurance
compensation.
Cash flow and balance sheet
Net cash flow from operations
totalled EUR 33.2 (135.3) million in
2024. Net working capital amounted
to EUR -73.2 (-79.2) million. Inventory
decreased to EUR 139.2 (144.2) million.
The receivables sold amounted to EUR
163.7 (173.6) million at the end of the
reporting period.
The net cash flow from investing
activities was EUR -3.8 (41.6) million in
2024. The gross capital expenditure
amounted to EUR 12.3 (12.6) million,
primarily allocated to replacement
investments and improvements in
work safety and energy efficiency.
The gross capital expenditure
was partly offset by the previously
announced deal in which ABF
exercised their call option to acquire
all of Anora Group Plc’s shares in Roal
Oy at a fixed purchase price of EUR 7.6
million. The transaction was closed on
28 March 2024.
Net cash flow from financing
activities amounted to EUR -59.4
(-57.7) million in 2024 and was
primarily related to the repayment of
borrowings totalling EUR -51.5 (-1.5)
million. Dividends paid amounted to
EUR -15.1 (-15.1) million and repayment
of lease liabilities amounted to
EUR -12.6 (-11.1) million. Changes
in commercial paper programme
amounted to EUR 19.8 (-30.0) million.
At the end of the reporting period, the
Group’s net debt amounted to EUR 121.6
(137.5) million. The reported net debt to
comparable EBITDA was 1.8 (2.0) times.
Anora Group’s liquidity position
remained strong throughout the
period. In 2024 Anora paid down its
long-term interest-bearing debt by
EUR 51.5 million, thus lowering the net
financial expenses going forward.
Cash and cash equivalents totalled
EUR 181.5 (212.7) million, while interest-
bearing debt, including lease liabilities,
amounted to EUR 303.1 (350.2) million.
From the Group’s Commercial Paper
Programme, a total of EUR 20.0 (0.0)
million in issued commercial papers
was outstanding at the end of 2024.
The Group has a revolving credit
facility of EUR 150.0 (150.0) million, of
which EUR 0.0 (0.0) million was in use
at the end of the reporting period. In
December 2024, Anora exercised its
second extension option related to its
credit facilities agreement, extending
the maturity of the term loan and
revolving credit facilities by one year
to December 2027.
The gearing ratio at the end of the
reporting period was 30.5% (33.7%),
while the equity ratio was 37.3% (35.9%).
Anora recognised impairment
losses of EUR 10.4 million to the value
of the parent company’s holdings
in Group companies, which did not
impact the consolidated financial
statement figures, but reduced Anora
Group Plc’s distributable funds by
equal amount.
Personnel
Anora Group employed 1,211 (1,219)
persons at the end of the period and on
average 1,230 (1,273) persons in 2024.
Personnel by country at
the end of the period
EUR million 2024 2023
Finland 409 416
Norway
348 360
Denmark
185 171
Sweden
163 171
Estonia
67 61
Latvia
31 31
Germany
7 9
Lithuania 1 0
Total 1,211 1,219
In 2024, Anora continued to
enhance the leadership capabilities of
managers by value-based leadership
programs. By providing further clarity
and predictability within the annual
business cycle, the aim is to create
an environment where leadership
is accountable, and employees feel
supported and motivated. Anora
monitors employees’ development
objectives through annual
performance and development
dialogues, fostering a culture of
continuous learning and development
within the organisation. The ongoing
sales excellence program has
significantly contributed to improving
the selling capabilities of the sales
personnel, thereby harmonising the
way of working across countries and
business areas.
Strategic initiatives were progressed
involving sixty managers in bi-annual
workshops. This setup aims to actively
engage them in the development
and improvement of the work
environment, as well as the thoughtful
implementation of the company’s key
initiatives. These efforts collectively
embody Anora’s commitment to
building a robust, efficient, and
inclusive organisational framework.
Anora audited its diversity, equity,
and inclusion (DEI) processes, providing
education to all employees through a
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
29Annual Report 2024
mix of e-learning, virtual lessons, and
classroom discussions. To support
more inclusive recruiting practices, the
recruitment process and platform were
revamped in 2024.
Anora conducted the annual
employee engagement survey, Anora
Tasting, in November, followed by a
review of the results, as well as training
and action planning that is consistently
followed throughout the organisation.
Additionally, Anora continued to
promote psychological safety and
well-being among employees by
partnering with external provider Auntie.
This initiative is designed to improve the
overall well-being of the employees.
Concurrently, safety e-training for
employees and managers continued,
enhancing the safety culture, and
reducing workplace accidents. These
measures ensure that the employees’
physical and mental health is prioritised.
Employee benefit expenses
EUR million 2024 2023
Wages and salaries 83.1 83.0
Pension expenses
Defined
contribution plans
10.8 10.5
Defined benefit
plans
0.1 0.1
Share-based
payments
0.2 0.0
Other social
expenses
9.6 10.2
Total 103.9 103.8
In Anora, the total wages and
salaries of personnel consists of fixed
and variable pay, allowances, short
and long-term incentives, and fringe
benefits. Employee benefit expenses
include personnel related restructuring
costs of EUR 1.3 (4.9) million.
Share-based
incentive schemes
Anora Group originally announced
the establishment of the long-term
incentive scheme by a stock exchange
release issued on 9 June 2022. The
scheme comprises a Performance
Share Plan (also “PSP”) for the top and
senior managers and a Restricted Share
Plan (also “RSP”) as a complementary
structure for specific situations.
Share-based incentive scheme
2025-2027
The Board of Directors of Anora Group
Plc announced on 12 February 2025 that
it has approved the commencement
of a new plan period 2025–2027 within
the share-based long-term incentive
scheme for the management and
selected key employees.
The potential share rewards under
PSP 2025–2027 will be paid during H1
2028. The payment of the rewards is
conditional on the achievement of the
performance targets set by the Board of
Directors for the plan. The performance
measures based on which the potential
share reward under PSP 2025-2027 will
be paid are revenue growth, earnings
per share (EPS), the relative total
shareholder return of the Company’s
share and a measure based on the
Sustainalytics ESG rating. Eligible for
participation in PSP 2025-2027 are
approximately 40 individuals, including
the members of Anora Group’s
Executive Management Team. If the
performance targets set for PSP 2025–
2027 are fully achieved, the aggregate
maximum number of shares to be paid
based on this plan is approximately
1,785,000 shares (referring to gross
earning before the withholding of the
applicable payroll tax).
The aggregate maximum number
of shares to be paid in specific
situations based on RSP 2025-2027 is
approximately 170,000 shares (referring
to gross earning before the withholding
of the applicable payroll tax).
Share-based incentive
scheme 2024-2026
The Board of Directors of Anora Group
Plc announced on 14 February 2024 that
it has approved the commencement
of a new plan period 2024–2026 within
the share-based long-term incentive
scheme for the management and
selected key employees.
The potential share rewards under
PSP 2024–2026 will be paid during H1
2027. The payment of the rewards is
conditional on the achievement of the
performance targets set by the Board of
Directors for the plan. The performance
measures based on which the potential
share reward under PSP 2024-2026 will
be paid are revenue growth, earnings
per share (EPS), the relative total
shareholder return of the Company’s
share and a measure based on the
Sustainalytics ESG rating. Eligible for
participation in PSP 2024-2026 are
approximately 40 individuals, including
the members of Anora Group’s
Executive Management Team. If the
performance targets set for PSP 2024–
2026 are fully achieved, the aggregate
maximum number of shares to be paid
based on this plan is approximately
1,294,000 shares (referring to gross
earning before the withholding of the
applicable payroll tax).
The aggregate maximum number
of shares to be paid in specific
situations based on RSP 2024-2026 is
approximately 129,000 shares (referring
to gross earning before the withholding
of the applicable payroll tax).
Share-based incentive
scheme 2023-2025
The Board of Directors of Anora Group
Plc announced on 21 December
2022 that it has approved the
commencement of a new plan
period 2023-2025 within the share-
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
30Annual Report 2024
based long-term incentive scheme
for the management and selected
key employees.
The potential share rewards under
PSP 2023–2025 will be paid during H1
2026. The payment of the rewards
is conditional on the achievement
of the performance targets set by
the Board of Directors for the plan.
The performance measures based
on which the potential share reward
under PSP 2023–2025 will be paid are
revenue growth, earnings per share
(EPS), the relative total shareholder
return of the Company’s share and a
measure based on the Sustainalytics
ESG rating. Eligible for participation in
PSP 2023–2025 are approximately 35
individuals, including the members of
Anora Group’s Executive Management
Team. If the performance targets set
for PSP 2023–2025 are fully achieved,
the aggregate maximum number of
shares to be paid based on this plan is
approximately 667,000 shares.
The RSP 2023–2025 commenced
as of the beginning of 2023 and the
potential share rewards thereunder will
be paid during H1 2026 at the latest. The
aggregate maximum number of shares
to be paid based on RSP 2023–2025 is
approximately 67,000 shares.
Other terms
The value of the reward payable to
participants based on the plans is
limited by a share price development-
based cutter. Anora Group applies a
share ownership recommendation
to the members of the company’s
Executive Management Team.
According to this recommendation,
each member of Anora Group’s
Executive Management Team is
expected to retain in his/her ownership
at least half of the shares received
under the share-based incentive plans
of the company until the value of his/
her share ownership in the company
corresponds to at least his/her annual
gross base salary.
See also “Events after period” for
more information on the new plan
period 2025-2027 within the share-
based long-term incentive scheme
for the management and selected
key employees, published in a stock
exchange release on 12 February 2025.
Governance
Anora complies with the Finnish
Corporate Governance Code. The
detailed information about Anora’s
Corporate Governance Principles, as
approved by Anora’s Board of Directors,
is available on Anora’s website:
https://anora.com/en/investors/
governance. Corporate Governance
and Remuneration Statements for 2024
will be published during week 12 in 2025.
Annual General Meeting 2024
Anora Group Plc’s Annual General
Meeting (AGM) was held in Helsinki
on 17 April 2024. The AGM adopted
the financial statements and
discharged the members of the
Board of Directors and the CEO from
liability for the financial year 2023.
The AGM adopted the Remuneration
Report and Remuneration Policy of the
governing bodies.
Auditor
The AGM re-elected
PricewaterhouseCoopers Oy as the
company’s auditor for a term that
ends at the close of the next AGM.
PricewaterhouseCoopers Oy had
informed the company that Authorized
Public Accountant Markku Katajisto will
continue as the auditor in charge.
Sustainabiltiy auditor
The AGM resolved to elect
PricewaterhouseCoopers Oy as the
sustainability auditor for a term that
ends at the close of the next AGM.
Dividend distribution
The AGM approved the proposal by the
Board of Directors to pay a dividend
of EUR 0.22 per share for the financial
year 2023. The dividend was paid on
26 April 2024 to a shareholder who
were registered in the shareholders’
register held by Euroclear Finland Oy
on the record date of the payment, i.e.
19 Apri 2024.
Board of Directors
The AGM approved the number of
members of the Board of Directors
elected by the AGM to be seven.
In addition to the Board members
elected by the AGM, Anora’s
employees have, in accordance
with the agreement on employee
participation between Anora and
the special negotiating body of the
employees, elected one member and
a deputy to the Board of Directors
for a term expiring at the end of the
2026 AGM.
As at the end of 2024, the
members of the Board of Directors
were Kirsten Ægidius, Michael Holm
Johansen, (Chairperson), Christer
Kjos, Annareetta Lumme-Timonen,
Jyrki Mäki-Kala (Vice Chairperson),
Florence Rollet, Torsten Steenholt,
and Jussi Mikkola (elected
employee member).
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
31Annual Report 2024
Board Committees
as at the end of 2024
In the Board’s organisational meeting
after the AGM, the following members
were appointed to the Board’s
committees:
— Audit Committee: Jyrki Mäki-Kala
(Chairperson), Christer Kjos,
Annareetta Lumme-Timonen and
Torsten Steenholt.
— Human Resources Committee:
Michael Holm Johansen
(Chairperson), Kirsten Ægidius
and Florence Rollet
Board remuneration
The remuneration of the Board
members elected by the AGM consists
of annual fees as follows:
— EUR 70,000, Chairperson
— EUR 48,000, Vice Chairperson
— EUR 32,000, member
In addition to these fees, the following
annual fees are paid to Board members
elected by the AGM who are appointed
by the Board as members of the Board’s
permanent and temporary Committees:
Audit Committee:
— EUR 10,000, Chairperson
— EUR 5,000, member
Human Resources Committee:
— EUR 8,000, Chairperson
— EUR 4,000, member
In addition to these fees, the Board
members elected by the AGM receive
a meeting fee for the Board of Directors
and Board Committee meetings of
EUR 650 per meeting and EUR 1,300
per meeting for members travelling
to a meeting outside her/his country
of residence. Travel expenses are
reimbursed in accordance with the
company’s travel policy.
The Shareholders’ Nomination
Board has recommended that the
Board members elected by the AGM
accumulate a shareholding in Anora
that exceeds his/her one-time annual
remuneration.
Authorisation of the Board
of Directors to resolve on the
repurchase of the company’s
own shares
The AGM authorised the Board
of Directors to resolve on the
repurchase of up to 6,755,362 shares
in the company in aggregate, which
corresponds to approximately 10.0
percent of all the company’s shares.
The shares may be repurchased
for the purpose of improving the
company’s capital structure, to finance
or carry out corporate acquisitions
or other arrangements, for incentive
arrangements and remuneration
schemes or to be retained by
the company as treasury shares,
transferred, cancelled or for other
purposes resolved by the Board of
Directors. The authorisation is valid until
the close of the next AGM, however, no
longer than until 30 June 2025. Further
information on this authorisation can
be found in the stock exchange release
published on 17 April 2024.
Authorisation of the Board of
Directors to resolve on the issuance
of shares for the purposes of
financing or carrying out corporate
acquisitions or other arrangements
The AGM also authorised the Board of
Directors to resolve on the issuance
of shares in one or several tranches,
against or without consideration.
The Board of Directors may resolve
to issue either new shares or issue
treasury shares held by the company.
The number of shares to be issued
based on this authorisation shall not
exceed 6,755,362 shares in aggregate,
which corresponds to approximately
10.0 percent of all of the company’s
shares at the time of the proposal. The
authorisation may be used to improve
the company’s capital structure,
to finance or carry out corporate
acquisitions or other arrangements
or for other purposes resolved by the
Board of Directors. The issuance of
shares may be carried out in deviation
from the shareholders’ pre-emptive
rights (directed share issue). The
authorisation is valid until the close of
the next AGM, however, no longer than
until 30 June 2025. Further information
on this authorisation can be found in the
stock exchange release published on 17
April 2024.
Authorisation of the Board
of Directors to resolve on
the issuance of shares for
remuneration purposes
The AGM authorised the Board of
Directors to resolve on the issuance
of shares in one or several tranches,
against or without consideration to
be used for incentive arrangements
and remuneration schemes purposes.
The Board of Directors may resolve
to issue either new shares or issue
treasury shares held by the company.
The issuance of shares may be carried
out in deviation from the shareholders’
pre-emptive rights (directed issue).
The number of shares to be issued
based on this authorisation shall not
exceed 1,351,072 shares in aggregate,
which corresponds to approximately
2.0 percent of all of the company’s
shares. The authorisation is valid until
the close of the next AGM, however, no
longer than until 30 June 2025. Further
information on this authorisation can
be found in the stock exchange release
published on 17 April 2024.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
32Annual Report 2024
Shareholders’ Nomination
Board as at the end of 2024
The members of the Shareholders
Nomination Board represent Anora’s
three largest shareholders. The
shareholders have appointed the
following members:
— Stein Erik Hagen, Canica AS,
Chairman of the Shareholders’
Nomination Board
— Petter Söderström, Solidium Oy
— Tone Østensen, Geveran Trading Co.
Limited
In addition, Michael Holm Johansen
and Jyrki Mäki-Kala, Chairperson and
Vice Chairperson of Anora’s Board of
Directors, respectively, act as expert
members in the Nomination Board.
The proposals of Anora’s
Shareholders’ Nomination Board to the
Annual General Meeting to be held on 15
April 2025, including the remuneration
to be paid to the Board members, have
been submitted in a stock exchange
release dated 23 January 2025. More
information can be found in the said
stock exchange release.
Chief Executive Officer and
Group Management
Members of Anora’s Executive
Management Team as at 31 December
2024 were:
— Jacek Pastuszka, CEO
— Stein Eriksen, CFO
— Janne Halttunen, SVP, Wine
— Kirsi Puntila, SVP, Spirits
— Risto Gaggl, SVP, Anora Industrial
— Mikkel Pilemand, SVP, Chief Growth
Officer (CGO)
— Johanna Sundén, SVP, Chief People
and Communications Officer (CPCO)
— Thomas Heinonen, General Counsel.
Anora announced on 15 October 2024
that Anora Group’s CEO Jacek Pastuszka
had decided to retire and resign from
his position once a new CEO has been
appointed. The Board of Directors
announced on 4 March 2025 that it had
appointed M.Sc. (Econ.) Kirsi Puntila
(born 1970) as the new CEO effective
immediately. More information can be
found under “Events after period”.
Anora announced on 8 March 2024
that Stein Eriksen (49), M.Sc. (Econ.), had
been appointed as CFO and a member
of the Executive Management Team
of Anora Group from the beginning of
August 2024. Eriksen’s latest position
was CFO of the Norwegian stock-listed
company XXL ASA, the largest sports
retailer in the Nordic countries. Anora
announced the resignation of its former
CFO Sigmund Toth on 8 January 2024.
He continued in his position the end of
July 2024.
Ms Johana Sundén, CHRO, and
Mr Risto Gaggl, SVP Industrial, were
appointed to their respective positions
and members of the Executive
Management Team as of 1 January
2024. Anora announced on 20 August
Share information
2024 2023
Number of shares issued 67,553,624 67,553,624
Share capital, EUR
61,500,000 61,500,000
Earnings per share, EUR
0.16 -0.59
Dividend per share, EUR
0.22* 0.22
Share performance, Nasdaq Helsinki
Closing price on the last day of trading, EUR
2.84 4.36
Highest price, EUR
5.50 7.69
Lowest price, EUR
2.69 3.98
Volume 15,665,418 19,221,711
Market capitalisation, EUR million 191.9 294.5
* Proposal by the Board of Directors.
2024 that Anora Group’s Senior Vice
President, Industrial, Risto Gaggl
would step down from his position.
He continued in his current role with
Anora until the end of 2024. Anora
appointed Hannu Vähämurto as his
successor as of 1 January 2025. Hannu
Vähämurto has been with Anora and
its predecessor (Altia Oyj) since 2011 in
various roles, most recently as Director,
Industrial Products since September
2023.
Two additional changes in Anora
Group’s Executive Management Team
also come into effect on 20 August 2024.
Johanna Sundén, the Chief HR Officer,
also assumed the responsibility for
Group Communications in addition to
her HR responsibilities as Chief People
and Communications Officer (CPCO).
Furthermore, Thomas Heinonen, General
Counsel, became a member of Anora
Group’s Executive Management Team.
Thomas has been with Anora and
its predeessor (Altia Oyj) as General
Counsel since 2012.
Shares and shareholders
Anora’s shares are listed on the Nasdaq
Helsinki with the trading code “ANORA”
and the ISIN code FI4000292438. All
shares carry one vote and have equal
voting rights. At the end of the reporting
period, Anora Group Plc’s share
capital amounted to EUR 61,500,000
and the number of issued shares was
67,553,624.
Flagging notifications
No flagging notifications during 2024.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
33Annual Report 2024
Ownership structure by sector 31 December 2024
Sector Number of shares % of shares
Public sector 17,354,412 25.7
Financial and insurance corporations 10,739,270 15.9
Households 17,167,600 25.4
Non-financial corporations 5,035,850 7.5
Non-profit institutions 659,106 1.0
Rest of the world 16,597,386 24.6
Total 67,553,624 100 0
Nominee-registered shares 26,105,045 38.6
Distribution by size of holding 31 December 2024
Number of shares
Number of
shareholders
% of
shareholders
Number of
Shares
% of
shares
1-100 9,430 34.20 516,381 0.76
101-500 11,192 40.59 2,954,546 4.37
501-1 000 3,478 12.62 2,674,181 3.96
1 001-5 000 2,877 10.44 6,140,664 9.09
5 001-10 000 344 1.25 2,514,867 3.72
10 001-50 000 202 0.73 4,060,467 6.01
50 001-100 000 16 0.06 1,155,239 1.71
100 001-500 000 22 0.08 4,050,996 6.00
500 001- 9 0.03 43,486,283 64.37
Total 27,570 100.00 67,553,624 100.00
Largest shareholders registered in Euroclear Finland 31 December 2024
Shareholder Number of shares % of shares
1. Solidium Oy 13,097,481 19.4
2. Varma Mutual Pension Insurance Company 2,031,240 3.0
3. Ilmarinen Mutual Pension Insurance Company 1,290,000 1.9
4. WestStar Oy 1,199,705 1.8
5. Elo Mutual Pension Insurance Company 728,602 1.1
6. Savolainen Heikki Antero 367,571 0.5
7. OP Life Assurance Company Ltd 304,016 0.5
8. Eriksson Trygve 260,000 0.4
9. Rantalainen-Yhtiöt Oy 230,000 0.3
10. Kelhu Markku 200,000 0.3
10 biggest owners in total 19,708,615 29.2
Source for shareholder data: Euroclear Finland.
Shareholder structure
At the end of the period, Anora
had 27,570 (31 December 2023:
28,168) registered shareholders
in Euroclear Finland. The share of
nominee-registered shares was
38.6 % (31 December 2023: 40.9%).
Management’s ownership
On 31 December 2024, the members
of the Board of Directors, the CEO
and the members of the Executive
Management Team, including their
controlled corporations, owned a total
of 155,361 shares corresponding to
0.23% of the total number of shares.
Authorisations, option and share-
based incentive programmes
During 2024, Anora had no share
option programmes. The Board of
Directors is authorised to resolve on
the repurchase of the company’s
own shares and on the issuance
of shares for the purposes of
financing or carrying out corporate
acquisitions or other arrangements,
or for remuneration purposes. The
Board of Directors has not used any
of these authorisations during 2024.
The authorisations are described in
detail under the Governance chapter.
Information about the share-based
incentive programme is given under
the Personnel chapter.
Canica AS
Solidium Oy
Geveran Trading Co. Limited
Households
Other institutions
Rest of the world
Illustration of Anora’s ownership structure 31 Dec 2024*
*The chart provides an illustration of Anora’s ownership structure including the largest shareholders
based on information provided to the company. In the Euroclear Finland data, the shareholdings
of Canica AS and Geveran Trading Co. Limited are included in the nominee-registered shares.
Rest of the world comprises shareholdings by directly registered foreign shareholders.
22.4%
19.4%
4.6%
25.4%
0.2%
27.9%
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
34Annual Report 2024
Risks and risk management
Risk management
At Anora, the purpose and objetives of
risk management are to:
— support the implementation of the
Anora Group’s strategy,
— identify risks, and methods for
mitigating the probability and
impacts, of physical injury, property
damage, hazards and business
interruption,
— ensure profitability development and
contribute to shareholder value;
— ensure business continuity.
Anora’s Risk Management Policy,
which has been approved by the
Board of Directors, describes the goals,
principles and responsibilities for risk
management at Anora Group and the
related reporting principles as well as
operating methods. Furthermore, the
policy ensures that risk management
has a collective operating model
throughout Anora, and that the
enterprise risk management process
is closely intrgrated with other
management processes (such as the
strategy and planning processes).
Anora’s risk management policy is
based on the COSO ERM framework,
the SFS-ISO 31000 standard “Risk
management. Principles and
instructions” and on the corporate
governance code of Finnish listed
companies (Corporate Governance
Code). Climate-related risk
classifications and terminology are
further guided by the Task Force on
Climate-related Financial Disclosures
(TCFD) recommendations.
Risk management at Anora is a
systematic process, the purpose of
which is to guarantee comprehensive
and appropriate identification,
assessment, management,
monitoring, and reporting on risks
for the entire group. It is an integral
part of Anora Group’s planning and
management process, decision-
making, day-to-day management,
and operations, as well as of the
control and reporting procedures.
The risk management policy
describes the goals, principles
and responsibilities of Anora’s risk
management and the related
reporting principles. In line with this,
risks are reported in accordance with
the Group’s reporting responsibilities.
The management principles of the
Group’s most significant financial
risks are described in more detail
in the Notes to the Consolidated
Financial Statements, under section
4.1; Financial risk management. The
risk management function is also
responsible for the global insurance
programs of the Group. The business
areas and functions report on risks
and changes in risks on a quarterly
basis. The Executive Management
Team supports and coordinates risk
management and reports key risks
and material changes therein to
the Audit Committee of the Board
of Directors in connection with the
interim reporting and financial
statements. The Board of Directors,
supported by the Audit Committee,
reviews the most significant risks,
actions to manage them, and
evaluates the effectiveness and
functioning of risk management. The
Board of Directors report on the most
significant risks and uncertainties, and
changes therein, in the interim reports
and financial statements.
STRATEGIC RISKS
• Business environment
• Technology
• Regulation
• Climate change
• Reputation
• M&A
HAZARD RISKS
• Health and safety
• Property
• Environment
• Fires, accidents and
natural catastrophes
OPERATIONAL RISKS
• Organisation, management
and personnel
• IT and security
• Production and processes
• Business disruption
• Quality
• Contractual and liability risks
• Compliance
FINANCIAL RISKS
• Liquidity
• Profitability
• Interest rate, currency and
credit risks
• Taxation risks
• Accounting and reporting
• Capital structure
RISK
MANAGEMENT
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
35Annual Report 2024
Most significant risks and
uncertainties
For reporting and risk assessment
purposes, risks are categorised
into four categories: strategic risks,
operational risks, hazard risks and
financial risks.
Strategic and business risks
relate to decision-making, resource
allocation, business model,
management systems and the
capacity to respond to changes in the
operating environment (long-term,
3–5 years). Strategic risk assessment
comprises also the regulatory
framework and ethically sustainable
business practices that apply to
the company’s operations and
industry. Operational risks concern
the implementation of strategy and
day- to-day business operations.
Such risks include deviations in
processes, systems and conduct
(short-term, 1–2 years). Hazard risks
are errors, malfunctions and accidents
occurring within Anora or its operating
environment, resulting in damage or
loss. Financial risks pertain to changes
in market prices, the short- and long-
term adequacy of financial assets and
the ability of counterparties to meet
their financial obligations.
The following table contains a
summary of key uncertainties with an
either positive or negative effect on
Anora’s operations:
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
36Annual Report 2024
Risk Description Risk management
Raw material price
risk
The availability of domestic barley and its market price has a
significant impact on the profitability of Anora’s business.
Anora ensures the availability and price of barley with
contract farming in co-operation with farmers and grain
companies.
Risks related to
customers and
consumer demand
The customers in Anora’s market areas include Nordic retail
monopolies, wholesalers who sell alcohol, restaurants, retail
stores, travel retail, international wine and spirits companies
and importers operating in the export markets. The wide
customer base provides Anora with diverse opportunities for
the long-term development of customer cooperation.
Changes in consumer behaviour may, in the long term, shift
the emphasis in the demand for Anora’s products between
different product categories
A strong market position, efficient industrial processes,
good quality and well-known brands improve Anora’s
chances to manage the risk.
Changes in consumption patterns and the need to adjust
operations are prepared for by investing in consumer-
driven product development.
Product safety risks As a wine and spirits company, one major risk is ensuring the
quality and safety of the raw materials and finished goods
through the supply chain.
Anora employs modern methods to ensure the safety
of production processes and to eliminate various
microbiological, chemical, and physical hazards. In
ensuring product safety, Anora complies with the operating
methods required by food safety management and quality
certificates.
Damage risks Anora has production facilities in Finland, Denmark, Norway,
and Estonia. A fire or other unforeseen event may interrupt
the operations of a production facility.
All Anora’s production facilities have insurance policies for
material damage and the interruption of operations in the
Group’s insurance programme. Key production facilities
are subject to a risk survey every 1–2 years. Continuity
plans serve to limit possible damage due to interruptions in
operations.
Financial risks The key risks related to finance in Anora’s operations are
currency transaction and translation risks, interest rate risks
and refinancing and liquidity risks.
Financial risk management aims to mitigate any impact
that price fluctuations and other uncertainties in the
financial markets have on operating results, the balance
sheet, and cash flow and to ensure sufficient liquidity. The
management principles of the Group’s most significant
financial risks are described in more detail in the Notes to
the Consolidated Financial Statements, under section 4.1.
Financial risk management.
Compliance Key compliance risks in Anora’s operations relate to the
breach of laws and regulations and decisions by authorities
concerning reporting, permits and licenses, marketing of
alcoholic beverages, competition law and processing of
personal data.
Anora aims to manage compliance risks and ensure
ethically sustainable business practices with guidance
and regular training. Compliance risk management aims
to avoid compliance breaches resulting in sanctions,
consequences and official investigations and decisions
that may damage the company’s profitability, business
continuity and reputation.
Price risk associated with
commodities
Barley
In 2024, Anora consumed
approximately 168.2 (174.0) million
kilos of grain to produce ethanol and
starch. The availability of high-quality
domestic barley was ensured until the
end of 2024 through contract farming
and cooperation with farmers and
grain stores. The market price of barley
significantly fluctuates year by year as
a result of several factors that affect
Finnish barley supply and demand.
The price of barley is therefore
considered to be a significant risk
for Anora during the financial year.
The price risk has not been hedged
against with derivative instruments.
Electricity
A strong increase in the market price
of electricity is a significant risk for
Anora. In Finland, the risk is managed
by following Anora’s principles for
electricity procurement and by a
third-party specialist. These principles
determine the hedging limits within
which the electricity price risk is
hedged against. The hedges are
executed with the bilateral OTC-
derivatives Nasdaq OMX Commodities
market as a reference.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
37Annual Report 2024
At the end of 2024, the hedging ratio
for deliveries for the next 12 months
was 98.6% (83.6%), in line with the set
targets. In 2024, the average hedging
ratio was 89.0% (86.8%).
Cash flow hedge accounting in
accordance with IFRS 9 is applied to
the hedges against electricity price
risk, and hedge effectiveness is tested
quarterly. All hedging was as effective
in 2024 as in 2023.
Anora purchases its electricity
straight from the Nord Pool Spot
markets as a delivery tied to the spot
price of the Finnish price area. As part
of its electricity purchases, Anora also
purchases physical electricity through
bilateral fixed-price contracts.
Sensitivity to market risks
The table below describes the
sensitivity of the Group’s profit and
equity (before taxes) to changes in
electricity prices, foreign exchange
rates and interest rates. When Anora
applies hedge accounting, the
sensitivity is directed at equity. When
hedge accounting is not applied, the
sensitivity is recognised as a potential
impact on profit or loss.
The sensitivity to foreign exchange
rate changes is calculated from the
net currency position resulting from
financial instruments.
The total group floating rate liability
position consists of floating rate
liabilities EUR 160.0 (210.0) million.
An increase of one percentage
point in interest rates would have an
effect of EUR -1.2 (-2.1) million on the
income statement. The effect of the
increase in market interest rates on
the Group’s profit is determined by net
interest expenses.
Short-term risks and
uncertainties
The most significant short-term risks
and uncertainties relate to the overall
economic development, impact of
regulatory changes, the geopolitical
and trade policy environment,
disruptions in supply chains, price and
availability of raw materials and cyber
threats. In addition, the short-term
risks relate also to the integration of
acquired businesses, as well as related
finance processes.
Significant uncertainties relate to
the overall economic development
and its impacts on consumption, to
the competitive environment, to the
effects on consumer behaviour due to
potential and recently implemented
regulatory changes in areas such
as alcohol taxation, excise taxation
and alcohol legislation. Further
liberalisation of alcohol legislation
may result in sale of alcoholic
Sensitivity of financial instruments to market risks (before taxes) in
accordance with ifrs 7 standard
2024 2023
EUR million
Income
statement Equity
Income
statement Equity
+/-10% electricity
- +/-0.1 - +/-0.2
+/-10% change in EUR/DKK exchange rate
+/-2.2 +/-2.2 +/-2.5 -
+/-10% change in EUR/NOK exchange rate
+/-2.7 +/-2.2 +/-1.2 +/-1.3
+/-10% change in EUR/SEK exchange rate
+/-4.5 +/-5.0 +/-2.9 +/-3.9
+/-10% change in EUR/USD exchange rate
-/+1.5 -/+1.8 -/+1.1 -/+1.3
+/-1%-points change in interest rates
-1.2 +1.2 -2.1 -
beverages with higher ABV alcohol
content outside the traditional
monopolies. For example, the recent
amendments to Finland’s Alcohol
Act allowing the sale of alcoholic
beverages containing up to 8%
ABV alcohol in grocery retail have
impacted the sales in the Finnish
alcohol monopoly negatively. It is
also expected that the Government
of Finland will decide in the near
future whether distribution of all
wines through Finnish groceries will
be allowed. Any further liberalisation
would most likely increase competition
in the Finnish wine market. The impact
of such changes could potentially
have an impact on Anora’s business.
The increased inflation levels
in Anora’s operating countries
pose several risks and may lead
to depressed consumer spending.
Also wage inflation has gradually
increased. Availability of funding,
foreign exchange rates and interest
rates may be affected significantly
by the volatile situation on the global
capital markets.
Unexpected and unforeseen
disruptions in the supply chain,
production and deliveries are
significant short-term risks related
to operations, as well as sudden and
significant changes in the prices of
raw materials. Risks can be caused by
internal or external events.
The unstable geopolitical and
trade policy environment could
also negatively affect Anora’s
business, profitability and operating
environment. Significant risks and
uncertainties relate to an escalation
of the already existing global supply
chain disruptions with also potential
threats to shipping routes, to the
supply of grain, and to further price
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
38Annual Report 2024
increases across all input costs. The
risk of rising energy and fuel prices
and volatility in production volumes
continue. Strikes as well as possible
problems with the availability and
cost of raw materials, labour, energy
and fuel may impact the operating
environment and Anora’s business
and profitability in the near future.
Furthermore, Anora may face
challenges in its ability to meet
its financial targets as well as
sustainability and other ESG targets,
including the targets relating to
greenhouse gas emissions.
Cyber risk threat levels have also
increased lately and government
authorities have warned of an
increasing threat and number of
cyber-attacks. There have been
reported cases of cyber-attacks on
business enterprises and government
authorities with severe impacts.
Anora continuously improves its cyber
security operations and technologies.
It cannot be excluded that also
Anora or its business partners could
face cyber-attacks with potentially
significant impact on Anora’s business,
profitability and operations.
Certain risks have already partly
materialised.
Forward looking statements
Certain information herein other
than historical facts contain
“forward looking statements”. These
forward looking statements relate
to future events or future financial
performance, including, but not
limited to, strategic plans, potential
growth, financial performance and
targets, sustainability and other ESG
targets, planned operational changes,
expected capital expenditures, future
cash sources and requirements,
liquidity and cost savings that
involve known and unknown risks,
uncertainties and other factors that
may cause the actual results, levels of
activity, performance or achievements
of Anora Group or its businesses to
be materially different from those
expressed or implied. In some cases,
such forward looking statements
can be identified by terminology
such as “may”, “will”, “could”, “would”,
“should”, “expect”, “plan”, “anticipate”,
“intend”, “believe”, “estimate”,
“predict”, “potential”, or “continue”, or
the negative of those terms or other
comparable terminology. By their
nature, forward looking statements
are subject to change and involve
risks and uncertainties because
they relate to events and depend
on circumstances that may or may
not occur in the future. Future results
may vary from the results expressed
in, or implied by, the forward looking
statements, possibly to a material
degree. All forward looking statements
are based on information presently
available to management and
represent the current beliefs and
assumptions of the management
in light of the information currently
available to them. Anora Group
assumes no obligation to update any
forward looking statements. Nothing
herein constitutes investment advice
and this material shall constitute an
offer to sell or the solicitation of an
offer to buy any securities or otherwise
to engage in any investment activity.
Events after the period
Anora published a stock exchange
release on 23 January 2025 about the
proposals of Anora’s Shareholders’
Nomination Board to the Annual
General Meeting planned to be held
on 15 April 2025 and summoned later.
The Shareholders’ Nomination Board
proposes to the Annual General
Meeting that the number of members
of the Board of Directors would be
seven (7), and that of the present
members Michael Holm Johansen,
Christer Kjos, Annareetta Lumme-
Timonen, Jyrki Mäki-Kala, Florence
Rollet and Torsten Steenholt would be
re-elected and that Rebecca Tallmark
would be elected as a new member
of the Board of Directors. More
information can be found in the said
stock exchange release.
The Board of Directors of Anora
Group Plc announced a stock
exchange release on 12 February
2025 that it had approved the
commencement of a new plan period
2025-2027 within the share-based
long-term incentive scheme for
the management and selected key
employees. More information can
be found in the said stock exchange
release.
The Board of Directors of Anora
Group Plc announced a stock
exchange release on 4 March 2025
that it had appointed M.Sc. (Econ.) Kirsi
Puntila (born 1970) as the new CEO of
Anora Group Plc effective immediately.
Kirsi Puntila has been with Anora and
its predecessor since 2014. Her most
recent position has been Senior Vice
President, Spirits. In addition to her
new role, Kirsi Puntila will continue
leading the Spirits segment until the
nomination of her successor. More
information can be found in the said
stock exchange release.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
39Annual Report 2024
Dividend proposal
According to the financial statements
on 31 December 2024, the parent
company’s distributable funds
amounted to EUR 98.3 million including
profit for the period of EUR 12.9 million.
There have been no significant
changes to the parent company’s
financial position after the end of the
financial year.
The Board of Directors proposes to
the Annual General Meeting to be held
on 15 April 2025 that a dividend of EUR
0.22 per share be paid for the financial
year 2024.
Anora aims to maintain a stable or
increasing dividend with a dividend
payout ratio of 50–70% of the result for
the period, as defined in the long-term
financial target.
Annual General Meeting 2025
Anora Group Plc’s Annual General
Meeting 2024 is planned to be held
on 15 April 2025. The notice to and
instructions for the AGM are published
by a stock exchange release, and on
Anora’s website.
Outlook for 2025
Market outlook
In 2025, the volumes in our key
markets are expected to be relatively
flat compared to the 2024 levels,
while in value terms, the markets are
expected to grow slightly.
Guidance
In 2025, Anora’s comparable EBITDA
is expected to be EUR 70-75 million
(2024: EUR 68.9 million).
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
40Annual Report 2024
REPORT BY THE BOARD OF DIRECTORS
Sustainability
Statement
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
41Annual Report 2024
ESRS 2 General disclosure
BP-1 – General basis for
preparation of Sustainability
Statement
Anora’s consolidated Sustainability
Statement (“Sustainability Report” as
per the Finnish Accounting Act) for
the reporting period 2024, is prepared
in accordance with the European
Sustainability Reporting Standards
(“ESRS”) under the EU Corporate
Sustainability Reporting Directive
(“CSRD”) and in accordance with
Chapter 7 of the Finnish Accounting
Act. The scope of the Sustainability
Statement is the same as for Anora
Group Plc’s consolidated financial
statements, covering the parent
company and all its subsidiaries.
Anora’s whole value chain, including
the upstream and downstream
value chain and own operations, is
included in the process to identify
and assess material impacts, risks
and opportunities. Information and
datapoints on policies, targets,
actions and metrics related to
Anora’s upstream and downstream
value chain is limited to information
available in-house or publicly,
according to phase-in transitional
provisions (ESRS 1 section 10.2). No
information or data points have been
omitted on the basis of business
sensitive information corresponding to
intellectual property, know-how or the
results of innovation.
BP-2 – Disclosures in relation
to specific circumstances
Time horizons
In its Sustainability Statement, Anora
defines time horizons as follows:
short time horizon 1–2 years, medium
time horizon 3–5 years, and long-
term time horizon over 5 years. The
time horizons are defined as to be
aligned with Anora’s existing overall
risk management. The reason for
applying these time horizons is to
align the assessment of sustainability-
related material impacts, risks and
opportunities with Anora’s existing
risk management practices, which in
turn follow principles under the COSO
ERM framework and the SFS-ISO 31000
standard. If any reported information
deviates from the application of
these time horizons, this is disclosed
alongside the respective data points.
Value chain estimation
For sustainability metrics that include
upstream- and/or value chain data,
information is limited to information
available in-house or publicly. Any
use of proxies, estimations, sector-
average data or other indirect sources
of information, and planned actions
to improve the level of data accuracy,
is disclosed alongside the respective
data points where applicable.
Sources of estimation and
outcome uncertainty
Anora has currently not identified any
metrics and other datapoints which
are subject to estimation or a high
level of measurement uncertainty
regarding measurement technique,
outcome uncertainty of future events,
assumptions, approximations, or
judgements.
GOV-1 – The role of the
administrative, management
and supervisory bodies
The overall duties and responsibilities
of Anora’s governing bodies (including
for oversight and management of
sustainability-related impacts, risks
and opportunities) are determined
by Finnish law and Anora’s Articles
of Association approved by the
General Meeting of Shareholders as
well as Anora Group’s Governance
Principles, the Charter of the Board
of Directors and the Charter of
the Audit Committee, which have
been approved by Anora’s Board of
Directors. The main administrative and
management bodies at Anora, and
their roles and responsibilities with
regard to sustainability matters are
presented in the table below.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
42Annual Report 2024
Identity of body Composition and diversity
Roles and responsibilities in management of sustainability-
related impacts, risks and opportunities
Administrative body: the Board of Directors The Board of Directors is Anora’s main administrative body
comprising in 2024 seven (7) non-executive members elected
by the shareholders meeting and one (1) member elected by
the personnel of Anora. The election and composition of the
Board of Directors is guided by the principle of diversity to ensure
that the company has a skilled, competent, experienced, and
effective Board of Directors. Diversity is supported by relevant
experience in fields and markets that are strategically significant
for the company by strong and relevant acumen in international
environments and businesses, and by a diverse age, term of office
and gender distribution.
The percentage of independent board members (independent of
both the company and of significant shareholders) in 2024 was
62.5%. The Board’s gender diversity ratio was 38% (ratio of female
to male board members). In accordance with the agreement on
employee participation between Anora and the special negotiating
body of the employees, employees are represented by one
member (and one deputy).
The Board of Directors approves Anora’s sustainability strategy
(including targets) and significant sustainability investments and
monitors and assesses (assisted by the Audit Committee) the
appropriate overall governance of sustainability, including bearing
the main responsibility for the oversight of sustainability-related
impacts, risks and opportunities, as well as for their associated
reporting.
Management body: CEO and the
Executive Management Team
The Executive Management Team is Anora’s main management
body, chaired by the CEO of Anora Group Plc, and comprises other
senior management executive members appointed by the Board
of Directors, totaling eight (8) executive members in 2024. The
appointments to the Executive Management Team are conducted
in a manner to ensure that the Executive Management Team has
all the required skills, competences and experience for conducting
effective operations in the beverages industry.
The Executive Management Team is not a decision-making body
of the company. It assists the CEO in the implementation of Group
strategy and in operational management. The ratio of female to
male Executive Team members (including CEO) was 25% in 2024.
Unlike the Board of Directors, the Management Team has no formal
representation of employees and other workers.
The Executive Management Team is responsible for the
implementation of the overall sustainability strategy. This includes
approving and regularly following up on all actions and targets
related to sustainability impacts, risks and opportunities, (as
well as monitoring their progress) and preparing sustainability
investment proposals. The Executive Management Team reports
on all these sustainability-related matters to the Board of Directors.
No separate management-level positions or committees are
appointed to monitor, manage and oversee sustainability-related
impacts, risks and opportunities.
The management team receives
information from their business
areas and, as part of their daily work,
monitor the sustainability impacts,
opportunities, and risks related to
their areas of responsibility. They
report key findings to the CEO in
collaboration with the sustainability
team responsible for coordinating
sustainability reporting. Dedicated
controls and procedures for the
management of sustainability-related
impacts, risks and opportunities are in
the process of being integrated into
Anora’s existing processes related to
internal control and risk management.
Anora’s governing bodies
determine the appropriate skills
and expertise needed for oversight
of sustainability matters based on
their experience, knowledge and
materiality assessments of the
features of its main line of business,
namely the manufacture, import,
and sale of alcoholic beverages and
other beverages. Therefore, said
skills and expertise relate especially
to the most material sustainability
topics, reflected in Anora’s strategic
long-term sustainability targets (see
SBM-1 Strategy, business model and
value chain) associated with climate
change mitigation, regenerative
farming, and circular economy.
In certain specialised areas, the
assistance of external consultants is
employed.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
43Annual Report 2024
GOV-2 – Information provided
to, and sustainability
matters addressed by the
undertaking’s administrative,
management and supervisory
bodies
Sustainability topics pertaining
to material impacts, risks and
opportunities are regularly discussed
in both Executive Management
Team as well as Audit Committee
meetings. During the reporting period,
the Audit Committee convened six
(6) times. The Board of Directors is
regularly informed by the Chairperson
of the Audit Committee, the CEO
and Executive Team about the
effectiveness of policies, actions,
metrics and targets associated with
sustainability matters pertaining
to material impacts, risks and
opportunities as part of the common
overseeing duties of these governing
bodies regarding governance and
risk management (including due
diligence).
Anora’s CEO and Executive
Management Team, responsible
for executing and steering the
Group strategy, take a calculated
approach to overseeing the Group’s
sustainability-related strategy, major
transactions, and risk management
processes. The management team
receives information from their
business areas and support the work
of the CEO and the management
team by collaborating with the
sustainability team responsible for
coordinating sustainability reporting,
preparing the handling of the most
significant sustainability impacts,
opportunities, and risks. The CEO and
the Executive Management Team
routinely evaluate the potential
trade-offs related to Anora’s material
impacts, risks and opportunities to
ensure that all actions align with
Anora’s long-term sustainability goals
and commitments. The role of the
Board of Directors in this regard is to
provide oversight and approve any
significant plans or changes to these
practices.
During the reporting period, after
the completion of the process to
identify and assess material impacts,
risks and opportunities, Anora’s Board
of Directors addressed and approved
the resulting list of material impacts,
risks and opportunities, available in
the table presented in section Material
impacts, risks and opportunities and
their interaction with strategy and
business model (SBM-3) of these
Sustainability Statement.
GOV-3 – Integration of
sustainability-related
performance in incentive
schemes
The remuneration policy of the
Group sets the general principles
for the remuneration of the Board
of Directors and the CEO of Anora,
including for sustainability-related
performance. The sustainability-
related performance integrated into
Anora’s remuneration programs,
follow the guiding principle of
Pay for Performance under which
short- and long-term incentive
programs all return a reward based
on the achievement of predefined
sustainability targets. The key purpose
of these remuneration practices and
their development is to support the
reaching of the set sustainability
targets.
On 9 June 2022, the Board
of Directors decided on the
establishment of a share-based
long-term incentive program for
the company’s management and
selected key employees. The program
consists of annually commencing
individual share plans for the years
2022–2024. The performance share
plan returns a share reward based
on four performance measures,
including an environmental, social
and governance (ESG) metric in
accordance with performance
measures of the plan approved by
the Board of Directors (The weight of
the ESG metric is 10% of the earnings
opportunity under this share based
variable remuneration plan) being,
more specifically, the GHG emissions
reduction of the Finnish operations at
the end of the plan period compared
to the average baseline GHG
emissions of 2019–2021, with the target
of 45% reduction from the baseline.
As the climate-related consideration
factored into the incentive program
covers Finnish operations only,
including emissions from production
at the Koskenkorva and Rajamäki
plants, their scope is included in, but
not fully corresponding with Anora’s
overall GHG emissions reduction
targets presented in section Targets
related to climate change mitigation
and adaptation (E1-4) of these
Sustainability Statement.
On 21 December 2022, the
Board of Directors decided on the
establishment of a share plan for the
years 2023–2025 within the share-
based long-term incentive program
for the company’s management and
selected key employees. The plan is
a performance share plan returning
a share reward based on four
performance measures, including an
environmental, social and governance
(ESG) metric in accordance with
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
44Annual Report 2024
performance measures of the plan
approved by the Board of Directors
(The weight of the ESG metric is 10%
of the earnings opportunity under this
share based variable remuneration
plan). For this plan, the ESG target is
to receive a ‘low risk’ ESG risk rating by
Sustainalytics, to be achieved by the
end of 2025.
On 13 February 2024, the Board
of Directors decided on the
establishment of a share plan for the
years 2024–2026 within the share-
based long-term incentive program
for the company’s management
and selected key employees. The
plan is a performance share plan
returning a share reward based
on four performance measures,
including an environmental, social and
governance (ESG) in accordance with
performance measures of the plan
approved by the Board of Directors (
The weight of the ESG metric is 10% of
the earnings opportunity under this
share based variable remuneration
plan). For this plan, the ESG target is
to receive a ‘low risk’ ESG risk rating by
Sustainalytics, to be achieved by the
end of 2026.
After the reporting period, the
Board of Directors of Anora Group Plc
announced on 12 February 2025 that
it has approved the commencement
of a new plan period 2025–2027 within
the share-based long-term incentive
scheme for the management and
selected key employees. The plan is
a performance share plan returning
a share reward based on four
performance measures, including a
Sustainalytics ESG-risk rating as an
ESG metric.
GOV-4 – Statement on due
diligence
A mapping of the information provided
in the Sustainability Statement about
the due diligence process is presented
in the table below.
GOV-5 – Risk management
and internal controls over
sustainability reporting
Anora’s risk management and internal
control processes in relation to the
completeness, integrity and quality of
data, covering Anora’s own activities
and main features of the value chain,
compiled in Anora’s sustainability
reporting are in the process of being
integrated into Anora’s general
procedures and management
systems. This means that Anora’s
external and internal sustainability
reporting is intended to be subject to
the same control measures as Anora’s
financial and operating reporting, to
ensure its reliability and compliance,
and to ensure that internal
sustainability-related principles,
policies and guidelines are followed.
The objective of risk management
at Anora Group is to support the
implementation of the company’s
strategy – including the sustainability
strategy – and the identification of
risks and methods for reducing the
probability and impacts of risks,
as well as the ensuring of business
continuity. The Board of Directors has
approved the Group Risk Management
Policy, which describes the objectives,
principles, and responsibilities of
risk management throughout the
Group and also the principles for risk
reporting. All risks are evaluated based
on the combination of their estimated
probabilities and impact. The main
risks associated with internal control
over the sustainability reporting
process relate to the completeness
of data, the accuracy of estimation
results regarding metrics, and
the availability of upstream and/
or downstream value chain data
associated with material impacts,
risks and opportunities, for which most
suitable mitigation strategies and
related controls are in the process of
being formulated.
During the first half of 2024, Anora
had an appointed Sustainability
Director who, supported by the
sustainability team and together
with an internal Sustainability
Working Group, aimed to continually
develop Anora’s sustainability
reporting process by employing
the best available information
and by developing assessment
and measurement competences
regarding material sustainability
impacts, risks and opportunities, in
addition to heading Anora’s Group
Communications. To allow for more
optimal specialisation and resourcing
for the evolving requirements of
the sustainability agenda and
reporting going forward, the roles of
Communications and Sustainability
Directors were decoupled, forming
two distinct roles in both functions.
Their exact roles in relation to Anora’s
formal internal control functions and
CORE ELEMENTS OF DUE DILIGENCE
PARAGRAPHS IN THE SUSTAINABILITY
STATEMENT
Embedding due diligence in governance, strategy
and business model
ESRS 2 GOV-1, S1-1, S2-1, S4-1, G1-1
Engaging with affected stakeholders in all
key steps of the due diligence
ESRS 2 IRO-1, ESRS 2 SBM-2, S1-2, S2-2, S4-2
Identifying and assessing adverse impacts ESRS 2 IRO-1, ESRS 2 SBM-2, S1-2, S2-2, S4-2
Taking actions to address those adverse impacts S1-3, S1-4, S2-3, S2-4, S4-3, S4-4, G1-3
Tracking the effectiveness of these efforts and
communicating
S1-3, S1-4, S2-3, S2-4, S4-3, S4-4, S1-2, S2-2,
S4-2
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
45Annual Report 2024
procedures are in the process of
being formulated. The Sustainability
Director reports all significant findings
and developments to the CEO and
Executive Management Team, who
in turn report their main results and
findings when applicable to the Audit
Committee and the Board of Directors.
Since the position of Sustainability
Director was vacated, Anora’s CEO,
supported by the sustainability team,
has held the overall responsibility for
sustainability management at Anora.
SBM-1 – Strategy, business
model and value chain
This section focuses on the
sustainability implications of Anora’s
strategy implementation, business
model and value chain. For more
information, see the Report by the
Board of Directors.
Anora offers a complete alcoholic
and non-alcoholic beverage portfolio
of its own brands, combined with a
wide range of prominent international
partner wines, spirits and no- and
low-alcohol (NoLo) products to
its customers in off-trade and
on-trade channels (incl. Nordic retail
monopoly markets), and in travel
retail and exports. Anora also provides
services to its customers utilising the
company’s production, packaging and
logistics capacity. Anora’s industrial
products – barley starch, technical
ethanol and feed components – are
produced as by-products from the
distillation process and are provided
to B2B customers in various industries.
The logistics company Vectura AS
provides logistics services in the
Norwegian wine and spirits distribution
market. No major changes in products
offered and customers groups served
took place during the reporting period.
At the end of 2024, Anora’s total
number of employees was 1,211, with
409 located in Finland, 348 in Norway,
185 in Denmark, 163 in Sweden, 67 in
Estonia, 31 in Latvia, 7 in Germany,
and 1 in Lithuania. Total external
revenue for the 2024 period broken
down according to Anora’s reporting
segments according to IFRS 8 was
EUR 142.0 million from the Industrial
segment, EUR 227.0 million from Spirits
segment and EUR 323.0 million from
Wine reporting segment. Anora did not
generate any revenues from activities
related to fossil fuels sectors (coal, oil
or gas).
Alongside its 2030 financial targets,
Anora has set the following long-term
sustainability targets:
In terms of production sites in
different geographical areas:
To achieve carbon-neutral production
operations at Anora’s Koskenkorva
Distillery during 2026, and by 2030
at all Anora’s own production sites,
without carbon compensations.
In terms of offered products to
customer groups:
To increase the share of regeneratively
farmed barley used as input in Anora’s
own grain spirit products to 30% by
2030.
To package all own products in
packaging that is lightweight, 100%
recyclable and comprised of materials
from certified sources or from recycled
origins by 2030.
As a part of its Sustainability
Roadmap to 2030, Anora joined the
Science Based Targets initiative (SBTi)
in 2022, which included submitting
science-based emission reduction
targets for validation with the SBTi in
December 2023. Anora has set the
following, separate science-based
targets, which were validated by the
Science Based Targets initiative (SBTi)
in 2024.
In terms of climate change
mitigation:
Overall net-zero target
Anora Group Plc commits to reach
net-zero greenhouse gas emissions
across the value chain by 2050.
Near-term climate targets
— Energy & Industry: Anora commits
to reduce absolute Scope 1 and
2 GHG emissions by 42% by 2030
from a 2021 base year.* Anora also
commits to reduce absolute Scope
3 GHG emissions from purchased
goods and services, upstream and
downstream transportation and
distribution by 42% within the same
timeframe.
— FLAG: (Forest, Land and Agriculture):
Anora commits to reduce absolute
Scope 1 and 3 FLAG GHG emissions
by 30.3% by 2030 from a 2021 base
year.** Anora also commits to
maintaining no deforestation across
its primary deforestation-linked
commodities.
Long-term climate targets
— Energy & Industry: Anora commits
to reduce absolute Scope 1 and
2 GHG emissions by 90% by 2050
from a 2021 base year.* Anora also
commits to reduce absolute Scope
3 GHG emissions from purchased
goods and services, upstream and
downstream transportation and
distribution by 90% within the same
timeframe.
— FLAG: Anora commits to reduce
absolute Scope 1 and 3 FLAG GHG
emissions by 72% by 2050 from a
2021 base year.**
* The target boundary includes land-related emissions
and removals from bioenergy feedstocks.
** Target includes FLAG emissions and removals.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
46Annual Report 2024
The targets listed above are closely
connected to the success of Anora’s
sustainability strategy and were set
following an assessment covering
market research on purchasing
trends in significant markets and
customer groups, as well as the
estimated sustainability impacts
related to Anora’s products and
activities (through a materiality
assessment performed in 2022 with
the Sustainability Roadmap). Anora
continually reviews the sustainability
impacts of its purchased raw
materials, its production operations,
the required packaging materials,
the purchasing behaviour of its key
customer groups and general market
trends in order to monitor progress
against these targets and also to
discover as soon as possible any
challenges, investment needs or
any other required strategic actions
required for the attainment of set
targets.
Key inputs for Anora’s business
model include imported wines from
over 35 countries, around 180 million
kg of Finnish barley each year, water,
and dry goods such as packaging
materials and spices for beverages.
Anora sources, develops and secures
these inputs with its integrated
operating model that creates
significant economies of scale in
sourcing, production and distribution,
and allows the company to take
advantage of its shared operations
– such as consumer research,
innovation, product development
and overall know-how – and use
its centralised support functions
efficiently.
Key outputs include:
— The Wine segment – partner
wines and Anora’s own label wines
developed, imported, marketed
and sold to customers in the Nordic
retail monopoly markets, Denmark
and the Baltics.
— The Spirits segment – Anora’s
own spirits brands and partner
spirits brands developed, imported,
marketed and sold to customers in
the Nordic retail monopoly markets,
Denmark and the Baltics as well as
global duty free and travel retail,
and exports.
— The Industrial segment –
industrial products and contract
manufacturing, the services of
logistics company Vectura and
other supply chain operations.
Other current and expected benefits
to stakeholders include return on
investment (ROI), taxes paid to society,
providing employment and income
to employees and efforts to mitigate
negative impacts on people and
environment throughout the value
chain.
The main features of Anora’s
upstream value chain include the
activities of contract farmers (mostly
barley producers), grain stores,
partners such as ProAgria and BSAG,
wine exporters, dry good suppliers
(for example, packaging materials
and spices) and associated inbound
logistics services and warehousing.
Anora’s own operations include the
distillation of spirits, maturation and
blending of alcoholic beverages, the
bottling and packaging of beverages
and the import of no-and low-alcohol
(NoLo) drinks, wines and spirits, as well
as logistics services.
Downstream value chain activities
include distribution and resale
activities such as the HoReCa (hotels,
restaurants, catering) sector, Nordic
retail monopolies, grocery and online
stores, agricultural industry (animal
breeding and food manufacturers),
export and travel retail. The final end-
users of the products include private
consumers and industrial clients.
SBM-2 – Interests and views of
stakeholders
Anora engages its affected
stakeholders to ensure that the correct
efforts are undertaken to determine
and address material sustainability
matters. The material sustainability
matters, resulting from materiality
assessments where the views of
stakeholders have been considered
through interviews, create the basis
for Anora’s strategic long-term
sustainability targets and associated
action plans. For more information on
how stakeholder views were integrated
into Anora’s latest double materiality
assessment, see disclosure under
IRO-1 - Description of the process to
identify and assess material impacts,
risks and opportunities.
The people in Anora’s own
workforce are considered a key
affected stakeholder group, whose
interests, views (for example, through
employee surveys) and rights are
considered in Anora’s strategy and
business model planning in various
ways, especially in matters relating to
collective bargaining, development
of safety measures and designing
Anora’s employer brand. Anora’s own
workforce is formally represented
in the work of the Board of Directors
in accordance with an agreement
on employee participation between
Anora and a special negotiating body
of the employees.
Even if not directly engaged, the
interests, views, and rights of Anora’s
value chain workers, including respect
for their human rights in agricultural
and manufacturing upstream value
chain activities in various parts of
the world, are periodically assessed
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
47Annual Report 2024
adhering to the principles of amfori
BSCI, through third-party site audits
and supplier self-assessments. Given
the fact that some of the agricultural
activities taking place in Anora’s
upstream value chain are located in
geographical areas of heightened risk
for human rights infringements, Anora
is constantly developing its business
model in terms of risk assessment
processes and cooperation with
suppliers as well as third party
organisations to mitigate adverse
impacts to its value chain workers.
Even if direct engagement with
consumers and end-users of Anora’s
products is limited, due to Anora being
a manufacturer and importer without
its own retail sales channels, Anora is
aware that its alcoholic products may,
if excessively and/or irresponsibly
consumed, cause or exacerbate
adverse health impacts for consumers
and negative societal impacts. The
potential adverse health effects of
excessive and/or irresponsible alcohol
use and negative societal impacts are
generally recognised and well-known
in society and among consumers,
which is why Anora has adapted
its business model and strategy
to also offer no- and low-alcohol
options available for sale. Anora
also adheres to strict responsible
marketing practices according to
strict regulation for alcohol business,
contributes to awareness campaigns,
and maintains information on its
website (including country-specific
links to information for advice) for
providing remedy to mitigate negative
impacts of excessive alcohol use.
Other key stakeholder categories
include authorities, banks, analysts,
investors, customer companies,
industry associations, media, NGOs,
owners, political decision-makers
and suppliers. Relevant stakeholders
are engaged by appropriate means
at appropriate levels and functions
of Anora’s organisation, including
for example, via industry workgroup
meetings (for Nordic retail alcohol
monopolies), press releases, briefings
(incl. videos and presentations in
connection to financial publications)
and interview opportunities. Social
media, and especially LinkedIn is used
to serve all stakeholders information
needs on company topics, such as
sustainability; values, company culture
and career opportunities; responsible
drinking culture; and financial
information.
Anora continuously assesses the
views of its key stakeholders and is
prepared to adapt, as appropriate, its
operations and strategy in alignment
with how their expectations evolve.
The Board of Directors, assisted by
the Audit committee, monitors and
assesses the appropriate governance
of sustainability, sustainability
reporting and sustainability-related
risks, including engagement with
stakeholders, and are informed of
and review such matters during their
meetings. The Executive Management
Team is responsible for approving
actions including stakeholder
engagement through the appropriate
channels, and implementation is
coordinated by the Sustainability
Director.
SBM-3 – Material impacts,
risks and opportunities and
their interaction with strategy
and business model
A summary of Anora’s material
impacts, risks and opportunities
(IROs), resulting from its double
materiality assessment completed
in 2024, are presented in the table
below (for more information see IRO-1
Description of the process to identify
and assess material impacts, risks and
opportunities):
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
48Annual Report 2024
Material sub-topics Material impacts Material risks and opportunities
Current and anticipated effects of material impacts,
risks and opportunities on Anora’s business model,
value chain, strategy and decision-making
E1 Climate change
Climate change
mitigation
Negative impacts:
Global warming potential from:
• Greenhouse gas emissions (CO
2
) from energy use
at Anora’s own production plants, activities and
other facilities (Scope 1 & 2) during the reporting
period.
• Greenhouse gas emissions (CO
2
) emissions
from Anora’s value chain, where the majority of
Anora’s emissions derive from. Material indirect
Scope 3 GHG emissions sources in Anora’s value
chain include FLAG (Forest, Land and Agriculture)
emissions from production of agricultural raw
materials in the upstream value chain, as well
as emissions from other purchased goods and
services, distribution and logistics during the
reporting period.
Risks:
• Chronic physical risk: warming climate may impact
price, availability and quality of agricultural raw
materials produced in Anora’s upstream value
chain, and thus also Anora’s profitability, in the
medium to long term.
• Acute physical risk: sudden changes and
unpredictable weather (frost, hailstorms, drought,
forest fires etc.) are already impacting the annual
harvest of Anora’s raw materials in the upstream
value chain, especially for wine crops. These physical
risks may translate to higher costs of raw materials
and thus decreased profitability for Anora.
Opportunity: Anticipated potential commercial
climate-transition opportunities from meeting
customer demand by offering products with smaller
climate impacts
Anora aims to decrease the GHG emissions associated
with its own operations and activities taking place in its
value chain through a systematic approach reflected
in its strategy, including by setting science-based
emission reduction targets, diligent GHG emissions
accounting, as well as through appropriate mitigating
actions.
To mitigate effects from risks identified in agricultural
activities taking place in Anora’s upstream value chain,
Anora is for example:
• Encouraging partners and suppliers to manage
climate-related risks, validating performance, and
adopting climate / environmental certifications
• Diversifying its sourced raw materials in terms of
varieties and areas of origin
• Optimising barley varieties for better weather
resilience
Energy No material impacts
Opportunity: Transitioning towards fossil free
production at Koskenkorva Distillery is considered a
financial opportunity as it allows for higher energy
self-sufficiency with associated cost-efficiency gains,
and commercial opportunities in terms of a more
sustainable value chain.
Anora closely follows the trends and purchasing
behaviour of its customer groups and aims to satisfy
customer demand as well as to exploit all available
commercial opportunities.
E3 Water and marine resources
Water withdrawals,
consumption and
discharges
Negative impact: Water consumed, and discharges,
including wastewater, generated (incl. potential
associated pollution of water) during the reporting
period in both at Anora’s production plants and
throughout the upstream value chain.
No material risks or opportunities
Even if Anora currently has zero own production facilities
near water scarcity areas, it is continually improving
its water efficiency practices and water management
systems.
Anora aims to develop its production processes in line
with a target to reduce total wastewater volume by 20%
by 2030 compared to 2021.
Anora is a significant importer of wine, and aware of
the fact that some key wine cultivation countries in its
upstream value chain suffer from water scarcity. Anora
is continually reviewing its available means to avoid
contributing to water scarcity anywhere in its value
chain.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
49Annual Report 2024
Material sub-topics Material impacts Material risks and opportunities
Current and anticipated effects of material impacts,
risks and opportunities on Anora’s business model,
value chain, strategy and decision-making
E4 Biodiversity and ecosystems
Direct impact drivers
of biodiversity loss
Negative impacts:
• Loss of natural environments and fragmentation
of habitats due to land use and land use change
from primary production of raw materials in Anora’s
upstream value chain during the reporting period.
• Global warming affects biodiversity loss. Anora
generates GHG emissions that may contribute to
negative impacts on biodiversity over the medium-
and long term. GHG emissions accelerate climate
change, which in turn can alter habitats, disrupt
ecosystems, and increase the frequency of extreme
weather events, which may further exacerbate
conditions in areas already vulnerable to effects of
climate change.
No material risks or opportunities
To mitigate its contribution to adverse impacts on
Biodiversity and ecosystems, Anora promotes and
encourages regenerative farming and biodiversity
among business partners in its upstream value chain.
In Anora’s own operations, its environmental impacts
are managed and reduced according to environmental
management system standards.
Anora also owns a 150-hectare area of protected
swampland and a forest area of around 800 hectares,
which act as a carbon storage totaling an estimated
830,000 tons of CO
2
. Anora’s constantly developed forest
management plan is also expected to help to protect and
enhance the forests’ biodiversity in the long term.
E5 Circular economy and resource use
Resource inflows,
including resource
use
Positive impact: Production at Anora’s Koskenkorva
Distillery is based entirely on the principles of circular
economy. Koskenkorva Distillery is unique in terms of
material efficiency as it utilises all the material used,
thus contributing to the environment positively during
the reporting period.
No material risks or opportunities
Anora constantly aims to optimise the material efficiency
and reduce the amount of waste in its own operations
while improving the recyclability of its product packaging.
Anora has, for example, set a target of using packages
that are light in weight, made from 100% recyclable
materials, and materials from certified sources or
recycled origin in its own products’ packaging by 2030.
Anora is also closely following regulatory developments
regarding circular economy-related topics (for example,
for packaging materials) and adapts its business model
and operations accordingly.
Resource outflows
related to products
and services
No material impacts
Opportunities:
• Anticipated potential commercial opportunities from
meeting customer demand for products packaged
in materials with smaller environmental and climate
impacts, such as through using lighter materials
(as opposed to heavier glass) and utilising recycled
packaging materials with a smaller need for primary
resources.
• Being increasingly able to utilise production side
streams in Anora’s own production processes provides
commercial advantages, such as cost savings
through resource efficiency, reduced waste disposal
costs, and revenue from sold by-products. These
practices can also enhance reputation and market
competitiveness, potentially leading to increased
sales and lucrative investment opportunities.
Waste
Positive impact: Careful and established waste
management and constant development of recycling
practices at Anora’s own production plants reduces
negative environmental impacts from Anora's own
operations.
No material risks or opportunities
Anora’s key market areas are in the Nordic countries,
where well-established and highly developed sorting and
recycling systems and associated legislation efficiently
reduce packaging waste.
Anora constantly pays close attention to its production
sites’ waste recycling rates and targets zero annual
landfill waste generated by 2030.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
50Annual Report 2024
Material sub-topics Material impacts Material risks and opportunities
Current and anticipated effects of material impacts,
risks and opportunities on Anora’s business model,
value chain, strategy and decision-making
S1 Own Workforce
Working conditions
Positive impacts:
• Provision of employment security for Anora’s own
workforce during the reporting period
• Maintaining rigid occupational health and safety
standards increases safety and wellbeing during the
reporting period
• Ensuring fair and diligent management of questions
related to working time, social dialogue, collective
bargaining and work-life balance through the “Anora
Way” (as stipulated in the Code of Conduct policy)
contributes to wellbeing at work among its own
workforce during the reporting period
No material risks or opportunities
Anora aspires to be an inclusive and safe workplace that
represents the diversity, equity and progressiveness of
the Nordic culture. Anora aims for zero accidents and a
strong safety culture.
Anora has set a target for increasing the number of
safety observations per person and to reduce accidents
resulting in absence to zero by 2030.
Equal treatment and
opportunities for all
Positive impact: Ensuring fair and diligent
management of areas related to diversity and
competence development through the “Anora Way”
stipulated in the Code of Conduct policy to maintain an
inclusive and non-discriminatory working environment
for Anora’s own workforce during the reporting period.
S2 Workers in the value chain
Working conditions,
equal treatment and
other working related
rights
Negative impacts:
Various social impacts in short term related to
• Neglection of fair working conditions related to areas
such as working time, adequate wages and health
and safety, especially in certain risk countries in
agricultural and other activities taking place Anora’s
upstream value chain.
• Other working related rights, including use of forced
labour (for example seasonal workers) or child
labour in certain risk countries in agricultural and
other activities taking place in Anora’s upstream
value chain.
• Equal treatment, including inadequate training and
skills development of workers in agricultural and
other activities taking place in Anora’s upstream
value chain.
No material risks or opportunities
Anora is committed to systematically improving its
sustainable procurement procedures. Processes and
systems to manage identified negative impacts for
workers in the value chain include:
• Anora Code of Conduct & Code of Conduct for
Suppliers and Sub-contractors
• Third-party audits (amfori BSCI) & certificates
• Internal audits & supplier visits
• Risk country profiles to provide a holistic understanding
of the human rights situation in supply chain countries
• Supplier self-assessment tools to both communicate
about Anora’s commitments and gain a wider
understanding of suppliers’ sustainability (incl. human
rights) approach.
• Human rights training for all employees to share the
findings from Anora’s impact assessment process and
strengthen internal competence.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
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GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
51Annual Report 2024
Material sub-topics Material impacts Material risks and opportunities
Current and anticipated effects of material impacts,
risks and opportunities on Anora’s business model,
value chain, strategy and decision-making
S4 Consumers and end-users
Personal safety and
social inclusion of
consumers
Negative impact: Adverse health, social and economic
effects from excessive alcohol use among consumers
and end-users in Anora’s downstream value chain in
short term.
Risks: Investment risks associated with building and
expanding Anora’s own no- and low-alcohol (NoLo)
production capabilities could materialise, leading to a
decreased return on investment over the long term.
Opportunities: Anticipated potential commercial
opportunities and returns from meeting customer
demand for NoLo products, in line with observed health
and convenience trends among consumers and
end-users.
Anora’s aims to address the potential negative impacts
from excessive alcohol-use by offering alternatives to
alcoholic beverages.
Therefore, Anora is aiming to increase the share of no-
and low-alcohol (NoLo) products in its portfolio, target
share of net sales from NoLo products to reach 5% by
2030.
Ensuring product quality and safety, as well as promoting
a responsible drinking culture and adhering to principles
of responsible marketing are also Anora’s top priorities.
G1 Business conduct
Corporate culture No material impacts
Risks:
• Failures in ensuring ethical business conduct practices
in Anora’s own operations may increase cost of
capital or repel investors
• Failures in detecting and addressing corporate culture
differences in Anora’s and a potential acquisition
target’s operation in due diligence processes (in
conjunction with mergers and acquisitions), may lead
to loss of synergies and profits, delayed integration or
increased costs.
To avoid risks and associated negative financial effects
related to unethical business conduct, Anora has a
zero-tolerance policy towards bribery and corruption. The
company is committed to always operating fairly and to
not offering improper benefits to any party.
Anora expects its representatives, consultants, agents,
subcontractors, and other business partners to
unconditionally refrain from corruptive behaviour when
performing services for Anora or on its behalf.
Anora does not support, either directly or indirectly,
political parties or organisations.
Anora has a whistleblowing channel maintained by an
independent third party, open to all employees and
external stakeholders. All concerns raised, whether
through the channel or through other means, are
investigated in accordance with an established process
to ensure accuracy, anonymity, and fairness.
BUSINESS OVERVIEW
REPORT BY THE BOARD
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Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
52Annual Report 2024
Climate change
All material risks related to climate
change are physical to their nature.
Even if a high emissions climate
scenario (IPCC SSP5-8.5) was used
as context to better identify and
assess both chronic and acute
physical climate risks in Anora’s
upstream value chain, based on
publicly available data concerning
likely impacts on future agricultural
harvests, Anora has currently not
performed a formal scenario analysis
involving a resilience analysis of its
business model and strategy. Anora
is in the process of assessing more
closely the likely financial effects
in the chosen climate scenarios to
better understand and plan potential
adaptation efforts required for its
strategy and business model.
Biodiversity and ecosystems
None of Anora’s industrial sites are
located near biodiversity sensitive
areas and therefore do not negatively
affect biodiversity sensitive areas,
i.e., Natura 2000 network of protected
areas, Unesco World Heritage sites
and Key Biodiversity Areas (KBAs).
No material negative impacts
with regards to land degradation,
desertification or soil sealing, and to
own operations that affect threatened
species were identified in the
materiality assessment.
Own workforce
All workers in Anora’s own workforce,
working full- or part-time with either
permanent or fixed term contracts,
including non-employees (i.e.
individual contractors supplying
their labour or people provided by
undertakings primarily engaged
in ‘employment activities’) are
considered subject to material
impacts by Anora’s own operations.
Anora’s rigid health and safety
standards, as well as the “Anora
Way” of working (according to the
stipulations of the Code of Conduct)
are designed to ensure a safe and
inclusive work environment and to
enhance all employees’ wellbeing.
Anora does not have its own
operations in countries or geographic
areas at significant risk of incidents of
forced labour, compulsory labour or
child labour.
Workers in the value chain
Anora’s contribution to all identified
actual impacts on value chain workers
are connected to Anora’s strategy
and business model, as Anora’s own
production processes are dependent
on the agricultural raw materials
and other industrial inputs produced
by its suppliers. Anora is committed
to systematically improving its
sustainable procurement procedures
to alleviate the identified negative
impacts for workers in the value
chain. All value chain workers who
are likely to be materially impacted
by Anora, especially by impacts
that relate to the upstream value
chain in various agricultural and
manufacturing activities through
business relationships, are included in
the scope of this disclosure under ESRS
2. Materially impacted value chain
workers include primarily workers
for agricultural entities in Anora’s
upstream value chain with some
agricultural workers being particularly
vulnerable in certain geographic
areas with heightened risk for human
rights infringements. According to
a human rights impact assessment
conducted in 2023, agricultural value
chains and some of the geographic
areas Anora sources from are prone
to systemic human rights risks to right
to health and safety, right to freedom
of discrimination in employment, right
to decent work, right to freedom of
association and collective bargaining
and forced labour.
Consumers and end-users
Anora’s contribution to identified
impacts on consumers originate from
Anora’s strategy and business model,
where a complete alcoholic and
non-alcoholic beverage portfolio of
its own brands, and a wide range of
prominent international partner wines
and spirits is offered to its customers
in off-trade and on-trade channels,
from whom in turn consumers buy
these products. Partly due to the
potential negative impacts associated
with excessive and/or irresponsible
alcohol use, Anora is in line with
observable consumer trends also
investing in its ability to offer no- and
low-alcohol options for sale through
the same channels.
Materially impacted consumers
included in the scope of this disclosure
under ESRS 2, are people who
consume Anora’s products in Anora’s
downstream value chain. As alcoholic
beverages stand for a significant
portion of Anora’s product portfolio;
these people can be considered
being consumers of products that
have potentially negative health
effects and which are meant to be
enjoyed responsibly, in moderation,
and abiding by local age limits. Due
to the potentially negative impacts
of alcoholic products on individuals,
Anora’s business is tightly regulated
throughout all key market areas
regarding sales, marketing, and excise
duties. From Anora’s point of view,
potential negative health impacts
from excessive and/or irresponsible
alcohol use by individual consumers
are considered related to Anora’s
business relationships with retail
channels for alcoholic beverages in
BUSINESS OVERVIEW
REPORT BY THE BOARD
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Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
53Annual Report 2024
the downstream value chain. Anora
is aware of the generally accepted
knowledge that alcohol use carries an
increased risk of harm for consumers
with particular characteristics;
especially if underage, pregnant, when
using certain medicines or suffering
from a medical condition. Potential
negative impacts from excessive
alcohol use are however not limited
only to these specific groups of
consumers.
During the reporting period,
Anora has not formally performed
comprehensive qualitative or
quantitative analysis of its business
model and strategy’s resilience or
capacity to address all the identified
sustainability-related impacts and
risks, or the ability to pursue all
identified opportunities. The normal
due diligence practices by which
Anora identifies, prevents, mitigates
and accounts for actual and potential
impacts on the environment and
people connected to its business,
incur annual expenses (for example,
amfori BSCI membership and audits)
recognised mostly as employee and
other operating expenses.
As Anora prepared its first CSRD
Sustainability Statement, covering
the 2024 reporting period, there are
no changes to the material impacts,
risks and opportunities compared
to the previous reporting period.
Entity-specific disclosures for metrics
associated with the following material
negative impacts have been reported
— Scope 3 GHG emissions: Forest,
Land and Agriculture (FLAG) GHG
emissions from production of
agricultural raw materials in the
upstream value chain, tCO
2
eq
— Potential adverse health, social and
economic effects from excessive
alcohol use among consumers and
end-users in Anora’s downstream
value chain: Share of net sales
from no- and low-alcohol (NoLo)
products divided by the total net
sales of the period (%)
— Loss of natural environments and
fragmentation of habitats due to
land use and land use change from
primary production of raw materials
in Anora’s upstream value chain:
The “Regenerative Share” (%) is
calculated by dividing the used
ethanol made from regenerative
barley by the overall ethanol used
in the production of Anora’s own
products at its Rajamäki plant.
All other disclosures on material
impacts, risks and opportunities
are covered by the standard ESRS
Disclosure Requirements.
IRO-1 – Description of the
process to identify and assess
material impacts, risks and
opportunities
Anora’s process to identify and
assess material impacts, risks and
opportunities (IROs) was carried
out by an appointed working group
during 2023-2024 using Anora’s
previous materiality assessment
(performed in 2022 in conjunction
with the Sustainability Roadmap) as
well as the subsequent sustainability
reporting and work as starting
assumptions. The process employed
methodologies of desktop study (over
internal and publicly available other
materials), stakeholder interviews and
group assessment workshops. The
process built on Anora’s existing due
diligence practices to identify, assess,
prioritise and monitor potential and
actual impacts on people and the
environment. Input parameters on
sustainability data covering Anora’s
own operations included sustainability
performance data and associated
reported metrics, procurement
information over recent reporting
periods, previous risk assessments
and expert views of representatives of
Anora’s different in-house functions
and production sites. For the
upstream- and/or value chain, most
details (including proxies, estimations,
sector-average data or other indirect
sources of information) were limited
to information available in-house or
publicly.
By employing desktop research
over available in-house data and
through working group meetings
with representatives from different
segments at Anora, as well as with
external experts on sustainability
compliance, the main features in
terms of sustainability of Anora’s
value chain and own operations were
first defined and mapped out so
that specific activities, site locations,
business relationships, geographies
and other factors that could give
rise to a heightened risk of adverse
impacts could be identified and
categorised. Further insight was
gathered from industry reports and
interviews with identified affected
stakeholder representatives, especially
for biodiversity and regenerative
farming as well as for human rights
impacts in the value chain.
Based on this information, a group
of actual and potential negative
and positive impacts with which
Anora is involved through its own
operations or as a result of its business
relationships was identified for further
assessment of their materiality. All
identified impacts were assessed and
BUSINESS OVERVIEW
REPORT BY THE BOARD
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Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
54Annual Report 2024
prioritised by utilising assessment
scale scoring systems according
to ESRS 1 requirements, i.e. negative
impacts based on their relative
severity and likelihood and positive
impacts on their relative scale, scope
and likelihood. All material impacts
exceeding a quantitative materiality
threshold (set at 70% of the theoretical
maximum impact materiality score)
as well as their pertaining ESRS
sustainability matters were deemed
material for reporting purposes.
For all identified impacts and
associated sustainability topics, the
potential financial implications in
terms of sales and costs, investment
needs and access to finance was
considered and subsequently
formulated into corresponding
risks and opportunities. Based on
assessments over available in-house
data, a number of risks were seen as
stemming from different resource
dependencies whose price and
availability could be impacted by
sustainability-related topics (for
example, climate change impacting
price of agricultural raw materials).
Other risks and opportunities were
identified as potentially stemming
from materialised impacts (e.g.,
commercial opportunities from
packaging materials with reduced
environmental and climate impacts).
The materiality of each identified
risk and opportunity was assessed
based on a combination of their
likelihood for occurring, as well as
the magnitude and nature of their
associated financial effects. A scoring
system based on assessment scales
was employed to prioritise all risks
and opportunities with a quantitative
materiality threshold (set at 70% of
the theoretical maximum financial
materiality score) to determine the
materiality for reporting purposes of
risks and opportunities as well as their
associated sustainability matters.
Material sustainability-related
risks correspond with risks previously
identified in Anora’s overall risk
management processes and are
therefore equally prioritised relative
to other types of risks. The risk
assessment approach utilised Anora’s
existing risk-assessment principles
laid down in Anora’s risk management
policy, which in turn is based on the
COSO ERM framework, the SFS-ISO
31000 standard “Risk management.
Principles and instructions”, Anora’s
Corporate Governance Principles and
on the corporate governance code for
Finnish listed companies (Corporate
Governance Code).
The decision-making on
determining which of the identified
impacts, risks and opportunities was
considered material was made by
the CEO and Executive Team, and
further approved by the Board of
Directors, based on the findings and
implications of the process conducted
in accordance with requirements
of the CSRD. This process to identify
impacts and risks is built on the same
data input parameters as, even if not
formally yet completely integrated
into, Anora’s overall risk management
process. Anora aims to use the
findings of this process, as well as its
future iterations, to further clarify and
better describe its overall risk profile in
terms of sustainability.
Anora intends to revise the process
to identify and assess material
impacts, risks and opportunities
periodically to always reflect any
changes in strategy or business model
and to always incorporate all available
relevant sustainability information.
Climate change
The process for identifying impacts
on climate change built on earlier
identified categories for sources of
GHG emissions according to principles
of the GHG protocol. The process
recognised (based on available
information) fuel and energy use and
use of combustion engines and boilers
in activities taking place in Anora’s
own manufacturing and logistics
operations as well as along the value
chain, noting especially agricultural
upstream value chain activities’
contribution to land-use change and
available GHG emissions data over
purchased services and products.
Climate-related risk identification
and assessment was guided by earlier
work according to the principles of
the Task Force on Climate-related
Financial Disclosures (TCFD). By
considering instances in the value
chain likely most vulnerable to climate
change over the short-, medium-, and
long term in a high emissions climate
scenario (IPCC SSP5-8.5), namely
agricultural activities in the upstream
value chain, the most relevant
climate-related physical risks were
identified. Even if Anora has chosen
a high emissions climate scenario as
context for identifying climate-related
hazards, a formal scenario analysis
that would cover aspects such as
the extent to which key assets and
business activities may be exposed
and are sensitive to the identified
climate-related hazards, considering
likelihoods, magnitudes and durations
of hazards for different geospatial
coordinates specific to Anora’s supply
chains, has not yet been conducted.
Similarly, for transition risks and
opportunities, a climate scenario in
line with limiting global warming to
1.5°C was used to provide context
for the identification of risks and
opportunities over the short-,
medium-, and long term, but no
BUSINESS OVERVIEW
REPORT BY THE BOARD
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Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
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FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
55Annual Report 2024
formal scenario analysis involving
a sensitivity assessment of assets
and business activities against the
scenario was conducted.
The climate scenarios chosen as
context are not incompatible with any
critical climate-related assumptions
made in the financial statements.
Chosen scenarios, available in IPCC’s
document ‘Climate Change 2022:
Impacts, Adaptation and Vulnerability’,
were used. These scenarios were
chosen as their source was deemed
up-to-date, credible and displaying
the latest developments from scientific
knowledge on climate change. Anora
intends to perform more robust
scenario analysis in the future and
update its processes to identify and
assess climate-related hazards and
risks accordingly.
Anora defines time horizons for
climate risks as follows: short time
horizon 1–2 years, medium time
horizon 3–5 years, and long-term time
horizon over 5 years. The time horizons
are aligned with Anora’s overall risk
management.
Pollution
Anora’s site locations and business
activities, as well as its value chain in
terms of agricultural activities, were
screened to identify pollution-related
impacts, risks and opportunities.
Even if wastewater management
and Anora’s contribution to the use
of fertilizers in the value chain could
cause pollution-related impacts (and
associated financial effects), none
of the identified potential impacts,
risks and opportunities were assessed
as being material in terms of the
likelihood and nature of pollution-
related outcomes. The process to
identify material impacts, risks and
opportunities related to pollution was
based on available in-house data
and did not involve consultations with
affected communities.
Water and marine resources
Actual and potential water and
marine resources-related impacts,
risks and opportunities in relation to
Anora’s own assets and activities were
assessed by comparing production
site locations against WWF water risk
maps and a water risk tool (available
online) and it was concluded that
none of Anora’s own operating sites
take place near water stress areas.
Value chain water impacts were
identified and assessed based on
available in-house data on water use
and associated impacts, especially
from agricultural activities in the
upstream value chain. No separate
consultations were conducted with
affected stakeholders on matters
pertaining to water and marine
resources.
Biodiversity and ecosystems
In addition to a general level
screening of Anora’s upstream value
chain, impacts on biodiversity and
ecosystems at own site locations were
also assessed by ensuring that no
own operations take place adjacent
to biodiversity-sensitive areas, i.e.,
Natura 2000 network of protected
areas, Unesco World Heritage sites
and Key Biodiversity Areas (KBAs).
Therefore, it was concluded that it is
currently not necessary to implement
any urgent biodiversity mitigation
measures near Anora’s own sites as
the biodiversity impacts were deemed
less material than those taking place
in the upstream value chain through
production of raw materials such as
barley and wine. Anora’s business
model is dependent on various
agricultural raw materials produced
in the upstream value chain, such as
barley, wine, sugar and spices, and
therefore deemed indirectly subjected
to biodiversity and ecosystem
services dependencies, that may be
influenced by various biodiversity-
related physical and transition risks
in the future (closely related to risks
of chronic and acute changes in
weather conditions described closer
in the section for climate change
above) but Anora has not conducted
closer assessments of these. No
separate consultations have yet been
conducted with affected communities
on sustainability assessments of
shared biological resources and
ecosystems.
Resource use and circular
economy
Anora’s site locations and business
activities, as well as its value chain,
were screened to identify the
instances and sources from where
resource use and waste-related
impacts, risks and opportunities
were most likely to arise. Available
in-house information on the utilisation
of industrial byproducts, waste
management and procurement
data over purchased materials and
products supported the identifying
of impacts, risks and opportunities
arising from Anora’s own operations.
Regarding risks and opportunities,
current and possibly upcoming
EU-level and other legislation
concerning waste and packaging
materials (such as Directive on single-
use plastics, Packaging Directive
and their possible future iterations)
provided further input for estimation
of potential financial effects and their
likelihoods. No separate consultations
were conducted with affected
stakeholders on matters pertaining to
circular economy and resource use.
BUSINESS OVERVIEW
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Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
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FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
56Annual Report 2024
Business conduct
A screening against different
processes and functions to ensure
ethical conduct within Anora was
conducted to identify and assess
impacts, risks and opportunities
related to business conduct topics
such as maintaining a sound
corporate culture, detecting and
avoiding corruption and bribery, and
protection of whistleblowers. Given
that alcohol is a highly regulated
industry, obtaining and maintaining
the necessary licenses and permits
are associated with a risk of corruption
or bribery, especially in countries high
on the corruption index. Any failures in
processes to ensure ethical business
conduct were therefore seen as the
main sources for risks with potential
financial repercussions.
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Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
57Annual Report 2024
IRO-2 – Disclosure Requirements in ESRS covered by the
undertaking’s Sustainability Statement
General disclosures
ESRS 2
Disclosure Requirement Page number
BP-1 General basis for preparation of sustainability
statements
42
BP-2 Disclosures in relation to specific circumstances 42
GOV-1 The role of the administrative, management and
supervisory bodies
42
GOV-2 Information provided to and sustainability matters
addressed by the undertaking’s administrative,
management and supervisory bodies
44
GOV-3 Integration of sustainability-related performance
in incentive schemes
44
GOV-4 Statement on due diligence 45
GOV-5 Risk management and internal controls over
sustainability reporting
45
SBM-1 Strategy, business model and value chain 46
SBM-2 Interests and views of stakeholders 47
SBM-3 Material impacts, risks and opportunities and their
interaction with strategy and business model
48
IRO-1 Description of the processes to identify and assess
material impacts, risks and opportunities
54
IRO-2 Disclosure requirements in ESRS covered by the
undertaking’s sustainability statement
58
Environmental information
ESRS E1 Climate change
Disclosure Requirement Page number
ESRS 2, GOV-3 Integration of sustainability-related performance
in incentive schemes
44
ESRS 2, SBM-3 Material impacts, risks and opportunities and their
interaction with strategy and business model
53
ESRS 2, IRO-1 Description of the processes to identify and assess
material climate-related impacts, risks and
opportunities
55
E1-1 Transition plan for climate change mitigation 73
E1-2 Policies related to climate change mitigation and
adaptation
73
E1-3 Actions and resources in relation to climate
change policies
74
E1-4 Targets related to climate change mitigation and
adaptation
75
E1-5 Energy consumption and mix 78
E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions 79
Environmental information
ESRS E2 Pollution
Disclosure Requirement Page number
ESRS 2, IRO-1 Description of the processes to identify and assess
material pollution-related impacts, risks and
opportunities
56
Environmental information
ESRS E3 Water and marine resources
Disclosure Requirement Page number
ESRS 2, IRO-1 Description of the processes to identify and assess
material water and marine resources-related
impacts, risks and opportunities
56
E3-1 Policies related to water and marine resources 81
E3-2 Actions and resources related to water and
marine resources
83
E3-3 Targets related to water and marine resources 83
E3-4 Water consumption 84
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
58Annual Report 2024
Environmental information
ESRS E4 Biodiversity and ecosystems
Disclosure Requirement Page number
ESRS 2, SBM-3 Material impacts, risks and opportunities and their
interaction with strategy and business model
53
ESRS 2, IRO-1 Description of processes to identify and assess
material biodiversity and ecosystem-related
impacts, risks and opportunities
56
E4-1 Transition plan and consideration of biodiversity
and ecosystems in strategy and business model
85
E4-2 Policies related to biodiversity and ecosystems 85
E4-3 Actions and resources related to biodiversity and
ecosystems
87
E4-4 Targets related to biodiversity and ecosystems 87
E4-5 Impact metrics related to biodiversity and
ecosystems change
88
Environmental information
ESRS E5 Resource use and circular economy
Disclosure Requirement Page number
ESRS 2, IRO-1 Description of the processes to identify and assess
material resource use and circular economy-
related impacts, risks and opportunities
56
E5-1 Policies related to resource use and circular
economy
89
E5-2 Actions and resources related to resource use and
circular economy
90
E5-3 Targets related to resource use and circular
economy
90
E5-4 Resource inflows 92
E5-5 Resource outflows 93
Social information
ESRS S1 Own workforce
Disclosure Requirement Page number
ESRS 2, SBM-2 Interests and views of stakeholders 47
ESRS 2, SBM-3 Material impacts, risks and opportunities and their
interaction with strategy and business model
53
S1-1 Policies related to own workforce 94
S1-2 Processes for engaging with own workers and
workers’ representatives about impacts
96
S1-3 Processes to remediate negative impacts and
channels for own workers to raise concerns
97
S1-4 Taking action on material impacts on own
workforce, and approaches to mitigating material
risks and pursuing material opportunities related
to own workforce, and effectiveness of those
actions
97
S1-5 Targets related to managing material negative
impacts, advancing positive impacts, and
managing material risks and opportunities
98
S1-6 Characteristics of the undertaking’s employees 100
S1-8 Collective bargaining coverage and social
dialogue
101
S1-9 Diversity metrics 101
S1-14 Health and safety metrics 102
S1-17 Incidents, complaints and severe human rights
impacts
102
Social information
ESRS S2 Workers in the value chain
Disclosure Requirement Page number
ESRS 2, SBM-2 Interests and views of stakeholders 47
ESRS 2, SBM-3 Material impacts, risks and opportunities and their
interaction with strategy and business model
53
S2-1 Policies related to value chain workers 102
S2-2 Processes for engaging with value chain workers
about impacts
104
S2-3 Processes to remediate negative impacts and
channels for value chain workers to raise concerns
105
S2-4 Taking action on material impacts on value chain
workers, and approaches to managing material
risks and pursuing material opportunities related
to value chain workers, and effectiveness of those
action
105
S2-5 Targets related to managing material negative
impacts, advancing positive impacts, and
managing material risks and opportunities
107
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
59Annual Report 2024
Social information
ESRS S4 Consumers and end-users
Disclosure Requirement Page number
ESRS 2, SBM-2 Interests and views of stakeholders 47
ESRS 2, SBM-3 Material impacts, risks and opportunities and their
interaction with strategy and business model
53
S4-1 Policies related to consumers and end-users 108
S4-2 Processes for engaging with consumers and end-
users about impacts
109
S4-3 Processes to remediate negative impacts and
channels for consumers and end-users to raise
concerns
109
S4-4 Taking action on material impacts on consumers
and end-users, and approaches to managing
material risks and pursuing material
opportunities related to consumers and end-
users, and effectiveness of those actions
110
S4-5 Targets related to managing material negative
impacts, advancing positive impacts, and
managing material risks and opportunities
112
Governance information
ESRS G1 Business conduct
Disclosure Requirement Page number
ESRS 2, GOV-1 The role of the administrative, supervisory and
management bodies
113
ESRS 2, IRO-1 Description of the processes to identify and assess
material impacts, risks and opportunities
57
G1-1 Business conduct policies and corporate culture 113
G1-3 Prevention and detection of corruption and bribery 115
G1-4 Confirmed incidents of corruption or bribery 116
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
60Annual Report 2024
Disclosure
Requirement
Related
datapoint
Sustainability
disclosure
SFDR (Sustainable
Finance Disclosures
Regulation) reference Pillar 3 reference
Benchmark
Regulation reference
EU Climate
Law reference Paragraph
Page
number
ESRS 2 GOV-1 Paragraph 21 (d) Board's gender diversity Indicator number 13 of
Table #1 of Annex I
Commission
Delegated Regulation
(EU) 2020/1816, Annex II
43
ESRS 2 GOV-1 Paragraph 21 (e) Percentage of board
members who are
independent
Delegated Regulation
(EU) 2020/1816, Annex II
43
ESRS 2 GOV-4 Paragraph 30 Statement on due
diligence
Indicator number 10 Table
#3 of Annex I
45
ESRS 2 SBM-1 Paragraph 40 (d) i Involvement in activities
related to fossil fuel
activities
Indicators number 4 Table
#1 of Annex I
Article 449a Regulation (EU)
No 575/2013; Commission
Implementing Regulation (EU)
2022/2453 Table 1: Qualitative
information on Environmental risk
and Table 2: Qualitative information
on Social risk
Delegated Regulation
(EU) 2020/1816, Annex II
46
ESRS 2 SBM-1 Paragraph 40
(d) ii
Involvement in activities
related to chemical
production
Indicator number 9 Table
#2 of Annex I
Delegated Regulation
(EU) 2020/1816, Annex II
Not
material
ESRS 2 SBM-1 Paragraph 40
(d) iii
Involvement in activities
related to controversial
weapons
Indicator number 14 Table
#1 of Annex I
Delegated Regulation
(EU) 2020/1818, Article
12(1)
Delegated Regulation
(EU) 2020/1816, Annex II
Not
material
ESRS 2 SBM-1 Paragraph 40
(d) iv
Involvement in activities
related to cultivation and
production of tobacco
Delegated Regulation
(EU) 2020/1818, Article
12(1)
Delegated Regulation
(EU) 2020/1816, Annex II
Not
material
ESRS E1-1 Paragraph 14 Transition plan to reach
climate neutrality by 2050
Regulation (EU)
2021/1119, Article
2(1)
73
ESRS E1-1 Paragraph 16 (g) Undertakings excluded from
Paris-aligned Benchmarks
Article 449a Regulation (EU)
No 575/2013; Commission
Implementing Regulation (EU)
2022/2453
Template 1: Banking book – Climate
Change transition risk: Credit
quality of exposures by sector,
emissions and residual maturity
Delegated Regulation
(EU) 2020/1818,
Article12.1 (d) to (g),
and Article 12.2
73
ESRS E1-4 Paragraph 34 GHG emission reduction
targets
Indicator number 4 Table
#2 of Annex I
Article 449a Regulation (EU) No
575/2013;
Commission Implementing
Regulation (EU) 2022/2453
Template 3: Banking book –
Climate change transition risk:
alignment metrics
Delegated Regulation
(EU) 2020/1818,
Article 6
76
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
61Annual Report 2024
Disclosure
Requirement
Related
datapoint
Sustainability
disclosure
SFDR (Sustainable
Finance Disclosures
Regulation) reference Pillar 3 reference
Benchmark
Regulation reference
EU Climate
Law reference Paragraph
Page
number
ESRS E1-5 Paragraph 38 Energy consumption
from fossil sources
disaggregated by sources
(only high climate impact
sectors)
Indicator number 5 Table #1
and Indicator n. 5 Table #2
of Annex I
78
ESRS E1-5 Paragraph 37 Energy consumption and
mix
Indicator number 5 Table #1
of Annex I
78
ESRS E1-5 Paragraphs
40–43
Energy intensity associated
with activities in high
climate impact sectors
Indicator number 6 Table #1
of Annex I
78
ESRS E1-6 Paragraph 44 Gross Scope 1, 2, 3 and Total
GHG emissions
Indicators number 1 and 2
Table #1 of Annex I
Article 449a; Regulation (EU)
No 575/2013; Commission
Implementing Regulation (EU)
2022/2453
Template 1: Banking book – Climate
change transition risk: Credit quality
of exposures by sector, emissions
and residual maturity
Delegated Regulation
(EU) 2020/1818, Article
5(1), 6 and 8(1)
79
ESRS E1-6 Paragraphs
53–55
Gross GHG emissions
intensity
Indicators number 3 Table
#1 of Annex I
Article 449a Regulation (EU) No
575/2013;
Commission Implementing
Regulation (EU) 2022/2453
Template 3: Banking book –
Climate change transition risk:
alignment metrics
Delegated Regulation
(EU) 2020/1818, Article
8(1)
81
ESRS E1-7 Paragraph 56 GHG removals and carbon
credits
Regulation (EU)
2021/1119, Article
2(1)
Not
material
ESRS E1-9 Paragraph 66 Exposure of the benchmark
portfolio to climate-related
physical risks
Delegated Regulation
(EU) 2020/1818, Annex II
Delegated Regulation
(EU) 2020/1816, Annex II
Not
material
ESRS E1-9 Paragraph 66 (a) Disaggregation of monetary
amounts by acute and
chronic physical risk
Article 449a Regulation (EU) No
575/2013;
Commission Implementing
Regulation (EU) 2022/2453
paragraphs 46 and 47; Template
5: Banking book - Climate change
physical risk: Exposures subject to
physical risk.
Not
material
ESRS E1-9 Paragraph 66 (c) Location of significant
assets at material physical
risk
Not
material
ESRS E1-9 Paragraph 67 (c) Breakdown of the carrying
value of its real estate
assets by energy-efficiency
classes
Article 449a Regulation (EU) No
575/2013; Commission
Implementing Regulation (EU)
2022/2453 paragraph 34; Template
2:Banking book - Climate change
transition risk: Loans collateralised
by immovable property - Energy
efficiency of the collateral
Not
material
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
62Annual Report 2024
Disclosure
Requirement
Related
datapoint
Sustainability
disclosure
SFDR (Sustainable
Finance Disclosures
Regulation) reference Pillar 3 reference
Benchmark
Regulation reference
EU Climate
Law reference Paragraph
Page
number
ESRS E1-9 Paragraph 69 Degree of exposure of the
portfolio to climate-related
opportunities
Delegated Regulation
(EU) 2020/1818, Annex II
Not
material
ESRS E2-4 Paragraph 28 Amount of each pollutant
listed in Annex II of
the E-PRTR Regulation
(European Pollutant Release
and Transfer Register)
emitted to air, water and
soil
Indicator number 8 Table #1
of Annex I
Indicator number 2 Table
#2 of Annex I
Indicator number 1 Table #2
of Annex I
Indicator number 3 Table
#2 of Annex I
Not
material
ESRS E3-1 Paragraph 9 Water and marine
resources
Indicator number 7 Table
#2 of Annex I
82
ESRS E3-1 Paragraph 13 Dedicated policy Indicator number 8 Table 2
of Annex I
56
ESRS E3-1 Paragraph 14 Sustainable oceans and
seas
Indicator number 12 Table
#2 of Annex I
83
ESRS E3-4 Paragraph 28 (c) Total water recycled and
reused
Indicator number 6.2 Table
#2 of Annex I
84
ESRS E3-4 Paragraph 29 Total water consumption in
m
3
per net revenue on own
operations
Indicator number 6.1 Table
#2 of Annex I
84
ESRS 2 – SBM-3 – E4 Paragraph 16 (a) i Indicator number 7 Table #1
of Annex I
53
ESRS 2 – SBM-3 – E4 Paragraph 16 (b) Indicator number 10 Table
#2 of Annex I
53
ESRS 2 – SBM-3 – E4 Paragraph 16 (c) Indicator number 14 Table
#2 of Annex I
53
ESRS E4-2 Paragraph 24 (b) Sustainable land /
agriculture practices or
policies
Indicator number 11 Table
#2 of Annex I
87
ESRS E4-2 Paragraph 24 (c) Sustainable oceans / seas
practices or policies
Indicator number 12 Table
#2 of Annex I
87
ESRS E4-2 Paragraph 24 (d) Policies to address
deforestation
Indicator number 15 Table
#2 of Annex I
87
ESRS E5-5 Paragraph 37 (d) Non-recycled waste Indicator number 13 Table
#2 of Annex I
93
ESRS E5-5 Paragraph 39 Hazardous waste and
radioactive waste
Indicator number 9 Table #1
of Annex I
93
ESRS 2 – SBM-3 – S1 Paragraph 14 (f) Risk of incidents of forced
labour
Indicator number 13 Table
#3 of Annex I
53
ESRS 2 – SBM-3 – S1 Paragraph 14 (g) Risk of incidents of child
labour
Indicator number 12 Table
#3 of Annex I
53
ESRS S1-1 Paragraph 20 Human rights policy
commitments
Indicator number 9 Table
#3 and Indicator number 11
Table #1 of Annex I
96
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
63Annual Report 2024
Disclosure
Requirement
Related
datapoint
Sustainability
disclosure
SFDR (Sustainable
Finance Disclosures
Regulation) reference Pillar 3 reference
Benchmark
Regulation reference
EU Climate
Law reference Paragraph
Page
number
ESRS S1-1 Paragraph 21 Due diligence policies on
issues addressed by the
fundamental International
Labor Organisation
Conventions 1 to 8
Delegated Regulation
(EU) 2020/1816, Annex II
96
ESRS S1-1 Paragraph 22 Processes and measures
for preventing trafficking in
human beings
Indicator number 11 Table
#3 of Annex I
96
ESRS S1-1 Paragraph 23 Workplace accident
prevention policy or
management system
Indicator number 1 Table #3
of Annex I
96
ESRS S1-3 Paragraph 32 (c) Grievance/complaints
handling mechanisms
Indicator number 5 Table
#3 of Annex I
97
ESRS S1-14 Paragraph 88 (b)
and (c)
Number of fatalities
and number and rate of
work-related
Indicator number 2 Table
#3 of Annex I
Delegated Regulation
(EU) 2020/1816, Annex II
102
ESRS S1-14 Paragraph 88 (e) Number of days lost to
injuries, accidents, fatalities
or illness
Indicator number 3 Table
#3 of Annex I
102
ESRS S1-16 Paragraph 97 (a) Unadjusted gender
pay gap
Indicator number 12 Table
#1 of Annex I
Delegated Regulation
(EU) 2020/1816, Annex II
Not
material
ESRS S1-16 Paragraph 97 (b) Excessive CEO pay ratio Indicator number 8 Table
#3 of Annex I
Not
material
ESRS S1-17 Paragraph 103 (a) Incidents of discrimination Indicator number 7 Table
#3 of Annex I
102
ESRS S1-17 Paragraph 104 (a) Non-respect of UNGPs
on Business and Human
Rights and OECD
Indicator number 10 Table
#1 and Indicator n. 14 Table
#3 of Annex I
Delegated Regulation
(EU) 2020/1816, Annex II
Delegated Regulation
(EU) 2020/1818 Art 12
(1)
102
ESRS 2 – SBM-3 – S2 Paragraph 11 (b) Significant risk of child
labour or forced labour in
the value chain
Indicators number 12 and n.
13 Table #3 of Annex I
53
ESRS S2-1 Paragraph 17 Human rights policy
commitments
Indicator number 9 Table
#3 and Indicator n. 11 Table
#1 of Annex I
104
ESRS S2-1 Paragraph 18 Policies related to value
chain workers
Indicator number 11 and n. 4
Table #3 of Annex I
104
ESRS S2-1 Paragraph 19 Non-respect of UNGPs
on Business and Human
Rights principles and OECD
guidelines
Indicator number 10 Table
#1 of Annex I
Delegated Regulation
(EU) 2020/1816, Annex II
Delegated Regulation
(EU) 2020/1818, Art
12 (1)
104
ESRS S2-1 Paragraph 19 Due diligence policies on
issues addressed by the
fundamental International
Labor Organisation
Conventions 1 to 8
Delegated Regulation
(EU) 2020/1816, Annex II
103
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
64Annual Report 2024
Disclosure
Requirement
Related
datapoint
Sustainability
disclosure
SFDR (Sustainable
Finance Disclosures
Regulation) reference Pillar 3 reference
Benchmark
Regulation reference
EU Climate
Law reference Paragraph
Page
number
ESRS S2-4 Paragraph 36 Human rights issues and
incidents connected to its
upstream and downstream
value chain
Indicator number 14 Table
#3 of Annex I
106
ESRS S3-1 Paragraph 16 Human rights policy
commitments
Indicator number 9 Table
#3 of Annex 1 and Indicator
number 11 Table #1 of
Annex I
Not
material
ESRS S3-1 Paragraph 17 Non-respect of UNGPs on
Business and Human Rights,
ILO principles or and OECD
guidelines
Indicator number 10 Table
#1 Annex I
Delegated Regulation
(EU) 2020/1816, Annex II
Delegated Regulation
(EU) 2020/1818, Art
12 (1)
Not
material
ESRS S3-4 Paragraph 36 Human rights issues and
incidents
Indicator number 14 Table
#3 of Annex I
Not
material
ESRS S4-1 Paragraph 16 Policies related to
consumers and end-users
Indicator number 9 Table
#3 and Indicator number 11
Table #1 of Annex I
109
ESRS S4-1 Paragraph 17 Non-respect of UNGPs on
Business and Human Rights
and OECD guidelines
Indicator number 10 Table
#1 of Annex I
Delegated Regulation
(EU) 2020/1816, Annex II
DelegatedRegulation
(EU)2020/1818, Art 12 (1)
109
ESRS S4-4 Paragraph 35 Human rights issues and
incidents
Indicator number 14 Table
#3 of Annex I
111
ESRS G1-1 Paragraph 10 (b) United Nations Convention
against corruption
Indicator number 15 Table
#3 of Annex I
Not
material
ESRS G1-1 Paragraph 10 (d) Protection of
whistle-blowers
Indicator number 6 Table
#3 of Annex I
Not
material
ESRS G1-4 Paragraph 24 (a) Fines for violation of anti-
corruption and anti-bribery
laws
Indicator number 17 Table
#3 of Annex I
Delegated Regulation
(EU) 2020/1816, Annex II
116
ESRS G1-4 Paragraph 24 (b) Standards of anti-
corruption and anti-bribery
Indicator number 16 Table
#3 of Annex I
116
Material information to be disclosed,
in terms of ESRS Disclosure
Requirements and associated
relevant datapoints, was determined
based on compatibility with material
sustainability matters (standardised
ESRS sustainability sub-topics and
sub-sub-topics) pertaining to the
impacts, risks and opportunities that
Anora assessed to be material as
a result of the process described in
section Description of the process to
identify and assess material impacts,
risks and opportunities (IRO-1).
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
65Annual Report 2024
Disclosure pursuant to Article 8 of Regulation 2020/852
(Taxonomy Regulation)
Disclosure pursuant to Article
8 of Regulation 2020/852
(Taxonomy Regulation)
The Taxonomy Regulation aims to
provide definitions for environmentally
sustainable economic activities and
thus help direct capital into the green
transition. Activities considered to be
in most urgent need for sustainability
investments, and their associated
sustainability criteria, are stipulated
in EU Taxonomy Delegated Acts from
the viewpoints of objectives related
to climate change mitigation and
adaptation, sustainable use and
protection of water and marine
resources, transition to a circular
economy, pollution prevention
and control, as well as protection
and restoration of biodiversity and
ecosystems.
For the reporting period, Anora
reviewed its previously conducted
assessment of the Taxonomy-
eligibility and alignment of its entire
business from the viewpoints of all
the EU climate and environmental
objectives, and the results are
presented as part of this disclosure.
Accounting principles
Anora’s consolidated financial
statements are prepared in
accordance with IFRS as adopted by
the European Union and all required
key performance indicators (KPIs)
under the Taxonomy Regulation
are calculated using the financial
information presented in the group
consolidated financial statements. The
taxonomy-eligible parts (numerators)
of the KPIs are based on group
interpretations of definitions in the
Disclosures Delegated Regulation (EU)
2021/2178.
Assessment of compliance with
the Taxonomy Regulation
Anora is a leading Nordic player in
the production, import, sale and
distribution of wine and spirits. Anora’s
business operations also include
industrial operations in distillation,
bottling and logistics services, as
well as the production of technical
ethanol products, neutral potable
ethanol, feed components and barley
starch. Anora’s main line of business,
the manufacturing of alcoholic and
non-alcoholic beverages, is still
outside of the scope of the activities
listed in the EU Taxonomy Delegated
Acts. This does not mean that Anora’s
activities are unsustainable, but
rather that from the point of view of
EU regulation, the manufacturing of
beverages is currently not considered
among activities most urgently in
need of transition towards sustainable
performance levels.
In its Taxonomy-assessment for the
reporting period, Anora evaluated all
its business segments and activities
against the activity descriptions
and technical criteria of relevant
economic activities listed in the EU
Taxonomy Climate Delegated Act
(including its amendments), as well
as the EU Environmental Delegated
Act. All applicable taxonomy-eligible
activities with associated statements
on compliance are listed below.
4.24 Production of heat/cool from
bioenergy
Approximately 40% of the heat sold (to
A-rehu, adjacent to the Koskenkorva
Distillery) during the reporting period
was generated using agricultural
biomass (mainly barley and oats
husks) as its input. Currently there is a
lack of information of the agricultural
biodiversity conditions of the biomass
origins as required by the technical
criteria of the EU Taxonomy. The lack
of information leads to non-alignment
with the EU Taxonomy.
6.6. Freight transport services by road
Anora generates revenue from
outbound logistics services to selected
customers that involve freight
transport by road. Only revenue from
transports (also subcontracted)
performed with EURO VI standard
trucks are considered to be taxonomy
eligible. The share of transport with
EURO VI trucks (approximately 88% of
total utilised fleet) from total invoiced
logistics services is estimated on a
cost-basis. The vehicles do not yet
fulfil the criteria for ‘zero-emission
heavy-duty vehicles’ or ‘low-emission
heavy-duty vehicles’ as required by
the criteria for taxonomy-alignment.
7.3. Installation, maintenance and
repair of energy efficiency equipment
Many individual installations of HVAC
equipment, energy efficient lighting
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
66Annual Report 2024
systems and additions to insulation
to existing envelope components
of buildings during the reporting
period are recognised as taxonomy-
eligible capital expenditure. In some
instances, the installations are part
of larger renovations of buildings and
facilities, in which cases the share
of energy efficiency installations is
based on conservative estimates of
the total work conducted. Information
regarding the individual components
in accordance with Regulation (EU)
2017/1369, a formal climate risk
assessment and assessment of the
use of chemicals in the installed
equipment as required in the Climate
Delegated Act is currently missing,
thus leading to non-alignment with
the Taxonomy.
6.5. Transport by motorbikes,
passenger cars and light commercial
vehicles
Capital expenditure into additions
of Anora’s vehicle fleet included
purchase of electric and hybrid
vehicles during the reporting period.
Due to missing information and
documentation on technical aspects
of the DNSH criteria, such as on rate
of recyclability of vehicle materials,
formal taxonomy-alignment cannot
be demonstrated.
4.16 Installation and operation of
electric heat pumps
At the Koskenkorva Distillery, capital
expenditure into purchase and
installation of a heat pump was
recorded during the reporting period.
Missing exact information on the
current global warming potential
(GWP) of the equipment means that
Anora can not claim formal taxonomy-
alignment of the activity.
Companies are required to describe
how double counting has been
avoided when shares of the economic
figures were allocated to the activities
assessed to be Taxonomy-eligible.
The activities listed above correspond
well with income and cost centres
recognised in the accounting of the
different business segments and thus
the figures can be accurately allocated
based on the assumptions above.
Some capital expenditure was
targeted towards equipment for
creating plastic caps that stick to
bottles in accordance with EU’s Single-
use Plastic (SUP) Directive. Even if these
amounts arguably could be seen as
being related to the taxonomy-eligible
activity class ‘Manufacture of plastic
packaging goods’, plastic caps were
not seen as complete packaging goods
in themselves, and therefore Anora has
applied the precautionary principle
and excluded them from its Taxonomy
reporting.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
67Annual Report 2024
Proportion of turnover from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2024
Financial year 2024 Year Substantial contribution criteria DNSH criteria (“Does Not Significantly Harm”)
Economic Activities (1)
Code (2)
Turnover (3)
Proportion of
turnover, year
2024 (4)
Climate Change
Mitigation (5)
Climate Change
Adaptation (6)
Water (7)
Pollution (8)
Circular
Economy (9)
Biodiversity (10)
Climate Change
Mitigation (11)
Climate Change
Adaptation (12)
Water (13)
Pollution (14)
Circular
Economy (15)
Biodiversity (16)
Minimum
Safeguards (17)
Proportion of
Taxonomy-aligned
(A.1.) or -eligible
(A.2.) turnover,
year 2023 (18)
Category enabling
activity (19)
Category
transitional
activity (20)
EUR
million
% Y; N; N/EL Y; N; N/
EL
Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
TAXONOMY-ELIGIBLE ACTIVITIES
Environmentally sustainable activities (Taxonomy-aligned)
Turnover of
environmentally
sustainable activities
(Taxonomy-aligned) (A.1)
- 0% 0%
Of which enabling - 0%
Of which transitional - 0%
Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL
Production of heat/cool
from bioenergy
CCM 4.24 0.79 0.1% EL N/EL N/EL N/EL N/EL N/EL 0.1%
Freight transport services
by road
CCM 6.6 9.62 1.4% EL N/EL N/EL N/EL N/EL N/EL 1.7%
Taxonomy-eligible but
not environmentally
sustainable activities
(not Taxonomy-aligned
activities) (A.2)
10.41 1.5% 1.8%
Turnover of Taxonomy-
eligible activities (A1.+A.2)
10.41 1.5% 1.8%
TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-
non-eligible activities
681.59 98.5% 98.2%
TOTAL 692.00 100% 100%
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
68Annual Report 2024
Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2024
Financial year 2024 Year Substantial contribution criteria DNSH criteria (“Does Not Significantly Harm”)
Economic Activities (1)
Code (2)
CapEx (3)
Proportion of
CapEx, year
2024 (4)
Climate Change
Mitigation (5)
Climate Change
Adaptation (6)
Water (7)
Pollution (8)
Circular
Economy (9)
Biodiversity (10)
Climate Change
Mitigation (11)
Climate Change
Adaptation (12)
Water (13)
Pollution (14)
Circular
Economy (15)
Biodiversity (16)
Minimum
Safeguards (17)
Proportion of
Taxonomy-aligned
(A.1.) or -eligible
(A.2.) CapEx, year
2023 (18)
Category enabling
activity (19)
Category
transitional
activity (20)
EUR
million
% Y; N; N/EL Y; N; N/
EL
Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
TAXONOMY-ELIGIBLE ACTIVITIES
Environmentally sustainable activities (Taxonomy-aligned)
CapEx of environmentally
sustainable activities
(Taxonomy-aligned)
(A.1)
- 0% 0%
Of which enabling - 0%
Of which transitional - 0%
Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL
Installation, maintenance
and repair of energy
efficiency equipment
CCM 7.3. 0.99 5.2% EL N/EL N/EL N/EL N/EL N/EL 1.0%
Transport by motorbikes,
passenger cars and light
commercial vehicles
CCM 6.5. 0.15 0.8% EL N/EL N/EL N/EL N/EL N/EL 0.0%
Installation and operation
of electric heat pumps
CCM 4.16 0.12 0.6% EL N/EL N/EL N/EL N/EL N/EL 0.0%
Renewal of water collection,
treatment and supply
systems
CCM 5.2. 0.00 0.0% EL N/EL N/EL N/EL N/EL N/EL 0.1%
Installation, maintenance
and repair of charging
stations for electric vehicles
in buildings (and parking
spaces attached to
buildings)
CCM 7.4. 0.00 0.0% EL N/EL N/EL N/EL N/EL N/EL 0.0%
Taxonomy-eligible but
not environmentally
sustainable activities
(not Taxonomy-aligned
activities) (A.2)
1.26 6.6% 1.1%
CapEx of Taxonomy-eligible
activities (A1.+A.2)
1.26 6.6% 1.1%
TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-
eligible activities
17.82 93.4% 98.9%
TOTAL 19.08 100% 100%
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
69Annual Report 2024
Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2024
Financial year 2024 Year Substantial contribution criteria DNSH criteria (“Does Not Significantly Harm”)
Economic Activities (1)
Code (2)
OpEx (3)
Proportion of OpEx,
year 2024 (4)
Climate Change
Mitigation (5)
Climate Change
Adaptation (6)
Water (7)
Pollution (8)
Circular
Economy (9)
Biodiversity (10)
Climate Change
Mitigation (11)
Climate Change
Adaptation (12)
Water (13)
Pollution (14)
Circular
Economy (15)
Biodiversity (16)
Minimum
Safeguards (17)
Proportion of
Taxonomy-aligned
(A.1.) or -eligible
(A.2.) OpEx, year
2023 (18)
Category enabling
activity (19)
Category
transitional
activity (20)
EUR
million
% Y; N; N/EL Y; N; N/
EL
Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
TAXONOMY-ELIGIBLE ACTIVITIES
Environmentally sustainable activities (Taxonomy-aligned)
OpEx of environmentally
sustainable activities
(Taxonomy-aligned)
(A.1)
- 0% 0%
Of which enabling - 0%
Of which transitional - 0%
Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL
Taxonomy-eligible but
not environmentally
sustainable activities
(not Taxonomy-aligned
activities) (A.2)
- 0% 0%
OpEx of Taxonomy-eligible
activities (A1.+A.2)
- 0% 0%
TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-
eligible activities
12.8 100% 100%
TOTAL 12.8 100% 100%
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
70Annual Report 2024
Compliance with Minimum
Safeguards
The Taxonomy Regulation refers
to minimum safeguards as the
procedures implemented by an
undertaking to ensure the alignment
with a) the OECD Guidelines for
Multinational Enterprises, b) the
UN Guiding Principles on Business
and Human Rights c) the principles
and rights set out in the eight
fundamental conventions identified
in the Declaration of the International
Labour Organisation on Fundamental
Principles and Rights at Work and d)
the International Bill of Human Rights.
In practice, the undertaking
needs to demonstrate that its
own operations, the operations of
significant business partners and its
supply chain are covered by adequate
procedures to avoid adverse impacts
and mitigate risks connected to a)
human rights and working conditions
(as stipulated by the UN General
Principles and OECD, b) corruption and
bribery, c) ensuring fair competition
and d) taxation matters.
Anora had no court convictions or
serious infringements regarding the
topics above during the reporting
period. Anora’s existing governance
practices and policies are designed
to avoid adverse impacts stemming
from the materialisation of different
kinds of risks, including social matters.
Anora is, for example, a member of
amfori BSCI which conducts supply
chain oversight in several countries
regarding social adverse impacts.
For more information about Anora’s
due diligence practices to ensure
management of adverse social (and
other) sustainability impacts, see
section Statement on due diligence
(GOV-4) under disclosure ESRS 2.
Nevertheless, the few Taxonomy-
eligible activities that Anora has
identified are not considered
Taxonomy-aligned as they do not
meet the substantial contribution
criteria for those activities.
Contextual information about
Turnover KPI
Anora has calculated turnover, as
defined in the Disclosures Delegated
Act, based on the same accounting
that applies for revenue under the
IFRS covering amounts derived from
the sale of products and services as
agreed in customer contracts. Anora’s
Taxonomy-eligible turnover (the
numerator of the turnover KPI) was
determined by estimating the share
of turnover from activities assessed
to be Taxonomy-eligible as described
above. During the reporting period,
small adjustments into how turnover
of logistics services is interpreted
and allocated was made based on
revenue from customers served. The
share of Anora’s Taxonomy-eligible
turnover is very low because the
majority of Anora’s business does not
match the economic activities with
substantial contribution potential
to climate change targets under
the Taxonomy regulation. For more
information on Anora’s principles
for defining net sales, see section
Financial Statements note 1.1.
Contextual information about
CapEx KPI
Anora has included in its CapEx, as
defined in the Disclosures Delegated
Act, additions to tangible and
intangible assets before depreciation,
impairment, amortisation and
excluding fair value changes
during the financial year. For more
information on Anora’s principles
for defining capital expenditure (the
denominator of the turnover KPI),
see section Financial Statements
note 2.1 and 2.2. The Taxonomy-
eligibility of investments was
determined by assessing if the
investment was targeted towards a
taxonomy-eligible activity or based
on the purchase of output from
other companies’ Taxonomy-eligible
activities, as described above.
Changes in taxonomy-eligible
activities associated with CapEx
investments reflect the changes
in Anora’s investments during the
reporting period. Small adjustments
in interpretations regarding the
compatibility with activity descriptions
of taxonomy-eligible activities
were made, especially for Anora’s
decentralized wastewater treatment
facilities which are not considered
eligible. The Taxonomy-eligible
CapEx investments correspond to
additions to tangible assets in the
form of energy efficiency equipment of
buildings and installation of charging
stations for electric vehicles.
Contextual information about
OpEx KPI
Operational expenditure, as defined in
section 1.1.3.2. of Annex I of Commission
Delegated Regulation (EU) 2021/2178,
is largely considered not material for
the business model of Anora. Due to
Anora’s capitalisation practices (with
a threshold of approximately EUR
5000), all other significant expenditure
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
71Annual Report 2024
for continued and effective functioning
of assets associated with taxonomy-
eligible activities is captured by the
CapEx KPI, explaining the absence of
materiality of additional operating
expenditure recognised in the OpEx KPI
numerator. The OpEx KPI denominator
is disclosed in the table below, and
includes all non-capitalised costs
related to research and development,
building renovation measures, short-
term leases, maintenance and repair,
and any other direct expenditure
relating to the day-to-day servicing
of assets of property, plant and
equipment by Anora or a third party to
whom activities are outsourced.
Row Nuclear energy related activities
1
The undertaking carries out, funds or has exposures to research,
development, demonstration and deployment of innovative electricity
generation facilities that produce energy from nuclear processes with
minimal waste from the fuel cycle.
NO
2
The undertaking carries out, funds or has exposures to construction
and safe operation of new nuclear installations to produce electricity or
process heat, including for the purposes of district heating or industrial
processes such as hydrogen production, as well as their safety
upgrades, using best available technologies.
NO
3
The undertaking carries out, funds or has exposures to safe operation
of existing nuclear installations that produce electricity or process heat,
including for the purposes of district heating or industrial processes
such as hydrogen production from nuclear energy, as well as their
safety upgrades.
NO
Fossil gas related activities
4
The undertaking carries out, funds or has exposures to construction
or operation of electricity generation facilities that produce electricity
using fossil gaseous fuels.
NO
5
The undertaking carries out, funds or has exposures to construction,
refurbishment, and operation of combined heat/cool and power
generation facilities using fossil gaseous fuels.
NO
6
The undertaking carries out, funds or has exposures to construction,
refurbishment and operation of heat generation facilities that produce
heat/cool using fossil gaseous fuels.
NO
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
72Annual Report 2024
E1 Climate Change
E1-1 – Transition plan for
climate change mitigation
Anora does not yet have in place
a formal transition plan for climate
change mitigation, by which it ensures
that its strategy and business model
are compatible with the transition to
a sustainable economy, and with the
limiting of global warming to 1.5 °C
in line with the Paris Agreement and
with the objective of achieving climate
neutrality by 2050. However, Anora has
during 2024 and in earlier reporting
periods created the foundation for
a formal transition plan for climate
change mitigation by calculating GHG
emissions from its own operations
and its value chain and setting
climate targets approved by the
Science Based Targets initiative. Anora
started to work on a climate roadmap
action plan for Scope 3 in the fourth
quarter of 2024, focusing especially
on building a stronger understanding
of how to reach the Scope 3 GHG
emissions targets and plan for the
initiated steps and actions to be taken
in the forthcoming years in terms of
grain, wine, logistics and packaging
emissions. Anora is currently reviewing
any potential locked-in GHG-
emissions as well as the alignment
of its overall business strategy and
financial planning with limiting of
global warming to 1.5 °C in line with
the Paris Agreement. Anora cannot
however yet state when a formal
transition plan will be adopted.
E1-2 – Policies related to
climate change mitigation
and adaptation
Anora’s key policy related to
climate change mitigation and
adaptation is Anora’s Quality Safety
and Environment Policy. The policy
generally states Anora’s intentions to
address its negative impacts (GHG
emissions) associated with climate
change mitigation, adaptation and
energy in its own operations and in
the value chain through appropriate
means but does not go into details
on how to address these questions,
thus reserving flexibility in choosing
the best appropriate means needed
for each situation. Anora evaluates
annually the need to review and
update its policies and procedures.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
73Annual Report 2024
Policy
Key contents, objectives and processes for monitoring
associated impacts, risks and opportunities
Scope and exclusions
of policy
Most senior level
accountable for
implementation
Related third-party
standards or
initiatives (if relevant)
Policy availability to
stakeholders
Anora Quality, Safety
and Environment
Policy
The policy is based on Anora’s Sustainability Roadmap, and includes
principles for management and implementation of quality, safety and
environmental values for Anora’s sustainability work. In relation to Anora’s
material negative impacts in terms of GHG emissions from its own
operations and from the value chain, the policy Includes a statement that
Anora aims to minimise its climate impacts and strive for carbon-neutral
production.
Covers Anora’s own
operations
Executive
Management Team
UN Sustainable
Development Goals
Publicly available
online
Anora Code of
Conduct for Suppliers
and Subcontractors
The policy contains minimum requirements for ensuring sustainable and
responsible business conduct in Anora’s upstream value chain.
In order to mitigate negative impacts in terms of value chain GHG emissions,
as well as to alleviate the potential financial effects from material chronic
and acute physical climate risks in areas where agricultural value chain
activities take place, the policy requires suppliers and subcontractors to aim
to reduce energy use, shift from fossil energy to renewable energy sources
and actively monitor and strive to reduce greenhouse gas emissions in their
own operations and respective supply chain.
Applies to suppliers
and subcontractors
and their suppliers
and subcontractors
Executive
Management Team
UN Universal
Declaration of
Human Rights, UN
Global Compact and
amfori BSCI (Business
Social Compliance
Initiative) Code of
Conduct.
Publicly available
online
E1-3 – Actions and resources
in relation to climate change
policies
During the reporting period,
actions related to climate change
mitigation (grouped according to
decarbonisation lever type) included:
Fuel switching and using
renewable energy
— Using 100% renewable electricity
and using bioenergy for steam
production (from distillation
byproduct barley husks) at
Koskenkorva Distillery. These actions
are significant as Koskenkorva
accounted for around 79% (70%)
of the emissions from Anora’s own
operations (Scope 1 & 2) during
the reporting period. Actions
cover Anora’s own operations
(Koskenkorva Distillery) and are
expected to result in decreased
GHG emissions in the short term.
— Changing to 100% renewable
electricity at the Rajamäki plant
and at the Ruoholahti head office in
2024. Actions cover own operations
in Finland and are expected to result
in decreased GHG emissions in the
short term.
— Plan to replace the Koskenkorva
Distillery’s remaining fossil fuel-fired
steam boiler with a state-of-the
art fossil-emissions-free biomass
boiler, by which Anora aims to reach
zero fossil emissions at the distillery
during 2026. Action covers Anora’s
own operations (Koskenkorva
Distillery) and is expected to result
in decreased fossil emissions in the
short and medium term.
Supply-chain decarbonisation
— Increasing near market filling by
shipping bulk liquids, rather than
wine in glass bottles from the
country of origin, to be filled close to
the end markets and using tailored
sustainable packaging options to
meet customer requirements. Using
low-emission transport forms for
the bulk-wine, such as biodiesel
trains. The expected outcome
is decreased GHG emissions in
the upstream value chain in the
medium term.
— Cooperating with the BSAG (Baltic
Sea Action Group) and local
farming consultants and authorities
on regenerative farming and
providing training and offering
contract incentives for farmers. The
expected outcome is decreased
GHG emissions in the upstream
value chain in the medium- and
long term.
— In 2024, Anora continued the
practice from the previous year of
including a question for its vendors
to submit estimated CO
2
e values for
each transport lane in its inbound
transportation, with the aim of
Anora being able to make more
informed decisions when selecting
vendors and routes. During 2024,
Anora also consolidated more
volume in Sweden with railroad
transports to Sweden, providing a
lower emission option.
Products change
— Promotion of recycled, recyclable
and/or lighter packaging options
(such as rPET, tetras, BiBs). For
BUSINESS OVERVIEW
REPORT BY THE BOARD
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Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
74Annual Report 2024
instance, BiBs have an over 80%
lower CO
2
footprint compared to
traditional glass bottles. When
BiB is combined with near market
filling – where wine is brought
from, for example, South America
in containers to the Nordics and
packed near the final markets – it
further reduces the environmental
impact of wine production. A PET
bottle is light in weight and has an
over 60% lower carbon footprint
than a similar glass bottle. Anora
has several wine bottle formats
comprised of 75% rPET. In the spirits
portfolio, majority of Anora’s PET
bottles have 50% recycled PET
content. Lighter weight bottles also
decrease the logistics emissions
and PET bottles are less energy
intensive to produce than glass. The
expected outcome is decreased
GHG emissions from the upstream
value chain.
Energy efficiency
— In 2024, at Koskenkorva Distillery,
a process water circulation heat
pump was installed. Once fully
operational, the target of the
heat pump is to reduce 10% of the
primary steam production required
at the distillery and to reduce the
amount of fuel consumption in the
future.
— A-Rehu, a non-Anora livestock and
poultry feed plant operating within
the Koskenkorva plant area, made a
major investment decision to build
a new feed dryer, a project that was
conducted together with Anora in
2023. Once operational, the energy
from the Koskenkorva Distillery’s
powerplant will be used by the feed
dryer, but part of residual energy is
‘returned’ and can be used again
in the distilling process. This has
the potential of reducing the need
for steam production by 20% in the
plant area. The new feed dryer is
planned to be fully operational in
2025.
— Installation, maintenance and repair
of energy efficiency equipment
(HVAC, energy efficient LED lighting
systems and added insulation)
at own production sites. Actions
cover own operations across
Anora and is expected to result in
reduced energy consumption and
decreased GHG emissions.
Research and development
— Koskenkorva Distillery continued
its work on reducing biogenic
Scope 1 emissions in cooperation
with an external partner, with
increased capacity for recovery
of CO
2
released from fermenting.
Actions cover own operations in
Koskenkorva Distillery and are
expected to result in decreased
biogenic emissions in the short and
medium term.
Anora has not yet calculated the
disaggregated achieved and
expected GHG emission reductions
from the actions listed above. The vast
majority of Anora’s emissions come
from Scope 3, in which the majority
of GHG emissions are estimated
to originate from Forest, Land and
Agricultural (FLAG) emissions
encompassing land use change
and land management associated
with barley and wine production.
Other significant Scope 3 emissions
originate from other purchased goods
and services including packaging
materials. Continued access to
finance with a reasonable cost of
capital is important for Anora to
execute its sustainability strategy
and to ensure the attainment of set
sustainability targets. Anora has not
yet formally allocated CapEx and OpEx
amounts as defined by Commission
Delegated Regulation (EU) 2021/2178
to the actions listed above and has
not implemented a so-called CapEx
plan as defined by the regulation.
Associated operational expenses
recognised in the financial statements
relate to materials and services (note
1.4), employee benefit expenses (note
1.5), other operating expenses (note
1.6) and research and development
expenditures (note 1.7). Associated
capital expenses recognised in the
financial statements relate to property,
plant and equipment (note 2.2) and
right-of-use assets (note 2.3).
E1-4 – Targets related to
climate change mitigation
and adaptation
Anora Group Plc commits to reach
net-zero greenhouse gas emissions
across the value chain by 2050. Anora
has set science-based targets, which
were validated by the Science-Based
Targets initiative (SBTi) in 2024 and
presented in the table below. In
addition to science-based targets,
Anora has set its own separate
targets to reach zero fossil emissions
at Koskenkorva Distillery during
2026 and for the entirety of its own
production by 2030, without carbon
compensations. All targets relate
to sustainability matters defined as
material as the outcome of a process
to identify and assess material
impacts, risks and opportunities,
during which affected stakeholder
views were considered.
BUSINESS OVERVIEW
REPORT BY THE BOARD
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Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
75Annual Report 2024
Target
Relationship with policy objectives and
scope of target
Target and nature
of target
Target year and
interim targets
or milestones Baseline value and year
Status of
performance
against target
Description of methodologies, significant
assumptions, evidence used to define target or
any changes in these
Energy &
Industry
Emissions
reduction
Target relates to climate change
mitigation and energy through GHG
emissions reduction in own production
and associated purchased energy
during the reporting period, in line
with objectives stated in Anora Quality
Safety and Environment Policy.
23,415 tCO
2
eq Scope
1 & 2 GHG emissions
within target
boundary
(-42% from
baseline).
2030
40,371 tCO
2
eq Scope
1 & 2
(market-based)
emissions in 2021 from
emission source(s)
within target
boundary in 2021.
26,750 tCO
2
eq
during the
reporting period
(-34% from
baseline).
Target is closely
monitored and
reported each
reporting period.
GHG emission reduction targets are science-
based and compatible with limiting global
warming to 1.5°C, based on applicable
sectoral decarbonisation pathways. Targets,
boundaries and baselines have been
validated and approved by the SBTi (Science
Based Targets initiative). The target covers
exclusively CO
2
carbon dioxide GHG emissions.
Energy & Industry
• Scope 1 boundary includes also biogenic
emissions from fermentation on top of fossil
emissions and thus diverge from the Scope
1 emissions reported under Disclosure
Requirement E1-6. Estimated to represent
approximately 40% of the combined Scope
1 & 2 GHG emissions target during the target
period.
• Scope 2 emissions are marked-
based figures. Estimated to represent
approximately 60% of the combined Scope
1 & 2 GHG emissions target during the target
period.
• Scope 3 emissions include emissions from
GHG protocol categories 1, 4 and 9.
FLAG
• Scope 1 FLAG emissions include emissions
from Anora’s owned forest area in Rajamäki,
Finland and thus diverge from the Scope
1 emissions reported under Disclosure
Requirement E1-6. Estimated to represent
approximately 3.5% of the combined Scope
1 & 3 FLAG GHG emissions target during the
target period.
• Scope 3 FLAG emissions include indirect
emissions from purchased grain and wine.
Estimated to represent approximately 96.5%
of the combined Scope 1 & 3 FLAG GHG
emissions target during the target period.
All emissions are calculated based on GHG
protocol and SBTi FLAG guidance principles.
Attainment of current targets can
be influenced by unforeseen future
developments (for example, changes in
sales volumes, shifts in customer preferences
and demand, regulatory factors, and new
technologies) which can potentially impact
both GHG emissions and Anora’s ability to
meet emissions reductions.
4,037 tCO
2
eq Scope 1
& 2 GHG emissions
(-90% from
baseline).
2050
Target relates to climate change
mitigation through GHG emissions
reduction from purchased goods and
services, upstream and downstream
transportation and distribution, in line
with objectives stated in the Anora
Quality Safety and Environment Policy
and the Anora Code of Conduct for
Suppliers and Subcontractors
142,858 tCO
2
eq
Scope 3 GHG
emissions within
target boundary
(-42% from
baseline).
2030
246,306 tCO
2
eq Scope
3 baseline emissions
from emission
source(s) within
target boundary in
2021, representing
92% of total baseline
emissions for GHG
inventory of 267,143
tCO
2
e in 2021
272,465 tCO
2
eq
during the
reporting period
(+11% from
baseline)
Target is closely
monitored and
reported each
reporting period.
24,631 tCO
2
eq scope
3 GHG emissions
(-90 % from
baseline)
2050
FLAG (Forest,
Land and
Agriculture)
emissions
reduction
Target relates to emissions from land
use change and land management
associated with Forest, Land and
Agriculture (FLAG) activities in the
upstream value chain and to some
extent in Anora’s own operations.
Anora also commits to maintaining
no deforestation across its primary
deforestation-linked commodities, in
line with objectives stated in the Anora
Quality Safety and Environment Policy
and the Anora Code of Conduct for
Suppliers and Subcontractors.
143,895 tCO
2
eq
scope 1 and 3 FLAG
GHG emissions
within target
boundary
(-30.3% from
baseline)
2030
206,448 tCO
2
eq
baseline emissions
from emission
source(s) within
target boundary in
2021, representing
77.6% of total baseline
emissions for GHG
inventory of 265,965
tCO
2
e in 2021.
225,187 tCO
2
eq
during the
reporting period
(-15% from
baseline).
Target is closely
monitored and
reported each
reporting period.
57,806 tCO
2
eq Scope
1 & 3 GHG emissions
(-72% from
baseline).
2050
BUSINESS OVERVIEW
REPORT BY THE BOARD
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Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
76Annual Report 2024
In addition to science-based targets,
Anora has set its own separate targets
to reach zero fossil emissions at
Koskenkorva Distillery during 2026, and
Target
Relationship with policy objectives
and scope of target
Target and nature
of target
Target year and
interim targets
or milestones
Baseline value
and year
Status of
performance
against target
Description of methodologies, significant
assumptions, evidence used to define target or
any changes in these
Anora’s own
operations are
carbon neutral
by 2030, and
the Koskenkorva
Distillery is
carbon neutral
by 2026 –
both without
compensations.
Target relates to fossil GHG emissions
from Anora’s own operations. Relates
to Sustainability Roadmap and Anora
Quality Safety and Environment
Policy, aiming to minimise climate
impacts and strive for carbon-neutral
production.
Zero fossil tCO
2
eq in
Koskenkorva during
2026 and zero fossil
tCO
2
eq across entire
own production by
2030.
2026 and 2030 25,816 tCO
2
eq in 2021
13,547 tCO
2
eq
during the
reporting period
(-48% from
baseline).
Target is closely
monitored and
reported each
reporting period.
The boundary includes Anora’s fossil Scope 1 & 2
CO
2
carbon dioxide emissions. It does not cover
biogenic emissions from fermentation or FLAG
emissions. Currently the target is measured
compared to Anora’s total fossil Scope 1 & 2
emissions. Emissions are calculated based on
GHG protocol. Scope 1 emissions are estimated
to represent approximately 6% and Scope 2 94%
of the combined Scope 1 & 2 GHG emissions
target during the target period.
This separate climate target for Koskenkorva
Distillery and other own operations is
designed to support Anora’s overall efforts to
mitigate GHG emissions and contribute to the
international goal of limiting global warming to
1.5°C according to the Paris Agreement.
zero fossil emissions for the entire own
production by 2030, without carbon
compensations, which is described
below.
Targets presented in the tables
above are not fully consistent with
Anora’s material GHG inventory
boundaries (presented in section
E1-6 – Gross Scopes 1, 2, 3 and
Total GHG emissions) as all target
boundaries have been chosen to
account for the most significant
emission sources associated with
Anora’s own operations and value
chain. Indirect emissions from Forest,
Land and Agricultural (FLAG) activities
associated with Anora’s purchased
goods and services are significant
and follow a sectoral decarbonization
pathway that differs from the sectoral
decarbonisation pathway that applies
for all Anora’s industrial activities.
The baseline year of 2021 for all
targets is representative in terms of
Anora’s current activities and normal
production levels. Information on
Anora’s decarbonisation levers and
associated actions and action plans
to achieve the set climate targets
are presented in section Actions
and resources in relation to climate
change policies (E1-3) of these
Sustainability Statements, where for
instance direct scope 1 GHG emissions
and indirect scope 2 GHG emissions
are addressed through various fuel
switching energy efficiency measures,
and indirect Scope 3 GHG emissions
e.g., by employing near-market
filling. The quantitative estimated
contributions of these actions for the
achievement of the GHG emission
reduction targets have not yet
been calculated and broken down
by each Scope (1, 2 and 3). Anora
continually reviews all available and
commercially feasible technologies
for GHG emissions reduction and
is currently engaging, for example,
in collaboration with an external
partner in research and development
of reducing biogenic Scope 1
emissions by increasing the capacity
for recovering CO
2
released in
fermentation process in Koskenkorva
Distillery.
Anora is in the process of building a
better understanding of how different
climate scenarios may alleviate or
exacerbate different climate-related
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
77Annual Report 2024
impacts, risks and opportunities in its
own operations and in the value chain.
This understanding is needed for
setting and adjusting climate targets
and to formulate needed actions
and action plans, with appropriate
resource allocations, to detect and
adjust to relevant environmental-,
societal-, technology-, market- and
policy -related developments over
the short-, medium- and long term.
For more information on how climate
scenarios have been considered
thus far as context in identifying and
assessing material climate-related
impacts, risks and opportunities, see
sections in ESRS 2 Material impacts,
risks and opportunities and their
interaction with strategy and business
model (SBM-3) and Description
of the process to identify and
assess material impacts, risks and
opportunities (IRO-1).
E1-5 – Energy consumption
and mix
Information on Anora’s energy
consumption and mix, by which
performance and efficiency for
energy-related impacts is measured,
is presented in the following table.
Anora’s activities are best classified
under C11 Manufacture of beverages,
and to a smaller extent also under
H49.41 Freight transport by road
and H52 Warehousing and support
activities for transportation (according
to NACE Rev. 2 activity classification),
and therefore all Anora’s operations
are considered to be taking place
in high climate impact sectors (as
defined in Commission Delegated
Regulation (EU) 2022/1288).
Energy consumption and mix 2024
(1) Fuel consumption from coal and coal products (MWh) N/A
(2) Fuel consumption from crude oil and petroleum products (MWh) 6,441
(3) Fuel consumption from natural gas (MWh) 0
(4) Fuel consumption from other fossil sources (MWh) 0
(5) Consumption of purchased or acquired electricity, heat, steam, and cooling from
fossil sources (MWh) 30,209
(6) Total fossil energy consumption (MWh) (calculated as the sum of lines 1 to 5) 36,651
Share of fossil sources in total energy consumption (%) 22%
(7) Consumption from nuclear sources (MWh) 4,793
Share of consumption from nuclear sources in total energy consumption (%) 3%
(8) Fuel consumption for renewable sources, including biomass (also comprising
industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.)
(MWh) 14
(9) Consumption of purchased or acquired electricity, heat, steam, and cooling from
renewable sources (MWh) 126,077
(10) The consumption of self-generated non-fuel renewable energy (MWh) N/A
(11) Total renewable energy consumption (MWh) (calculated as the sum of lines 8 to
10) 126,091
Share of renewable sources in total energy consumption (%) 75%
Total energy consumption (MWh) (calculated as the sum of lines 6, and 11) 167,535
Anora’s own renewable energy
production (steam from distillation
byproduct barley husks in Koskenkorva
Distillery) was 122,103 MWh during
the reporting period. Energy intensity
(total energy consumption per net
revenue) associated with activities in
high climate impact sectors was 0.02%
during the reporting period. Anora’s
net revenue associated with activities
from so-called high climate impact
sectors (covering all Anora’s activities)
is the total net revenue available in the
income statement.
All metrics presented in this section
of the sustainability statement
are based on fuel purchase and
consumption data from Anora’s
production plants and offices as
well as information over the origin
of consumed energy obtained from
energy contracts. These metrics have
not been validated by an external
body other than the assurance
provider.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
78Annual Report 2024
E1-6 – Gross Scopes 1, 2, 3 and
Total GHG emissions
Anora’s GHG emissions, consolidated
at the level of the Anora Group
(including all subsidiaries) are
presented in the table below.
During the reporting period,
Anora was not involved with any
significant associates, joint ventures,
unconsolidated subsidiaries or
contractual arrangements that
would be joint arrangements not
structured through an entity (i.e.,
jointly controlled operations and
assets), for which it had operational
control, and would be therefore
responsible for the associated GHG
emissions. Therefore Scope 1 and 2
emissions are not disaggregated and
separately disclosed under any such
arrangements in the following table.
Retrospective Milestones and target years
Base year
(2021) Comparative 2024
% 2024 /
2023 2025 2030 2050
Annual %
target /
Base year
Scope 1 GHG emissions
Gross Scope 1 GHG emissions (tCO
2
eq) 1,441 N/A 1,528 N/A N/A
836
144 3.1%
Percentage of Scope 1 GHG emissions
from regulated emission trading
schemes (%) N/A N/A N/A N/A N/A N/A N/A N/A
Scope 2 GHG emissions
Gross location-based Scope 2 GHG
emissions (tCO
2
eq) N/A N/A 8,483 N/A N/A N/A N/A N/A
Gross market-based Scope 2 GHG
emissions (tCO
2
eq) 24,375 N/A 12,018 N/A N/A 14,138 2,438 3.1%
Significant scope 3 GHG emissions
Total Gross indirect (Scope 3) GHG
emissions (tCO
2
eq) N/A N/A 503,440 N/A N/A N/A N/A N/A
1 Purchased goods and services 455,088 N/A 443,447 N/A N/A 294,227 92,087 2.8%
2 Capital goods N/A N/A 2,389 N/A N/A N/A N/A N/A
3 Fuel and energy-related Activities
(not included in Scope1 or Scope 2) N/A N/A 6,715 N/A N/A N/A N/A N/A
4 Upstream transportation and
distribution 30,057 N/A 26,291 N/A N/A 17,433 3,006 3.1%
5 Waste generated in operations N/A N/A 195 N/A N/A N/A N/A N/A
6 Business travelling N/A N/A 1,517 N/A N/A N/A N/A N/A
7 Employee commuting N/A N/A 1,529 N/A N/A N/A N/A N/A
9 Downstream transportation 19,931 N/A 20,718 N/A N/A 11,560 1,993 3.1%
10 Processing of sold products N/A N/A 102 N/A N/A N/A N/A N/A
12 End-of-life treatment of sold
products N/A N/A 535 N/A N/A N/A N/A N/A
Total GHG emissions
Total GHG emissions (location-based)
(tCO
2
eq) N/A N/A 513,452 N/A N/A N/A N/A N/A
Total GHG emissions (market-based)
(tCO
2
eq) N/A N/A 516,987 N/A N/A N/A N/A N/A
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
79Annual Report 2024
The projected average annual
emission reduction of Scope 3,
Category 1, is calculated based on a
weighted average of decarbonization
pathways for industrial operations
and FLAG operations, reflecting the
estimated supply chains of purchased
goods and services reported in
the category. The figure in Scope 1
target do not fully correspond with
Anora’s science-based targets for
climate change presented in section
E1-4 as those targets are defined by
somewhat different target boundary.
The Scope 1 target covers 9% of the
emissions reported in E1-4 and covers
fossil carbon dioxide GHG emissions.
Biogenic emissions of CO
2
from
fermentation process (tCO
2
eq) not
included in Scope 1 GHG emissions
presented in the table above was
13,203. Biogenic emissions of CO
2
from
the combustion of biomass (tCO
2
eq)
not included in Scope 2 GHG emissions
presented in the table above was
31,164. Biogenic emissions of CO
2
from Scope 3, Category 11 Use of sold
products, not included in the table
above was 8,599 tCO
2
eq.
In addition to the aggregated
emissions figures presented in the table
above, Anora also follows Gross Scope
1 GHG emissions associated with FLAG
activities from its owned forest area
(tCO
2
eq) which was 7,196. Out of the
Scope 3 GHG emissions from Category
1 Purchased goods and services, 217,992
tCO
2
eq comes from FLAG emissions
(purchased grain and wine).
Anora reports Scope 1, 2 and 3
greenhouse gas (GHG) emissions and
calculates it in accordance with the
principles of the GHG Protocol. Scope
1 GHG emissions are direct emissions
generated by the combustion of
fuels in Anora’s own production sites
and used fuel in company vehicles.
Scope 2 GHG emissions are indirect
emissions derived from energy
purchased from external sources and
used in the company’s operations.
Anora generates no other direct
greenhouse gas emissions except for
carbon dioxide (CO
2
) emissions. CO
2
emissions from purchased energy
have been calculated according
to a market-based approach, by
multiplying the energy consumption
by the emission factor corresponding
with its production (kg CO
2
/kWh).
Anora widened its Scope 2 calculation
in 2023 and since that also reports the
location-based Scope 2 emissions
besides market-based figures. No
significant assumptions were used
in the calculation or measurement
of GHG emissions for Scopes 1-2. The
chosen emissions factors are believed
to cover best available information
of the estimated global warming
potential of the associated GHG
emissions.
The following sources for emission
factors have been used in the
calculations:
For Scope 1 direct GHG emissions
— Natural gas, liquid petroleum gas
(LPG) and fuels: DEFRA (Department
for Environment, Food & Rural
Affairs)
— Liquid petroleum gas used for
steam production: Conversion
from LPG from the Directory of
Environment of Norway
For Scope 2 indirect GHG
emissions
— Electricity: country-specific
European Residual Mix
— District heating: local district
heating suppliers, local European
Production Mix
— Steam: local steam suppliers in
Finland and DEFRA
For Scope 3 indirect GHG
emissions
— Several sources, main sources
being DEFRA, Agrifootprint, Common
Reporting Tables, OIV-wine
statistics, FAOstat, Luke, local GHG
inventories, primary data from
supplier-specific information,
Exiobase, Motiva, Country-specific
Residual Mix
Of Scope 2 indirect GHG emissions,
99% stemmed from contractually
purchased electricity bundled with
Guarantee of Origins or Renewable
Energy Certificates instruments during
the reporting period. 1% of Scope 2
indirect GHG emissions stemmed
from contracts without such energy
attribute claims.
Scope 3 emissions originate from
Anora’s value chain, and pertaining
to Scope 3 GHG emissions Anora
also reports its FLAG (Forest, Land
and Agriculture) emissions from
purchased grain and wine. Majority of
the Scope 3 emissions are calculated
with average-data method, and
partly with supplier-specific and
spend-based method. Following
assumptions are used in categories 9
and 12. In category 9, the emissions of
downstream logistics are calculated
based on exported volumes and their
destination countries. In category
12, the emissions from end-of-life
treatment of sold products are
calculated based on packaging
amounts and relevant waste disposal
emission factors from DEFRA. In
category 1, the data regarding
purchased goods of Globus Wine for
1 month is estimated based on the
average of 11 months, due to the data
system integration effective from the
end of January 2024 onwards.
BUSINESS OVERVIEW
REPORT BY THE BOARD
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Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
80Annual Report 2024
It is assumed that the chosen Scope
3 GHG emission factors sufficiently
represent the associated underlying
emissions. Anora aims to always
employ the most credible emission
factors available. Anora’s FLAG
emissions are calculated according
to SBTi Forest, Land and Agriculture
Guidance. FLAG emissions are divided
into land use change (LUC) and
land management (LM). Calculation
does not include land-based carbon
removals. The most significant
assumptions are based on average-
data method. Data is not validated
by an external body other than the
assurance provider. 7% of Scope
3 emissions are calculated using
primary data obtained from suppliers
or other value chain partners.
Scope 3 GHG emissions categories
excluded from the inventory are
categories 8 Upstream leased assets,
13 Downstream leased assets, 14
Franchises, and 15 Investments, as
they were seen as non-material for
Anora’s business model, non-existing
or insignificant. Anora has no activities
in categories 8, 13 and 14, and category
15 is estimated as insignificant
as joint arrangements are either
covered as suppliers in other Scope
3 categories or calculated based on
to be insignificant (under <1% of total
Scope 3 emissions). Anora reports the
GHG emissions categories in line with
the 2021 boundary and baseline for
the SBTi targets, reviewed in 2024 as
a part of the validation process with
SBTi. This validation also covered the
entity-specific Scope 1 and Scope
3 FLAG GHG emissions considered
entity-specific for Anora.
GHG Intensity based on net revenue
GHG intensity per net revenue
Comparative
(2021 level) 2024 % 2024 / 2023
Total GHG emissions (location-based)
per net revenue (tCO
2
eq/Monetary unit) N/A 0.07% N/A
Total GHG emissions (market-based) per
net revenue (tCO
2
eq/Monetary unit) N/A 0.07% N/A
Net revenue used for the calculation of GHG intensity was the net revenue for
the reporting period EUR 692 million. For more information, see the consolidated
income statement and note 1.2 Revenues from operations in the financial
statements.
E3 Water and marine resources
E3-1 – Policies related to water
and marine resources
Anora’s key policies for addressing
potential negative impacts related to
water management, including use and
sourcing of water, water treatment
and the prevention of water pollution
in its own operations and throughout
its value chain are presented in the
table below. Anora evaluates annually
the need to review and update its
policies and procedures.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
81Annual Report 2024
Policy
Key contents, objectives and processes for
monitoring associated impacts, risks and opportunities
Scope and
exclusions of policy
Most senior level
accountable for
implementation
Related third-party
standards or initiatives
(if relevant)
Policy availability
to stakeholders
Anora Quality, Safety
and Environment
Policy
The policy is based on Anora’s Sustainability Roadmap and includes
principles for the management and implementation of quality, safety and
environmental values for Anora’s sustainability work. Includes a general
statement that Anora aims to minimise its negative environmental impacts
(including water consumption), aims to decrease the amount of generated
wastewater, and invests in promoting the protection of biodiversity, e.g.
implementing a forest management plan to protect its groundwater area
and supporting regenerative farming.
The Executive
Management Team,
the management of
each function, as well
as each employee
within their sphere of
influence.
All Anora’s suppliers
Executive
Management Team
UN Sustainable
Development Goals
Publicly available
online
How we manage
and protect water
at Anora
Describes Anora’s principles on managing its water resources, negative
impacts associated with water consumption as well as its practices to treat
and minimise generated wastewater.
Water in Anora’s operations is mostly sourced from ground water and
communal water sources. Acknowledging that water is one of the most
precious global resources and one of the key ingredients in Anora’s products,
the document describes the ways in which Anora’s operations may impact
water resources and Anora’s approach to managing these impacts.
The policy principles require production plants to set individual water
use and wastewater reduction targets in line with Anora’s overarching
sustainability roadmap, including actions such as identifying wastewater
sources, reducing liquid waste, recycling of process water and other water
reutilisation processes. The Rajamäki, Koskenkorva and Gjelleråsen plants
systematically analyse the quality of wastewater by e.g. measuring COD
(Chemical Oxygen Demand) and pH, which allows the plants to make
specific changes to enhance wastewater quality.
None of Anora’s current products are designed to directly address water-
related issues and the preservation of marine resources, even if water use is
carefully monitored and managed during the production processes.
The document states that Anora does not currently operate in areas of water
scarcity.
Covers Anora’s
production sites
individually as well
as groundwater area
owned by Anora. The
upstream value chain
impacts for barley
and wine farming are
covered as well.
Executive
Management Team
UN Sustainable
Development Goals
Publicly available
online
Anora Code of
Conduct for Suppliers
and Subcontractors
The policy contains minimum requirements for ensuring sustainable and
responsible business conduct in Anora’s upstream value chain. Aiming for
mitigating negative impacts related to water consumption and generated
wastewater in the upstream value chain, the policy requires suppliers and
subcontractors to have a water management plan and strive towards
decreasing the use of water particularly in water scarcity areas.
Applies to suppliers
and subcontractors
and their suppliers
and subcontractors.
Executive
Management Team
UN Universal Declaration
of Human Rights, UN
Global Compact and
amfori BSCI (Business
Social Compliance
Initiative) Code of
Conduct.
Publicly available
online
Procurement Policy
and Principles of
responsible sourcing
The policy contains Anora’s procurement principles, including sustainability
requirements: Agricultural products (barley, wine) produced in Anora’s
upstream value chain must be produced by following good agricultural
practices (including regarding water consumption and wastewater
management)
All Anora’s suppliers Executive
Management Team
amfori BSCI principles Publicly available
online
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
82Annual Report 2024
Anora identifies its water-related
impacts and risks as part of its
ongoing environmental management
according to ISO 14001 principle. s
at its production sites (certification
in Finland). Despite an ongoing
partnership with the Baltic Sea
Action Group (BSAG) with a focus
on promoting regenerative farming,
Anora has not formally adopted
policies or practices related to
sustainable oceans and seas.
E3-2 – Actions and resources
related to water and marine
resources
Anora’s aims for a 20% reduction in
the amount of wastewater generated
by 2030. This will require actions
to reduce wastewater originating
in the manufacturing process and
the further enhancement of water
circulation. Anora does not currently
operate in areas of water scarcity.
During the reporting period, actions
and action plans related to water and
marine resources included:
— At Koskenkorva Distillery,
wastewater reduction focused
on the further testing of process
water recycling and further small
investments to enhance the
process. The plant works with
several methods to decrease water
use and wastewater amount, for
example recycling process water
and optimising washes, which
reduces wastewater volumes
and enhances the wastewater
quality (COD). During 2024, the
operations and enhancement of
the Koskenkorva plant’s wastewater
pre-treatment facility have also
been actively investigated. The
actions are on-going over the short
and medium term and the expected
outcome is reduced wastewater
and enhanced wastewater quality.
— At Rajamäki plant in 2023, new,
department-specific water
meters were installed, enabling
the monthly monitoring of water
consumption. Rajamäki continues
to reduce liquid waste as a part
of Anora’s ongoing multi-year
circular economy project, as well as
reducing wastewater by directing
cooling water into the stormwater
sewer, as that water is clean and
can be returned to the environment.
Wastewater reduction is the focus
area in Rajamäki for 2025 with the
expected outcome being reduced
wastewater amounts.
— At Gjelleråsen in 2023, new ways of
measuring wastewater quality and
initiate further water reutilisation
processes were implemented. COD
measuring was initiated in 2024
and the plans for reducing the COD
was started and is on-going over
at least the medium term, and the
expected outcome is enhanced
wastewater quality.
— By owning 984 hectares of
groundwater area in Rajamäki,
Finland, where the water for Anora’s
products is extracted, without
filtration, from pure groundwater
springs, Anora aims to protect this
valuable natural resource area with
great care. The expected outcome
is that continued protection
measures in this area with forest
and swampland will play an
important role in ensuring the high
quality of Anora’s products over the
short and medium term.
— Since 2018, Anora has partnered
with the Baltic Sea Action Group to
develop regenerative agricultural
practices that aim to reduce
nutrient flow to the Baltic Sea in
Anora’s upstream value chain.
From 2020, Anora has also trained
its farmers together with the BSAG
on regenerative farming practices
that help to bind more water to the
soils, increase carbon sequestration
and enhance biodiversity. This
cooperation is expected to continue
at least over the medium term.
E3-3 – Targets related to water
and marine resources
Anora’s target to reduce wastewater
relates to water impacts defined as
material as the outcome of a process
to identify and assess material
impacts, risks and opportunities,
during which affected stakeholder
views were considered. The reduction
of water consumption is indirectly
associated with the target, as
its attainment requires reducing
water usage and increasing water
circulation. The management
of material impacts, risks and
opportunities related to areas at
water risk is currently not reflected in
the target as it covers Anora’s own
production that does not take place
near areas at water risk. Anora’s
wastewater target is voluntary
rather than mandatory (required by
legislation).
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
83Annual Report 2024
Target
Relationship with policy objectives
and scope of target
Target and nature
of target
Target year, interim
targets or milestones
(if applicable)
Baseline value
and year
Description of methodologies,
significant assumptions, evidence
used to define target or any changes
in these
Status of performance
against target
Target to reduce
wastewater volume
(1,000 m³)
The target covers Anora’s own
production plants. The target
relates to the Quality, Safety and
Environment Policy, with the aim
of decreasing the amount of
wastewater.
-20% from baseline 2030 293 (1,000 m³)
in 2021
Calculated from the generated
wastewater in Anora’s own production
plants during the reporting period,
based on the water meter data.
The target is not based on formal
conclusive scientific evidence.
232.12 (1,000 m³) during
reporting period (-21%
compared to the
baseline).
The target is monitored
continuously and
reported annually.
E3-4 – Water consumption
Water consumption metric Amount (m³) during reporting period
Total water consumption 771,859
Water consumption in water risk areas 0
Total water recycled 1,989,363
Total water reused N/A
Total water discharges (wastewater) 233,340
The water intensity (total water
consumption in Anora’s own
operations in m
3
per million EUR net
revenue) during the reporting period
was 1,115.
The reported water consumption
is based mainly on the water meters
at the sites and offices. The main
sources of water are communal and
groundwater. For Atlungstad craft
distillery, estimation is based on
produced volumes. For offices in Riga
and Copenhagen, the estimation on
water usage is based on headcount
and office size and average water
usage in the other offices. These
volumes do not have a major impact
on the total number (under 0.5% of
the total water usage). The share of
the measure obtained from direct
measurement, from sampling and
extrapolation, and/or from best
estimates for the water metrics
information presented above was
100%.
Water recycling is only material to
Koskenkorva Distillery. The reported
figure is based on two sources,
recycled water in product flow and
in cooling water circuits, which
together constitute the total recycled
water figure. If these waters were not
recycled, the demand for clean water
would increase by the same amount
that is currently being recycled. The
data is collected from meter readings
from the automated system, and
the total amount of water recycled
is estimated based on the averages
for these flows. Reused water amount
is not applicable to any of Anora’s
plants.
Anora’s main plants in terms of
water use are Koskenkorva Distillery
in Finland, Rajamäki bottling plant in
Finland, Globus Wine bottling plant in
Denmark, and Gjelleråsen production
plant in Norway. The rest of Anora’s
industrial sites and offices constitute
the remainder of Anora’s water usage,
around 1% of the total volume.
Anora complies with the water
intake amounts set by the authorities
and regularly measures and follows
up groundwater surface levels. All
of Anora’s production sites with
wastewater treatment operate
within the set boundaries of local
environmental permits set by local
authorities and local legislation. The
minimum standards for the quality of
effluent discharge are determined by
the local authorities that also consider
the profile of the receiving waterbody
when determining the appropriate
permit. The metrics have not been
validated by external bodies other
than the assurance provider
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
84Annual Report 2024
E4 Biodiversity and ecosystems
E4-1 – Transition plan and
consideration of biodiversity
and ecosystems in strategy
and business model
Anora has not yet conducted a formal
resiliency analysis of its business
model’s and strategy’s ability to adapt
to future biodiversity and ecosystem
-related physical, transition and
systemic risks. However, in 2024
Anora has identified that the main
biodiversity and ecosystems -related
risks are linked with the material
climate related chronic and physical
risks.
E4-2 – Policies related to
biodiversity and ecosystems
Anora’s key policies related to
biodiversity and ecosystems are
presented in the following table.
Policies relate to managing direct
impact drivers on biodiversity
loss related to land-use change
and climate change, associated
with the production of agricultural
raw materials needed in Anora’s
production processes, focusing
especially on promoting regenerative
farming practices and the avoidance
of deforestation both in Anora’s own
operations and in suppliers’ activities
taking place in the upstream value
chain. All of Anora’s policies include
provisions for avoiding adverse
social impacts throughout the value
chain, even if they do not formally
address the social consequences of
biodiversity and ecosystems-related
impacts.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
85Annual Report 2024
Policy
Key contents, objectives and processes for
monitoring associated impacts, risks and opportunities
Scope and
exclusions of policy
Most senior level
accountable for
implementation
Related third-party
standards or initiatives
(if relevant)
Consideration of
interests and policy
availability to
stakeholders
Anora Quality, Safety
and Environment
Policy
The policy is based on Anora’s Sustainability Roadmap, and includes
principles for management and implementation of quality, safety and
environmental values for Anora’s sustainability work. The policy includes
a statement that Anora aims to minimise its environmental impacts and
invests in promoting the protection of biodiversity, e.g. implementing a
forest management plan and supporting regenerative farming, including
by avoiding negative impact drivers in terms of land-use change and GHG
emissions.
Covering mostly Anora’s own operations, the policy does not explicitly
address the traceability of products, components and raw materials
associated with material impacts or sourcing from ecosystems that are
managed (by regular monitoring or reporting) in terms of protecting their
biodiversity status.
The Executive
Management Team,
the management of
each function, as well
as each employee
within their sphere of
influence.
Executive
Management Team
UN Sustainable
Development Goals
Publicly available
online
Anora Code of
Conduct for Suppliers
and Subcontractors
The policy contains minimum requirements for ensuring sustainable
and responsible business conduct in Anora’s upstream value chain. The
policy requires suppliers and subcontractors to understand the impacts
its business may have on biodiversity, and as relevant, act to safeguard
biodiversity by, for example, adopting regenerative farming methods.
In other words, Anora has a preference for its suppliers to work towards
mitigating material negative impact drivers in terms of land-use change.
Additionally, suppliers are expected to follow the requirements set forth by
the EU’s deforestation legislation. Suppliers shall implement procedures
to verify that wood-based materials and derivatives purchased by Anora
are legally harvested and traded. To achieve zero deforestation, Anora’s
suppliers shall ensure that sourcing of raw materials throughout the value
chain is not derived from primary forests or any other pristine natural
ecosystems, does not cause deforestation, which includes development of
tropical peat lands, conversion of natural forests, high conservation value
(HCV) areas and forests of high carbon stock (HCS) to agriculture, tree
plantations, or other land uses, or severe human induced degradation.
To evaluate the compliance of this Code of Conduct, Anora or a third party
authorised by Anora shall have the right to audit the Supplier. Suppliers
are required on request to provide information to Anora regarding issues
covered by the Code of Conduct, unless it conflicts with statutory obligations
on disclosure of information.
Applies to suppliers
and subcontractors
and their suppliers
and subcontractors.
Executive
Management Team.
UN Universal Declaration
of Human Rights, UN
Global Compact and
amfori BSCI (Business
Social Compliance
Initiative) Code of
Conduct.
Publicly available
online
Anora procurement
policy
The policy contains Anora’s procurement principles, including sustainability
requirements: Agricultural products (barley, wine) must be produced by
following good agricultural practices, including by avoiding negative impact
drivers in terms of land-use change and GHG emissions.
The policy states that all raw material suppliers must comply with quality
standard ISO9001 but does not explicitly stipulate detailed criteria for how
to address the traceability of products, components and raw materials
associated with material impacts or sourcing from ecosystems that are
managed (by regular monitoring or reporting) in terms of protecting their
biodiversity status.
Applies to Anora’s
Procurement
and Sourcing
departments.
Executive
Management Team.
amfori BSCI (Business
Social Compliance
Initiative) Code of
Conduct.
Publicly available
online
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
86Annual Report 2024
Anora identifies its environmental
impacts and risks as part of its
ongoing environmental management
according to ISO 14001 principles
at its production sites (certification
in Finland). The ISO 14001 policy is
an international standard, and its
requirements provides a framework
and guidelines for creating an
Environmental Management System
(EMS covering environmental policies,
action planning, implementation and
operation, monitoring and remediation
actions as well as principles for
management review).
The Anora Code of Conduct
for Suppliers and Subcontractors
covers sustainable land / agriculture
practices and the avoidance of
deforestation. Anora has adopted
practices to manage indirect impacts
on oceans and seas from agricultural
practices in its value chain through
cooperation with the BSAG (Baltic
Sea Action Group) with a focus on
regenerative farming.
E4-3 – Actions and resources
related to biodiversity and
ecosystems
Anora believes that promoting and
supporting regenerative farming
practices in its upstream value chain
represent impactful actions in terms
of contributing to policy objectives
of avoiding material negative
impact drivers for biodiversity and
ecosystems, namely land-use change
and climate change. Regenerative
farming is a systematic approach
to adopting sustainable farming
practices that positively impact
productivity, biodiversity and the
climate. It includes the process
of restoring degraded soils using
management practices (e.g., limiting
soil disturbance, maintaining soil
coverage and living roots, zero or
limited use of pesticides and synthetic
fertilizer, etc.) based on ecological
principles. During the reporting period,
Anora’s continued ongoing actions
related to biodiversity and ecosystems
during the reporting period included:
— Promoting regenerative farming
methods that help support
biodiversity in barley fields and
wine growing areas. As part
of this process, Anora works in
collaboration with the BSAG and
ProAgria, a government-funded
farming consultation in Finland, to
provide comprehensive support,
education, and training to farmers
on the regenerative farming of
barley. Pro Agria also carries out
farm audits for Anora’s contract
farms during the growing season.
These actions cover agricultural
upstream value chain activities
(and the associated affected value
chain workers) in Finland and is
expected to lead in enhanced
biodiversity in the long term.
— In Finland’s’ Rajamäki area, Anora
owns a 150-hectare area of
protected swampland and a forest
area of around 800 hectares, which
is estimated to act as a carbon
storage for approximately 830,000
tons of CO
2
, thus contributing to
the mitigation of negative impact
drivers on biodiversity through
climate change. Anora is continually
developing its forest management
plan which is intended to protect
the area and its biodiversity
throughout these forests in the
long-term.
Formal standardised biodiversity
offsets (including key performance
indicators, targets, financial plans)
have not yet been used in action
plans described above. Anora is
considering ways in which biodiversity
matters (including biodiversity offsets)
can be effectively implemented
in its forest management plans.
Regenerative farming practices and
associated contracts are conducted
in cooperation with BSAG, ProAgria
and local farmers, incorporating their
knowledge to enhance the choosing
of the most suitable nature-based
solutions in each situation.
E4-4 – Targets related to
biodiversity and ecosystems
Anora’s current biodiversity and
ecosystems -related target is
presented in the following table. The
target was formulated during Anora’s
Sustainability Roadmap process,
where the materiality analysis with
the views from an open survey with
over 200 answers from different
stakeholders was utilised.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
87Annual Report 2024
Target
Relationship with policy
objectives and scope of target
Target and
nature of target
Target year and
interim targets
or milestones
Baseline value
and year
Description of methodologies,
significant assumptions, evidence used
to define target or any changes in these
Status of
performance
against target
Regenerative share The target is to increase the share
of regeneratively farmed barley of
Anora’s own grain spirit products.
Regenerative farming provides
opportunities in conserving
biodiversity through alleviating
effects from negative impact
drivers on biodiversity such as land-
use change and climate change,
in line with policy objectives stated
in the Anora Quality Safety and
Environment Policy. The scope of the
target covers ethanol used in the
production of Anora’s own products
at its Rajamäki plant.
The aim is to
increase the share
of regeneratively
farmed barley to 30%
of own grain spirit
products by 2030.
2030 0.33% in 2023 Beverage manufacturing is viewed as a high
climate impact sector in terms of emissions
and their interlinked contribution to negative
biodiversity impact drivers, whereby investments
and advances in regenerative barley farming
have the potential to lead to emissions reductions
and biodiversity improvements in the future.
Anora purchases around 180 million kilograms of
Finnish barley annually, which is why promoting
regenerative farming in cooperation with relevant
agricultural upstream value chain workers
(farmers) is central to the mitigation of associated
material negative biodiversity impact drivers.
The “Regenerative share” is measured in kilograms
of regeneratively farmed barley used per year
and the share is calculated by dividing the
used ethanol made from regenerative barley
by the overall ethanol used in the production
of Anora’s own products at its Rajamäki plant.
Anora monitors the share and availability of
regeneratively farmed barley regularly and
evaluates this target against business needs to
ensure the target stays relevant in the changing
business environment.
For scientific evidence and support, Anora is
supported by its partners at ProAgria and BSAG in
actions to promote the target to increase the use
of regeneratively farmed barley.
1.61% during
reporting period
Target is
monitored and
reported annually.
Efforts to monitor
and improve the
effectiveness of
this target are
ongoing.
In terms of layers of the biodiversity
and ecosystems impact mitigation
hierarchy, the target relates to
avoidance, minimisation, restoration
and rehabilitation. No formal
ecological thresholds based on
scientific evidence (points at which
a relatively small change in external
conditions causes a rapid and
potentially irreversible change in
ecosystems) or biodiversity offsets
have been considered in setting the
target. The target is informed by the
EU Biodiversity Strategy for 2030,
but formal alignment with either the
EU Biodiversity Strategy for 2030 or
with the Kunming-Montreal Global
Biodiversity Framework cannot be
currently demonstrated.
E4-5 – Impact metrics related
to biodiversity and ecosystems
For the reporting period, Anora
currently considers regenerative
farming, measured as regenerative
share, to be the most suitable
biodiversity and ecosystems impacts
metric for its business model and
value chain. The “Regenerative Share”
is calculated by dividing the used
ethanol made from regenerative
barley by the overall ethanol used
in the production of Anora’s own
products at its Rajamäki plant.
This metric does not suffer from
significant limitations if underlying
assumptions concerning the definition
of regenerative farming, and its
associated environmental benefits,
are valid. The metric is not validated
by an external body other than the
assurance provider. Since 2021, Anora
has grown the absolute amount of
purchased regeneratively farmed
barley from 0.05 million kg to 3.46
million kg during the reporting period,
and since 2023, it has calculated
and reported the regenerative share
described above.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
88Annual Report 2024
E5 Resource use and circular economy
E5-1 – Policies related to
resource use and circular
economy
Anora’s key policy related to resource
use and circular economy is listed
in the table below. Anora evaluates
annually the need to review and
update its policies and procedures.
Policy
Key contents, objectives and processes for
monitoring associated impacts, risks and opportunities
Scope and
exclusions of policy
Most senior level
accountable for
implementation
Related third-party
standards or initiatives
(if relevant)
Consideration of
interests and policy
availability to
stakeholders
Anora Quality, Safety
and Environment
Policy
The policy is based on Anora’s Sustainability Roadmap and includes
principles for the management and implementation of quality, safety and
environmental values for Anora’s sustainability work. The policy includes a
statement that Anora particularly invests in developing packaging materials
and solutions in accordance with the principle of sustainable development
to further contribute to improved waste handling of packaging materials in
its own operations and downstream value chain. Regarding the mitigation
of negative impacts stemming from resource use, the policy includes a
general statement that Anora also invests in the efficient use and recycling
of energy, natural resources and materials, for example through the circular
economy principles employed at the Koskenkorva Distillery.
The Executive
Management Team,
the management
of each function,
as well as each
employee within their
sphere of influence,
is responsible for
implementing the
principles of the
policy.
Executive
Management Team
UN Sustainable
Development Goals.
The policy includes
a statement that all
Anora’s operations
and products
are developed
according to the
wishes and needs
of stakeholders,
especially clients,
partners and
consumers.
Publicly available
online
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
89Annual Report 2024
The policy principles steer Anora’s own
operations away from the excessive
use of virgin resources, and promote
the minimisation of environmental
impacts by focusing on the efficient
use and recycling of energy, natural
resources and materials, as well
as reduced scrapping, and the
development of packaging materials
and solutions in accordance with the
principles of sustainable development.
The policy does not currently formally
account for sustainable sourcing and
the use of renewable resources.
E5-2 – Actions and resources
related to resource use and
circular economy
During the reporting period, significant
actions related to resource use and
circular economy included:
Development of waste management
— Continued the implementation of
and the preparation for recently
enforced and potential new
legislative changes in Finland and
at the EU-wide level, including the
EU’s Packaging and Packaging
Waste Regulation (PPWR). Existing
and upcoming regulations may
entail additional investments into
new packaging waste management
systems and technologies.
Therefore these actions, which
are planned to continue in future
reporting periods, aim to ensure
compliance, enhance sustainability,
and align operations with new
regulations, thus contributing to the
policy objectives of improved waste
handling in Anora’s own operations.
— Introduction of tethered closures
in products in compliance with
the Single Use Plastic Directive
(SUP). This refers to caps that
remain attached to the bottle even
when opened. This affects Anora’s
own products packaging for a
wide range of Anora’s beverage
products, especially plastic bottles
and closures but also taps for wine
pouches and bag-in-boxes (BiBs).
In May 2024, the Rajamäki plant was
Anora’s first bottling site to begin
the commercial bottling of wines
with tethered caps. The Gjelleråsen
and Køge plants also implemented
tethered closures during 2024. The
directive promotes broader EU
efforts to reduce the environmental
impact of single-use plastics and
to increase the responsible use and
waste management of products.
These goals are also aligned with
Anora’s sustainability strategy
and contribute to policy objectives
of minimizing the environmental
impacts of packaging waste.
— Continued development of rPET
(post-consumer recycled PET)
bottle utilisation. The actions cover
Anora’s own operations and own
products, with expected outcomes
in terms of offering alternative
packaging solutions for glass and
thus a resultant decrease in GHG
emissions from the upstream value
chain in the medium term. This
action is seen to support potential
commercial opportunities from
increased customer demand for
packaging solutions with smaller
negative environmental impacts, in
line with Anora’s policy objectives
for resource efficiency.
— Continuous development in waste
and recycling throughout Anora’s
own production plants. The actions
are expected to lead to a reduction
in waste and increased recycling
rates in the short and medium term,
in line with waste management
policy objectives.
In addition to the actions related to
improved waste management in its
own operations and in the value chain,
Anora also continued its ongoing
actions regarding the optimisation of
resource inflows at its Koskenkorva
Distillery. The principles by which
Anora’s own distillation operations are
conducted at Koskenkorva are further
elaborated in section Resource Inflows
(E4) as part of these Sustainability
Statement. Anora has not recognised
current or future significant
operational and capital expenditure
needs for the implementation of the
planned actions listed above.
E5-3 – Targets related to
resource use and circular
economy
All targets related to resource use and
circular economy are presented in the
following table. These targets relate
to sustainability matters defined as
material as the outcome of a process
to identify and assess material
impacts, risks and opportunities,
during which affected stakeholder
views were considered.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
90Annual Report 2024
Target
Relationship with policy objectives and
scope of target
Target and
nature of target
Target year,
interim targets
wor milestones
(if applicable)
Baseline value
and year
Description of methodologies, significant
assumptions, evidence used to define target or
any changes in these
Status of performance
against target
Share of recycled
materials and
materials from
certified sources or
recycled origin
The target relates to circular design by
contributing to the design and use of
recycled packaging materials for glass
bottles, plastic bottles and Bag-in-
Boxes (BiB), to increase the circular
material use rate while also reducing
the need for primary raw material use.
The target adheres to the prevention
phase of the waste hierarchy and
covers Anora’s own production and
own brands and excludes labels and
closures.
The target relates to the policy principle
of efficient use and recycling of natural
resources and materials.
100% 2030 2021:
Glass bottles
36%.
Plastic bottles
16%.
Bag-in-Boxes
29%
The current KPIs are based on share of recycled
materials used in Anora’s main packaging
categories, covering Anora’s own production
and own brands and excluding labels
and closures, based on weight. The target
addresses Sustainable Development Goal 12:
Responsible consumption and production,
which in turn can be seen as related to
conclusive scientific evidence. Significant
assumptions for attaining the target include
that recycled materials for glass bottles, plastic
bottles and bag-in-boxes will be available in
sufficient quantities for a reasonable price by
2030.
During reporting
period:
Glass bottles 49%.
Plastic bottles 40%.
Bag-in-Boxes 36%
Zero landfill waste The target covers the landfill waste
generated at Anora’s own production
plants adhering to the prevention,
reduction, re-use and recycling phases
of the waste hierarchy.
The target relates to the policy
principles of reduced scrapping and the
efficient use and recycling of natural
resources and materials in Anora’s own
operations.
0 t 2030 2021:
28.18 t
Calculated based on the generated landfill
waste from Anora’s own industrial sites in
the reporting period. Addresses Sustainable
Development Goal 12: Responsible consumption
and production, which in turn can be seen as
related to conclusive scientific evidence. No
significant assumptions were used in setting
the target.
0.12 tons during
reporting period
Recycling rate The target relates to increasing the
circular material use rate in waste
management (and to indirectly
reducing the need for primary raw
material use) through the recycling of
all applicable waste. The target adheres
to the recycling phase of the waste
hierarchy and covers Anora’s own
production sites.
The recycling rate relates to policy
principles of efficient use and recycling
of natural resources and materials in
Anora’s own operations.
Over 90% 2030 92.4% in 2022 The recycling rate is calculated as the
proportion of the total amount of waste that is
diverted into recycled material divided by the
total amount of waste. Incineration of the waste
is not classified as recycling. The measure
covers Anora’s own industrial sites.
Addresses Sustainable Development Goal 12:
Responsible consumption and production,
which in turn can be seen as related to
conclusive scientific evidence. No significant
assumptions were used in setting the target.
95.2% during the
reporting period
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
91Annual Report 2024
Anora’s targets listed above do
not currently and formally account
specifically to sustainable sourcing
and the use of renewable resources in
line with the cascading principle.
Anora’s targets related to resource
use or circular economy are
associated with the implementation
of and the preparation for enforced
and potential new legislative changes
in Finland and at the EU-wide level.
This includes the EU’s Packaging and
Packaging Waste Regulation (PPWR).
No other targets related to resource
use and circular economy are
currently pursued.
E5-4 – Resource inflows
At Anora, managing resource inflows
means utilising as much of the raw
materials required for the operations
from recirculated sources when
possible and maximising the yield of
any raw material used.
The main resource inflows
throughout the upstream value chain
to Anora’s production processes
include biological raw materials
including barley and spices, and other
raw materials and products including
water, wine, sugar, and ethanol, as
well as technical materials used in
packaging, such as glass, carton,
plastic and other materials.
The Koskenkorva Distillery is
especially noteworthy in terms of
its material property, plant and
equipment used in Anora’s own
operations. The distillery, located in
the village of Koskenkorva in Southern
Ostrobothnia, Finland, is a modern
production plant with state-of-the-
art processes allowing for material
efficiency. Operating according to
circular economy principles, the
barley grain used in the distilling
process is used fully and all outputs
are utilised either internally or by
customers. In addition to grain spirit,
the Koskenkorva plant produces
starch and raw material for animal
feed. In addition, even a part of the
biogenic carbon dioxide generated in
the process is collected and used, for
example, in greenhouse cultivation. A
bioenergy power plant at Koskenkorva
uses barley husk as its fuel, producing
steam energy for the distillery.
The overall total weight of products
and technical and biological materials
used during the reporting period
was 394,876 tons. The percentage
of biological materials (and biofuels
used for non-energy purposes) that
is sustainably sourced (covered
by Anora’s requirements for grain
and relevant certificates for spices)
was 100%. The absolute weight
of secondary reused or recycled
Material inflow per category
Total Weight (Tonnes)
Products 143,423
Technical Materials 83,531
Biological Materials 167,922
Total 394,876
components and materials used to
manufacture the products (including
packaging) was 13,952 tons, with
the corresponding share of the total
weight of products and used materials
totalling 46%.
Data on resource inflows is
sourced from Anora’s data systems
and calculated based on stock
movements. The inflow data of Globus
Wine for 1 month is estimated based
on the average of 11 months, due to the
data system integration effective from
the end of January 2024 onwards.
Data on the percentage of sustainably
sourced biological materials is based
on Anora’s definition of sustainable
sourcing in relevant categories. For
example, there is no established
general certification scheme for grain
in Finland. The only relevant external
schemes are related to organic and
regeneratively farmed barley. Anora
purchases all its grain, including
barley, through contracts that
include the Finnish Cereal Committee
(VYR) requirements, which outline
environmental and ethical farming
standards and are considered a
relevant certification scheme for
grain, and which indicates that 100%
of the grain is sustainably sourced.
For spices, the majority (94% in 2024)
are bought from certain certified
suppliers who inspect each batch of
products. The spices are delivered
with relevant external certificates and
are considered sustainably sourced
in this context. In recycled materials
percentage, the relevant categories
to Anora’s operations include only
packaging, as other types of raw
materials (such as wine, grain) are
unable to be reused or be secondary.
The calculation is based on the
percentage of recycled material
in used packaging of Anora’s own
products and own production. The
measurement of the metrics has not
been validated by an external body
other than the assurance provider.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
92Annual Report 2024
The total amount of non-recycled
waste was 486.1 tons, representing 5%
of the total waste generated.
Waste streams relevant to Anora’s
activities include:
— Ashes
— Liquid waste
— Wastewater
— Packaging waste (carton, glass,
plastic, wood)
— Other waste (such as metal,
construction waste, hazardous
waste, biowaste).
All waste-related metrics listed above
are used to evaluate performance
and effectiveness in relation to
Anora’s efforts to develop its waste
management practices.
Data on waste generated
is sourced from external waste
companies’ reports received by
Anora’s sites and offices. Incinerated
waste is not classified as recycled
waste. For Atlungstad craft distillery,
the estimation for the waste amount
is based on the volumes of packaging
material waste. For offices in Riga
and Copenhagen, the estimation on
waste amount is based on headcount
and average waste amounts in other
offices. These volumes do not have
a major impact on the total number
(under 0.5% of the total waste). The
volumes from other entities than
industrial sites are marginal with
regards to the total Anora number. The
measurement of the metrics has not
been validated by an external body
other than the assurance provider.
No radioactive waste was
generated during the reporting period.
The total amount of hazardous waste
was 11.5 tons.
E5-5 – Resource outflows
Products and materials
Key products and materials that come
out of Anora’s production process
include packaged and bottled wine
and spirits and their associated
packaging materials, as well as
technical ethanol products, feed
components and barley starch. In
Anora’s production plants, a circular
model is applied, by which side
streams are utilized to reach cost
savings through resource efficiency
and reduced waste disposal costs.
Sales of by-products also generate
revenue. Circular design principles
are applied especially for packaging
materials, for which recyclability
and recycling are important factors.
The rates of recyclable content in
Anora’s own products packaging
was 91% during the reporting period.
This data on resource outflows is
sourced from Anora’s sales systems
and are calculated on income-based
estimations, separating the recyclable
and non-recyclable packaging from
the total sold volumes based on the
definitions of recyclable, such as glass
and PET bottles, and non-recyclable
packaging, such as packaging types
like pouches where two materials are
used and cannot be separated by the
end-user. The outflow data of Globus
Wine for 1 month is estimated based
on the average of 11 months, due to the
data system integration effective from
the end of January 2024 onwards.
Waste
Total waste generated during the
reporting period was 10,080 tons.
Waste diverted from disposal by recovery operations
Recovery operation type Waste type Diverted from disposal (t)
Preparation for reuse
Hazardous waste 0
Non-hazardous waste 8.7
Recycling
Hazardous waste 4.5
Non-hazardous waste 9,500.2
Other recovery operations
Hazardous waste 4.8
Non-hazardous waste 75.8
Total diverted from disposal Hazardous waste 9.3
Total diverted from disposal Non-hazardous waste 9,584.7
Waste directed to disposal
Recovery operation type Waste type Diverted from disposal (t)
Incineration
Hazardous waste 0.4
Non-hazardous waste 483.8
Landfill
Hazardous waste 0
Non-hazardous waste 0.1
Other recovery operations
Hazardous waste 1.8
Non-hazardous waste 0
Total diverted from disposal Hazardous waste 2.2
Total diverted from disposal Non-hazardous waste 483.9
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
93Annual Report 2024
S1 Own workforce
S1-1 – Policies related to own
workforce
Anora evaluates annually the need
to review and update its policies and
procedures.
Policy
Key contents, objectives and processes for monitoring
associated impacts, risks and opportunities
Scope and
exclusions of policy
Most senior level
accountable for
implementation
Related third-party standards or
initiatives (if relevant)
Consideration of
interests and policy
availability to
stakeholders
HR plan
(incl. equality and
non-discrimination
plan)
The HR plan contains information on the personnel
and equality and non-discrimination plan for all
employees in Anoras’ own employees in Finland for the
years 2024-2025. The policy covers material impacts
such as occupational health and safety, human rights,
diversity, equity and inclusion, anti-discrimination
and –harassment, competences and development, and
labour relations.
Applies to all
individuals in Finland
employed by Anora
Group.
Executive
Management
Team
Available internally
on Anora’s intranet
Code of Conduct
(Anora Way)
Describes Anora’s values and sets clear expectations for
employees on ethical behaviour, respectful treatment,
legal compliance, and the responsible use of resources
to promote a safe, inclusive, and integrity-driven
workplace. The Code of Conduct covers material
impacts such as occupational health and safety, human
rights, diversity, equity and inclusion, anti-discrimination
and –harassment, competences and development, and
labour relations.
Applies to all
individuals employed
by every Anora Group
company.
Board of Directors The policy is aligned with OECD Guidelines
for Multinational Enterprises and the UN
Business and Human Rights principles.
The policy outlines Anora human rights
commitment and sets expectations for
employees, business partners, and other
stakeholders. The Code of Conduct also
provides guidance on reporting any
misconduct through the whistleblowing
channel.
Publicly available
online
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
94Annual Report 2024
Policy
Key contents, objectives and processes for monitoring
associated impacts, risks and opportunities
Scope and
exclusions of policy
Most senior level
accountable for
implementation
Related third-party standards or
initiatives (if relevant)
Policy availability
to stakeholders
Non-Harassment
Policy
Describes Anora’s commitment to zero-tolerance
towards harassment. The policy covers material
impacts related to discrimination and harassment.
Applies to all
individuals employed
by every Anora Group
company.
Executive
Management Team
The policy is aligned with UN Sustainable
Development Goals, OECD Guidelines for
Multinational Enterprises and the UN Guiding
Principles on Business and Human Rights.
The policy outlines Anora’s commitment to
promoting the wellbeing of its personnel
and treating people in an equal and fair
manner. It also provides guidance on how
to act and how to report if one encounters
harassment.
Available internally
on Anora’s intranet
for all employees
Quality, Safety and
Environment policy
Includes the principal requirements and sets out
responsibility targets in relation to management and
implementation of quality, safety and environment
values. The policy covers impacts related to human
rights such as good working conditions.
Concerns all Anora’s
sites, and every
employee.
Executive
Management Team
UN Sustainable Development Goals Publicly available
online
Human Rights
Commitment
Includes Anora’s commitment to respect human
rights. The policy addresses human rights impacts and
grievance mechanisms.
All individuals
employed by
every Anora Group
company, including
members of the
Board of Directors
and the Executive
Management Team.
Executive
Management Team
The policy is aligned with the International
Bill of Human Rights consisting of the
Universal Declaration of Human Rights, the
International Covenant on Civil and Political
Rights as well as the International Covenant
on Economic, Social and Cultural Rights; and
− the International Labour Organization’s
(ILO) Declaration on Fundamental Principles
and Rights at Work.
Convention on the Elimination of All Forms
of Discrimination Against Women and the
Convention on the Rights of the Child.
The policy outlines Anora’s commitment
to respecting human rights and describes
Anora’s due diligence approach.
Publicly available
online
Policy of Alcohol
Consumption for
employees
The policy supports the development of a new, modern
and responsible drinking culture in Anora’s operating
countries. The policy covers impacts related to
employee’s health and safety.
Applies to all
individuals employed
by every Anora Group
company.
Executive
Management Team
Available internally
on Anora’s intranet
for all employees
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
95Annual Report 2024
Anora is committed to respecting
human rights as enshrined in the
International Bill of Human Rights
consisting of the Universal Declaration
of Human Rights, the International
Covenant on Civil and Political Rights
as well as the International Covenant
on Economic, Social and Cultural
Rights; and − the International Labour
Organization’s (ILO) Declaration on
Fundamental Principles and Rights
at Work including the freedom
of association and the effective
recognition of the right to collective
bargaining; the elimination of all forms
of forced or compulsory labour; the
effective abolition of child labour; the
elimination of discrimination in respect
of employment and occupation; and a
safe and healthy working environment.
Anora develops its employer value
proposition, handles recruitment and
retention, conducts the employee
satisfaction survey annually, and
collaborates regularly with unions.
Anora is committed to taking
measures, based on due diligence
processes, to avoid causing or
contributing to adverse human rights
impacts through its own activities and
to addressing and remediating such
impacts when they occur.
Anora strongly condemns the use of
child labour and forced labour. Policies
that address trafficking human beings,
forced labour or compulsory labour
and child labour are:
— Anora’s Code of Conduct
— Anora’s human rights commitment
Anora works continuously to improve
the working conditions of its personnel
and acts in line with Anora’s HSEQ
(Quality, Safety and Environment)
policy which covers all sites and
every employee. Anora has the ISO
45001 certificate in effect across all
its operations in Finland (Rajamäki,
Koskenkorva, Ruoholahti: Anora HQ).
In other countries of operation, Anora
operates according to its HSEQ policy.
The management system covers all
on-site employees and workers. In
addition, Anora’s employees are
covered by health services, at
minimum according to local legislation.
Anora has a non-harassment
policy and a zero-tolerance towards
discrimination and all forms of
harassment, including but not
limited to sexual harassment. This
zero-tolerance policy means that no
form of discriminatory or harassing
conduct towards any employee,
client, contractor, or another person
at Anora’s workplace will be tolerated.
Harassment includes discriminatory
behaviour, personal harassment,
sexual harassment, bullying, and
abuse of authority.
Anora is committed to treating
people in an equal and fair manner
and continuously works towards
creating an inclusive workplace, as
outlined in the Code of Conduct. Anora
respects diversity and requires equal
treatment regardless of ethnic origin,
nationality, religion or other conviction,
marital status, disability, political views,
world view, membership or affiliation
to unions, gender, sexual orientation
or age or any other condition that
could give rise to discrimination. Anora
implements The Code of Conduct
across all its operations to ensure the
inclusion of individuals from vulnerable
groups. This encompasses actions
such as reduced working time, special
equipment and aids, and flexible
working hours. In 2025, Anora will
publish a separate Diversity, Equality
and Inclusion Policy.
Policies are implemented locally
through the local HR country teams
and via training sessions conducted
for Anora’s managers. Anora ensures
that discrimination is prevented
and mitigated by enforcing its
non-harassment policy at all levels.
Managers are responsible for
fostering a respectful workplace by
reinforcing a zero-tolerance policy
and providing harassment information
and training to employees. Employees
must comply with the workplace
harassment policy and follow
procedures for reporting incidents of
work-related harassment.
Anora intervenes promptly if
discrimination issues arise and
actively monitors situations to identify
discrepancies. Issues are addressed
according to Anora’s processes. All
parties will be heard, and appropriate
measures taken. The parties involved
will be provided with information
about the process and agreed actions.
S1-2 – Processes for engaging
with own workforce and
workers’ representatives
about impacts
The insights provided by employees
inform Anora’s decisions and activities
aimed at managing the actual
and potential impacts on its own
workforce. Employees are actively
heard and involved in various forums,
contributing to the decision-making
process. This collaborative approach
ensures that actions taken by Anora
address the actual impacts on
working conditions such as training,
work-life balance, and health and
safety. Furthermore, by incorporating
employee perspectives, Anora is
also able to anticipate and manage
potential impacts on the workforce.
The Chief Executive Officer of Anora
holds the operational responsibility for
ensuring employee engagement.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
96Annual Report 2024
Employees are represented
on the company’s board by an
elected employee representative
who brings their background and
expertise to Anora’s board, enhancing
dialogue between employees and
management. This creates better
conditions for Anora’s development,
ensuring that the employees’ voices
are heard in decision-making
processes. Board meetings are held
several times per year.
During the reporting period, Anora
also established an employee forum,
called A60, with 60 participants
from across the organisation. These
participants attended two-day
workshops to establish company
priorities for the following six months.
The event was held twice, in March
and November. Through this method,
employees were able to contribute to
the development and improvement of
the work environment.
Additionally, Anora’s employee
representatives frequently participate
in consultation and communication
concerning occupational health and
safety through health and safety
committees. Employee representatives
are involved with surveys, observation
and near-miss reporting systems, as
well as frequent occupational health
and safety meetings. The Health
and Safety Committee meets by
the legal requirements on a plant-
level in each country. In Finland, all
units have bi-annual meetings and
quarterly meetings on a plant level.
The responsibilities and activities of
health and safety committees are
determined according to the local
legislation and practices, covering
issues that can have an impact on
employees’ safety, health or work
ability. The occupational safety
and health organisations and
representatives investigate working
environment conditions and make an
assessment of possible risks as well as
preventive and corrective actions.
The annual Anora Tasting employee
survey offers valuable insights
into diversity, equity, and inclusion
(DEI) issues, as well as employees’
engagement, leadership, team
performance, and overall well-being.
Anora evaluates experiences of
discrimination and harassment
through this survey. The survey is
conducted anonymously, allowing all
employees to express their opinions
and be heard.
S1-3 – Processes to remediate
negative impacts and
channels for own workforce to
raise concerns
Anora has a whistleblowing channel
maintained by an independent third
party. The channel is open to all
employees and external stakeholders
and allows individuals to raise
concerns about and suspicion of
misconduct within Anora, including
issues related to employee matters.
All concerns can be submitted
through the Whistleblowing channel
anonymously without the obligation
to enter any personal data. Anora
communicates about the channel
and its processes (including the
process of investigation) actively, thus
ensuring that all employees are aware
of how to report concerns through
the channel. As a part of the annual
Anora Tasting employee survey, Anora
also measures whether employees
feel safe reporting any misconduct or
unethical behavior, with good results.
The processes through which
Anora supports the availability of a
whistleblowing channel, addresses
raised issues, tracks and monitors
them, as well as policies regarding
protection against retaliation, are
disclosed under G1-1.
S1-4 – Actions and resources
related to own workforce
During the reporting period, significant
actions related to Anora’s own
employees in all operating countries
included:
— Continued implementation of HR
priority areas with the focus on
Anora’s managers and their ability
to lead teams and performance,
with the aim of enhancing
leadership capabilities and
employee satisfaction in short and
medium term.
— Continued monitoring of the
achievement of employees’
development objectives through
annual performance and
development dialogues and by
value-based leadership programs,
ensuring continuous professional
development and career growth
of employees in short and medium
term.
— Continued the implementation
of annual performance bonus
program for salaried, senior
employees and management team
members.
— Continued the work of auditing
diversity, equity and inclusion
(DEI) processes and educating all
employees on DEI topics through
blended learning initiatives that
included e-learning, virtual learning
and classroom discussion. Anora’s
recruitment process and platform
were also renewed in 2024 to cater
to a more inclusive and unified
recruitment process. The actions
aim to foster a more inclusive
workplace culture, and Anora will
also launch a separate DEI policy in
2025.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
97Annual Report 2024
— Continued supporting employee’s
psychological safety and well-being
with an external provider, Auntie,
aiming to improve overall well-
being of Anora’s own employees in
short term.
— Continued providing safety
equipment e-training for employees
and supervisors with the aim of
enhancing safety culture and
reducing accidents in short- and
medium term.
— Building and training Anora’s AI tool
for Anora’s employees to develop
internal competence in short and
medium term.
— Continuation of Anora’s sales
excellence program to improve
sales personnel’s selling capabilities
and harmonise the way of working
across countries and business
areas in short and medium term.
— Establishing Anora’s way of working
with strategic initiatives in 2024,
called A60, where 60 employees
participated in a workshop twice
during the year. This allowed
employees to contribute to the
development and improvement
of the work environment and the
implementation of the company’s
key initiatives in short term.
— Established new modules to
Anora’s leadership program with
a focus on team management to
build common tools to improve
satisfaction in short- and medium
term.
These actions aim to help achieve
the objectives of the HR plan, Quality,
Safety and Environment policy, and
Non-Harassment Policy by enhancing
health and safety, work-life balance,
and diversity.
There are no other additional
initiatives or actions with the primary
purpose of delivering positive impacts
for Anora’s own workforce than those
described above.
Anora monitors the effectiveness
of its actions through various methods.
It provides preventive occupational
health services and rehabilitation
as needed, along with an early
intervention model. To address
discrimination and harassment,
Anora implements country-specific
procedures. The impact of these
actions is also evaluated using
indicators related to workplace
accidents and near-miss incidents, as
well as through employee well-being
surveys. For monitoring employee
satisfaction, Anora conducts an
annual employee engagement survey,
Anora Tasting, for all employees.
Anora Tasting measures six primary
metrics: engagement, leadership,
team efficiency, OSI (organisational
and social well-being index)
environment, management and eNPS
(Employee Net Promoter Score). The
annual employee engagement survey
process is followed by a review of the
results, as well as training and action
planning that is consistently followed
throughout the organisation hierarchy
up to Board level.
Anora has the ISO 45001 health
and safety management standard
in place. ISO 45001 provides an
internationally recognised framework
for managing occupational health
and safety risks. The management
standard allows Anora to
systematically assess hazards and
implement risk control measures,
leading to reduced workplace injuries,
illnesses and incidents. As part of
the standard, all departments must
identify work-related risks, evaluate
the risks and establish processes to
eliminate, mitigate or control them
so that accidents and incidents are
prevented. Anora’s management
is accountable for ensuring that
each task follows a risk assessment
process and that its results are used
to generate mitigation actions where
appropriate. It is also ensured that the
information resulting from this process
is readily available to all employees
involved in those tasks.
Anora’s HR work addresses
the identification, assessment,
management and/or remediation
of material impacts on Anora’s own
employees specifically, as well as
policies that cover the material
impacts, risks and opportunities
related to the employees.
S1-5 – Targets related
to managing material
negative impacts, advancing
positive impacts, and
managing material risks and
opportunities
All targets related to Anora’s own
workforce are included in the following
table. All targets relate to sustainability
matters defined as material as the
outcome of a process to identify and
assess material impacts, risks and
opportunities, during which affected
stakeholder views were considered.
The below targets were formed during
Anora’s Sustainability Roadmap
process, where a materiality analysis
with the views from an open survey
with over 200 answers from different
stakeholders, including employees,
was utilized. The performance against
the targets is tracked and followed
internally on a regular, continuous
basis and reported quarterly for LTIF
and annually for safety observations.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
98Annual Report 2024
Target
Relationship with policy
objectives and scope of target
Target and
nature of target
Target year,
interim targets
or milestones
(if applicable)
Baseline value
and year
Description of methodologies, significant
assumptions, evidence used to define
target or any changes in these
Status of performance
against target
Increasing the
number of safety
observations
The target covers Anora Industrial.
The target relates to enhancing the
safety culture.
4.5 observations per
person.
2030 2.6 observations
per person in
2021
Calculations are based on the number of
reported safety observations in Anora’s
safety observation system and safety walk
observations, divided by the average number
of employees in Industrial in the reporting
period, to receive the KPI safety observations
per person.
The target addresses Sustainable Development
Goal 3 – Good health and well-being.
During reporting
period:
3.8 observations per
person
Reduce accidents
resulting in absence
The target covers all Anora Group
employees and is measured as LTIF
(number of lost time injuries per
million hours worked). The target
relates to enhancing the safety
culture.
0 2030 5.0 in former
pre-merger
company
Altia, and
10.5 in former
pre-merger
company Arcus,
2021.
Measured as LTIF. Anora calculates the safety-
related metrics for LTIF based on 1,000,000
hours worked.
The target addresses Sustainable Development
Goal 3 – Good health and well-being.
During reporting
period:
5.8
Anora engages employees and
their representatives at key stages
of the target-setting process. During
the target-setting phase, employee
insights are incorporated into Anora’s
HR system and aligned in the business
areas to ensure that the targets are
realistic and aligned with operational
needs. Employees are involved in
regular performance reviews, where
their feedback helps assess progress
against targets.
The targets described in the above
table are regularly reviewed with
the employees. Both the targets and
results are visible in the factories and
discussed during factory briefings. Lost
Time Injury Frequency (LTIF) and safety
observations results are monitored
monthly and reviewed locally on an
ongoing basis.
Following each performance
cycle, Anora collaborates with the
workforce and their representatives
in a dialogue and performance
evaluation process to evaluate
outcomes and identify opportunities
for improvement, ensuring continuous
development. Besides the regular
performance process, Anora’s
employees have a possibility to take
part in separate Future development
planning -conversations to focus on
mid- to long-term development. Up
to date performance information of
targets is continuously available for
all employees through appropriate
channels including team meetings,
notification boards and information
monitors visible in various working
spaces.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
99Annual Report 2024
S1-6 – Characteristics of the undertaking’s employees
Gender
Number of employees
(head count)
Male 753
Female 458
Other 0
Not reported 0
Total Employees 1,211
Country
Number of employees
(head count)
Finland 409
Norway 348
Denmark 185
Sweden 163
Estonia 67
Latvia 31
Germany 7
Lithuania 1
2024 Female Male Other*
Not
disclosed Total
Number of employees
(head count / FTE) 458 753 0 0 1,211
Number of permanent
employees
(head count / FTE) 445 728 0 0 1,173
Number of temporary
employees
(head count / FTE) 13 25 0 0 38
Number of non-
guaranteed hours
employees
(head count / FTE) 0 0 0 0 0
* Gender as specified by the employees themselves.
2024 Finland Norway Denmark Sweden Estonia
Germany,
Latvia and
Lithuania TOTAL
Number of employees
(head count / FTE) 409 348 185 163 67 39 1,211
Number of permanent
employees
(head count / FTE) 389 343 174 163 67 37 1,173
Number of temporary
employees
(head count / FTE) 20 5 11 0 0 <5 38
Number of non-
guaranteed hours
employees
(head count / FTE) 0 0 0 0 0 0 0
Number of full-time
employees
(head count / FTE) - - - - - - -
Number of part-time
employees
(head count / FTE) - - - - - - -
Employee turnover 2024
Employee turnover, % 11.5%
Number of employees who have left the company 134
Employee data sources are taken from
Anora’s unified HR system, local payroll
and reporting systems and do not
include assumptions. Non-guaranteed
hours employees are reported as a
part of temporary employees. Data
is not validated by an external body
other than the assurance provider.
Employee numbers are reported via
a headcount, taken at the end of the
period.
Employee numbers are reported at
the end of the reporting period.
Turnover of permanent employees
is calculated as the number of leavers
/ average of headcount taken at the
end of month * 100
Cross-reference of information
reported (S1-601) to most
representative number in financial
statements is salaries.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
100Annual Report 2024
S1-8 – Collective bargaining
coverage and social dialogue
A significant share of employees
at Anora are covered by collective
bargaining agreements, except in
Latvia and Estonia where collective
bargaining agreements do not exist.
Local laws and employment contracts
determine the terms of working
conditions in Latvia and Estonia.
Anora’s operations create significant
employment in Finland, Norway,
Denmark, Sweden and Estonia, with
significant employment defined as
at least 50 employees by head count
representing at least 10% of total
workforce.
100% of Anora’s own employees
in Finland, 100% in Norway, 47% in
Denmark, and 72% in Sweden, are
covered by workers’ representatives.
2024 Collective Bargaining Coverage Social dialogue
Number of employees
(head count / FTE)
Employees – EEA
(for countries with >50
empl. representing
>10% total empl.)
Employees – Non-EEA
(estimate for
regions with >50
empl. representing
>10% total empl.)
Workplace
representation
(EEA only)
(for countries with >50
empl. representing
>10% total empl.)
0-19% Estonia - -
20–39% - - -
40–59% Denmark - -
60–79% Sweden - -
80–100% Finland, Norway - Finland, Denmark,
Sweden, Norway,
Estonia
S1-9 – Diversity metrics
Gender distribution 2024
Men in top management (head count) 6
Men in top management, % 75%
Women in top management (head count) 2
Women in top management, % 25%
Other/ not reported in top management (head count) 0
Other/ not reported in top management, % 0%
Age distribution Number of employees 2024
Under 30 years old 89
30-50 years old 682
Over 50 years old 440
Anora has defined the top
management as the Executive
Management Team of the Anora
Group. Employee data sources are
taken from Anora’s unified HR system,
local payroll and reporting systems
and do not include assumptions.
Employee numbers are reported via
a headcount, taken at the end of the
period.
Anora is currently reviewing an
agreement regarding the European
Works Council (EWC) with employee
representatives.
The number of employees is
reported via a headcount, taken
at the end of the period from the
HCM systems. The coverage rate is
calculated as number of employees
covered by the collective bargaining
/ total number of employees * 100
per country. Anora does not have
employees in non-EEA regions. Data
is not validated by an external body
other than the assurance provider. Employee data sources are taken
from Anora’s unified HR system, local
payroll and reporting systems and do
not include assumptions. Data is not
validated by an external body.
Employee numbers are reported via
a headcount, taken at the end of the
period.
Employee numbers are reported at
end of reporting period.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
101Annual Report 2024
The number of employees is
reported via a headcount, taken at
the end of the period from the Anora’s
unified HR system, local payroll and
reporting systems. Anora’s Quality,
Safety and Environment policy
covers all Anora’s ownworkforce, thus
100% of own workforce are covered.
Number of accidents, fatalities and
ill health cases are gathered from
Anora’s health and safety records.
Number of recordable work-related
accidents is based on the number
of lost time incidents (LTI). Rate of
recordable work-related accidents is
calculated as LTIF, based on 1,000,000
hours worked. Data is not validated
by an external body other than the
assurance provider.
S1-17 – Incidents, complaints
and severe human rights
impacts
No fines, penalties, and compensation
for damages as a result of violations
regarding work-related discrimination
and harassment are presented in the
financial statements.
No fines, penalties, and
compensation for severe human rights
issues and incidents connected to
own workforce are presented in the
financial statements.
Data is based on the number of
whistleblowing channel reports related
to incidents of discrimination and
the total number of reports received
from whistleblowing channel and
other channels. Data is not validated
by an external body other than the
assurance provider.
Discrimination incidents 2024
Total number of incidents of discrimination 0
Number of complaints filed through channels for people in own workforce to
raise concerns 5
Number of complaints filed to National Contact Points for OECD
Multinational Enterprises 0
Amount of fines, penalties, and compensation for damages as result of
incidents of discrimination, including harassment and complaints filed 0
Human rights incidents 2024
The number of severe human rights incidents connected to the undertaking’s
workforce 0
Number of severe human rights issues and incidents connected to own
workforce that are cases of non-respect of UN Guiding Principles and OECD
Guidelines for Multinational Enterprises 0
Amount of fines, penalties, and compensation for severe human rights issues
and incidents connected to own workforce 0
S2 Workers in the value chain
S2-1 – Policies related to value
chain workers
Anora’s human rights work in its supply
chain is governed by Anora’s Supplier
Code of Conduct which is based on
the same international agreements
and principles as the amfori BSCI Code
of Conduct. Anora evaluates annually
the need to review and update its
policies and procedures.
S1-14 – Health and safety metrics
Employee health and safety metrics 2024
Personnel in Anora’s own workforce who are covered by the health and safety
management system based on legal requirements and (or) recognised
standards or guidelines, % 100%
Number of fatalities in own workforce as a result of work-related injuries and
work-related ill-health 0
Number of fatalities as a result of work-related injuries and work-related
ill-health of other workers working on undertaking's sites 0
Number of recordable work-related accidents related to own workforce (LTI) 13
Rate of recordable work-related accidents related to own workforce (LTIF) 5.8
Number of cases of recordable work-related ill-health of employees 0
Number of days lost to work-related injuries and fatalities from work-related
accidents, work-related ill-health and fatalities from ill-health related to
employees. 0
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
102Annual Report 2024
Policy
Key contents, objectives and processes for monitoring
associated impacts, risks and opportunities
Scope and exclusions
of policy
Most senior level
accountable for
implementation
Related third-party standards or
initiatives (if relevant)
Policy availability to
stakeholders
Code of Conduct
for Suppliers and
Subcontractors
Describes Anora’s expectations for suppliers in terms
of legal compliance, responsible business conduct
and human and labour rights. The Code of Conduct
for Suppliers and Subcontractors addresses significant
impacts on value chain workers’ working conditions,
human rights, and equal treatment, along with essential
measures for monitoring supplier compliance.
All Anora’s upstream
suppliers and
subcontractors.
Executive
Management Team
amfori BSCI principles Publicly available
online
amfori BSCI Code of
Conduct
Includes principles and requirements for suppliers
regarding the material impacts on value chain workers’
working conditions and human rights.
All Anora’s upstream
suppliers
Executive
Management Team
Universal Declaration of Human Rights, the
Children’s Rights and Business Principles,
UN Guiding Principles for Business and
Human Rights, OECD Guidelines, the UN
Global Compact, and International Labour
Organization (ILO) Conventions
Publicly available
online
Human Rights
Commitment
Describes Anora’s approach to human rights in the
value chain and Anora’s human rights due diligence
process. The commitment addresses all identified
actual or potential salient human rights risks and covers
all material impacts related to working conditions
and other working related rights. It also demonstrates
Anora’s commitment to respecting human rights in its
operations as well as the measures taken to identify,
monitor, mitigate, and report adverse human rights risks,
in alignment with internationally recognized instruments
such as Universal Declaration of Human Rights and the
UN Guiding Principles on Business and Human Rights.
All Anora’s upstream
suppliers
Executive
Management Team
The commitment is aligned with amfori BSCI
principles and International Bill of Human
Rights consisting of the Universal Declaration
of Human Rights, the International Covenant
on Civil and Political Rights as well as the
International Covenant on Economic, Social
and Cultural Rights; and the International
Labour Organization’s (ILO) Declaration on
Fundamental Principles and Rights at Work.
Convention on the Elimination of All Forms
of Discrimination Against Women and the
Convention on the Rights of the Child.
Publicly available
online
Quality, Safety and
Environment policy
Includes principal requirements and sets out
responsibility targets for suppliers in relation to
management and implementation of quality, safety
and environmental values. Describes Anora’s approach
to human rights in the value chain and Anora’s human
rights due diligence process. The policy covers material
impacts on value chain workers’ working conditions.
All Anora’s upstream
suppliers.
Executive
Management Team
UN Sustainable Development Goals Publicly available
online
Safety Policy Describes Anora’s requirements for suppliers in relation
to safety matters, including expectations for suppliers
to educate and train personnel and subcontractors in
appropriate, and safe ways of working. The policy covers
material impacts related to value chain workers health
and safety and ensures that service providers operating
at Anora’s facilities comply with the company’s safety
guidelines. Monitoring involves meetings between Anora
and its service providers, as well as two-way feedback.
All Anora’s upstream
suppliers.
Executive
Management Team
Publicly available
online
Procurement Policy
and Principles of
responsible sourcing
Describes Anora’s procurement principles, including the
responsibility on human rights and environment in the
value chain. The policy covers material impacts related
to responsible procurement and value chain workers’
working conditions. The policy also includes Anora’s
standard requirements to its suppliers.
All Anora’s upstream
suppliers.
Executive
Management Team
amfori BSCI principles Publicly available
online
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
103Annual Report 2024
Anora is committed to respecting
value chain worker’s human rights
as enshrined in the International
Bill of Human Rights consisting of
the Universal Declaration of Human
Rights, the International Covenant
on Civil and Political Rights as well
as the International Covenant on
Economic, Social and Cultural Rights;
and − the International Labour
Organization’s (ILO) Declaration on
Fundamental Principles and Rights
at Work including the freedom
of association and the effective
recognition of the right to collective
bargaining; the elimination of all forms
of forced or compulsory labour; the
effective abolition of child labour; the
elimination of discrimination in respect
of employment and occupation; and a
safe and healthy working environment.
Anora is committed to taking
measures, based on due diligence
processes, to avoid causing or
contributing to adverse human rights
impacts throughout the value chain
and to addressing and remediating
such impacts when they occur.
Anora strongly condemns child
labour and forced labour. Anora’s
policies that address trafficking
humans, forced labour or compulsory
labour and child labour are:
— Anora’s Supplier Code of Conduct
(based on amfori Code of Conduct)
— Anora’s Human Rights Commitment
Where there is potential for adverse
impacts on vulnerable people or
groups, Anora also considers other
international standards and principles
that elaborate on the rights of such
individuals or groups, including
for example, indigenous peoples,
women, children, and migrant workers
and their families, and human
rights defenders. These standards
include, for example, the Convention
on the Elimination of All Forms of
Discrimination Against Women and
the Convention on the Rights of the
Child.
Anora’s primary aims in engaging
with value chain workers is to provide
a pathway for addressing concerns
and remedying grievances in relation
to human rights impacts. Anora does
not have a formal pre-established
process for measures to provide or
enable remedy, but is committed
to taking measures, based on due
diligence processes, to avoid causing
or contributing to adverse human
rights impacts through its own
activities, including its operations and
supply chain. Anora’s responses and
actions are tailored and measured
to meet the circumstances and
demands required to appropriately
remedy the impact. Anora maintains
a dedicated channel for reporting
concerns and conducts amfori BSCI
audits to monitor compliance and
take proactive action on potential
issues. More information about how
Anora engages with value chain
workers and on Anora’s general
approach in relation to measures
to enable remedy for human rights
impacts is provided under S2-2 and
S2-3.
During the reporting period, no
cases of non-respect of the UN
Guiding Principles on Business and
Human Rights, ILO Declaration on
Fundamental Principles and Rights
at Work or OECD Guidelines for
Multinational Enterprises that involve
value chain workers, were reported.
S2-2 – Processes for engaging
with value chain workers
about impacts
Anora’s engagement approach with
value chain workers includes frequent
supplier visits and amfori BSCI audits
conducted by qualified amfori
auditors. The amfori BSCI monitoring
process promotes responsible social
practices in supply chains through
several key steps. Companies
adopting the amfori BSCI agree to its
Code of Conduct, which emphasises
areas such as fair wages, zero child
labor, and safe working conditions.
Risk assessments identify supply chain
partners that require closer attention,
often based on factors like country
of operation, existing certifications,
human rights efforts, and working
conditions. The assessment prioritises
high-risk suppliers for preventative
measures, monitoring, detailed
analysis, or possible audits. Third-
party auditors conduct on-site
inspections to evaluate suppliers’
compliance with amfori BSCI
standards and to engage directly with
and gather worker insights from the
value chain workers via interviews.
The audits cover areas such as
labour rights, health and safety, and
environmental protection. In addition,
Anora does not currently have other
formal processes for collecting
insights from workers who might be
especially vulnerable to impacts.
Anora is also collaborating with
Nordic monopolies with regard to
engaging with value chain workers.
When working with Nordic Monopolies,
suppliers undergo an additional risk
analysis that includes traceability,
risk identification, and a minimum
set of requirements concerning
working conditions and human rights.
Identified risks or deviations prompt
specific follow-ups and potential
audits, with Anora collaborating
closely with the monopolies and
suppliers.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
104Annual Report 2024
Anora ensures effective
engagement with value chain workers
through follow-ups on audits as
necessary.
The overall responsibility for
overseeing the supplier engagement
at Anora belongs to sourcing teams,
led by the SVP Wine and SVP Industrial,
and the CFO.
S2-3 – Processes to remediate
negative impacts and
channels for value chain
workers to raise concerns
Anora’s human rights management
processes are constantly developing,
and Anora recognises that this is an
area which requires active attention.
Continuous work is undertaken to
ensure that Anora’s value chain is
fair and transparent, is able to source
sustainably and can protect human
rights.
Anora is committed to
systematically improving its
sustainable procurement procedures.
The following processes and systems
are used to manage negative
impacts:
— Code of Conduct for Suppliers and
Sub-contractors
— Third-party audits (amfori BSCI)
& certificates (e.g., Fair for Life,
Fairtrade)
— Internal audits & supplier visits
— Risk country profiles to give a
holistic understanding of the human
rights situation in Anora’s supply
chain countries
— Supplier Self-Assessment tool
to both communicate about
Anora’s commitments and gain a
wider understanding of suppliers’
sustainability (incl. human rights)
approach
— Human rights training for all
employees to strengthen internal
competence.
Concerns and non-compliance
can be reported through the Anora
Whistleblowing Channel. The same
reporting system is open for both
Anora employees as well as external
parties. Through the whistleblowing
channel, value chain workers can
raise their potential concerns, without
fear of retaliation in any form. All
concerns raised, whether through
the channel or through other means,
are investigated in accordance with
an established process to ensure
accuracy, anonymity, objectivity
and fairness. The processes through
which Anora addresses raised issues,
tracks and monitors them, as well
as policies regarding protection
against retaliation, are disclosed
under G1-1. Currently, Anora does not
formally evaluate the value chain
workers’ awareness or trust in the
whistleblowing channel or the process
for raising concerns. However, the
whistleblowing channel is publicly
available on Anora’s website and
mentioned in the Code of Conduct.
In accordance with its Code of
Conduct for Suppliers and Sub-
contractors, Anora requires that
all suppliers implement a system
enabling employees to anonymously
and reliably report any observed
defects and issues related to the
company’s responsibilities. Anora also
expects its suppliers to inform value
chain workers about these channels.
Anora does not have a formal pre-
established process for providing or
tracking the effectiveness of remedy,
but is committed to taking measures,
based on due diligence processes,
to avoid causing or contributing
to adverse human rights impacts
through its own activities, including
its operations and supply chain.
Anora is dedicated to addressing and
remediating such impacts when they
occur. Anora’s responses and actions
are tailored and measured to meet
the circumstances and demands
required to appropriately remedy the
impact. Anora continuously finds ways
to exercise its leverage to address
adverse human rights impacts arising
out of its business relationships.
S2-4 – Taking action
on material impacts on
value chain workers, and
approaches to managing
material risks and pursuing
material opportunities related
to value chain workers, and
the effectiveness of those
actions
During the reporting period, significant
actions related to all the negative
impacts identified in the double
materiality assessment (DMA)
regarding value chain workers,
consisted of:
— Continued utilisation of third-
party certificates, and planning
for third-party audits for ensuring
compliance.
— Continued internal audits and
supplier visits for ensuring
compliance.
— Continued assessment of risk
country profiles to provide Anora
with a holistic understanding of
the human rights situation in the
supply chain countries, allowing for
better-informed decisions and risk
management.
— Continued use of the Supplier
Self-Assessment tool to both
communicate about Anora’s
commitments for suppliers and
gain a wider understanding of
Anora’s suppliers’ sustainability
approach (incl. human rights)
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
105Annual Report 2024
— Finalising and communicating a
field guide in early 2024 to help
brand managers and procurement
visiting partners to effectively
assess and discuss human
rights, promoting also Anora’s
sustainability approach.
All listed actions are both taken and
underway, and similar actions and
development are also planned for the
future in short and medium term.
In 2024, no amfori BSCI audits were
conducted, and no negative impacts
were directly reported to Anora.
Additionally, no corrective actions
were taken, nor remedies provided
during the year for the negative
impacts identified in the double
material assessment.
The general expected outcome
related to the actions listed above
is systematic improvement of
sustainability in the ways of Anora’s
procurement. The scope of the actions
listed above applies to the entirety
of Anora’s sourcing, with agricultural
value chains and certain geographies
being the most prone to human rights
risks. Relevant stakeholders include
various groups, with specific focus on
vulnerable groups, such as seasonal
workers from Eastern Europe and
outside the EU region, women workers,
migrant workers, and undocumented
migrant workers.
During 2024, Anora implemented
additional initiatives with the primary
purpose of delivering positive impacts
for value chain workers, including
inviting its relevant suppliers to join
training sessions on a topical theme,
such as responsible recruitment in
Italian wine producers and mitigating
salient risks in the South African Wine
industry. These training sessions
were offered by Nordic monopolies in
collaboration with other sustainability
initiatives.
To track and assess the
effectiveness of its actions and
initiatives, Anora executes follow-up
actions on audits for the value
chain workers as necessary. Anora’s
risk steering group supports and
coordinates risk management and
also reports key sustainability risks and
material changes therein to the Audit
Committee of the Board of Directors in
connection with the interim reporting
and financial statements.
Anora has identified the necessary
actions in response to negative
impacts based on its human rights
risk assessment conducted in
2023, targeting the most significant
risks. Anora will conduct reviews
and updates of the human rights
impact assessment as necessary.
Anora is a member of amfori BSCI
and has adopted the amfori BSCI
Code of Conduct throughout
its operations. Through Anora’s
membership in amfori BSCI, other
sustainability platforms and direct
project implementation, Anora aims
to enhance the working conditions
in the supply chain throughout all
operations. amfori BSCI audits verify
the compliance of supplier’s facilities
and operations with all requirements
of the amfori BSCI Code of Conduct,
including areas related to:
— Working hours and fair
compensation
— Occupational health and safety
— Child labour and protections for
younger workers
— Forced/bonded labour and
precarious employment
— Freedom of association and
collective bargaining
— Ethical business behaviour
— Discrimination
At Anora, responsibility for ensuring
the compliance with amfori BSCI
Code of Conduct and Anora’s Human
Rights Commitment are assigned
operationally to all purchasing
functions. On an everyday level, each
Anora employee is expected to act
according to these policies and to take
the needed steps to ensure that the
policies are implemented throughout
Anora’s business, including its supply
chain.
In the event of non-compliance
with the Supplier Code of Conduct,
Anora will notify the supplier with
evidence of the issue and initiate a
dialogue to resolve it. If the supplier
fails to amend their policies or
significantly violates the Code of
Conduct, Anora may terminate both
the contract and cooperation.
According to a human rights
risk assessment undertaken in
2023, Anora’s actual or potential
salient human rights risks within the
supply chain relate to health and
safety, freedom of discrimination in
employment, decent work, freedom of
association and collective bargaining
and forced labour. No severe human
rights issues and incidents connected
to upstream and downstream value
chain were reported in 2024.
Anora has allocated resources to,
for example, perform risk analyses
regarding material impacts relevant
to its value chain workers as a part
of its human rights assessment.
Anora has also allocated resources
to supply chain auditing through its
membership in amfori BSCI. amfori
BSCI auditors verify the compliance
of audited Anora’s supplier’s facilities
regarding its material impacts.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
106Annual Report 2024
S2-5 – Targets related
to managing material
negative impacts, advancing
positive impacts, and
managing material risks and
opportunities
Anora’s goal is to ensure that by 2030,
all purchases from risk countries
are covered by amfori auditing
or certifications. The target was
agreed during Anora’s Sustainability
Roadmap process, and a materiality
analysis with the views of an open
survey with over 200 answers from
different stakeholders, including
industry associations and NGOs, was
utilised. Efforts to monitor and improve
the effectiveness of this target are
ongoing. The aim of the target is to
reduce negative impacts on value
chain workers. In 2023, two amfori
BSCI audits were conducted, and
in 2024, no amfori BSCI audits were
conducted. However, Anora continues
the planning of amfori BSCI audits
and certifications for the identified risk
countries.
In the forthcoming years, aligned
with Anora’s Sustainability Roadmap
and commitment to human rights,
the focus will be on developing
more specific targets and improving
tracking processes.
Target
Relationship with policy
objectives and scope of target
Target and
nature of target
Target year,
interim targets
or milestones
(if applicable)
Baseline value
and year
Description of methodologies, significant
assumptions, evidence used to define
target or any changes in these
Status of performance
against target
Risk country audits
and certificates
The target covers purchases from
risk countries, from the upstream
value chain.
The target relates to the Human
Rights Commitment, amfori BSCI
Code of Conduct and the Supplier
Code of Conduct.
100% of the risk
countries will be
included in audits
2030 0
2021
The target is currently measured based on the
number of amfori BSCI audits conducted for
Anora’s suppliers in the upstream value chain
during the reporting year.
During reporting
period: 0
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
107Annual Report 2024
S4 Consumers and end-users
S4-1 – Policies related to
consumers and end-users
Anora’s most important policy in
relation to material negative impacts,
as well as material opportunities and
Policy
Key contents, objectives and processes for monitoring
associated impacts, risks and opportunities Scope and exclusions of policy
Most senior level
accountable for
implementation
Related third-party standards
or initiatives (if relevant)
Policy availability to
stakeholders
Code of Conduct
(Anora Way)
The Code of Conduct (CoC) includes Anora’s values
that govern all actions, choices and behaviour and rules
to conduct business reliably, fairly and in accordance
with all laws and regulations. The CoC describes Anora’s
commitment to support a responsible drinking culture
in accordance with Anora’s purpose, Let’s drink better.
The policy addresses material impact on consumers’
and end-users’ health and safety, while also supporting
financial opportunities through the expansion of NoLo
products and the encouragement of responsible
drinking habits.
The CoC applies to all individuals
employed by every Anora Group
company, including members
of the Board of Directors and the
Executive Management Team
and to all people working for or
representing Anora.
The policy takes into account the
consumers of Anora’s products.
Executive
Management
Team
OECD Guidelines for Multinational
Enterprises and the UN Business
and Human Rights principles
Publicly available
online
Responsible
Marketing Policy
The policy demonstrates Anora’s commitment to
ethical and responsible marketing practices. The policy
provides information on the rules and regulations
that apply to alcohol marketing in the geographical
areas where Anora operates and how Anora complies
with them. The policy addresses material impact on
consumers’ and end-users’ health and safety.
The policy applies to all employees
involved in the marketing and sales
of Anora’s products (including
Anora’s partner brand products), all
suppliers, subcontractors, licensees
and third-party distributors.
The policy takes into account
relevant consumer groups,
especially vulnerable groups such
as minors and people who are
pregnant.
Chief Executive
Officer
Supplemented with the Spirits
EUROPE guidelines
Publicly available
online
Anora’s Internal
Marketing Guidelines
The guidelines provide further information and guidance
on the rules and regulations that apply to alcohol
marketing in the geographical areas where Anora
operates and how Anora complies with them. The policy
addresses material impact on consumers’ and end-
users’ health and safety
All employees involved in the
marketing of Anora’s products
Executive
Management
Team, Legal
Available internally
for all Anora’s
employees
risks related to consumers and
end-users, is Anora’s Responsible
Marketing Policy. Anora evaluates
annually the need to review and
update its policies and procedures.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
108Annual Report 2024
Anora’s respect for human rights
as enshrined in the International Bill
of Human Rights is outlined in its
Human Rights Commitment. Anora
acknowledges that excessive use
of alcoholic beverages may have
adverse social and health impacts
on society and individuals and
is committed to supporting the
development of a modern, responsible
drinking culture.
Anora’s primary aim in engaging
with consumers is to provide
information on how to enjoy alcohol
responsibly and to provide information
on the adverse impacts of excessive
use on society and individuals. More
information about how Anora engages
with consumers is provided under
S4-2.
Anora’s products are sold through
an intermediary; therefore, Anora does
not provide remedy to consumers
and end users directly. However,
consumers can raise concerns related
to Anora’s products and marketing
via the Anora Whistleblowing
Channel, customer service channels
and Anora’s online platforms. More
information about Anora’s general
approach in relation to measures to
enable remedy is provided under S4-3.
Anora respects and promotes
human rights and international labour
standards in accordance with the
United Nation’s Universal Declaration
of Human Rights and the most central
conventions and recommendations of
the International Labour Organization.
Anora’s Responsible Marketing Policy
covers consumers and end users, and
forbids discrimination, as well as any
other factor that is likely to harm a
particular group of people based on
religion, ethnical background, gender,
identity, sexual orientation, nationality,
age or similar. During the reporting
period, no cases of non-respect of
the UN Guiding Principles on Business
and Human Rights, ILO Declaration
on Fundamental Principles and
Rights at Work or OECD Guidelines for
Multinational Enterprises that involve
consumers, were reported.
S4-2 Processes for engaging
with consumers and end-
users about impacts
As Anora’s products are sold through
an intermediary, the formal processes
for engaging directly with consumers
and end users has not been
established. However, Anora takes into
account general consumer views, for
example through consumer insights,
and incorporates them with regard
to packaging design and campaigns.
As a part of advocating for the
responsible use of Anora’s products,
the majority of the packaging
contains a “Drink responsibly” call
for action or a link to a local or
European website with information
on alcohol and the enjoyment of the
beverage in moderation, for example
responsibledrinking.eu. Important
information on the effects of alcohol
consumption is also provided on
Anora’s website. Additionally, spirits
packages have information about the
quantity of alcohol that constitutes
one serving or unit, and the amount of
energy it contains.
The SVP Wines and SVP Spirits have
the overall responsibility for overseeing
the consumer engagement at Anora
in their respective business areas.
S4-3 – Processes to remediate
negative impacts and
channels for consumers and
end-users to raise concerns
Anora is continuously expanding its
consumer offering of NoLo products
to remedy the potential negative
impacts of excessive alcohol
consumption, by providing alternative
products with a lower abv (alcohol by
volume) content, thus contributing
to decreasing alcohol consumption.
Effectiveness is monitored by
monitoring the net sales development
of NoLo products and NoLo product
offering. Important information on the
effects of alcohol consumption is also
provided on Anora’s website.
In Anora’s Nordic core markets, the
marketing of alcoholic beverages
is strictly regulated. As a prominent
actor in the wine and spirits industry,
and especially in the Nordics, Anora is
committed to upholding the highest
standards of responsible marketing.
This commitment supports Anora’s
efforts mitigate the adverse effects
associated with excessive alcohol
consumption.
The primary channels for
consumers to report concerns and
non-compliance include the Anora
Whistleblowing Channel, customer
service channels and Anora’s online
platforms. The whistleblowing channel,
maintained by an independent
third party, is open for both Anora
employees as well as external parties.
All messages are investigated
confidentially.
The Anora Whistleblowing
Channel is publicly available on
Anora’s website and referred to in
the company’s Code of Conduct.
Through the whistleblowing channel,
consumers can raise any potential
concerns without fear of retaliation
in any form. Anora has not formally
assessed consumer awareness of
the existence of its processes and
structures (whistleblowing channel)
to raise concerns. Additionally, in
accordance with its Code of Conduct
for Suppliers and Sub-contractors,
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
109Annual Report 2024
Anora also requires that all suppliers
implement a system enabling
employees to anonymously and
reliably report any observed defects
and issues related to the company’s
responsibilities.
The processes through which
Anora addresses raised issues,
tracks and monitors them, as well
as policies regarding protection
against retaliation, are disclosed
under G1-1. Currently, Anora does not
formally evaluate the consumers’ and
end-users’ awareness or trust in the
whistleblowing channel or the process
for raising concerns.
S4-4 – Taking action
on material impacts on
consumers and end-users,
and approaches to managing
material risks and pursuing
material opportunities related
to consumers and end-users,
and the effectiveness of those
actions
During the reporting period, significant
actions related to consumers
consisted of:
— The launching of new no and
low-alcohol (NoLo) products in
the ready-to-drink (RTD) and wine
categories to support both Anora’s
commercial opportunity and
responsible drinking culture. During
2024, Anora launched a wide range
of wines containing up to 8% ABV
alcohol in grocery stores in Finland,
following the legislative amendment
to Finland’s Alcohol Act. Anora also
had several new product launches,
including the 4.5% ready-to-drink
Vikingfjord Hard Seltzers, Raspberry
& Pomegranate and Orange &
Mango, as well as a 4.5% ready-to-
drink Jaloviina Omena. Anora’s R&D
pipeline contains similar product
development initiatives for future
launches in short and medium term.
— Trends research in wine and
spirits was conducted, including
also relevant topics on health,
wellness, responsible drinking
and NoLo topics, with the aim
of further increasing awareness
and competence on the topics
within Anora’s marketing and sales
operations in short and medium
term.
The actions mentioned above aim
to mitigate the adverse effects
associated with the misuse or
excessive use of alcoholic products
and enhance Anora’s financial
opportunities related to NoLo products.
Anora does not currently have a
formal process in place for remediating
actual negative impacts. In 2024, no
instances requiring corrective actions
were reported to Anora.
Anora is a member of various
industry associations, including the
Association of Norwegian Wine and
Spirits Suppliers (VBF) in Norway, the
Spirit and Wine Suppliers Association
(SVL) in Sweden, the Finnish Food and
Drinks Industries’ Federation (ETL) in
Finland and the Association of Finnish
Alcoholic Beverage Suppliers (SAJK)
in Finland. SVL and SAJK are members
of spiritsEUROPE and share valuable
insights regarding regulations in
Europe and best practices of the
industry worldwide in building a
responsible drinking culture, as well
as drive educational initiatives such
as the Talk about alcohol programme.
Anora supports the Talk about Alcohol
campaign, which is used by 75% of
primary schools in Sweden and is also
available in Finland and the Baltics.
Anora monitors and reports
the share of net sales from NoLo
products on an annual basis. For
more information, see the target
and associated metrics described
under disclosure requirement S4-5
Targets related to managing material
negative impacts, advancing positive
impacts, and managing material risks
and opportunities.
Anora remains firmly committed
to supporting the development of a
responsible drinking culture. Anora
acknowledges that alcoholic products
also have negative effects and are
meant to be enjoyed responsibly, in
moderation and abiding by local age
limits. These facts act as a foundation
for identifying appropriate actions in
response to the negative impacts of
excessive alcohol consumption on
consumers, namely providing NoLo
alternatives, adhering to responsible
marketing practices to protect
vulnerable groups and sharing
information on responsible and
alcohol consumption in moderation
on the ‘Let’s drink better’ webpage to
promote responsible drinking culture.
In addition to offering NoLo
products, Anora acknowledges
its responsibility as a wine and
spirits producer and importer to
market its products responsibly
and in compliance with applicable
marketing laws and regulations
throughout Anora’s marketing and
sales channels to reduce negative
impacts associated with the misuse
or excessive use of alcoholic products.
Anora adheres to all applicable
laws and regulations related to the
marketing, advertising, and promotion
of wine and spirits products. Finnish
legislation, together with the National
Supervisor Authority for Welfare
and Health’s (Valvira) guidelines on
alcohol marketing, are among the
strictest in the EU. In addition to these
aforementioned laws and regulations,
Anora duly respects and considers
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
110Annual Report 2024
local laws, regulations and guidelines
and applies them in marketing
actions. For example, in Norway,
where all alcohol-related marketing
measures are prohibited, Anora
refrains from marketing its products.
Taken as a whole, case-by-case
consideration in marketing activities is
the precept for how Anora operates.
As Anora is mostly engaged in B2B
business and is not in direct contact
with the consumers and end-users
of its products, Anora is not able to
formally ensure that its processes
to provide or enable remedy, even
if available, are effective in their
implementation and outcomes.
NoLo production process may
require investments (de-alc
equipment, canning line, production
premises, more frequent washing,
hygiene, innovation capabilities),
and Anora’s investment strategy
and budgets are designed to identify
and address the need to invest in
these capabilities in a timely manner,
thereby reducing the financial impact.
Anora’s R&D pipeline contains similar
NoLo product development initiatives
for future launches.
Increasing the number and variety
of NoLo products is a commercial
opportunity for Anora, that additionally
supports a responsible drinking
culture. Anora’s strong innovation
work and partnerships in the NoLo
category represents significant growth
opportunities due to current consumer
trends of health and convenience.
NoLo products support the responsible
drinking trend and ‘sober curiosity’
movement, as well as help Anora in
mitigating the adverse impacts which
excessive use of alcoholic beverages
may cause.
Anora’s marketing communications
are targeted exclusively towards
individuals of legal drinking age, and
this is the reason why Anora does not
initiate marketing campaigns in media
or contexts that target individuals
under the legal drinking age. These
social media platforms include
channels and content popular among
young audiences. Anora implements
age verification mechanisms for
online platforms and events for the
purpose of ensuring that messages
are only targeted to those of legal
drinking age. The use of cartoons, fairy
tale characters or youth culture idols
or phenomena that attract children
and young people is strictly prohibited
in Anora’s marketing, as is the use and
portrayal of minors in marketing.
In addition to minors, Anora also
protects other vulnerable individuals
from marketing, such as those
suffering from alcohol misuse.
Anora does not target its marketing
content at persons to whom alcoholic
beverages may not be sold or should
not be sold. These include, among
others, people who are pregnant.
Anora’s marketing campaigns
actively promote responsible alcohol
consumption. Anora integrates clear
messages that dissuade excessive or
irresponsible drinking and encourage
moderation. Anora does not portray
irresponsible drinking or abundant
consumption of alcohol in a positive
light and does not condemn anyone
who chooses not to drink. Any
depiction by Anora of individuals
consuming its products will focus on
moderate enjoyment of the quality of
Anora’s wines and spirits. Furthermore,
Anora does not emphasise alcohol
content as a positive characteristic or
endorse high alcohol content as such.
Anora’s marketing does not
glamorise alcohol consumption,
depict excessive consumption, or
associate alcohol with success,
popularity, or attractiveness.
Additionally, Anora ensures that
advertising does not give the
impression that an alcoholic beverage
or its ingredients have medical or
therapeutic properties, or that they
help prevent diseases, or solve
conflicts.
Anora requires all employees
involved in the marketing of Anora’s
products to be both familiar with and
comply with Anora’s Responsible
Marketing Policy and internal
Responsible Marketing Guidelines.
Anora has also put in place internal
Social Media Guidelines that
every new employee is required to
familiarise themselves with when they
join the company.
Anora educates its employees
regarding responsible marketing
and marketing regulation. Training
materials, including extensive
e-training and continuous guidance,
for all employees involved in the
marketing of Anora’s products are
provided by Anora’s legal team.
Continuous internal training is also
provided through various intranet
publications on current topics
related to, for example, promoting
a responsible drinking culture both
inside and outside the company.
No severe human rights issues and
incidents connected to consumers
were reported in 2024.
Anora allocates financial, human
and technical resources for the
innovation work regarding its NoLo (no
and low alcohol) product portfolio.
In addition, Anora allocates financial
resources to support the educational
awareness campaigns.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
111Annual Report 2024
S4-5 – Targets related
to managing material
negative impacts, advancing
positive impacts, and
managing material risks and
opportunities
All targets related to consumers
and end users are included in the
table below. All targets relate to
sustainability matters defined as
material as the outcome of a process
to identify and assess material
impacts, risks and opportunities,
during which affected stakeholder
views were considered. The target
is related to managing and
advancing the identified financial
opportunities related to NoLo products,
consequently supporting a responsible
drinking culture, as well as reducing
the identified negative impacts.
Target
Relationship with policy
objectives and scope of target
Target and
nature of target
Target year,
interim targets
or milestones
(if applicable)
Baseline value
and year
Description of methodologies, significant
assumptions, evidence used to define
target or any changes in these
Status of performance
against target
Increasing the share
of NoLo products
The target relates to responsible
drinking culture as stated in
the Code of Conduct. Anora
is committed to supporting a
responsible drinking culture in
accordance with Anora’s purpose
Let’s drink better. The scope of
the target includes Anora’s own
products, including wines under 10%
abv, spirits under 30% abv, RTDs and
non-alcoholic products.
The share of net
sales from no- and
low-alcohol products
projected to be 5% by
2030.
2030 4%
2022
Scope: own products, including wines
under 10% abv, spirits under 30% abv,
RTDs and non-alcoholic products.
Calculated from the net sales of the
products in the scope, divided by the
total net sales of the period.
During reporting period:
5.9%
The product development
on NoLo products is
on-going throughout the
year, and the performance
against this target is
tracked and reported
annually, and the progress
has been in line as initially
planned. The target was
already reached in 2024,
mainly thanks to the launch
of a broad selection of new
lower-ABV wines in Finland.
The target is based on the trend of
consumers purchasing behaviours
shifting increasingly towards NoLo
products. The target was agreed
during Anora’s Sustainability
Roadmap process. During this process,
stakeholders, including consumers,
were directly engaged through an
open survey. The progress towards
achieving the target is regularly
tracked, with annual updates available
to consumers in the annual report.
Anora takes into account general
consumer views, to adjust targets if
needed.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
112Annual Report 2024
G1 Business conduct
The role of administrative,
management and
supervisory bodies
(Disclosure Requirement
related to ESRS 2 GOV-1)
Anora’s Code of Conduct describes
the company’s commitment to
ethical business conduct. The Code
of Conduct and other related key
policies are prepared and periodically
reviewed and updated when needed
through a policy review process by
the Executive Management Team, and
where relevant approved by the Board
of Directors. The Code of Conduct and
other policies apply to all individuals
employed by any Anora Group
company, regardless of the type of
contract they have or the location
from where they work. The Board is
responsible for the administration of
the Company and the appropriate
organization of its operations.
The Board is responsible for
the appropriate arrangement of
the supervision of the Company’s
accounts and finances. The Board
decides on Group wide significant
matters of principal importance. The
Board appoints and dismisses the
CEO, supervises their actions, and
decides on their remuneration and
other terms and conditions of service.
The Board also makes decisions on
the strategy, investments, organization
and financial affairs of the Company.
With respect to sustainability, the
Board of Directors decide on the
sustainability strategy and roadmap
and as well as decides on significant
sustainability investments. The Board
also oversees management’s actions
to achieve set sustainability goals.
Audit Committee assists the Board of
Directors in overseeing the appropriate
governance of sustainability and ESG
within the Group, and sustainability
management and ESG related risks.
The CEO is responsible for the
day-to-day executive management of
the Company in accordance with the
instructions and orders given by the
Board. In addition, the CEO ensures that
the accounts of the Company comply
with Finnish law and that its financial
affairs have been arranged in a reliable
manner. The CEO, assisted by Executive
Management Team, implements the
sustainability strategy and roadmap in
accordance with the instructions given
by the Board of Directors.
Policies, guidelines and procedures
to ensure ethical business conduct
form the basis of Anora’s compliance
programme. Knowledge of, and
adherence to these policies, guidelines
and procedures is required by all
members of the Board of Directors,
the Executive Management Team
and employees of the Anora Group,
unless stated otherwise in the
relevant policy document. Members
of the Board of Directors and the
Executive Management Team have
extensive experience and expertise
from sustainable business conduct
from e.g., Anora’s long-standing and
recognized work on sustainability
and circular economy, in particular in
relation to the Koskenkorva Distillery.
G1-1 – Business conduct
policies and corporate culture
Anora’s key policies related to
managing material risks related to
business conduct and corporate
culture are summarized in the
following table. Anora evaluates
annually the need to review and
update its policies and procedures.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
113Annual Report 2024
Policy
Key contents, objectives and processes for monitoring
associated impacts, risks and opportunities Scope and exclusions of policy
Most senior level
accountable for
implementation
Related third-party standards
or initiatives (if relevant)
Policy availability
to stakeholders
Code of Conduct
(Anora Way)
Includes Anora’s values that govern all actions, choices
and behaviour to conduct business reliably, fairly and
in accordance with all laws and regulations. Creates
the foundation for assessing managing material risks
related to governance and corporate culture in Anora’s
own operations as well as for assessing potential related
risks in M&A situations.
Applies to all individuals employed
by any Anora Group company
Board of Directors OECD Guidelines for Multinational
Enterprises and the UN Business
and Human Rights principles.
Publicly available
online
Supplier Code of
Conduct
Includes description of Anora’s commitment to
developing responsible and sustainable policies in its
operations, including expectations for suppliers and
subcontractors in relation material risks on general
governance practices of human rights, environment
and business ethics throughout the value chain.
The same principles are used to mitigate material risks
in M&A situations.
Applies to all Anora’s suppliers and
subcontractors and their suppliers
and subcontractors
Executive
Management
Team
UN Universal Declaration of
Human Rights, UN Global Compact
and amfori BSCI (Business Social
Compliance Initiative) Code of
Conduct.
Publicly available
online
Anti-Bribery and anti-
Corruption Policy
Contains guidelines to prevent, detect, and address
bribery and corruption. The policy outlines acceptable
practices and defines prohibited behavior (such as
accepting monetary gifts, including cash or securities).
Its key objectives include ensuring integrity in all
operations, complying with anti-corruption laws,
and mitigating material reputation risks related to
governance of business conduct and corporate culture,
including in M&A situations.
Applies to all individuals employed
by any Anora Group company
Executive
Management
Team
Not publicly
available online
Anti-Bribery and anti-
Corruption Policy for
Business Partners
Contains guidelines to prevent, detect, and address
bribery and corruption. The policy outlines acceptable
practices and defines prohibited behavior (such as
accepting monetary gifts, including cash or securities).
Its key objectives include ensuring integrity in all
operations, complying with anti-corruption laws,
and mitigating material reputation risks related to
governance of business conduct and corporate culture,
including in M&A situations.
Applies to all Anora’s business
partners
Executive
Management
Team
Publicly available
online
Procurement policy
and Principles of
responsible sourcing
Describes Anora’s procurement principles, including
the responsibility on human rights and environment
in the value chain. The objectives of the policy include
securing the best value for materials and services
through competitive pricing and quality whilst
promoting sustainable, ethical and compliant sourcing
practices to manage risks related to governance of
business conduct and corporate culture, including in
M&A situations.
Anora Group and its subsidiaries,
all Anora’s suppliers
Executive
Management
Team
amfori BSCI principles Publicly available
online
BUSINESS OVERVIEW
REPORT BY THE BOARD
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Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
114Annual Report 2024
Anora’s Code of Conduct and values –
Courage to explore, Energy to inspire,
and Empowering to win – govern
all choices and actions in Anora’s
everyday work in a constantly evolving
business environment. They are
meant to ensure that the company’s
business objectives can be achieved
by ensuring ethical conduct by all
employees and compliance with
all laws and regulations. Anora’s
compliance system is embedded
in the governance model and is
designed to strengthen company
performance and a Group-wide
culture of integrity at all levels. Anora’s
established corporate culture is
developed and promoted in various
ways, including in individual discussion
during performance reviews and
recruitment situations, in internal
communications, including symbols
and other visual representation as
well as in leadership training and
management programs. Development
of corporate culture and associated
company values is evaluated through
an annual Anora Tasting employee
survey.
In case of concern for any
misconduct, Anora has a
whistleblowing channel maintained by
an independent third party, open to all
employees and external stakeholders.
All concerns raised, whether through
the channel or through other means,
are investigated in accordance with
an established process to ensure
accuracy, anonymity, objectivity and
fairness. The Audit Committee, which
plans and oversees the work of the
internal auditor, can also give the
internal auditor special assignments
to audit and investigate relevant
processes and systems, thereby
contributing to the identification
of concerns of unlawful behaviour.
Anora also encourages its personnel
to report on identified concerns, in
addition to using the Whistleblower
channel, also to their managers and
line management.
All Anora’s employees are informed
on the whistleblowing mechanism
and processes (including the process
of investigation) and advised on
how to report concerns through the
channel. All reported concerns are
investigated confidentially. Anora does
not tolerate retaliation against any
person reporting good-faith concerns.
Anora’s whistleblowing policy, which
is available to all employees, is built
on the premises that it encourages
Whistleblowers to feel confident
in raising concerns at the earliest
opportunity and to question and act
upon concerns; provides avenues for
Whistleblowers to raise those concerns
and receive feedback on any action
taken; ensures that Whistleblowers
receive a response to their concerns;
reassures Whistleblowers that they will
be protected from possible reprisals
or victimisation if they have made any
disclosure in good faith. The Policy
requires that all protected disclosures
made through the Whistleblowing
Channel will be treated with the
utmost confidentiality. The Policy
strictly prohibits any form of retaliation
against Whistleblowers who report
concerns in good faith. Retaliation
against Whistleblowers is a serious
violation of the Policy and Anora’s
Code of Conduct and may result in
disciplinary action. Whistleblower
protection is covered by the Code
of Conduct, Anora is also subject to
legal requirements under national law
transposing the EU Whistleblowing
Directive (EU) 2019/1937. Beyond the
procedures to follow up on reports
by whistleblowers, Anora follows its
normal internal control procedures
and risk management systems
to investigate business conduct
incidents, including incidents of
suspected corruption and bribery in
a prompt, independent and objective
manner.
Every employee, including the
Executive Management Team
and Anora’s Board of Directors, is
familiarised with the company’s Code
of Conduct and other policies and
guidelines relevant for their respective
work and duties. Anora’s employees
take the e-training on Code of
Conduct upon joining the company
and need an annual refresher. The
next deadline for completion is end of
Q1/2025.
Anora’s main markets in the Nordic
countries and Northern Europe are
low on the corruption index. However,
given that alcohol is a highly regulated
business, obtaining and maintaining
the necessary licenses and permits
are associated with a risk of corruption
or bribery in countries high on the
corruption index. Anora’s employees
and business partners exposed to
business in countries high on the
corruption index are seen as being
most at risk in respect of corruption
and bribery.
Even if no formal measurable
outcome-oriented targets with base
years from which progress would
be measured for business conduct
and corporate culture have been
set, Anora nevertheless tracks the
effectiveness of its policies in relation
to material risks through the number
of people receiving the Code of
Conduct training each year.
G1-3 – Prevention and detection
of corruption and bribery
As stipulated in the Anti-bribery
and -corruption Policy for Business
Partners, Anora has a zero-tolerance
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
115Annual Report 2024
policy towards bribery and corruption.
Procedures in place to prevent
allegations of incidents of corruption
and bribery include Anora’s internal
anti-bribery and corruption policy,
Anora’s anti-bribery and corruption
policy for business partners, Anora’s
internal anti-bribery and corruption
e-training module. detect and address
allegations of incidents of corruption
and bribery. Procedures in place to
detect and address allegations of
incidents of corruption and bribery
include internal control procedures
and risk management. Allegations
are addressed, as appropriate and
as the case at hand may require,
as an (i) internal investigation (as
applicable relying on the investigation
principles of the whistleblower policy
and Anora’s Conflict of Interest Policy);
and/or as (ii) a special assignment
to the company’s internal auditor.
Authorities are involved, as needed
and appropriate. The investigators /
investigating committee are separate
from the chain of management
involved in the matter. All allegations
and incidents involving corruption or
bribery are to be reported to the Audit
Committee and the Board of Directors.
The anti-bribery and -corruption
policy for business partners is publicly
available online, and Anora expects its
representatives, consultants, agents,
subcontractors, distributors, vendors
and other parties, when performing
services for Anora or on its behalf
or engaging in any other business
dealing on behalf of or for the benefit
of Anora, to comply with the policy, in
addition to any applicable local anti-
bribery and -corruption laws.
Anora reserves the right to monitor
and audit its suppliers and third
parties to ensure compliance with
the policy. Anora will conduct such
audit should it have a genuine reason
to suspect that a Business Partner is
not in compliance with the principles
of the Anti-Bribery and -Corruption
Policy. If bribery and corruption occur,
Anora reserves the right to terminate
the contract and cooperation with
the Business Partner applying, if
necessary, a notice period reasonable
under the circumstances to safeguard
Anora’s business interests. With the
support of the risk management
function, each business area, function
and unit are responsible for identifying
and managing compliance risks
related to its own operations. Any
suspected incidents of corruption or
bribery and reports of investigation
outcomes are reported to the Audit
Committee of the Board of Directors.
Anora offers internal trainings on its
Anti-Bribery and Corruption Policy for
relevant key employees. Procedures
in place to prevent allegations of
incidents of corruption and bribery
include Anora’s internal anti-bribery
and corruption policy, Anora’s
anti-bribery and corruption policy
for business partners and Anora’s
internal anti-bribery and corruption
policy. Employees in functions-at-
risk are required to complete the
training. All salaried employees
and management, not members
of the Board of Directors, are in the
scope. Anora’s employees exposed
to business in countries high on the
corruption index are seen as being
most at risk in respect of corruption
and bribery, and all are within the
scope of training programmes. 24%
of employees for whom the training
is relevant have currently completed
the course in 2024. Apart from these
periodically conducted training
programs described above, Anora has
currently not planned any other formal
actions related to prevention and
detection of corruption and bribery.
G1-4 – Incidents of corruption
or bribery
The number of convictions for violation
of anti-corruption and anti-bribery
laws was 0 during the reporting period.
The amount of fines for violation of
anti-corruption and anti-bribery
laws was EUR 0. These metrics
have been obtained through direct
measurement and are not subject to
validation by an external body other
than the assurance provider. During
the reporting period, Anora continued
with actions related to the annual
evaluation of the need to review
and update anti-corruption and
bribery principles and procedures. In
addition to these periodical updating
processes related to policies and
procedures for mitigating risks related
to business conduct and corporate
culture, no other formal actions or
action plans have been pursued.
Even if no formal measurable
outcome-oriented targets with base
years from which progress would
be measured for prevention and
detection of corruption and bribery
(related to disclosures presented in
this section G1-4 and section G1-3 of
these Sustainability Statement), Anora
nevertheless tracks the effectiveness
of its policies in relation to material
risks through the number of people
trained in anti-bribery and corruption
matters as well as through the number
of annual cases reported through the
whistleblowing channel.
Helsinki, 18 March 2025
Anora Group Plc
Board of Directors
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
Anora’s year 2024
Market environment
Key events
Financial targets
Financial review
Personnel
Governance
Risks and risk management
Events after the period
Dividend proposal, AGM and
outlook for 2025
Sustainability Statement
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
116Annual Report 2024
126
Anora’s own and value
chain emissions and our
work to reduce them
136
Building a safe and inclusive
workplace and a fair and
transparent value chain
141
Supporting a responsible
drinking culture and leading
the way in sustainable
packaging
122
Highlights from Anora’s
sustainability work in 2024
SUSTAINABILITY REVIEW
In 2024, we took
several steps to
reduce our impact
on the environment
and support
a responsible
drinking culture.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
Introduction
Planet
People
Product
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
117Annual Report 2024
We increasingly pack our products
in recyclable, recycled or lower-
carbon packaging in comparison
to traditional glass bottles, and
utilise near-market filling to reduce
transportation emissions. To help both
promote and support a responsible
drinking culture, we offer a broad
range of no- and low-alcohol (NoLo)
products to ensure everyone can
find an option for each occasion.
Our mission is to take the best of the
Nordics to the world, and to bring the
best of the world to the Nordics. The
ambition of this Sustainability Review
is to summarise and highlight our work
and notable achievements throughout
2024.
At Anora, we aim to minimize our
impact on the environment and are
committed to reducing the footprint
of Anora’s actions according to our
strategy. We encourage our suppliers
and partners to do the same. Our
Sustainability Roadmap 2030 contains
three primary focus areas – Planet,
People and Product – and it has
been designed to cover all aspects of
sustainability while further developing
our strengths, such as the effort to
reduce our emissions and enhance
our circular economy actions.
We have set as our own target
to reach zero fossil emissions at
Koskenkorva Distillery during 2026
and in the entirety of our own
production by 2030, without carbon
compensations. In 2024, we managed
to decrease our own Scope 1-2 fossil
emissions by 37% compared to 2023.
The improvement was mainly due to
the switch to renewable electricity at
the Rajamäki plant, where emissions
decreased by 93% compared to
the previous year, and the long-
term efforts at the award-winning
Koskenkorva distillery, where emissions
from steam decreased by about
Anora’s Sustainability Review
Anora’s vision is to be the leading Nordic wine and spirits
group, delivering growth through sustainability. This means that
sustainability, as defined in our ambitious 2030 roadmap, is central
in all of our operations and an integral element in our decision-
making. We have invested in our Koskenkorva Distillery for more
than a decade to distil grain-based spirits following the principles
of circular economy.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
Introduction
Planet
People
Product
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
118Annual Report 2024
28% compared to the previous year.
Read more on our work to reduce our
emissions in the Planet section on
pages 125-133.
As part of our roadmap, in late 2023,
we submitted science-based emission
reduction targets to the Science
Based Targets initiative (SBTi) and in
September 2024, we received official
approval from the SBTi for our targets
to reduce our Scope 1-3 emissions by
a defined percentage by 2030 and
to reach net-zero GHG (Greenhouse
Gases) emissions across the value
chain by 2050. To reach these targets,
Anora started to work on a climate
roadmap action plan for Scope 3 in
2024, focusing especially on planning
for the initiated actions to be taken
in the forthcoming years in terms of
grain, wine, logistics and packaging
that represent the biggest emissions
sources in our value chain. Read more
about our science-based emission
reduction targets on page 129.
In 2024, we also continued our
efforts to enhanve our biodiversity
work and support the regenerative
barley farming. Barley is the main
raw material of our grain-based
products, and Anora is one of the
largest buyers of barley in Finland – in
2024 Anora purchased 162 million
kilos of barley, around 3.5 million kilos
of which was regeneratively farmed.
Read more about our work to promote
regenerative farming practices on
pages 132-133.
We continued to promote fair,
safe and inclusive work in our global
value chain and throughout our own
operations. Internally, we have been
building a strong safety culture for
many years, and this work remains
a fundamental cornerstone of our
operations. Read more in the People
section on pages 134-140.
Our roadmap also highlights
Anora’s firm ambition to lead the
shift to more sustainable packaging
options. Our enhanced and expanding
use of recyclable and lower-CO
2
Bag-
in-Boxes (BiB), pouches, and plastic
bottles made from recycled material
(rPET) is a testament to our innovative
and proactive work in this area. Read
more on this topic in the Product
section on pages 140-144.
Finally, a significant sustainability
focus area in 2024 was the
preparatory work undertaken for
new EU legislation and particularly
work related to the new Corporate
Sustainability Reporting Directive
(CSRD). As part of this process, we
also updated our double materiality
assessment (DMA). Anora published
its first Sustainability Statement
in accordance with the CSRD and
structured around the European
Sustainability Reporting Standards
(ESRS) as part of its 2024 Annual
Report.
Welcome to Anora’s
Sustainability Review 2024.
”In 2024, we managed
to decrease our
own Scope 1-2 fossil
emissions by 37%
compared to 2023.”
BUSINESS OVERVIEW
REPORT BY THE BOARD
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SUSTAINABILITY REVIEW
Introduction
Planet
People
Product
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
119Annual Report 2024
• w
Sustainability Roadmap
BUSINESS OVERVIEW
REPORT BY THE BOARD
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SUSTAINABILITY REVIEW
Introduction
Planet
People
Product
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
120Annual Report 2024
The EU’s new sustainability reporting
directive increases transparency
The Corporate Sustainability Reporting Directive (CSRD), which is mandatory for Anora from
2025 onwards, is an EU regulation requiring companies to report on their environmental,
social, and governance (ESG) actions in accordance with the European Sustainability
Reporting Standards (ESRS) starting from the financial year 2024. The aim of the directive is
to increase transparency and accountability, enabling stakeholders to better understand
the impacts of companies’ activities. The CSRD replaces the previous sustainability reporting
framework and sets broader requirements for more companies.
As a base for the CSRD report, in
order to identify on what topics
Anora is required to report on, a new
and updated double materiality
assessment (DMA), was conducted.
The double-materiality principle
includes the perspective on both the
company’s positive and negative
impacts (the inside-out view) and
the financial risks and opportunities
(the outside-in view). The work on
identifying and assessing material
impacts, risks and opportunities
(IROs) was carried out in 2023-2024
utilising Anora’s previous materiality
assessment, a desktop study,
stakeholder interviews and group
assessment workshops.
Based on our double materiality
assessment, eight material topics for
Anora were identified:
— Climate change
— Water and marine resources
— Biodiversity and ecosystems
— Circular economy and resource use
— Own workforce
— Workers in the value chain
— Consumers and end-users
— Business conduct
In 2024, alongside the DMA, our actions
focused on, for example, building
the new reporting structure as well
as developing our data required for
CSRD and overseeing the first external,
voluntary assurance of the 2023
Sustainability Report.
For further information on the DMA and
the impacts, risks and opportunities
related to the material topics, please
see Anora’s 2024 Sustainability
Statement, published as part of Anora’s
2024 Annual Report on pages 41-116.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
Introduction
Planet
People
Product
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
121Anora Annual Report 2024
Anora’s year 2024 - Sustainability highlights
Our ambitious
targets validated
by SBTi
Our ambitious scince-
based emission
reduction targets
were validated by the
SBTi in September
2024. Our target is
to reduce our Scope
1-3 emissions by a
defined percentage
by 2030 and to
reach net-zero GHG
emissions across the
value chain by 2050.
5% target
reached in NoLo
products
The share of NoLo
products in our total
net sales was 5,9%,
exceeding the 2030
target of 5%. NoLo
products include
wines under 10% ABV,
spirits under 30% ABV,
ready-to-drink (RTD)
and non-alcoholic
products.
100% waste
recycling and
recovery rate
We achieved 100%
waste recycling and
recovery rate at
whole Anora level.
We are also running
a material recycling
route pilot project in
Rajamäki and Køge
and expanding it to
other plants.
We conducted
our first CSRD
report
A significant focus
area was the new
CSRD report. In 2024
we updated our
double-materiality
assessment and
developed the
reporting structure
and our data for the
new EU regulation.
37% reduction in
fossil emissions
We reduced our
Scope 1-2 fossil
emissions by 37%
compared to 2023.
The improvement
was mainly due to the
switch to renewable
electricity at the
Rajamäki plant, and
the long-term efforts
at the Koskenkorva
distillery.
BUSINESS OVERVIEW
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SUSTAINABILITY REVIEW
Introduction
Planet
People
Product
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
122Annual Report 2024
Anora’s value chain
SUPPLY CHAIN CUSTOMERS AND CONSUMERS
WINE
We import wines from
our partners and for
Anora’s own wine labels,
sourcing from all wine
regions, styles and
price segments, from
large international wine
companies to smaller
family-owned producers.
BARLEY
Finnish barley is one of
the key raw materials
used in our grain sprits,
technical ethanols,
barley starch and feed
components. Promoting
regenerative barley
farming is one of our
sustainability priorities.
DRY GOODS
We source materials, e.g.,
for our glass, plastic and
BiB packaging solutions,
as well as ingredients,
such as spices, for our
beverages.
CUSTOMERS
We sell and market our
products responsibly to
our customers through
the alcohol monopolies,
in the grocery trade,
hospitality industry, travel
retail and by exporting
to around 30 countries.
Our industrial products
- technical ethanols
and starch - are sold to
various industries from
the pharmaceutical
and healthcare to the
chemical and techno-
chemical industries.
CONSUMERS
Our award-winning and
sustainable brands cater
to Nordic consumer
preferences. We support
modern lifestyle choices
with our NoLo products
and the promotion
of a responsible
drinking culture.
ANORA’S OWN OPERATIONS
CONSUMER
RESEARCH,
INNOVATION,
PRODUCT
DEVELOPMENT
We continuously
develop our
offering and
new innovations
with a focus
on customer-
centricity,
occasions and
sustainability.
We also innovate
new circular
applications for
our industrial
sidestreams.
DISTILLING,
MATURATION
AND BLENDING
We have unique
distillation and
maturation
capabilities for
different spirits
categories in
Finland, Sweden,
and Norway. Our
Koskenkorva
Distillery in Finland
is a prime example
of state-of-
the-art quality,
sustainability, and
innovation.
BOTTLING AND
PACKAGING
We offer
competitive
services to our
customers at
our world-class
bottling plants for
spirits and wines.
We are the leader
in climate-smart
packaging in
the Nordics.
LOGISTICS AND
WAREHOUSING
We offer efficient
logistics and
warehousing
services to
our customers
through our main
logistics centres
in Finland,
Sweden and
Norway. We carry
out over 20% of
all the deliveries
to the Nordic
monopolies.
Segments - Wine, Spirits and Industrial
Anora’s value chain covers all the steps in the creation of a finished beverage product - from its initial design, raw material
sourcing, production and logistics to marketing, sales and the consumer occasion where the final product is enjoyed.
BUSINESS OVERVIEW
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Introduction
Planet
People
Product
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
123Annual Report 2024
Commitments that support our sustainability work
Since 2022, we have been part of
the UN Global Compact (UNGC), the
world’s largest voluntary corporate
sustainability initiative. Joining the
UNGC has allowed us to further ramp
up our sustainability work as detailed
in our Sustainability Roadmap 2030.
In September 2024, we received an
official validation from the SBTi for our
science-based emissions reduction
targtes. The SBTi confirmed that our
proposed targets are scientifically
rigorous and in line with global climate
goals. SBTi is a globally recognized
organization that encourages
companies to transition toward a
carbon-neutral economy by defining
and promoting best practices in
setting science-based targets.
Anora is a member of amfori
BSCI and has adopted the amfori
BSCI Code of Conduct throughout
its operations. amfori is an initiative
aiming to improve working conditions
in the supply chain. In addition, Anora
continues to work with the Baltic Sea
Action Group (BSAG) and ProAgria
in matters related to regenerative
farming practices. Anora also supports
several sustainability certificates
and, for example, Anora Sweden and
Finland are Fairtrade and Fair for Life
certified. In addition, our Koskenkorva
Distillery, Rajamäki alcoholic beverage
plant, Gjelleråsen production plant,
and Globus Wine plant in Køge are
certified for organic production.
Engagement with
our stakeholders
Anora’s stakeholder groups, including
investors, owners, analysts, Finnish
barley farmers, customers, suppliers,
partners, private investors and
authorities, have a significant impact
on our sustainability work. Stakeholder
expectations are primarily related to
GHG emissions reductions throughout
the supply chain, “walking the
sustainability talk”, communicating
about our achievements, and being
transparent about objectives not yet
achieved.
In 2024, we participated in industry
workgroups with the Nordic alcohol
monopolies. Furthermore, we
participate in industry collaborations
and discussions through the Swedish
industry association SVL (The Spirit
and Wine Suppliers Association), VBF
(The Association of Norwegian Wine
and Spirits Suppliers), ETL (The Finnish
Food and Drink Industries’ Federation)
and SAJK (The Association of Finnish
Alcoholic Beverage Suppliers).
ESG ratings
EcoVadis’ Gold Medal 2025:
78/100 (74/100)
CDP Supply Chain 2024: Climate
B (B), Water security B (new)
Sustainalytics ESG risk
rating 2024: 19.6, low risk (22.7,
medium risk)
MSCI 2023: BBB (BBB)
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124Anora Annual Report 2024
Planet
The Planet theme of our Sustainability Roadmap refers to our
focus areas covering climate and environment-related topics,
including actions to mitigate climate change, supporting
regenerative farming, reducing our CO
2
emissions, promoting
circularity and protecting biodiversity.
Our three primary Planet targets are:
– Achieving carbon-neutral operations at our Koskenkorva
Distillery during 2026 and throughout all our own
operations by 2030 – without carbon compensations.
– Enhancing circular economy by reducing wastewater by
20%, increasing the recycling rate of waste to 90% and
reducing landfill waste to zero by 2030.
– Supporting regenerative farming and increasing the
share of regeneratively farmed barley in the raw material
of our own grain spirit-based products to 30% by 2030.
In addition, Anora has set separate science-based emission reduction targets, which
were officially approved by the SBTi in September 2024, including near-term, net-zero
and FLAG (Forest, Land and Agriculture) targets.
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8.9%
Purchased goods and
services (non-FLAG)
Purchased goods and
services (FLAG)
Upstream and
downstream logistics
and distribution
Other categories
Anora’s full Scope 1–3 emissions in 2024
Scope 1 emissions are direct greenhouse
gas (GHG) emissions that occur from direct
energy use in Anora’s own operations, such as
combustion of non-renewable fuels or using
fuels for company vehicles.
Scope 2 emissions are indirect GHG emissions
associated with the energy, such as electricity,
steam, heating and cooling, purchased by
Anora.
Scope 3 emissions refer to the other indirect
emissions from Anora’s value chain, mainly
purchased goods and services, such as
packaging, and upstream and downstream
logistics and transportation.
FLAG (forest, land and agriculture) emissions
refer to emissions from land use change (LUC)
and land management (LM) of agricultural
products, like purchased wine and barley
farming in Anora’s value chain.
Scope 1+2 total:
13,547 tCO
2
e
Scope 3 total:
512,039 tCO
2
e
41.5%
2.6%
4.1%
SCOPE 3 (VALUE CHAIN EMISSIONS)
SCOPE 1-2 (OWN EMISSIONS)
42.9%
Capital goods 0.5%
Fuel and energy-related
Activities (not included in
Scope 1 or Scope 2) 1.3%
Waste generated in
operations 0.04%
Business travelling 0.3%
Employee commuting 0.3%
Processing of sold
products 0.02%
Use of sold products 1.6%
End-of-life treatment
of sold products 0.1%
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Our actions to achieve
carbon-neutral own
operations
Anora’s production sites are the
Koskenkorva Distillery in Finland;
Rajamäki alcoholic beverage and
technical ethanol plant in Finland;
Gjelleråsen plant and office as well
as Vectura logistics centre in Norway;
Globus Wine’s office and plant in
Køge, Denmark; Brunna logistics
centre in Sweden; Tabasalu plant
in Estonia; and the Atlungstad craft
distillery in Norway. In addition,
we have our headquarters in
Helsinki, Finland as well as offices in
Stockholm, Sweden; Copenhagen,
Denmark; and Riga, Latvia.
Our target is to reach carbon-
neutrality in our own operations
without carbon compensations, in
other words, reaching zero fossil
CO
2
emissions in Scopes 1 and 2.
Koskenkorva Distillery’s emissions
represent the most significant part
of Anora’s Group-wide Scope 1 and 2
fossil emissions, 79% (70%) in the 2024
reporting period. Our ongoing work to
implement actions to further reduce
these emissions continues.
At our Koskenkorva Distillery, we
have used 100% renewable electricity
from wind power since 2023. We also
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More detailed information on how we
managed and implemented climate
change mitigation measures is
available in section E1 on pages 73-81 of
Anora’s 2024 Sustainability Statement.
use bioenergy for steam production
in Anora’s bioenergy plant at
Koskenkorva, which utilises barley
husks, a distillation by-product, as its
fuel source. There is a plan underway
to replace the distillery’s remaining
fossil-fuel-fired steam boiler with a
state-of-the art fossil-free biomass-
boiler, which will allow us to reach
zero fossil emissions at the distillery
during 2026.
In 2024, a process water circulation
heat pump was in the installation
phase at Koskenkorva Distillery. Once
fully operational, the target of the
heat pump is to reduce 10% of the
primary steam production required
at the distillery and to reduce the
amount of fuel consumption in
the future. A-Rehu, a non-Anora
livestock and poultry feed plant
operating within the Koskenkorva
plant area, has also initiated a
major investment decision to build
a new feed dryer, which is planned
to be fully operational in 2025. Once
operational, the energy from the
distillery’s powerplant will be used
by the feed dryer, with part of the
residual energy ‘returned’ and to be
used again in the distillation process.
This has the potential of reducing the
need for steam production by 20% in
the plant area. Koskenkorva Distillery
also continued collaborating with
an external partner to increase the
capacity for recovering CO
2
released
in fermentation, which reduces the
distillery’s biogenic Scope 1 emissions.
One of the major emissions
reduction activities in 2024 was
shifting to 100% renewable electricity
at our Rajamäki plant and Helsinki
headquarters. Gjelleråsen – Anora’s
modern production plant in
Norway that utilises gravity in liquid
production handling – continued
using emissions-free electricity and
district heating and -cooling. Similarly,
Anora’s bottling plant Globus Wine
in Køge, Denmark, continued using
renewable electricity and district
heating and cooling.
Reducing our value
chain emissions
Value chain emissions, also known as
Scope 3 emissions, account for the
most significant part of Anora’s total
emissions (Scope 1-3), calculated
according to the GHG Protocol.
Anora’s largest Scope 3 impact
comes from purchased goods and
services, mainly barley farming
and wine cultivation in the FLAG
category, and from packaging in
the non-FLAG category. Other major
emission sources are upstream
and downstream logistics and
transportation. The rest of the Scope
3 emissions derive from other smaller
categories such as business travel and
employee commuting.
One example of our work to reduce
Scope 3 emissions undertaken and
continued throughout 2024 is the
near-market filling of wine. In practice,
this means shipping wine in bulk –
rather than in individual glass bottles
– from the country of origin, say South
Africa or Argentina, to be bottled close
to the end consumers in the Nordics,
as well as using tailored sustainable
packaging options to meet customer
requirements. Using low-emission
transport forms, such as trains, for
the bulk-wine further reduces GHG
emissions in the value chain.
When it comes to barley farming,
notable work to reduce emissions
includes our cooperation with BSAG
and ProAgria, a Finnish farming
consultation organisation partly
funded by the government, to provide
comprehensive support, education,
and training to farmers on the
regenerative farming of barley as well
as offering contract incentives for
barley farmers in Finland.
In 2024, we began work on a climate
roadmap action plan for Scope
3, focusing especially on building
a stronger understanding of how
to reach the indirect Scope 3 GHG
emissions targets, validated by SBTi,
and plan for the initiated actions to
be taken in the forthcoming years
in terms of grain, wine, logistics and
packaging.
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Anora’s SBTi-approved science-based
emission reduction targets
Anora is committed to science-based emission reduction targets, which were validated and approved by the SBTi in
September 2024. To ensure compatibility with the transition to a sustainable economy, to more firmly link our operations to our
value chain and our stakeholders, and with the limiting of global warming to 1.5°C in line with the Paris Agreement on climate
change, our emission reduction targets conform with the SBTi Corporate Net Zero Standard and the SBTi Forest, Land and
Agriculture (FLAG) Guidance. Through these targets, we commit to reach net-zero GHG emissions across the value chain by
2050. Our science-based targets include both near-term and long-term objectives:
Overall net-zero target: Anora commits to reach net-zero greenhouse gas emissions across the value chain by 2050.
* The target boundary includes land-related emissions and removals from bioenergy
feedstocks.
** Target includes FLAG emissions and removals
Note: Our 2024-validated SBTi targets are separate from the emission-reduction targets
that Anora has set previously as part of the 2030 Sustainability Roadmap, i.e., our target
for Koskenkorva Distillery to achieve carbon-free operations by 2026 and other own
operations by 2030, without carbon compensations.
NEAR-TERM 2030
REDUCTION TARGET OF 42%
Anora commits to reduce absolute
scope 1 and 2 GHG emissions
42% by 2030 from a 2021 base
year*. Anora also commits to
reduce absolute scope 3 GHG
emissions from purchased goods
and services, upstream and
downstream transportation and
distribution 42% within the same
timeframe.
NEAR-TERM FLAG 2030
REDUCTION TARGET OF 30.3%
Anora commits to reduce absolute
scope 1 and 3 FLAG GHG emissions
30.3% by 2030 from a 2021 base
year**. Anora also commits to
maintaining no deforestation
across its primary deforestation-
linked commodities.
LONG-TERM 2050
REDUCTION TARGET OF 90%
Anora commits to reduce absolute
scope 1 and 2 GHG emissions
90% by 2050 from a 2021 base
year*. Anora also commits to
reduce absolute scope 3 GHG
emissions from purchased goods
and services, upstream and
downstream transportation and
distribution 90% within the same
timeframe.
LONG-TERM FLAG 2050
REDUCTION TARGET OF 72%
Anora commits to reduce absolute
scope 1 and 3 FLAG GHG emissions
72% by 2050 from a 2021 base
year**.
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Enhancing circular economy
Optimally managing the resources
needed to create our products means
using raw materials from recirculated
sources whenever possible as well as
maximising the yield of each material.
The primary resources in Anora’s
production processes include barley,
water, wine, sugar, spices, ethanol, as
well as packaging, including various
types of cartons, plastic, and glass.
Our Koskenkorva Distillery is
especially noteworthy from a resource
use and circular economy perspective.
The distillery, located in the village of
Koskenkorva in Southern Ostrobothnia,
Finland, is a modern and highly
efficient production plant. Operating
according to circular economy
principles, the distilling process makes
full use of the barley grain and all
outputs are utilised either internally
or by customers. In addition to grain
spirit, the distillery produces starch
and raw material for animal feed.
Even a part of the biogenic carbon
dioxide generated in the fermentation
process is collected and used, for
example, in greenhouse cultivation. A
bioenergy power plant at Koskenkorva
uses barley husk as its fuel, producing
steam energy for the distillery and the
ashes created as part of the process
are used for fertilisers on nearby fields.
FEED
32-37%
of barley is used
as raw material for
animal feed.
BARLEY
162
million kg
of barley from
local farms
was used at
Koskenkorva
Distillery in 2024.
STARCH
34-39%
of barley is
used in starch
production.
ASHES
Barley husks fuel
the distillery’s
bioenergy plant.
Ashes from the
process are
gathered and
used as fertilizer
on fields.
CARBON DIOXIDE
Biogenic emissions
that can be
captured from
the fermentation
process are used
in, e.g., greenhouse
farming.
The distillery’s continuous distillation process runs efficiently, 350 days a year.
This ensured consistent quality and cuts unnecessary washing,
decreasing water, chemical and energy use.
GRAIN SPIRIT
20-25%
of barley is used in
grain spirit production
to produce alcoholic
beverages and
technical ethanols.
Circular economy at Koskenkorva Distillery
KOSKENKORVA
Distillery &
bioenergy power
plant
Protecting our water resources
Water is one of the most precious
resources we share and depend
on globally. It is also one of our key
ingredients at Anora and it forms
the very heart of our grain-spirit-
based products. We want to care for
and conserve our common water
resources, and to ensure clean water
also for the coming generations. In
addition to our products, we also
use water for cleaning and cooling
purposes at our production sites.
In Finland, Anora owns 984 hectares
of groundwater area around the
Rajamäki plant, where the water for
our products is taken, without filtration,
from the pure groundwater springs.
Protecting this area with forest and
swampland plays an important role
in ensuring the high quality of our
products. The groundwater fulfils all
the quality requirements without any
chemical or mechanical processing.
The area has water well above our
needs and includes the optimal
composition of various minerals. The
water has been used at the Rajamäki
plant since 1888, when the plant was
established.
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Successfully reducing
wastewater at our plants
Anora is targeting a 20% reduction
by 2030 in the amount of wastewater
generated. This will require both
reducing wastewater (originating) in
the production process and further
enhancing water circulation. The total
amount of wastewater in our industrial
sites in 2024 was 232,120 (246,600)
m^3 with a reduction of 21% compared
to our baseline set in 2021. Around
90% of Anora’s water usage and
wastewater comes from Koskenkorva
Distillery and Rajamäki plant.
At our Koskenkorva Distillery, several
methods are utilized to decrease
water use and wastewater. For
example, recycling process water
and optimising washes reduces the
volume of water used as well as the
amount of wastewater. During 2024,
the operations and enhancement of
the plant’s wastewater pre-treatment
facility were also actively investigated
Rajamäki plant continued to reduce
liquid waste as part of an ongoing
multi-year circular economy project,
as well as reducing wastewater
by directing cooling water into the
stormwater sewer, as that water is
clean and can be returned to the
environment.
At Gjelleråsen, we were able to
implement new ways of measuring
wastewater quality and initiate further
water reutilisation processes already
in 2023. COD (chemical oxygen
demand) measuring was initiated in
2024 and the plans for reducing the
COD started, with the aim to enhance
wastewater quality.
Reducing waste and
enhancing recycling
Anora aims to increase its recycling
rate of waste to 90% and reduce
landfill waste to zero by 2030. In 2024,
the waste recycling rate improved
throughout Anora’s operations.
Recycling rate is defined as the
proportion of the total amount of
waste that is diverted into recycled
material, while the recycling and
recovery rate also includes the share
of waste diverted into energy recovery,
for example, through incineration in a
waste incineration plant. Our recycling
and recovery rate is very high at all
our plants; in 2024, our company-
wide recycling and recovery rate
was around 100% (99.8%), and the
pure recycling rate in 2024 was 95.2%
(92.4%). Only 0.12 tons of landfill waste
(11.13 tons) was produced in 2024.
This improvement was mainly thanks
to changes at the Tabasalu plant
where landfill amounts were shifted to
incineration to produce energy.
In December 2023, Rajamäki
established a material recycling route
pilot project to use approximately 1.5
million PET bottles’ worth of leftover
label liner waste as a raw material for
construction insulation manufacturing
by an external partner. In early 2024,
the project was expanded to cover all
production lines at Rajamäki, resulting
in the recycling of 18.5 tons of PET
label backing material. Later in the
year, Globus Wine’s plant in Denmark
joined the project and the aim is to
expand this circular economy-based
collection operation to more Anora
plants during 2025 and beyond.
For further information on our
work related to resource use and
circular economy, please see section
E5 on pages 89-93 and section E3 on
pages 81-84 for further information on
how we manage our water resources in
Anora’s 2024 Sustainability Statement.
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Promoting regenerative
farming and protecting
biodiversity
Biodiversity is critical for all life on
earth and strongly supports climate
change mitigation. As part of our 2030
Sustainability Roadmap, in the autumn
of 2024, we undertook Anora’s first
biodiversity assessment as a desktop
study. The aim of the assessment was
to help recognise and assess the most
critical biodiversity-related impacts of
our own operations, including those of
our most prominent logistics centres,
plants and distilleries, and create
a base for further analysis on our
operations in this area. Biodiversity is
not a new topic for Anora and through
our revised and updated double
materiality assessment we recognise
that its importance is increasing.
The assessment, which utilised
the WWF Biodiversity Risk Filter,
indicates that Anora’s sites have a
low or very low risk on so called Key
Biodiversity Areas (KBAs), as none of
them are located in or adjacent to
key biodiversity areas or protected
areas. Additionally, we do not operate
in water scarcity areas and our
production plants do not have an
impact on the water availability of
near-by communities. Based on
the WWF Water Risk Filter country
profile-tool, all Anora sites are located
in countries that pose a very low or
low risk on physical water basin and
water availability.
The assessment supported
our view that our most material
biodiversity impacts occur in the
value chain, mainly related to
raw materials such as barley and
wine, rather than from our own
operations. A loss of biodiversity also
represents a considerable risk to raw
material production.
Anora’s main focus areas in
biodiversity are:
— Barley: Promoting regenerative
farming methods that help support
biodiversity in barley fields.
— Wine: Assessing possible
regenerative or other biodiversity-
focused farming methods in the
value chain with our partners
and suppliers
— Forests: Owning a 150-hectare
area of protected swampland and
a forest area of 800 hectares in
Rajamäki, Finland, which act as a
carbon storage of around 830,000
tons of CO
2
. Anora’s evolving forest
management plan will also help
enhance biodiversity throughout
these forests for generations to come.
Promoting regenerative
farming through cooperation
Regenerative farming is an approach
that allows the land, soil, water,
nutrients, and natural assets to
regenerate themselves, and in so
doing, positively impact productivity,
biodiversity and the climate. Simply
put, it is farming in a way that puts soil
fertility first. By transforming farmlands
into carbon sinks by increasing CO
2
sequestration, regenerative farming
methods can offer a solution to
climate-change mitigation that also
benefits farmers: they help farmers
cut greenhouse gas emissions and
protect their soils, while delivering
increased yields and improving
crop quality.
As our emissions calculation
shows on page 126, one of Anora’s
key raw materials, barley, constitutes
a significant part of our Scope 3
emissions. By reducing the emissions
caused by barley farming, we can
also reduce the climate impact of our
products. In 2024, Anora purchased
162 million kilos of Finnish barley,
representing approximately 15% of
the barley yield in Finland and over
30% of the total share of barley sold
in Finland. Promoting regenerative
farming, therefore, is critically
important to reducing our negative
impacts on local biodiversity areas
and natural ecosystems.
Anora has been working with
the Baltic Sea Action Group (BSAG)
since 2018 to develop regenerative
agricultural practices that aim to
reduce nutrient flow to the Baltic
Sea from barley fields, help bind
more water to the soils, increase
carbon sequestration and improve
biodiversity. From 2020 onwards,
together with BSAG, we have also
supported our Finnish farmers through
training to transition to regenerative
farming practices. Besides overall
support, ProAgria also carries out
farm audits for Anora’s contract farms
during the growing season.
”Since 2021, we have
grown the absolute
amount of purchased
regeneratively farmed
barley from 0.05 million
kg to around 3.5 million
kg in 2024.”
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We measure our progress
on regenerative farming as a
“regenerative share”, which is
calculated by dividing the used
ethanol made from regeneratively
farmed barley by the overall ethanol
used in the production of Anora’s own
products at its Rajamäki plant. Since
2021, we have grown the absolute
amount of purchased regeneratively
farmed barley from 0.05 million
kg to around 3.5 million kg in 2024,
and since 2023, we have calculated
and reported the regenerative
share described above. In 2024, the
regenerative share was 1.61% (0.33%).
Collaborating for the climate: Koskenkorva Vodka Climate Action
Anora’s flagship brand Koskenkorva aims to be the most sustainable vodka in the world. As a bold step towards
this goal, Koskenkorva joined forces with pioneering local farmers to create Koskenkorva Vodka Climate Action,
the first vodka in the world made from regeneratively farmed barley.
With regenerative farming methods, fields are kept covered with plants even after the barley is harvested,
enhancing carbon sequestration. Crop rotation increases plant diversity, which stops pests and diseases from
thriving and reduces the need for pesticides. Organic fertilisers from livestock helps introduce healthy bacteria
into the ground. Finally, rather than turning the soil to a depth of 20-30 cm as is traditional in conventional
farming, regenerative methods restrict cultivation to under 10 cm of soil depth helping to keep the carbon stored
in the ground. Thanks to these methods, regenerative farming decreases the carbon emissions caused by barley
farming, the second largest emission source of Koskenkorva vodka.
The award-winning Koskenkorva Vodka Climate Action continues to set a new standard and cement its position
as a circular economy front-runner in the spirits industry. Alongside to Koskenkorva Vodka Climate Action, the
renewed brand family that combines tradition and heritage with modern consumer trends and innovation, offers
a portfolio that includes a range of liqueurs and RTD’s packed in more sustainable packaging formats including
PET bottles and cans, which have lower CO
2
footprint than traditional glass bottles.
For more information on our work related to regenerative farming, please see on our website.
For further and more detailed
information on our work related to
biodiversity and ecosystems, please
see section E4 on pages 85-88 in
Anora’s 2024 Sustainability Statement.
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People
Anora strives to ensure an inclusive and safe workplace, that
represents the diversity, equity and progressiveness of Nordic
culture, as well as a fair and transparent value chain where
we source sustainably and protect human rights. We aim for
zero accidents and a strong safety culture throughout Anora.
Our three primary People targets are:
– Ensuring diversity, equity, and inclusion at work
– Increasing the number of safety observations and
reducing accidents resulting in absence to zero
by 2030
– 100% of the risk countries will be included in audits or
certifications, and 100% of the suppliers will sign the
amfori BSCI ethical principles
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Managing, protecting
and securing our
professional workforce
At Anora, we are constantly looking for
ways to recruit the best people with
the right capabilities. Our modern,
Nordic way of working attracts people
who share our values and ambition.
We provide fair opportunities for
current and future employees and
endorse diversity throughout all levels
of the organisation. We honour our
Nordic heritage while developing it
into something new, together. Our
employees, the Anorafolks, are our
finest ambassadors.
In 2024, we initiated a number of
actions related to our own employees
in all operating countries. The
highlights include continuing the work
of auditing DEI (diversity, equity and
inclusion) processes and educating
employees on DEI topics through
blended learning initiatives that
included e-learning, virtual learning
and classroom discussion. We will
launch a separate DEI policy in 2025.
Additionally, Anora’s recruitment
process and platform were
renewed in 2024 to cater for a more
compliant, inclusive and consistent
recruitment process.
During 2024, we conducted two
workshops with 60 managers and
other relevant people from around
the organisation to develop key focus
areas for strategy implementation in
2024 and 2025. This process allowed
employees to contribute directly to
Anora’s development.
During the year we continued
building and training Anora’s AI tool for
Anora’s employees to further enhance
internal competences. Finally, we
established new modules for our
leadership program, with a particular
focus on team management to
build common tools to improve
performance and work-related
satisfaction.
For monitoring employee
satisfaction, we conduct an annual
employee engagement survey,
Anora Tasting, for all employees.
The engagement survey process is
followed by a review of the results,
as well as trainings and action
planning that is consistently followed
throughout the company from the
ground floor to Board level.
In 2024, the survey response rate
was 89% (83%) – a result above
the external Nordic benchmark of
81% – with 1,126 (940) employees
Personnel by
employment group, %
Workers
Salaried and senior-
salaried employees
Gender distribution, %
Female
Male
Other or not
disclosed
* Does not include EMT members.
** Including seven board members elected by
the shareholders and one member elected by
the Anora employees.
Workers
Board of
Directors**
Executive
Management
Team
Salaried and
senior-salaried
employees*
Average number of
personnel by country
and by gender
Female
Male
Other or not
disclosed
Denmark
Estonia
Finland
Germany
Latvia
Norway
Sweden
87
77
0
262
92
0
16
15
0
49
128
0
39
26
0
less than 5
less than 5
0
258
174
0
0%
0%
0%
0%
50%
25%
38%
50%
75%
62%
41%
21% 79%
59%
BUSINESS OVERVIEW
REPORT BY THE BOARD
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Introduction
Planet
People
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FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
135Annual Report 2024
participating. The 2024 survey also
covered employees of Globus Wine
for the first time, creating a fully
Group-wide process for assessing
employee engagement. As part of the
survey, 78% (78%) of the respondents
indicated they were very happy with
their direct manager. Additionally,
the OSI metric assessing feelings
of workplace safety, workload
sustainability and support received
from one’s manager was 73 (72),
close to the global benchmark of
77/100. Anora’s employee engagement
index, measured as a combination
of energy and clarity, was 79 (77),
compared to the global benchmark
of 81/100. The index measuring team
efficiency was 76 (74) against a global
benchmark of 77/100.
Attitudes towards top management
in 2024 improved to 57 (52) though
they still remained below the external
benchmark of 66. Finally, the eNPS
(employee Net Promoter Score)
increased to -10 (-18) against the
benchmark of 14. Data from the survey
clearly shows that teams that had
actively worked together on areas for
improvement based on their previous
Tasting results during the year were
more engaged than those who had
not. Efforts have been focused to
ensure managers have the support
and resources they need to work on
the results with their teams. By the
end of the year 2024, most teams had
already been involved in first round of
assessing the results.
Supporting employee
health and safety
Anora’s employees are covered
by health services, at minimum
according to local legislation. The
quality of the service is reviewed by
HR and employees can reach the
health services with a low threshold
with preventive occupational
health services. In 2024, additional
occupational healthcare services to
support employees’ psychological
safety and well-being included an
external provider, Auntie. Although
there are country-specific differences
in these services, the basic principle
is the same for all employees. The
occupational healthcare process aims
to promote and support the working
capacity of Anora’s employees
at every stage of their careers,
rehabilitation is provided as needed,
and Anora has in place an early
intervention model.
Occupational health and safety
(OHS) is a vital part of Anora’s
corporate responsibility and
sustainability strategy. Anora aims
“See something, say something”:
preventing accidents with safety observations
Safety observations are one the cornerstones of proactive safety
work: the more potential safety risks are noticed and dealt with,
the less accidents there are. Anora measures the number of safety
observations reported by its employees on an ongoing basis, a KPI also
included in the rewarding goals for 2024 for named members of the
staff. To increase the number of safety observations, Anora held two
safety-focused campaigns, “Anora Safety Week” in June and “Improve
Anora Safety Month” in October 2024.
During October 2024, the best safety observations at each plant were
selected at the end of the month andthe best overall Anora safety
observation was chosen. The winning observation was from Rajamäki
beverage plant and it addressed how to prevent a roll of packaging
material from falling from the top of a machine and injuring the operator.
Corrective actions were implemented quickly, and a new safety beam
was installed on the machine within one day of the observation.
The total number of safety observations in 2024 was 2,977 (2,590).
This represents a 49% increase in total observations compared to
the 2,000 observations benchmark set in 2022. The majority of the
observations – 3.8 (3.6*) observations per person, in total – were made
in Anora Industrial segment, which includes the employees in all of our
production sites.
* Globus Wine not included in 2023 figures
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For further and more detailed
information on our work related to our
own employees, please see section
S1 on pages 94-102 in Anora’s 2024
Sustainability Statement.
Award-winning safety work
at Koskenkorva Distillery
Starch Europe granted the 2024 Safety Year Award to our Koskenkorva
Distillery for a continuous year of operation without absences due to
work-related accidents. The distillery has now received this award
for the fourth consecutive year. This recognition is a testament to the
commitment of all employees at Koskenkorva to improving safety.
Safety is one of the key priorities in Anora’s sustainability work, and we
invest heavily in improving work safety and building a safety culture
within our organisation and in collaboration with our partners.
The safety program hosted by Starch Europe has been awarding the
best-performing European starch plants in their efforts to reduce work
accidents since 2014. The Starch Europe Safety Program, supported by
European starch producers, aims to support those starch producers
who continuously strive to improve safety practices and build a safer
working environment for their employees.
to reduce the number of accidents
resulting in absences to zero.
Anora’s HSEQ (Quality, Safety and
Environment) policy covers all sites
throughout the operating countries.
Anora has the ISO 45001 certificate,
which provides an internationally
recognised framework for managing
occupational health and safety risks,
in effect across all its operations in
Finland (Rajamäki, Koskenkorva, and
Anora’s headquarters in Helsinki).
Anora also has four minimum safety
requirement categories: personal
protective equipment in use, external
craftsmen, chemical handling, and
working at heights.
During 2024, Anora’s total sickness
absence rate was 5.2% (5.0%*) and
lost time incident frequency (LTIF)
(excluding commuting) was 5.8
(4.6*). Both KPIs are for Anora’s own
employees. Total recordable injuries
(TRI) in 2024 throughout Anora’s
operations were 27 (15*). The total
lost time incidents (LTI) was 13 (9*).
Most accidents occur at plants and
are relatively minor, the main reasons
being fingers or hands getting caught
and tripping and slipping. There were
zero fatal work-related accidents
in 2024 (0) across Anora Group’s
entire operations.
* Globus Wine, Vingruppen Sweden and
Germany not included in 2023 figures.
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137Annual Report 2024
Protecting and improving the
conditions of workers in the
value chain
Anora is committed to respecting
human rights as enshrined in the
International Bill of Human Rights, which
consists of the Universal Declaration
of Human Rights, the International
Covenant on Civil and Political Rights,
as well as the International Covenant
on Economic, Social and Cultural
Rights and the International Labour
Organization’s (ILO) Declaration on
Fundamental Principles and Rights at
Work.
Our salient human rights issues
arise from our supply chain. According
to Anora’s human rights assessment
conducted in 2023, agricultural value
chains and some of the geographies
we source from are prone to human
rights risks. This makes compliance,
transparent relationships and ethical
values critical and we recognise the
need to actively identify possible
changes in our own and our suppliers’
operating environment which might
increase their likelihood. As part of our
human rights work, we are committed
to systematically improving our
sustainable procurement procedures.
Through Anora’s membership in
amfori BSCI we aim to enhance the
working conditions in our supply chain..
Our work is governed by our Supplier
Code of Conduct (SCoC), which is
based on the same international
agreements and principles as the
amfori BSCI Code of Conduct. The
amfori Business Social Compliance
Initiative (BSCI) is an industry-driven
movement that aims to monitor
and assess workplace standards
across the global supply chain. Anora
reviews and updates its policies and
procedures through an annual policy
management process.
All workers in our supply chain
should have the right to health, a safe
working environment with fair pay,
freedom to bargain collectively, legal
working hours and no discrimination
nor bonded or forced labour. To
achieve these objectives, all value
chain workers who are likely to be
impacted by our business, especially
in agricultural and manufacturing
activities conducted as part of our
business relationships, are included
in the scope of our ongoing work. The
values and principles of the amfori BSCI
CoC have a strong focus on working
conditions and human rights. To ensure
that all these principles are met, amfori
uses audits as a compliance method.
Our employees and all producers are
informed and aware of the CoC.
In 2024, we introduced the Anora
Field Guide, a practical guide to
support our brand managers and
procurement visiting partners to
effectively assess and discuss human
rights, while promoting Anora’s
sustainability approach. The field guide
also advises what to consider before
a visit and what do with the findings.
Furthermore, we continue to publish a
report on The Norwegian Transparency
Act annually, covering human rights
due diligence in accordance with the
OECD Guidelines.
In line with our strategy and 2030
Sustainability Roadmap, and in
addition to the actions noted above,
in 2024, as part of our human rights
work, we continued to use third-
party certificates, and planning for
third-party audits as well as supplier
self-assessments throughout the value
chain. In addition, we carry out regular
internal audits and supplier visits. Our
ongoing assessment of risk country
profiles also provided us with a holistic
understanding of the human rights
situation in the supply chain countries.
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138Annual Report 2024
Making fair choices easy
with certificates
For consumers, certifications offer a
reliable way of making ethical purchasing
decisions. Anora holds Fairtrade and
Fair for Life certifications in Finland and
Sweden. Fairtrade is the most recognised
and trusted sustainability label working to
make trade fairer for the people working
in agriculture. Fair for Life is a certification
programme for fair trade in agriculture,
manufacturing and trade. These ethical
trade certificates ensure that workers
are paid a legal wage and international
agreements on workers’ rights and national
laws are followed in the wine’s production
process.
More environmentally sustainable wines
utilise organic and biodynamic production.
In the EU, wines with organic certificates
are cultivated and produced in compliance
with official regulations, and as a result,
chemical pesticides are not used and the
maximum amount of sulphites permitted in
the final product is lower than in uncertified
wines.
A responsible player in society
Anora acts as a responsible member
of society. In 2024, we paid EUR 884.0
million (907.0) in excise and income
taxes, of which 235.8 EUR million
(235.7) went to Finland. We paid
employees a total of EUR 103.9 million
(103.8) in salaries and other indirect
employer costs, and purchased raw
materials, goods and services for EUR
407.1 million (441.4). We bought Finnish
barley from approximately 1,400
farmers for a total of EUR 35.6 million
(42.2) million. We received a total of
EUR 692.0 million (726.5) in revenue,
made investments of EUR 12.3 million
(12.6) million to develop our business
and paid a total dividend of EUR 15.1
million (15.1) to our owners.
We are a responsible taxpayer
in all our operating countries,
complying with all applicable local
and international laws and regulations
in paying, collecting, remitting, and
reporting taxes. Our principle is to
pay taxes in the country in which the
income is earned. Anora Group does
not operate in tax havens, and we
do not practice tax planning aimed
at artificially decreasing the taxable
profit of the Group or an individual
operating country.
For more information on how we enhance human
rights in our value chain, please see section S2
on pages 102-107 of Anora’s 2024 Sustainability
Statement.
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139Annual Report 2024
Product
The Product theme of Anora’s 2030 Sustainability Roadmap focuses
on our commitment to support a responsible drinking culture, offer a
broad range of no- and low alcohol (NoLo) products, and deliver on
our ambition to further the rapid transition to more recyclable and
sustainable packaging options across our entire portfolio.
Our three primary Product targets are:
– We support a modern, responsible drinking culture
– We will increase the number of sustainable and
NoLo choices
– By 2030, all packages will be light in weight, up to
100% recyclable and made of materials from certified
sources or recycled origin
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140Annual Report 2024
For more detailed information on our
work related to responsible marketing,
please see section S4 on pages
108-112 of Anora’s 2024 Sustainability
Statement.
Building a modern,
responsible drinking culture
Anora offers a wide portfolio of
alcoholic and non-alcoholic
beverages from its own brands and
prominent international partner
brands to customers in off- and
on-trade channels – including Nordic
retail monopoly markets – and in
travel retail and exports. Anora also
provides services to its partners
utilising its production, packaging and
logistics capabilities.
Anora supports the development
of a modern and responsible drinking
culture in its operating countries. We
are proud of our brands and want
them to be enjoyed responsibly,
minimizing alcohol-related harm while
supporting enjoying with moderation
and supporting everyone’s freedom to
choose non-alcoholic options.
We adhere to strict marketing
practices according to the stringent
regulations of our industry, contribute
to awareness campaigns, and
maintain clear and detailed
information on our website to help
educate consumers and mitigate the
negative impacts of excessive alcohol
use. We follow the guidelines and
principles outlined in our Responsible
Marketing Policy and applicable
regulations. We remain committed
to providing transparency and the
ongoing evaluation of our initiatives in
this area to support the well-being of
consumers.
However, due to Anora being a
business-to-business company
without its own retail sales channels,
our direct engagement with the
end-users of our products is limited.
That said, we recognise that alcoholic
products may cause or exacerbate
adverse health impacts for consumers
and have negative societal impacts
and represent one reason why we
have adapted our business model
and strategy to provide an increasing
number of NoLo options in our portfolio.
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For more detailed information on our
approach to enhancing a responsible
drinking culture, please see section
S4 on pages 108-112 of Anora’s 2024
Sustainability Statement.
Promoting responsible
drinking through our
NoLo products
As part of our ongoing efforts
to support a modern Nordic,
responsible drinking culture, we aim
to continuously expand our range of
NoLo products offering high-quality
drink options for any occasion and
providing alternatives that can help
reduce the negative impacts of
excessive alcohol consumption.
In 2024, we launched a wide
range of wines containing up to
8% ABV in grocery stores in Finland,
following the legislative amendment
to Finland’s Alcohol Act in June 2024.
The range of around 70 wine launches
encompasses many different sparkling,
white, rosé, and red wines from brands
that are already consumer favourites,
including Chill Out, I.L.O., El Tiempo,
Lindeman’s, and Two Oceans.
We also celebrated several new
product launches in the growing RTD
(ready-to-drink) category, such as
the 4.5% RTD Vikingfjord Hard Seltzers
Raspberry & Pomegranate and
Orange & Mango, and the 4.5% RTD
Jaloviina Omena. Anora’s RD&I pipeline
is populated with similar product
development initiatives being prepared
for launches in 2025 and beyond.
In 2024, the share of Anora’s total
net sales from NoLo products was
5.9%, reaching our target 5% by 2030
well ahead of time. This was mainly
thanks to the above-mentioned
lower-ABV wine launches in Finland.
The scope of the target includes
Anora’s own products, including
wines under 10% ABV, spirits under
30% ABV, ready-to-drink (RTD) and
non-alcoholic products.
Blossa – Nordic tradition and
innovation in the glögg market
Blossa is a renowned Nordic glögg brand that has brought warmth
and ambiance to winter evenings for over a hundred years. Over
the decades, the Blossa product family has grown to include a
comprehensive selection that caters to the diverse and changing
tastes of consumers. In 2023, Anora’s flagship product, Blossa annual
glögg, was launched for the first time as an alcohol-free version.
With this addition, the product range now boasts a complete range
of more traditional options alongside to organic, alcohol-free and
low-alcohol (8%) version and a convenient BiB option.
Blossa glöggs are produced at Anora’s Rajamäki factory, which is
certified for organic production. This ensures that Blossa Ekologisk
Glögg meets the strict criteria of the EU organic label for production,
processing, transportation, and storage.
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142Annual Report 2024
Developing and increasing the
use of sustainable packaging
During 2024, we continued our
development, utilisation and
promotion of more sustainable
packaging options, including rPET,
tetras and Bag-in-Boxes (BiBs).
BiBs have an almost 90% lower
CO₂ footprint per litre compared to
traditional glass bottles. Combined
with near market filling – where wine
is brought from South America, for
example, in containers to the Nordics
and packed near the final markets –,
the result is an even greater reduction
in the environmental impact of wine
production. Lighter weight packaging
decreases also logistics emissions
helping to reduce emissions in our
value chain.
PET plastic bottles are light in
weight and their carbon footprint is
60% lower compared to a traditional
glass bottle and are less energy
intensive to produce. Anora has also
wine bottle formats made of 75%
post-consumer recycled plastic
(rPET). In our spirits portfolio, Anora’s
PET bottles contain mostly 50% rPET
content. In 2024, we continued the
development and utilisation of rPET
bottles, progressing in line with the
goal of the EU’s circular economy
strategy to increase the use of
recycled plastic in PET bottles.
In 2024, other notable highlights
included the redesign of the
Skagerrak Nordic Dry Gin bottle. The
new bottle features a 28% reduction
in glass, on average, compared to
previous versions, and 60% of the
glass is recycled material, which is
more than double the amount used in
the previous bottle. The Koskenkorva
Vodka glass bottle was also modified
by increasing the share of the
recycled glass.
In 2024, we began introducing
tethered closures in products in
compliance with the EU’s Single Use
Plastic Directive (SUP). This directive
refers to caps that remain attached
to the bottle even when opened, and
it aims to reduce the environmental
impact of single-use plastics and
increase responsible use and waste
management of products in the
EU. The Rajamäki plant was the first
of Anora’s bottling sites to begin
commercial bottlings of wines with
tethered caps in May 2024. In addition,
the Gjelleråsen and Køge plants
implemented tethered closures later
in 2024.
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For further and more detailed
information on our work related to
consumers and end-users, please see
section S4 on pages 108-112 of Anora’s
2024 Sustainability Statement.
Chill Out wines: full range of sustainable
packaging formats for the more
environmentally conscious consumer
Anora’s own Chill Out wine product family is a forerunner
and prime example of delivering more sustainable
packaging solutions in the wine category.
Since 2021, Chill Out’s BiBs have been 100% recyclable,
and with a 90% lower CO
2
-footprint compared to the
corresponding volume contained in four traditional 75cl
glass bottles. The box is easy to disassemble and recycle.
To reduce raw material use and ensure full recyclability, the
plastic handles are lighter and now made of transparent
plastic, as is the tap; the box is produced from sustainable,
FSC-certified recyclable cardboad and the bag inside the
box is thinner and therefore lighter and does not contain
metalling, aluminium or nylon, so it can be disposed of as
plastic waste.
The pouch of our Chill Out Chenin Blanc wine has an 85%
lower CO₂ footprint compared to two traditional 75cl
glass bottles and is fully recyclable. It is also a Fairtrade-
certified wine, offering an example of a holistically
sustainable option in the wine category.
Chill Out is also one of the first wine brands to use rPET
bottles, a pioneering launch from Anora in 2021. 75%
of the bottles’ material is recycled plastic or rPET. The
plastic material is the result of a circular economy
process where post-consumer bottles are re-used as raw
material for new bottles. For consumers, rPET wine bottles
offer convenience in addition to sustainability, as they are
light in weight and easy to recycle.
In 2024, we also continued the
implementation of and preparation
for recently enforced and potential
new legislative changes at the
EU-wide level – such as the EU’s
2024 Packaging and Packaging
Waste Regulation (PPWR) – to ensure
compliance, enhance sustainability,
and align our operations with new
requirements.
The carbon footprint of different
packaging types is based on life cycle
assessments (LCA) conducted by
Gaia Consulting.
For more information on our work
related to sustainable, lower carbon
and recyclable packaging, please
see our website.
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Planet
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144Annual Report 2024
36
Remuneration Report
2024
48
Anora’s Board of
Directors
57
Anora’s Executive
Management Team
22
Corporate Governance
in 2024
GOVERNANCE
Sustainability
reporting and
assurance as
the focus area
of the Audit
Committee
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145Annual Report 2024
Anora Group Plc (“Anora”, the
“company” or the “Group”) is listed on
Nasdaq Helsinki. Anora Group’s head
office is in Helsinki, Finland.
The duties and responsibilities
of Anora’s governing bodies are
determined by Finnish law as well
as Anora’s Articles of Association
approved by the General Meeting
of Shareholders and Anora Group’s
Governance Principles approved by
Anora’s Board of Directors.
This Corporate Governance
Statement has been prepared
in accordance with the Finnish
Corporate Governance Code 2025
published by the Securities Market
Association (the “Governance Code”).
This Statement is not part of the
Board of Directors’ Report. Anora
complies with all Recommendations
of the Governance Code.
The information required by the
Finnish Corporate Governance Code
is also available on the company’s
website www.anora.com. An unofficial
English translation of the Finnish
Corporate Governance Code is
available at www.cgfinland.fi/en.
Governing bodies
The management of the company
is the responsibility of the General
Meeting of Shareholders, the Board
of Directors, and the CEO. The
management and administration of
the company are also based on the
decisions of the General Meeting of
Shareholders and the company.
General Meeting of Shareholders
The General Meeting of Shareholders
is the ultimate decision-making
authority of the company. At the
General Meeting of Shareholders,
shareholders exercise their powers
in accordance with the Companies
Act and the Articles of Association.
The General Meeting of Shareholders
decides on matters that under the
Companies Act and the Articles of
Association are within its purview. A
General Meeting of Shareholders is
convened by the Board of Directors
annually within six months from
the end of the previous financial
year. An Extraordinary Meeting of
Shareholders may be convened
in the manner provided for in the
Companies Act. Matters on which
the Annual General Meeting decides
include the adoption of the financial
statements, distribution of profits,
discharge from liability, and election
of the Chairperson, Vice Chairperson
and other members of the Board
of Directors and the auditor as well
as their remuneration. The General
Meeting of Shareholders adopts the
company’s remuneration policy and
remuneration report in accordance
with the provisions of the Companies
Act. Decisions to amend the Articles
of Association are also taken by a
General Meeting of Shareholders.
Shareholders’ Nomination Board
The Shareholders’ Nomination Board
prepares proposals concerning
the composition, election, and
remuneration of the members of the
Board of Directors annually. Pursuant
to the charter of the Nomination Board
approved by the General Meeting
of Shareholders, the Nomination
Board consists of three physical
persons nominated by the three
largest shareholders. The Chairperson
and Vice Chairperson of the Board
of Directors act as experts on the
Nomination Board, but they are not
members of the Nomination Board
and do not have voting rights.
The term of the members of the
Nomination Board ends with the
Corporate Governance
Statement 2024
This Corporate Governance Statement of Anora Group Plc
is issued for the financial year 2024.
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146Annual Report 2024
appointment of the following
Nomination Board. The members of
the Nomination Board are not entitled
to remuneration from the company
based on their membership unless
otherwise decided by the General
Meeting of Shareholders.
The main duty of the Nomination
Board is to ensure that the Board and
its members represent a sufficient
level of expertise, knowledge, and
competence for the needs of the
company and have the possibility to
devote enough time to attend their
duties as members of the Board. The
Nomination Board shall pay attention
to achieving a good and balanced
gender distribution and diversity
balance on the Board considering the
competence of the Board as a whole.
The Nomination Board considers the
independence of new Board member
candidates in its proposal to the
General Meeting of Shareholders.
The Nomination Board has the
power and authority to prepare and
present a proposal to the General
Meeting of Shareholders concerning
the number of members and
composition of the Board of Directors,
the remuneration of the members
of the Board of Directors and the
Board committees as well as seek
prospective successor candidates for
the members of the Board of Directors.
The Nomination Board shall submit
its proposals to the General Meeting
of Shareholders, at the latest, on 31
January each year. The Proposals of
the Nomination Board will be disclosed
by a release issued by the company
and included in the notice to the
General Meeting of Shareholders.
The Board of Directors
The Board of Directors is responsible
for the administration of the company
and the appropriate organisation of
its operations. The Board of Directors
is responsible for the appropriate
arrangement of the control of the
company’s accounts and finances.
The Board of Directors also ensures
that good corporate governance
is complied with throughout Anora
Group. The Board of Directors has
approved the Corporate Governance
Principles of Anora Group.
According to the Articles of
Association, the Board of Directors
shall comprise a minimum of three
and a maximum of eight members
elected by the General Meeting of
Shareholders. The General Meeting of
Shareholders elects the Chairperson,
the Vice Chairperson and the other
members of the Board of Directors for
a term expiring at the end of the next
Annual General Meeting following their
election. The biographical details of
the members of the Board of Directors
are presented on the company’s
website at www.anora.com.
In addition to the Board members
elected by the General Meeting of
Shareholders, Anora’s employees
have, in accordance with the
agreement on employee participation
between Anora and the special
negotiating body of the employees,
elected one member and a deputy
member to the Board of Directors.
The Board of Directors has
adopted the charter of the Board
of Directors, which sets forth the
procedures and working principles
of the Board of Directors, as well
as the most important tasks and
issues considered and approved by
the Board of Directors. Accordingly,
the Board of Directors approves
the company’s strategy, financial
targets, budgets, major investments,
and risk management principles as
well the Anora Group’s sustainability
strategy (roadmap) and significant
sustainability investments. The Board
of Directors monitor and assess the
financial and sustainability reporting
systems, the effectiveness of the
company’s internal control, internal
audit, and risk management systems,
and the independence of the auditor
and the sustainability auditor. The
Board of Directors also monitors and
evaluates transactions between the
company and its related parties, and
how agreements and other legal
acts between the company and its
related parties meet the requirements
of ordinary course of business and
customary terms. The Board of
Directors appoints and dismisses
the company’s CEO. The Board of
Directors considers and decides on
all significant matters concerning the
operations of Anora Group and its
business areas. The Board of Directors
has also approved the charters of
the Audit Committee and Human
Resources Committee.
The Board of Directors convenes in
accordance with a schedule agreed
on in advance and also as required.
The Board of Directors receives in
its meetings current information on
the operations, finances and risks
of the Group. Board meetings are
attended by the CEO, the CFO, and
the General Counsel (who acts as
secretary to the Board). Members
of the Executive Management Team
and other representatives of the
company attend Board meetings
at the invitation of the Board of
Directors. Minutes are kept of all
meetings. The Board of Directors
assesses its activities and working
practices regularly.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
Corporate governance statement
Remuneration report
Board of Directors
Executive Management team
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
147Annual Report 2024
Diversity of the Board of Directors
In Anora, the election and composition
of the Board of Directors is also guided
by the principle of diversity to ensure
that the company has a skilled,
competent, experienced, and effective
Board of Directors. Diversity is an
essential quality of a well-functioning
Board of Directors. The Board must
at all times be able to react to the
requirements of the company’s
business and strategic objectives, and
support and challenge management
in a proactive and constructive
manner. A diverse composition of
the Board of Directors supports and
caters to the current and future needs
in the successful development and
growth of the company. A diverse
composition of the Board of Directors
includes complementary education,
competence, and experience of its
members in different professional
fields and management of business
in different development phases as
well as the personal qualities of each
Board member, all of which add to
the diversity of the Board of Directors.
Diversity is also supported by relevant
experience in fields and markets
that are strategically significant for
the company, now and in the future,
by strong and relevant acumen
in international environments and
businesses, and by a diverse age,
term of office and gender distribution.
The Board of Directors decides on the
diversity principles.
Board committees
The Board of Directors of Anora has
two permanent Committees, the Audit
Committee and the Human Resources
Committee. The Committees do not
have independent decision-making
powers in relation to matters falling
within the competence of the Board
of Directors. The Committees are
preparatory bodies that assist the
Board of Directors by preparing
and submitting proposals to the
Board of Directors on matters
within their purview. Minutes are
kept of Committee meetings. The
Committees report regularly to the
Board of Directors. The Board of
Directors has approved the charters
of the Committees. In its constitutive
meeting, the Board of Directors
appoints annually, from among its
members, the members and the
chairperson of the Audit Committee
and the Human Resources Committee.
In addition to the Audit Committee
and Human Resources Committee,
the Board of Directors may appoint ad
hoc committees for preparing specific
matters. Such committees do not
have Board-approved charters and
the Board of Directors does not release
information on their term, composition,
number of meetings or the members’
attendance rates, unless separately
decided by the Board.
Audit Committee
The task of the Audit Committee
is to assist the Board of Directors
by reviewing and preparing topics
relating to the control of the
company’s operations and financial
reporting and submitting resolution
proposals to the Board of Directors on
such topics. The Audit Committee’s
duties include monitoring the
company’s financial affairs and the
financial and sustainability reporting
and reporting processes, monitoring
the company’s reporting systems,
reviewing the interim reports and
financial statements and presenting
them to the Board of Directors for
approval, monitoring the statutory
audit of the financial statements and
consolidated financial statements,
monitoring the assurance of
sustainability reporting, monitoring
the effectiveness of internal controls,
internal audit and risk management
systems as well as assisting the
Board in overseeing the appropriate
governance of sustainability and EGS
within the Group and sustainability
management and ESG-related
risks. The Audit Committee also
assists the Board in fulfilling its
oversight responsibilities with regard
to monitoring and assessing how
agreements and other legal acts
between the company and its related
parties meet the requirements of
ordinary course of business and
customary terms. In addition, the
duties of the Audit Committee
include preparatory work on the
decisions on electing the auditor
and sustainability auditor, the
evaluation of the independence
of the auditor and sustainability
auditor, in particular regarding the
acceptability of provision of services
other than audit and sustainability
report assurance to the company, and
carrying out other tasks assigned to
it by the Board of Directors. The Audit
Committee reviews cases of fraud
and severe misconduct reported by
management, the auditor and internal
auditor as well as other stakeholders.
The Audit Committee consist of at
least three members.
Human Resources Committee
The Human Resources Committee
assists the Board of Directors
by preparing the company’s
remuneration policy and
remuneration report, reviewing
and preparing management
and personnel remuneration and
issues related to management
appointments and by making
proposals on such matters to the
Board of Directors. The Committee’s
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
Corporate governance statement
Remuneration report
Board of Directors
Executive Management team
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
148Annual Report 2024
responsibilities include reviewing,
evaluating and making proposals
on the remuneration structure and
incentive schemes of management
and the personnel of Anora Group;
monitoring the effectiveness of these
schemes to ensure that they promote
achievement of the company’s short
term and long term goals and are
based on personal performance;
reviewing and preparing other
matters related to the remuneration
of management and personnel, and
submitting proposals on these to the
Board of Directors; and considering
and preparing appointments of top
management to be decided by the
Board of Directors. In addition, based
on the proposal of the CEO, the Human
Resources Committee proposes to the
Board of Directors the appointment
of members of the Executive
Management Team and their
remuneration, and the Committee
evaluates the performance of the CEO
and the members of the Executive
Management Team and proposes
to the Board of Directors their annual
remuneration and other incentives.
The Human Resources Committee has
at least three members.
Chief Executive Officer
The Board of Directors of Anora
appoints and dismisses the
Chief Executive Officer (CEO)
and decides on the terms of the
CEO’s employment. The terms and
conditions of the CEO’s employment
are specified in a written service
contract. The CEO of the company
is responsible for managing,
supervising, and controlling the
business operations of the company.
The CEO is responsible for the day-
to-day executive management of
the company in accordance with the
instructions and orders given by the
Board of Directors. In addition, the
CEO also ensures that the accounts
of the company comply with Finnish
law and that its financial affairs
have been arranged in a reliable
manner. The CEO shall provide the
Board of Directors and its members
with the information necessary for
the performance of the duties of the
Board of Directors. The CEO prepares
issues for decision by the Board of
Directors, develops the company in
line with the targets agreed upon
with the Board of Directors and
ensures proper implementation
of the decisions of the Board of
Directors. The CEO is also responsible
for ensuring that the company
is managed in compliance with
applicable laws and regulations. The
CEO is not a member of the Board of
Directors but attends the meetings
of the Board of Directors and has
the right to speak at the meeting
unless the Board of Directors decides
otherwise with regard to a particular
subject matter.
Executive Management Team
The Executive Management Team is
chaired by the CEO of Anora Group
Plc and comprises other senior
management appointed by the
Board of Directors. The Executive
Management Team meets regularly to
address matters concerning the entire
Group. The Executive Management
Team is not a decision-making body
of the company. It assists the CEO in
the implementation of Group strategy
and in operational management.
The Executive Management Team
is responsible for managing the
company’s core business operations
as a whole, which requires the
planning of various development
processes, Group principles and Group
practices, as well as monitoring the
development of financial matters and
Group business plans.
Sustainability governance
The Board of Directors approves
Anora’s sustainability strategy and
significant sustainability investments
and oversees the appropriate
governance of sustainability and
ESG and ESG-related risks. The
Audit Committee assists the Board
in overseeing the appropriate
governance of sustainability and EGS
within the Group, and sustainability
management and ESG-related risks.
The Executive Management Team is
responsible for the implementation of
the sustainability strategy, approving
sustainability actions and targets
within the sustainability strategy and
preparing sustainability investment
proposals for the Board of Directors.
The Sustainability Director of the Group
coordinates the implementation of the
sustainability strategy and leads the
reporting and communication of ESG
topics. The position of Sustainability
Director was vacated in June 2024,
after which Anora’s CEO, supported by
the sustainability team, has held the
overall responsibility for sustainability
management at Anora.
Control
Internal audit
The internal audit monitors and
evaluates the operation of processes
as well as the appropriateness and
effectiveness of the internal controls
and the financial reporting of the
company in an independent manner.
The audit areas and audit plan of the
internal audit are decided annually
by the Audit Committee. The internal
audit is implemented in accordance
with a charter of the internal audit
approved by the Board of Directors.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
Corporate governance statement
Remuneration report
Board of Directors
Executive Management team
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
149Annual Report 2024
The internal auditor reports to the
Chairperson of the Audit Committee.
Internal auditing is an independent
and objective assurance activity
designed to support the organisation
in accomplishing its objectives by
bringing a systematic, disciplined
approach to evaluate and improve
the effectiveness of risk management,
control, and governance processes,
as well as to assist members of the
management, the Audit Committee
and ultimately the Board in the effective
discharge of their responsibilities.
The Board of Directors has
appointed Deloitte Oy as the
company’s internal auditor.
Sustainability reporting
assurance
The sustainability auditor is elected
annually by the Annual General
Meeting for a term that expires
at the end of the next Annual
General Meeting following the
election. The sustainability auditor
submits its assurance report on the
company’s sustainability reporting.
PricewaterhouseCoopers Oy is Anora
Group Plc’s sustainability auditor.
Statutory audit
According to the Articles of
Association, Anora Group Plc has one
auditor. The auditor must be a firm
of authorised public accountants.
The auditor is elected annually by
the Annual General Meeting for
a term that expires at the end of
the next Annual General Meeting
following the election. The task of the
auditor is to audit the consolidated
financial statements, the financial
statements of the parent company,
the accounting of the Group and
the parent company and the
administration of the parent company.
The company’s auditor submits the
auditors’ report to the shareholders in
connection with the annual financial
statements, as required by law, and
submits regular reports on its findings
to the Audit Committee of the Board
of Directors. PricewaterhouseCoopers
Oy, a firm of authorised public
accountants, is Anora Group Plc’s
auditor, with Markku Katajisto,
authorised public accountant, as the
principal auditor.
Related party transactions
The Board has defined the principles
for monitoring and evaluating related
party transactions. The company
evaluates and monitors transactions
concluded between the company
and its related parties and ensures
that any conflicts of interest are
taken into account appropriately in
the decision-making process of the
company. The company maintains a
list of its related parties.
Approval of related party
transactions in the ordinary course
of business and on customary
commercial terms is subject to the
company’s normal approval policies
and processes. Approval of a related
party transaction that is not in the
ordinary course of business or not
on customary terms is subject to
Board approval.
The company’s finance and
legal functions monitor related
party transactions as a part of the
company’s normal reporting and
control procedures and reports
related party transactions to the Audit
Committee. The Audit Committee
regularly evaluates the reported
related party transactions and the
appropriateness of the company’s
process and policies on related
party transactions. Information on
transactions concluded between the
company and its related parties is
disclosed, as required, annually in the
notes to the company’s consolidated
financial statements. Material related
party transactions are disclosed in
accordance with the requirements of
the Securities Markets Act.
Conflicts of interest
In addition to the Policy on Conflicts
of Interest approved by the Board
of Directors and the company’s
principles for monitoring and
evaluating related party transactions,
the company’s process and efforts
to identify and prevent conflicts of
interest are supported by the Board
members’ continuous evaluation of
potential conflicts of interest situations
pursuant to the Companies Act as
well as the disclosure of the results of
evaluation by the Board of Directors
of its members’ independence in
accordance with the requirements
and recommendation of the
Corporate Governance Code and
disclosure of material related party
transactions in accordance with
the requirements of the Securities
Markets Act.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
Corporate governance statement
Remuneration report
Board of Directors
Executive Management team
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
150Annual Report 2024
Internal control procedures
and main features of risk
management systems
Internal control
Internal control ensures that the
company’s business objectives can
be achieved. Through efficient control,
deviations from objectives can be
prevented or detected as early as
possible, so that corrective measures
can be taken. The purpose of internal
control is to ensure the profitability,
efficiency, continuity, and freedom
from disruptions of operations
and that the Group’s financial
and operating reporting both
externally and internally is reliable
and compliant, and that internal
principles, policies and guidelines
are followed.
Further, internal control
ensures compliance with laws
and agreements. Internal control
measures cover all Group levels
and functions. Information systems
are of vital importance for effective
internal control. The planning of the
control measures begins with the
definition of business objectives and
the identification and assessment of
the risks that threaten the objectives.
Control measures are targeted based
on risks, and control measures are
selected as appropriate to keep the
risks under control.
The Board of Directors and the CEO
are responsible for organising internal
control. The financial performance
of the Group is monitored monthly
in the Executive Management Team
and in the management teams of the
business areas. Each business area
must ensure effective control of its
own operations. The business areas
and the Group’s finance function are
responsible for the financial reporting
processes. The Audit Committee
assesses the financial reporting
processes and internal controls. In
addition, the financial situation of
the Group is also monitored in the
meetings of the Audit Committee and
the Board of Directors.
Risk management
The objective of risk management
in Anora Group is to support the
implementation of the strategy, the
identification of risks and methods
for reducing the probability and
impacts of risks as well as ensuring
business continuity. Risks may arise
from internal or external events. The
Board has approved the Group Risk
Management Policy, which describes
the objectives, principles, and
responsibilities of risk management
in the Group and also the principles
of reporting. Accordingly, the
company’s risk management function
supports and co-ordinates risk
management as part of the Group’s
planning and steering processes. It
also regularly reports the key risks
to the management and the Audit
Committee. The Board regularly
discusses the Group’s most significant
risks and uncertainties and reports
them to the market annually in
the Board of Directors’ Report. The
business areas are responsible for
risks related to their operations and
their identification, prevention and
key mitigation means. The finance
function supports the business
areas in identifying business-related
financial risks and their management.
The company’s Internal Audit
evaluates the efficiency of the
company’s risk management system.
Insider administration
In its insider administration, the
company follows the Guidelines for
Insiders issued by Nasdaq Helsinki,
complemented by the company’s
own Insider Policy adopted by the
Board of Directors. The company
maintains its own insider registers. The
company does not have permanent
insiders. Persons in managerial
positions are prohibited to conduct
transactions (on their own account
or for the account of a third party),
directly or indirectly, in the financial
instruments of the company during
a closed period of 30 calendar days
before the announcement of each
of the quarterly financial reports
or the year-end report (financial
statements release). The company
applies the closed period after the
end of each calendar quarter until the
day after the announcement of the
interim report or financial statements
release, as the case may be (the
”Closed Window”). The Closed Window
shall, however, always include at
least 30 calendar days immediately
preceding the announcement of the
interim report or financial statements
release, as the case may be, and the
day of publication of such report.
The prohibition is in force regardless
of whether such a person holds any
inside information at that time. A
project-specific insider register is
also maintained when required by
law or regulations. Project-specific
insiders are prohibited from trading
in the company’s securities until the
termination of the project. Persons
in managerial positions (and their
closely associated persons) are
obligated to report transactions in
the company’s financial instruments
in line with applicable EU and
domestic laws and regulations. The
members of the Board, the CEO and
the CFO are designated as persons
with an obligation to disclose their
transactions.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
Corporate governance statement
Remuneration report
Board of Directors
Executive Management team
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
151Annual Report 2024
Corporate Governance in 2024
Annual General Meeting
Anora’s Annual General Meeting
(the “AGM”) was held in Helsinki on
17 April 2024.
The AGM adopted the financial
statements for the financial year
2023. The members of the Board
of Directors and the CEO were
discharged from liability for the
financial year 2023. The Annual
General meeting elected the
members of the Board of Directors
and decided on their remuneration.
The AGM also elected the auditor and
sustainability auditor of the company
and adopted the remuneration policy
and remuneration report for the
governing bodies of the company.
The AGM approved the proposal
by the Board of Directors to pay a
dividend of EUR 0.22 per share in
total for the financial year 2023. The
dividend was paid on 26 April 2024.
The AGM authorised the Board of
Directors to resolve on the repurchase
of the company’s own shares as
well as on the issuance of shares
for the purposes of financing or
carrying out corporate acquisitions
or other arrangements as well as for
remuneration purposes.
The decisions taken by the Annual
General Meeting 2024 are available
at anora.com
The Board of Directors
The AGM re-elected the following
seven members to the Board of
Directors: Michael Holm Johansen,
Jyrki Mäki-Kala, Kirsten Ægidius,
Christer Kjos, Annareetta Lumme-
Timonen, Florence Rollet, and Torsten
Steenholt.
In addition to the above-mentioned
Board members elected by the
AGM, Anora’s employees have, in
accordance with the agreement on
employee participation between
Anora and the special negotiating
body of the employees, elected one
member, Jussi Mikkola, and a deputy
member, Tero Kollanus, to the Board
of Directors.
In accordance with the agreement
on employee participation, the term
of the employee-elected Board
members lasts until the end of the
Annual General Meeting 2026.
The Board of Directors have
assessed that all members of the
Board of Directors are independent
of the company with the exception
of Jussi Mikkola. Jussi Mikkola
is employed by Anora Group.
Furthermore, all members of the Board
of Directors, except for Christer Kjos
and Annareetta Lumme-Timonen,
are independent of the company’s
significant shareholders. Christer Kjos
is the CEO of Canica Holding AG and
Annareetta Lumme-Timonen is an
Investment Director at Solidium Oy.
The Board of Directors of Anora
convened thirteen times in 2024, with
an average attendance rate of 95.2%.
Audit Committee
The members of the Audit Committee
of the Board of Directors are
— Mr Jyrki Mäki-Kala, Chairperson,
— Mr Christer Kjos,
— Ms Annareetta Lumme-Timonen,
and
— Mr Torsten Steenholt.
In 2024, the Audit Committee
convened six times, with an average
attendance rate of 100%.
Human Resources Committee
The members of the Human Resources
Committee of the Board of Directors
are
— Mr Michael Holm Johansen,
Chairperson,
— Ms Kirsten Ægidius, and
— Ms Florence Rollet.
In 2023, the Human Resources
Committee convened five times and
the average attendance rate of the
Committee’s members was 100%.
Number of Board and Committee meetings in 2024 and attendance rates
Board
Audit
Commitee
Human
Resources
Commitee
Michael Holm Johansen
13/13 5/5
Jyrki Mäki-Kala
13/13 6/6
Kirsten Ægidius
13/13 5/5
Christer Kjos
13/13 6/6
Annereetta Lumme-Timonen
13/13 6/6
Florence Rollet
12/13 5/5
Torsten Steenholt
9/13 6/6
Jussi Mikkola
12/12
Arne Larsen (until 17 April 2024)
2/2
Total attendance rate
95.2% 100% 100%
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
Corporate governance statement
Remuneration report
Board of Directors
Executive Management team
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
152Annual Report 2024
Diversity of the Board of Directors
After the AGM of 2024, the Board
of Directors of Anora consisted of
eight members, seven of whom were
elected by the shareholders and
one by the employees of Anora. The
shareholder-elected members of the
Board of Directors have international
work experience in executive
and Board positions in listed and
unlisted companies, especially in the
beverage industry. The experience
and competence of the member
elected by the employees of Anora
complement the diversity of the Board
of Directors, in particular through work
experience and knowledge of Anora’s
industrial operations. In 2024, three out
of the seven members elected by the
shareholders are women. The Board
member elected by the employees is
a man. Of the eight Board members in
total, five (62.5%) are men and three
(37.5%) are women. In terms of age,
the members of the Board of Directors
are between 40 and 65 years of age.
The members of the Board of Directors
have served on the Board of Directors
since 2017, 2020, 2021, 2022 and 2023.
The composition and diversity of the
Board of Directors are in line with the
company’s diversity principles for the
Board of Directors.
Sustainability reporting
The Audit Committee has during
2024 in its meeting regularly reviewed
updates on the sustainability reporting
and assurance as well as monitored
the sustainability reporting procedures
and the implementation of the
assurance of sustainability reporting.
Chief Executive Officer
Mr Jacek Pastuszka, b. 1963 M.Sc.
(Economy), served as CEO of Anora
Group Plc.
Executive Management Team
The members of the Executive
Management Team of Anora were
at year-end: Jacek Pastuszka, CEO;
Stein Eriksen, CFO; Risto Gaggl, SVP,
Industrial; Janne Halttunen, SVP, Wine;
Thomas Heinonen, General Counsel;
Mikkel Pilemand, Chief Growth Officer
(CGO); Kirsi Puntila, SVP, Spirits;
Johanna Sundén, Chief People and
Communications Officer (CPCO).
Hannu Vähämurto, b. 1972, M.
Sc. (Industrial Engineering and
Management), was appointed
SVP Industrial and member of the
Executive Management Team as of 1
January 2025.
Remuneration
The Annual General Meeting 2024
adopted the Remuneration Policy
for the governing bodies of Anora
Group. The remuneration policy sets
the principles for the remuneration
of the Board of Directors and the CEO
of Anora. The Remuneration Report
on the materialised remuneration of
the Board of Directors and the CEO
for 2023 was adopted by the Annual
General Meeting 2024.
Shares and share-based rights
At the end of 2024, the number of
issued shares of Anora Group Plc was
67,553,624.
The shareholdings of the members
of the Board of Directors, the CEO,
and the members of the Executive
Management Team, and the
corporations over which they exercise
control, at the end of 2024, are
presented in the following tables.
None of the members of the Board
of Directors, the CEO, or the members
of the Executive Management Team
nor corporations over which any
of them exercise control have any
share-based rights in Anora or its
Group companies.
Shareholders’ Nomination Board
On 16 September 2024, the company
announced that its three largest
shareholders have nominated the
following representatives to the
Shareholders’ Nomination Board:
— Stein Erik Hagen, Canica AS
— Petter Söderström, Solidium Oy
— Tone Østensen, Geveran Trading Co.
Limited
The Nomination Board elected Mr Stein
Erik Hagen as its Chairperson. The
Chairperson and Vice Chairperson of
Anora’s Board of Directors, Michael
Holm Johansen and Jyrki Mäki-Kala,
respectively, act as experts in the
Nomination Board.
External audit
As elected by the AGM,
PricewaterhouseCoopers Oy, a firm
of authorised public accountants,
is Anora Group Plc’s auditor, with
Markku Katajisto, authorised public
accountant, as the principal auditor.
The fees for the audit proper paid to
PwC in 2024 totalled EUR 1.3 million. In
addition, EUR 0.2 million was paid for
non-audit services provided to Anora
Group companies.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
Corporate governance statement
Remuneration report
Board of Directors
Executive Management team
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
153Annual Report 2024
Board of Directors’ shareholdings per 31 December 2024
Position Year of birth Gender Education
Number of
shares
Michael Holm Johansen Chairperson 1959 Male MS in Management, B.Sc. (Business Administration) 80,000
Jyrki Mäki-Kala Vice Chairperson 1961 Male M.Sc. (Econ.)
13,600
Kirsten Ægidius Member 1963 Female M.Sc. (International Economics, Strategy)
6,100
Christer Kjos Member 1984 Male B.S. (Finance)
0
Annereetta Lumme-Timonen Member 1967 Female M.Sc. (Eng.), D.Sc (Tech.)
4,600
Florence Rollet Member 1966 Female M.Sc. (Business & Commerce)
4,620
Torsten Steenholt Member 1969 Male M.Sc. (Pharmacy), M.Sc. (Chemical Research),
Master Brewer, EVP 20,000
Jussi Mikkola Member 1983 Male
100
Total
129,020
% of total shares
0.19%
Anora total # of shares
67,553,624
Managements’ shareholdings per 31 December 2024
Position Year of birth Gender Education
Number of
shares
Jacek Pastuszka CEO 1963 Male M.Sc. (Economy) 0
Stein Eriksen CFO 1974 Male M.Sc. (Economy)
0
Risto Gaggl SVP, Industrial 1968 Male Master’s degree in production
0
Janne Halttunen SVP, Wines 1970 Male M. Sc. (Business Administration)
9,300
Thomas Heinonen General Counsel 1970 Male Master of Laws
4,375
Mikkel Pilemand CGO 1971 Male M. Sc. (International Business)
6,000
Kirsi Puntila SVP, Spirits 1970 Female M.Sc. (Economics)
6,666
Johanna Sundén CPCO 1973 Female M.Sc., Communications
0
Total
26,341
% of total shares
0.04%
Anora total # of shares
67,553,624
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154Annual Report 2024
Dear Shareholders,
As Chairperson of the Human
Resources Committee, I am pleased to
present Anora’s remuneration report
for the year 2024. This report outlines
the remuneration of Anora’s governing
bodies in 2024 and provides insights
into Anora’s overall remuneration
principles and future focus areas.
Throughout 2024, we saw gross
margin improvement in all segments
thanks to pricing and revenue
management. Anora’s comparable
EBITDA for the full year 2024 increased
from EUR 68.2 million to EUR 68.9
million, which represents 10.0%
of net sales, reflecting effective
cost management and revenue
enhancements. The Wine segment
had strong performance, and we
successfully introduced a wide
portfolio of up to 8% ABV wines in
grocery stores in Finland.
Net sales for the full year declined
by 4.7%. Sales in both the Wine and
Spirits segments were down due to
lower volumes, the loss of two bigger
partners, and discontinued low-
margin third-party filling contracts
Remuneration Report 2024
in Denmark. The Industrial segment’s
net sales were negatively impacted
by lower sales prices due to declined
grain prices, combined with lower
production volumes.
Both the EBITDA result and net sales
result are key KPIs in Anora’s incentive
schemes; neither reached the
minimum threshold for pay-out based
on the set objectives.
Anora Group’s CEO Jacek Pastuszka
informed the Board of Directors in
October 2024 of his desire to retire
and resign from his position once his
successor has been appointed. The
Board began the recruitment process
for the new CEO immediately. Kirsi
Puntila was appointed as Anora’s new
CEO as of 4 March, 2025.
To further strengthen Anora’s
performance culture the short-
term-incentive program for 2025
has a stronger focus on EBITDA and
net sales. The selection of reference
companies that Anora is compared
with in the long-term-incentive
program now has a heavier weighting
towards the peer companies used by
investors.
Remuneration remains a key priority
for the Board’s Human Resources
Committee. We aim to develop and
improve our remuneration practices
to ensure their effectiveness. At Anora,
remuneration is viewed as a tool
for fostering a performance-driven
culture, focusing on both short- and
long-term results.
I am confident that with our
dedication to our customers and a
strong consumer focus, combined
with operational efficiency, we can
deliver on the company’s long-term
targets.
Yours sincerely,
Michael Holm Johansen
Chairperson of the Human Resources
Committee
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155Annual Report 2024
Introduction
This report has been prepared by
the Human Resources Committee
of Anora’s Board of Directors, based
on the Remuneration Policy for the
governing bodies, adopted at the
Annual General Meeting 2024. The
report follows the guidelines of the
Finnish Corporate Governance Code.
The materialized remuneration of
the Board of Directors and the CEO
in 2024 reflects the targets of the
remuneration principles which Anora
has set with its Remuneration Policy.
The purpose of the total
remuneration of the Board members,
consisting of annual remuneration
and meeting fees, is to sufficiently
compensate for the commitment
required for the Board members’
contribution to the Board’s work and
for the associated responsibilities. The
remuneration aims to be competitive
to attract and retain high-caliber
individuals qualified to serve as Board
members to support the long-term
success of Anora.
The CEO’s remuneration is based on
Anora’s remuneration principles, as set
forth in Anora’s Remuneration Policy.
The objectives of the remuneration for
the CEO are to align the interests of
the CEO with those of the company’s
shareholders and to promote
shareholder value creation in the
long term. Other key objectives of the
CEO’s remuneration are to reward
for excellent individual performance,
for achievements in implementing
Anora’s strategy and for achieving
Anora’s financial targets as well as
retention, thus promoting Anora’s
long-term financial performance and
success.
Anora’s remuneration has a guiding
principle of Pay for Performance,
overarching all remuneration
of employed personnel and
management. Short- and long-term
incentive programs all return a reward
based on achievement of pre-defined
results, measuring success based
on the execution of the chosen
strategy. Performance-based variable
compensation does not apply to the
Board of Directors.
The key purpose of remuneration
practices and their development is
to support reaching and rewarding
for success against financial
targets and their annual milestones.
Simultaneously, rewarding focuses on
supporting the actualization of Anora’s
ambitious sustainability agenda.
Success in financial performance,
progress in advancing the
sustainability agenda, and strategy
implementation are rewarded with
short- and long-term incentives.
On 9 June 2022, the Board
of Directors decided on the
establishment of a share-based
long-term incentive program for
the company’s management and
selected key employees. The program
consists of individual three-year
plans which begin annually. During
2024, Anora’s CEO participated in two
earning periods in the share-based
program: 2023-2025 and 2024-2026.
These performance-based share
plans return a share reward based
on four performance measures: 1)
revenue growth (35% weight); 2)
earnings per share (35% weight); 3)
relative total shareholder return (20%
weight); and 4) environmental, social
and governance (ESG) measure (10%
weight). The ESG measure is the ESG
risk rating by Sustainalytics achieved
by the end of 2025 and 2026.
A comparison of the development
of the fees of the Board of Directors
and the remuneration of the CEO
versus the development of the
average remuneration of the
employees and the company’s
comparable EBITDA is shown in the
table below. The adjustments to
the remuneration of the Board of
Directors from 2021 to 2022 consider
the merger of Altia and Arcus to form
Anora. The increase in the CEO’s total
remuneration in 2022 compared to
earlier years resulted from the merger
and the early termination of long-term
incentive plans for earlier years, which
were paid out prematurely in cash
during 2022.
Remuneration development 2020-2024 (EUR)
2024 2023 2022 2021 2020*
Comparable EBITDA (EUR million) 68.9 69.4 76.1 71.7¹ 52.4
Board of Directors, total fees paid 441,832 451,032 565,433 368,000 358,725
CEOs, total remuneration paid 712,240 615,177 1,140,815 872,031 573,679
Employees’ average remuneration² 67,160 64,711 62,866 64,791 57,796
*Based on Altia Plc information before the merger of Altia and Arcus
¹Based on Anora Group information of 2021, including former Arcus data from September-December 2021.
²Employees’ average remuneration is total employee remuneration divided by the average number of personnel during
the year.
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156Annual Report 2024
Remuneration of the Board of
Directors
Remuneration of the Board of Directors
consists of annual remuneration and
meeting fees.
Anora’s Annual General Meeting
2024 decided, based on the proposal
by the Shareholders’ Nomination
Board, that the following annual
remuneration is to be paid to the
members of the Board of Directors:
— Chairperson of the Board of
Directors: EUR 70,000
— Vice Chairperson of the Board of
Directors: EUR 48,000
— Members of the Board of Directors:
EUR 32,000
In addition to the abovementioned
annual remuneration, the Annual
General Meeting decided that the
following annual remuneration is to be
paid to the members of the Board of
Directors appointed as the members
of the Board’s permanent Committees:
— Audit Committee:
— Chairperson: EUR 10,000
— Member: EUR 5,000
— Human Resources Committee:
— Chairperson: EUR 8,000
— Member: EUR 4,000
In addition to the annual
remuneration, a meeting fee of EUR
650 per meeting was decided to be
paid for each Board and Committee
meeting that is held in the member’s
country of residence, and EUR 1,300
for each meeting held outside the
member’s country of residence. For
remotely held meetings, the company
has paid a meeting fee of EUR 650.
Associated travel expenses were
reimbursed in accordance with
Anora’s travel policy. No other financial
benefits were paid in relation to the
Board membership.
The Shareholders’ Nomination
Board is of the opinion that Board
members’ shareholding in Anora
benefits all shareholders. Therefore,
the Shareholders’ Nomination Board
has recommended that the Board
members elected by the Annual
General Meeting accumulate a
shareholding in Anora that exceeds
their one-time annual remuneration.
The shareholdings of the Board
members are available on Anora’s
website.
The annual remuneration for the
Board of Directors changed from that
of 2023. In 2023, the annual fee for
the Chairperson was EUR 65,000, for
the Vice Chairperson EUR 46,500 and
for the other members EUR 31,000.
The annual fees for the members of
the Board’s permanent committee,
the Audit Committee and the Human
Resources Committee, remained
unchanged from 2023 to 2024.
In addition to the annual
remuneration, meeting fees changed
from that of 2023. In 2023, EUR 600 per
meeting was paid for each Board and
Committee meeting for meetings held
in the member’s country of residence,
and EUR 1,200 for each meeting held
outside the member’s country of
residence. For remotely held meetings,
the company has paid a meeting fee
of EUR 600.
The Board members elected by the
General Meeting of Shareholders were
not in an employment relationship or
service contract with the company
and they were not given the
opportunity to participate in Anora’s
short-term or long-term incentive
programs or given any pension
benefits by the company. The Board
members are not entitled to any
termination payment at the end of
their term as Board member.
In addition to the Board members
elected by the General Meeting of
Shareholders, Anora’s employees
have, in accordance with the
Agreement of Employee Participation
between Anora and the special
negotiating body of the employees,
elected one member and one deputy
member to the Board of Directors. The
Board members elected by Anora’s
employees receive a meeting fee, as
determined by the Board of Directors
in accordance with said agreement on
employee participation. The meeting
fees for the employee representative
member of the Board are equal to
those payable to Board members
elected by the Annual General
Meeting.
The total remuneration actually
paid to the members of the Board
of Directors during 2024 totaled EUR
441,832. A breakdown of the total
remuneration by Board member is
presented in the table below.
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157Annual Report 2024
Remuneration of the Board of Directors paid in 2024
Member of the Board of Directors
Annual
Remuneration,
Board
Meeting Fees,
Board
1
Annual
remuneration,
Committee
Meeting Fees,
Committee Total
Michael Holm Johansen
Chairperson of the Board
Chairperson of the HR Committee
76,332 12,200 8,000 5,750 102,282
Jyrki Mäki-Kala
Vice Chairperson of the Board
Chairperson of the Audit Committee
48,000 10,300 10,000 3,800 72,100
Torsten Steenholt
Member of the Board
Member of the Audit Committee
Member of the HR committee until 19.4.2023
32,000 7,650 5,000 3,800 48,450
Kirsten Ægidus
Member of the Board
Member of the HR Committee
32,000 11,550 4,000 3,850 51,400
Christer Kjos
Member of the Board
Member of the Audit Committee
32,000 10,950 5,000 3,800 51,750
Annareetta Lumme-Timonen
Member of the Board
Member of the Audit Committee
32,000 10,300 5,000 3,800 51,100
Florence Rollet
Member of the Board since 19.4.2023
Member of the HR Committee since 19.4.2023
32,000 11,550 4,000 5,750 53,300
Arne Larsen
Member of the Board, Employee Representative
- 1,800 - - 1,800
Jussi Mikkola
Member of the Board, Employee Representative
- 9,650 - - 9,650
Total
441,832
¹Meeting fees are reported for the year when they have been paid.
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158Annual Report 2024
Remuneration of the CEO
Jacek Pastuszka was appointed as
the new CEO of Anora Group Plc as of
25 October 2023. The remuneration
payable to the CEO is governed by the
Remuneration Policy of the Governing
Bodies adopted at the Annual General
Meeting 2024. The remuneration paid
or due for the year 2024 was in line
with the aforementioned Policy.
The key objective of the
remuneration of the CEO is to align
the interests of the CEO with those of
Anora’s shareholders and to promote
shareholder value creation in the
long term. Other key objectives of the
CEO’s remuneration are rewarding
for excellent individual performance,
achievements in implementing Anora
strategy, and the achievement of
Anora’s financial targets, as well as
retention.
The total remuneration of the CEO
consists of both fixed and variable
remuneration elements. The fixed
remuneration for 2024 consisted of
fixed monthly salary and benefits. No
variable remuneration was paid to the
CEO during 2024.
Total remuneration paid during
2024
CEO Jacek Pastuszka
CEO Jacek Pastuszka’s monthly fixed
compensation was EUR 55,853, which
included the taxable fringe benefit of
a mobile phone. In addition to and on
top of fixed compensation, the CEO is
granted a monthly housing allowance
in the amount of EUR 3,500.
Variable remuneration accrued
based on the year 2024, payable
in 2025
CEO Jacek Pastuszka’s maximum
earning opportunity in the short-term
incentive plan for 2024 was 60% of
the gross annual fixed salary. In the
short-term incentive plan for 2024,
his performance was measured
based on: Anora Group’s EBITDA (30%
weight); Anora Group’s net sales (20%
weight); improvement in the employee
engagement survey (30% weight); and
growth and structural Initiatives (20%
weight).
In accordance with the terms of
the short-term incentive plan, Jacek
Pastuszka is not entitled to pay-outs
from the plan due to his resignation.
Summary of total remuneration paid and accrued in 2024
Total remuneration element
CEO Jacek Pastuszka Paid in 2024 %
Accrued 2024,
payable 2025
Fixed compensation 712,240 100% -
Short-term incentives* - 0% -
Long-term incentives - 0% -
Total remuneration 712,240 100%
*
Short-term incentive is based on performance during 2024.
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159Annual Report 2024
Summary of granted share-based incentives to CEO Jacek Pastuszka
LTI Plan 2023-2025 2024-2026
Maximum number of shares granted (gross) 82,000 199,000
Grant date 9 August 2024 15 March 2024
Share price at grant EUR 7.37 EUR 4.22
Number of shares earned (gross) / cash equivalent paid - -
Delivery date - -
Share price at delivery - -
Participation in the long-term
incentive plans
CEO Jacek Pastuszka
CEO Jacek Pastuszka was allocated
a maximum number of 199,000 gross
shares in the 2024-2026 Performance
Share Plan and maximum number of
82,000 gross shares in the 2023-2025
Performance Share Plan.
For the plans with a vesting period
of three years, the maximum value
of the long-term incentive based on
the share value at grant is 125% of the
CEO’s annual fixed compensation.
The maximum reward opportunity is
capped at the level of the share price
becoming threefold to that at grant.
For both plans, the reward is
based on the following performance
measures: 1) revenue growth (35%
weight); 2) earnings per share (35%
weight); 3) relative total shareholder
return (20% weight); and 4)
environmental, social and governance
(ESG) measure (10% weight) being
the ESG risk rating by Sustainalytics
achieved by the end of 2025 and 2026.
Jacek Pastuszka has forfeited his
participation in the Performance Share
Plans due to his resignation.
Other relevant information
related to CEO Jacek Pastuszka’s
remuneration
Anora applies a shareholding
recommendation for the CEO. The
CEO should accumulate and, once
achieved, hold a shareholding in
Anora corresponding to his annual
gross base salary. The shareholding
is expected to be accumulated out
of rewards received under the share-
based incentive schemes of Anora.
The company and the CEO have
not agreed on a retirement age. The
CEO does not have a supplementary
pension insurance paid by the
company. The CEO has a six months’
period of notice. If the service contract
is terminated by Anora, the CEO is
entitled to a severance payment
corresponding to six months’ salary,
in addition to the salary for the notice
period.
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160Annual Report 2024
Board of Directors
Michael Holm Johansen
Chairperson of the Board of Directors
b. 1956, MS in Management, B.Sc. (Business
Administration)
Independent of the company and the shareholders
• Chairperson of the Board of Directors since 2021
• Previously Chairperson Board of Directors of Arcus
ASA until 2021
• Chairperson of the Human Resources Committee
Main work experience:
• President, Central and Southern Europe,
The Coca-Cola Company (2006–2011)
• President, South East Europe, The Coca-Cola
Company (2003–2006)
Shareholding: 80,000 Anora shares
Jyrki Mäki-Kala
Vice Chairperson of the Board of Directors
b. 1961, M.Sc. (Econ.)
Independent of the company and the shareholders
• Member of the Board of Directors since 2020
• Chairperson of the Audit Committee
Main work experience:
• CFO, Neste Oyj (2013–2022)
• CFO, Kemira Oyj (2008–2013)
• Director, VP and President positions, Kemira Pulp
and Paper (2005–2008)
• Various Director and VP positions, Nokia
Chemicals/Finnish Chemicals Oy (1988–2005)
Key positions of trust:
• Orthex Oyj, Member of the Board
• Outokumpu Oyj, Member of the Board and
Chairperson of the Audit Committee
Shareholding: 13,600 Anora shares
Kirsten Ægidius
Member of the Board of Directors
b. 1963, M.Sc. (International Economics, Strategy)
Independent of the company and the shareholders
• Member of the Board of Directors since 2021
• Previously Member of the Board of Directors of
Arcus ASA until 2021
• Member of the Human Resources Committee
Main work experience:
• CEO, Mejerigaarden A/S (2024–)
• CEO, Interflora A/S Denmark (2022–2024)
• CCO, Harboes Bryggeri A/S (2018–2019)
• VP EMEA and CEO, Weber-Stephen Nordic
(2014–2015)
• VP Marketing, Carlsberg Denmark (2009-2013)
• Director New Beverages, Coca-Cola Nordics
(2002-2009)
• Sales and Marketing positions, Unilever UK, Swe
and DK (1992-2002)
Key positions of trust:
• New Nordic Healthbrands AB, Member of the Board
Shareholding: 6,100 Anora shares
Christer Kjos
Member of the Board of Directors
b. 1984, B.S. (Finance)
CEO, Canica Holding AG
Independent of the company, not independent of
major shareholders
• Member of the Board of Directors since 2022
• Member of the Audit Committee
Main work experience:
• Co-founder, member of Executive Committee,
B1 Capital AG (2013–2015)
• Head of Pan European Equity Sales for Zürich,
Credit Agricole Cheuvreux AG (2011–2012)
• Equity Sales, Switzerland, Merrill Lynch Capital
Markets AG (2010–2011)
• Associate, Bank of America/Merrill Lynch
(2008–2010)
Key positions of trust:
• Nordic Corporate Bank AS, Chairperson of
the Nomination Committee
Shareholding: -
At year-end unless otherwise stated
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Torsten Steenholt
Member of the Board of Directors
b. 1969, M.Sc. (Pharmacy), M.Sc. (Chemical Research),
Master Brewer
SVP, Global Manufacturing, Novonesis
Independent of the company and the shareholders
• Member of the Board of Directors since 2017
• Member of the Audit committee
Main work experience:
• EVP, Global Operations, Chr. Hansen (2017–2024)
• SVP Global Product Supply, Chr. Hansen
(2012–2017)
• VP Supply Chain, Carlsberg Group (2009–2012)
• COO, Unicer (2007–2009)
• Brewery Director, Carlsberg UK Ltd (2003–2007)
Key positions of trust:
• NIRAS A/S, Member of the Board
• Gram Equipment A/S, Member of the Board
Shareholding: 20,000 Anora shares
Florence Rollet
Member of the Board of Directors
b. 1966, Emlyon Business School, Graduate 1987
Head of the Master of Science program at the Emlyon
Business School
Independent of the company and the shareholders
• Member of the Board of Directors since 2023
• Member of the Human Resources Committee
Main work experience:
• Venture Partner, Luxurytechfunds (2018–)
• Chief Marketing Officer, Julius Baer (2016–2018)
• President EMEA, Tiffany&Co (2013–2016)
• European Development Director, Parfums Christian
Dior (2007–2013)
• General Manager Coty Beauty France/ Coty
Prestige France, Coty Inc (1999–2007)
• Sales Development Director, Reckitt Benckiser
(1995–1999)
• Sales Director, South France, Pepsi-Cola France
(1994–1995)
• Marketing/Sales positions, Brasseries Kronenbourg
(1987–1995)
Key positions of trust:
• Arla Food, Member of the Board
• Attica Department Stores, Member of the Board
Shareholding: 4,620 Anora shares
Jussi Mikkola
Member of the Board of Directors
b. 1983
Team Leader, based in Finland
Not independent of the company, independent of
the shareholders
• Elected Employee Member of Anora’s Board of
Directors since 2021
Main work experience:
• Team Leader, Altia & Anora (2012–)
• Team Leader, A-Pullo Oy (2003–2012)
Key positions of trust:
• Safety Representative, Anora
• Chief Shop Steward, Anora
Deputy:
Tero Kollanus
Shareholding: 100 Anora shares
Annareetta Lumme-Timonen
Member of the Board of Directors
b. 1967, M.Sc. (Eng.), D.Sc. (Tech.)
Investment Director, Solidium Oy
Independent of the company, not independent of
major shareholders
• Member of the Board of Directors since 2022
• Member of the Audit Committee
Main work experience:
• Investment Manager, 3i Nordic plc (2000–2007)
• Investment Manager, SFK Finance Oy (1997–2000)
• Visiting Scholar, Wharton Business School (1995 &
1997)
• Development Manager, Kera Oy (1995–1996)
• Industry Analyst, Sitra, the Finnish Innovation Fund
(1991–1994)
Key positions of trust:
• Valmet Oyj, Member of the Board of Directors
• Metso Oyj, Chairperson of the Shareholders’
Nomination Committee
• Tietoevry Oyj, Chairperson of the Shareholders’
Nomination Committee
Shareholding: 4,600 Anora shares
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162Annual Report 2024
Executive Management Team
Jacek Pastuszka
CEO
b. 1963, M. Sc. in Economy
Main work experience:
Joined Anora 25 October 2023 as CEO and
member of Anora’s Executive Management
Team.
Before joining Anora, Jacek served as
Executive Vice President Western Europe
at Carlsberg and a member of Carlsberg
Group’s Executive Committee. Prior to that,
he was also the CEO of Ringnes in Norway
and held several other leadership positions
at Carlsberg, AIG, Danone and Procter &
Gamble.
Shareholdings: -
Stein Eriksen
CFO
b. 1974, M. Sc. (Econ.)
Main work experience:
Joined Anora and became a member of
Anora’s Executive Management Team in
August 2024.
Before joining Anora, served as CFO of XXL
ASA, the largest sports retailer in the Nordic
countries. He has also acted in a combined
role as the Interim CEO and CFO of XXL ASA.
Prior to that, Stein has had a long career
at the Norwegian stock-listed blue-chip
company Orkla, where his most recent
positions were CFO at Orkla Care and SVP
Finance at Orkla ASA.
Shareholdings: -
Janne Halttunen
SVP, Wine
b. 1970, M. Sc. Business Administration
Main work experience:
SVP, Scandinavia at Altia since 2017, member
of Altia’s Executive Management Team since
2015, joined Altia in 2009.
Janne joined Altia in 2009 as the Managing
Director of Oy Wennerco Ab. Previously,
he served as the Company’s Senior Vice
President, Partner Business and Export;
as the Director, Business Development;
Managing Director, Partner Brands, as well as
a member of the Board of Directors of Craft
& Cask Ltd. In addition, he has held several
managerial positions at British American
Tobacco in Switzerland, Spain and the UK.
Shareholdings: 9,300 Anora shares
Kirsi Puntila
SVP, Spirits
b. 1970, M.Sc. in Economics and Business
Administration
Main work experience:
SVP, International at Anora between 2021-
2022, SVP Marketing at Altia since 2016,
member of Altia’s Executive Management
Team since 2016, joined Altia in 2014.
Previously, Kirsi served as the Spirits Category
Director of Altia and the Marketing Director,
Altia Brands, based in Stockholm. She has
also served as the Global Marketing Manager
(Absolut Flavors and Kahlua) of The Absolut
Company (Pernod Ricard S.A).
Key positions of trust:
Board member of Neova Oy
Shareholdings: 6,666 Anora shares
Risto Gaggl
Member of the Executive Management Team
until 31 December 2024
SVP, Anora Industrial
b. 1968, Master’s degree in production
technology
Main work experience:
Joined Anora in October 2023, member of
the Executive Management Team since 1
January 2024.
Previously, Risto worked as Chief Supply
Chain Officer at Fiskars Group for over
10 years. Before Fiskars, he held several
international positions at Elcoteq, the latest
of which was Vice President, Business
Excellence.
Shareholdings: -
At year-end unless otherwise stated
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
Corporate governance statement
Remuneration report
Board of Directors
Executive Management team
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
163Annual Report 2024
Hannu Vähämurto
Member of the Executive Management Team
as of January 2025
SVP, Anora Industrial
b. 1972, Master of Science (M. Sc.), Industrial
Engineering and Management
Main work experience:
Joined Anora in 2011, member of the Executive
Management Team since 1 January 2025.
Hannu has worked in various roles at Anora,
most recently as Director, Industrial Products
since September 2023. Prior to this, he has
acted as Manufacturing Operations &
Planning Director and Supply Chain Director.
Before joining Anora, Hannu gained extensive
experience from various manufacturing
and supply chain management positions at
Tellabs Oy.
Shareholdings: 200 Anora shares
Mikkel Pilemand
Chief Growth Officer (CGO)
b. 1971, M. Sc. in International Business
Main work experience:
Joined Anora in May 2023, member of
the Executive Management Team since 2023.
Before joining Anora, served as Chief
Commercial Officer at Denmark’s biggest
online supermarket, the grocery retailer
nemlig.com. His main work experience
before that includes international, senior
commercial positions in FMCG companies
like Procter & Gamble, Reckitt Benckiser and
Carlsberg.
Shareholdings: 6,000 Anora shares
Johanna Sundén
Chief People and Communications Officer
(CPCO)
b. 1973, Master’s degree in Communication
Main work experience:
Joined Anora in January 2024, member of
Anora’s Executive Management Team since
1 January 2024.
Johanna has extensive experience from
leading international HR teams through
acquisitions, mergers and integrations.
Further on she has worked considerably
with leadership and team development
in a multinational setting. She has an HR
and Communications background, and
held senior HR positions in Orkla Health,
Wilh. Wilhelmsen, a comprehensive global
maritime group, and in Lindorff.
Shareholdings: -
Thomas Heinonen
General Counsel
b. 1970, Master of Laws
Main work experience:
Anora’s (formerly Altia’s) General Counsel
and secretary to the Board of Directors
since 2012. Member of Anora’s Executive
Management Team since 20 August 2024.
Before joining Anora, Thomas served as
General Counsel and secretary to the Board
of Directors of Oriola-KD Oyj. He has held
several legal counsel positions in stock listed
companies in regulated industries.
Shareholdings: 4,375 Anora shares
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
Corporate governance statement
Remuneration report
Board of Directors
Executive Management team
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
164Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
165Annual Report 2024
Financial
Statements
Contents to the financial statements
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
166Annual Report 2024
CONSOLIDATED FINANCIAL STATEMENTS 167
Consolidated income statement 167
Consolidated statement of comprehensive income 167
Consolidated balance sheet 168
Consolidated statement of cash flows 169
Consolidated statement of changes in equity 170
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 171
General information 171
1 Operating result 173
1.1 Segment information 173
1.2 Revenue recognition 175
1.3 Other operating income 177
1.4 Materials and services 177
1.5 Employee benefit expenses 177
1.6 Other operating expenses 178
1.7 Research and development expenditures 178
2 Operative assets and liabilities 179
2.1 Goodwill and other intangible assets 179
2.2 Property, plant and equipment 183
2.3 Right of use assets 184
2.4 Inventories 187
2.5 Trade and other receivables 188
2.6 Employee benefit obligations 189
2.7 Trade and other payables 189
2.8 Provisions 189
3 Financial items and capital structure 190
3.1 Finance income and expenses 190
3.2 Financial assets and liabilities 190
3.2.1 Financial assets 190
3.2.2 Financial liabilities 191
3.2.3 Classification and fair values of
financial assets and liabilities 193
3.3 Derivative instruments and hedge accounting 196
3.4 Equity 198
4 Financial and capital risk 200
4.1 Financial risk management 200
4.2 Capital risk management 205
5 Consolidation 206
5.1 General consolidation principles 206
5.2 Changes in group structure 208
5.3 Subsidiaries 209
5.4 Associated companies and joint arrangements 210
6 Other notes 212
6.1 Income tax expense 212
6.2 Collaterals, commitments and
contingent assets and liabilities 216
6.3 Related party transactions 217
6.4 Share-based payments 219
6.5 Events after the reporting period 221
PARENT COMPANY FINANCIAL STATEMENTS 222
Anora Group Plc income statement (FAS) 222
Anora Group Plc balance sheet (FAS) 223
Anora Group Plc statement of cash flows (FAS) 225
Notes to Anora Group Plc financial statements 226
BOARD OF DIRECTORS’ PROPOSAL
FOR THE DISTRIBUTION OF PROFITS 234
THE AUDITORS’ NOTE 234
AUDITOR’S REPORTS 235
SYMBOLS
Accounting policies
Critical estimates and
management judgements
Consolidated financial statements
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
167Annual Report 2024
| CONSOLIDATED INCOME STATEMENT | CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||
EUR million | Note | 1 Jan–31 Dec 2024 | 1 Jan–31 Dec 2023 | |
NET SALES | 1.2 | |||
| Other operating income | 1.3 | |||
| Materials and services | 1.4 | - | - | |
| Employee benefit expenses | 1.5 | - | - | |
| Other operating expenses | 1.6 | - | - | |
| Depreciation and amortisation | 2.1-2.3 | - | - | |
| Impairment losses | 2.1-2.3 | - | ||
OPERATING RESULT | - | |||
| Finance income | 3.1 | |||
| Finance expenses | 3.1 | - | - | |
| Share of profit in associates and joint ventures | ||||
| and income from interests in joint operations | 5.4 | |||
RESULT BEFORE TAXES | - | |||
| Income tax expense | 6.1 | - | ||
RESULT FOR THE PERIOD | - | |||
| Result for the period attributable to: | ||||
Owners of the parent | - | |||
Non-controlling interests | ||||
Earnings per share for the result attributable to owners of the parent, EUR | ||||
Basic | - | |||
Diluted | - |
EUR million | Note | 1 Jan–31 Dec 2024 | 1 Jan–31 Dec 2023 |
Result for the period | - | ||
| OTHER COMPREHENSIVE INCOME/(LOSS) | |||
Items that will not be reclassified to profit or loss | |||
| Remeasurements of post-employment | |||
benefit obligations | - | - | |
| Related income tax | 6.1 | ||
Total | - | - | |
| Items that may be reclassified to profit or loss | |||
Cash flow hedges | - | ||
| Translation differences | 3.4 | - | - |
| Income tax related to these items | 6.1 | - | |
Total | - | - | |
Other comprehensive income for the period, net of tax | - | - | |
| TOTAL COMPREHENSIVE INCOME/(LOSS) | |||
FOR THE PERIOD | - | ||
| Total comprehensive income attributable to: | |||
Owners of the parent | - | ||
Non-controlling interests | - | ||
| The notes are an integral part of the consolidated financial statements. |
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
168Annual Report 2024
| CONSOLIDATED BALANCE SHEET | |||
EUR million | Note | 31 Dec 2024 | 31 Dec 2023 |
| ASSETS | |||
| Non-current assets | |||
| Goodwill | 2.1 | ||
| Other intangible assets | 2.1 | ||
| Property, plant and equipment | 2.2 | ||
| Right-of-use assets | 2.3 | ||
Investments in associates and joint ventures and interests in joint operations | 5.4 | ||
Financial assets at fair value through other comprehensive income | 3.2.1 | ||
| Other receivables | 3.2.1 | ||
Total non-current assets | |||
| Current assets | |||
| Inventories | 2.4 | ||
| Trade and other receivables | 2.5 | ||
| Derivatives receivables | 3.2 | ||
Current tax assets | |||
Cash and cash equivalents | |||
| Assets held for sale | 5.4 | ||
Total current assets | |||
TOTAL ASSETS |
EUR million | Note | 31 Dec 2024 | 31 Dec 2023 |
EQUITY AND LIABILITIES | , | ||
| Equity attributable to owners of the parent | 3.4 | ||
Share capital | |||
Invested unrestricted equity fund | |||
Hedge reserve | - | ||
Translation differences | - | - | |
Retained earnings | |||
Equity attributable to owners of the parent | |||
Non-controlling interests | |||
Total equity | |||
| Non-current liabilities | |||
| Deferred tax liabilities | 6.1 | ||
| Borrowings | 3.2.2 | ||
Non-current liabilities at fair value through profit or loss | 3.2.2 | ||
| Lease liabilities | 3.2.2 | ||
| Employee benefit obligations | 2.6 | ||
Total non-current liabilities | |||
| Current liabilities | |||
| Borrowings | 3.2.2 | ||
| Current liabilities at fair value through profit or loss | 3.2.2 | ||
| Lease liabilities | 3.2.2 | ||
| Provisions | 2.8. | ||
| Trade and other payables | 2.7 | ||
| Derivatives liabilities | 3.2 | ||
Current tax liabilities | |||
Total current liabilities | |||
Total liabilities | |||
TOTAL EQUITY AND LIABILITIES | |||
| The notes are an integral part of the consolidated financial statements. |
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
169Annual Report 2024
| CONSOLIDATED STATEMENT OF CASH FLOWS | |||
EUR million | Note | 1 Jan–31 Dec 2024 | 1 Jan–31 Dec 2023 |
| CASH FLOW FROM OPERATING ACTIVITIES | |||
Result before taxes | - | ||
| Adjustments | |||
| Depreciation, amortisation and impairment | 2.1-2.3 | ||
| Share of profit in associates and joint | |||
ventures and income from investments in joint operations | 5.4 | - | - |
| Net gain on sale of non-current assets | 1.3, 1.6 | - | - |
| Finance income and expenses | 3.1 | ||
Other adjustments | - | ||
Adjustments total | |||
| Change in working capital | |||
| Change in inventories, increase (-) / | |||
decrease (+) | |||
Change in trade and other receivables, increase (-) / decrease (+) | - | ||
Change in trade and other payables, increase (+) / decrease (-) | - | - | |
Change in working capital | - | ||
| Interest paid | 3.1 | - | - |
| Interest received | 3.1 | ||
| Other finance income and expenses paid | 3.1 | - | - |
Income taxes paid | - | - | |
Financial items and taxes | - | - | |
NET CASH FLOW FROM OPERATING ACTIVITIES |
EUR million | Note | 1 Jan–31 Dec 2024 | 1 Jan–31 Dec 2023 |
| CASH FLOW FROM INVESTING ACTIVITIES | |||
| Payments for property, plant and equipment | |||
| and intangible assets | 2.1-2.3 | - | - |
Proceeds from sale of property, plant and equipment and intangible assets | 1.3 | ||
Proceeds received from disposals of subsidiaries and business operations | |||
| (net of cash) | 5.2 | ||
Proceeds received from disposal of investments in joint arrangements | 5.2 | ||
| Loans granted to associated companies | 6.3 | - | |
| Acquisitions of subsidiaries and business | |||
operations | - | - | |
| Interest received from investments in joint | |||
| operations | 5.4 | ||
| Dividends received | 3.1 | ||
NET CASH FLOW FROM INVESTING ACTIVITIES | - | ||
| CASH FLOW FROM FINANCING ACTIVITIES | |||
| Changes in commercial paper program | 3.2.2 | - | |
| Repayment of borrowings | 3.2.2 | - | - |
| Repayment of lease liabilities | 3.2.2 | - | - |
Dividends paid and other distributions of profits | 3.4 | - | - |
NET CASH FLOW FROM FINANCING ACTIVITIES | - | - | |
CHANGE IN CASH AND CASH EQUIVALENTS | - | ||
Cash and cash equivalents at the beginning of the period | |||
| Translation differences on cash and cash | |||
equivalents | - | ||
Change in cash and cash equivalents | - | ||
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 3.2.3 |
The notes are an integral part of the consolidated financial statements.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
170Annual Report 2024
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| Invested | Equity attributable | Non- | ||||||||
| unrestricted | Legal | Translation | Retained | to owners of the | controlling | Total | ||||
EUR million | Note | Share capital | equity fund | reserve | Hedge reserve | differences | earnings | parent company | interests | equity |
Equity at 1 January 2023 | - | |||||||||
| Total comprehensive income | ||||||||||
Result for the period | - | - | - | |||||||
| Other comprehensive income (net of tax) | 3.4, 6.1 | |||||||||
Cash flow hedges | - | - | - | - | ||||||
| Translation differences | 3.4 | - | - | - | - | - | ||||
| Remeasurements of post-employment | ||||||||||
benefit obligations | - | - | - | |||||||
Total comprehensive income for the period | - | - | - | - | - | - | ||||
| Transactions with owners | ||||||||||
| Dividend distribution | 3.4 | - | - | - | - | |||||
| Share-based payments | 6.4 | |||||||||
Total transactions with owners | - | - | - | - | ||||||
Transfer to reserve | - | |||||||||
EQUITY AT 31 DECEMBER 2023 | - | - | ||||||||
Equity at 1 January 2024 | - | - | ||||||||
| Total comprehensive income | ||||||||||
Result for the period | ||||||||||
| Other comprehensive income (net of tax) | 3.4, 6.1 | |||||||||
Cash flow hedges | ||||||||||
| Translation differences | 3.4. | - | - | - | - | |||||
| Remeasurements of post-employment | ||||||||||
benefit obligations | - | - | - | |||||||
Total comprehensive income for the period | - | |||||||||
| Transactions with owners | ||||||||||
| Dividend distribution | 3.4. | - | - | - | - | |||||
| Share-based payments | 6.4. | |||||||||
Total transactions with owners | - | - | - | - | ||||||
EQUITY AT 31 DECEMBER 2024 | - |
The notes are an integral part of the consolidated financial statements..
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
171Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
172Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
173Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
174Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
175Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
176Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
177Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
178Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
179Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
180Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
181Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
182Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
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183Annual Report 2024
2.3 RIGHT-OF-USE ASSETS
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
184Annual Report 2024
RIGHT-OF-USE ASSETS
EUR million Buildings
Machinery and
equipment Total
Acquisition cost at 1 January 2024 137.0 32.9 170.0
Additions 0.4 2.4 2.8
Disposals -10.4 -1.9 -12.4
Effect of movement in exchange rates -4.9 -1.4 -6.2
Acquisition cost at 31 December 2024 122.1 32.1 154.1
Accumulated depreciation and impairment
losses at 1 January 2024 -75.0 -27.1 -102.1
Depreciation -6.7 -2.0 -8.7
Accumulated depreciation on disposals 9.5 1.7 11.2
Effect of movement in exchange rates 3.2 1.2 4.4
Accumulated depreciation and impairment
losses at 31 December 2024 -69.0 -26.2 -95.2
Carrying amount at 1 January 2024 62.1 5.8 67.9
CARRYING AMOUNT AT 31 DECEMBER 2024 53.1 5.9 59.0
EUR million Buildings
Machinery and
equipment Total
Acquisition cost at 1 January 2023 158.1 35.9 194.0
Additions 6.9 2.4 9.3
Disposals -21.0 -3.5 -24.5
Effect of movement in exchange rates -6.9 -1.9 -8.8
Acquisition cost at 31 December 2023 137.0 32.9 170.0
Accumulated depreciation at 1 January 2023 -35.2 -22.1 -57.2
Depreciation -9.7 -2.9 -12.6
Impairment losses -49.7 -6.4 -56.1
Accumulated depreciation on disposals 19.8 3.3 23.1
Effect of movement in exchange rates -0.3 1.0 0.7
Accumulated depreciation and impairment
losses at 31 December 2024 -75.0 -27.1 -102.1
Carrying amount at 1 January 2023 122.9 13.9 136.8
CARRYING AMOUNT AT 31 DECEMBER 2023 62.1 5.8 67.9
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
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185Annual Report 2024
Impairment of Right-of-use assets
There have not been any impairments or reversal of
previous impairment of right-of-use assets during
2024. For details of the 2023 impairment of right-of-
use assets, see chapter 2.2 regarding impairment of
property, plant and equipment.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
186Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
187Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
188Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
189Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
190Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
191Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
192Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
193Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
194Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
195Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
196Annual Report 2024
performance.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
197Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
198Annual Report 2024
ANORA GROUP PLC DISTRIBUTABLE FUNDS
EUR million 2024 2023
Invested unrestriced equity 52.2 52.2
Retained earnings, 1 Jan 48.0 74.4
Distribution of dividends -14.9 -14.9
Profit for the period 12.9 -11.5
Total distributable funds 98.3 100.2
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
199Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
200Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
201Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
202Annual Report 2024
TABLE 4: MATURITIES OF FINANCIAL LIABILITIES
Contractual payments on financial
liabilities 2024 Cash flows 2025 Cash flows 2026 Cash flows 2027–
EUR million
Total
contractual
cash flows Fixed rate Variable rate Repayment Fixed rate Variable rate Repayment Fixed rate Variable rate Repayment
Non-derivative:
Loans from financial institutions
1
-181.1 - -7.1 - - -7.0 - - -7.0 -160.0
Loans from pension institutions
2
-5.4 -0.1 - -1.5 0.0 - -1.5 0.0 - -2.3
Lease liabilities -146.7 - -4.8 -13.3 - -4.3 -15.8 - -19.6 -89.0
Trade payables and other -80.4 - - -80.4 - - - - - -
Derivative:
Currency derivatives,
hedge accounting
Inflow 101.8 - - 98.4 - - 3.3 - - -
Outflow -100.2 - - -96.8 - - -3.3 - - -
Currency derivatives,
non-hedge accounting
Inflow 77.7 - - 77.7 - - - - - -
Outflow -77.7 - - -77.7 - - - - - -
Interest rate derivatives,
hedge accounting -1.0 -0.2 - - -0.2 - - -0.6 - -
Commodity derivatives,
hedge accounting -0.9 - - -0.7 - - -0.2 - - -
TOTAL -413.8 -0.3 -11.9 -94.3 -0.3 -11.3 -17.5 -0.6 -26.6 -251.2
1
Loans from financial institutions mature 2027
2
Loans from pension institutions mature 2028
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
203Annual Report 2024
TABLE 4: MATURITIES OF FINANCIAL LIABILITIES
Contractual payments on financial
liabilities 2023 Cash flows 2024 Cash flows 2025 Cash flows 2026–
EUR million
Total
contractual
cash flows Fixed rate Variable rate Repayment Fixed rate Variable rate Repayment Fixed rate Variable rate Repayment
Non-derivative:
Loans from financial institutions
1
-247.2 - -12.4 - - -12.5 - - -12.3 -210.0
Loans from pension institutions
2
-7.0 -0.1 - -1.5 -0.1 0.0 -1.5 -0.1 - -3.8
Lease liabilities -170.0 - -5.4 -13.1 - -4.9 -17.6 - -25.7 -103.3
Trade payables and other
3
-97.2 - - -97.2 - - - - - -
Derivative:
Currency derivatives,
hedge accounting
Inflow 63.7 - - 63.7 - - - - - -
Outflow -65.3 - - -65.3 - - - - - -
Currency derivatives,
non-hedge accounting
Inflow 39.0 - - 39.0 - - - - - -
Outflow -40.0 - - -40.0 - - - - - -
Interest rate derivatives,
hedge accounting - - - - - - - - - -
Commodity derivatives,
hedge accounting -1.2 - - -0.7 - - -0.5 - - -
TOTAL -525.1 -0.1 -17.8 -115.1 -0.1 -17.3 -19.6 -0.1 -38.0 -317.0
1
Loans from financial institutions mature 2027
2
Loans from pension institutions mature 2028
3
Restated
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
204Annual Report 2024
4.2 CAPITAL RISK MANAGEMENT
The target of Anora’s capital management is to
secure an effective capital structure that supports
the profitable growth of the operations. The Board
of Directors monitors the Group’s capital structure
regularly.
Anora monitors its capital based on total Net
Debt to Comparable EBITDA. The ratio is calculated
by dividing net debt with the last 12 month’s
comparable EBITDA of the Group.
During the business cycle, Group’s Net debt to
comparable EBITDA is likely to fluctuate, and the
objective is to retain a sufficiently strong capital
structure to secure the Group’s financing needs. Net
debt / comparable EBITDA is a covenant used in
Group’s funding arrangements. During the financial
period, the covenants were not in breach. These are
tested quarterly and as of current no foreseeable
risk of being in breach of the covenant. At 31
December 2024 and 31 December 2023 the Net debt
comparable/ EBITDA was as follows:
TABLE 5: NET DEBT/COMPARABLE EBITDA AS
OF 31 DECEMBER
EUR million 2024 2023
Comparable EBITDA 68.9 68.2
Borrowings 185.0 216.3
Lease liabilities 118.1 134.0
Cash and cash equivalents -181.5 -212.7
Net debt 121.6 137.5
Net Debt /Comparable
EBITDA AT 31 DECEMBER 1.8 2.0
Nominal amounts of loans
with covenants 165.3 216.8
Tresholds for financial
covenants: Net Debt to EBITDA <3.8 <3.8
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
205Annual Report 2024
5 Consolidation
BUSINESS OVERVIEW
REPORT BY THE BOARD
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FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
206Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
207Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
208Annual Report 2024
Country
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
209Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
210Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
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211Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
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212Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
213Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
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214Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
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215Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
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216Annual Report 2024
6.3 RELATED PARTY TRANSACTIONS
The following transactions have taken place with related parties:
EUR millon 2024 2023
Sale of goods and services
Associates, joint ventures and joint operations 0.3 1.0
Finnish government related entity 85.8 91.6
Total 86.1 92.7
Purchases of goods and services
Associates, joint ventures and joint operations 4.8 5.8
Shareholder 2.0 2.2
Finnish government related entity 1.0 1.3
Total 7.8 9.3
Outstanding balances from sales and purchases of goods and services
Receivables
Associates, joint ventures and joint operations 0.0 0.1
Finnish government related entity 2.0 3.0
Total 2.0 3.1
Payables
Associates, joint ventures and joint operations 0.2 0.2
Shareholder 0.1 0.3
Finnish government related entity 0.1 0.1
Total 0.4 0.6
Loans granted
Associated companies 0.1 -
Total 0.1 -
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
217Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
218Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
219Annual Report 2024
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
220Annual Report 2024
6.5 EVENTS AFTER THE REPORTING PERIOD
Anora announced on March 7, 2025 that Kirsi
Puntila (born 1970), M.Sc. (Econ.), has been appointed
as the new CEO of Anora Group Plc effective
immediately. Kirsi Puntila has been with Anora since
2014. Her most recent position has been Senior Vice
President, Spirits. Previously in her career, Kirsi has
served as the Spirits Category Director of Altia and
as Marketing Director, Altia Brands. Prior to this, she
served in various international roles at Pernod Ricard
companies, most recently as the Global Marketing
Manager, based in Stockholm and London.
The Board of Directors of Anora Group Plc
announced on 14 February 2025 that it has approved
the commencement of a new plan period within
the share-based long-term incentive scheme for
the management and selected key employees.
Eligible for participation in PSP 2025-2027 are
approximately 40 individuals, including the members
of Anora Group’s Executive Management Team.
More information on the plan is available in the stock
exchange release published on February 12, 2025.
No significant other events occurred between
the end of the financial year and the date on which
Anora Group Plc consolidated financial statements
and parent company financial statements were
approved for publication.
Plan
Bridge
Performance
Share Plan 2022-
2023
Performance
Share Plan
2022
Performance
Share Plan
2023
Performance
Share Plan
2024
Restricted
Share Plan
2022
Restricted
Share Plan
2024
Type Share Share Share Share Share Share
Instrument Performance
Period
2022-2023
Performance
Period
2022-2024
Performance
Period
2023-2025
Performance
Period
2024-2026
Restricted
Share Plan
2022-2024
Restricted
Share Plan
2024-2026
Grant date 17.6.2022 17.6.2022 6.3.2023 15.3.2024 1.3.2024 9.8.2024
Beginning of earning period 1.1.2022 1.1.2022 1.1.2023 1.1.2024
End of earning period 31.12.2023 31.12.2024 31.3.2025 31.3.2026
Vesting date 31.3.2024 31.3.2025 31.3.2026 31.3.2027 1.4.2025 1.4.2027
Vesting conditions Revenue, EPS,
Relative TSR &
ESG
Revenue, EPS,
Relative TSR &
ESG
Revenue, EPS,
Relative TSR &
ESG
Revenue, EPS,
Relative TSR &
ESG
Employment
requirement
Employment
requirement
Maximum contractual life, years 2.25 3.25 3.25 3.25 1.08 2.64
Remaining contractual life, years - 0.25 1.25 2.25 0.25 2.25
Number of persons at the end of
reporting year - 29 35 40 1 1
Payment method Equity Equity Equity Equity Equity Equity
Changes during period
Outstanding in the beginning of the
period 223 000 304 517 442 933 0 0 0
Granted during period 0 0 114 400 1 259 000 8 000 8 000
Forfeited during period -223 000 -54 000 -199 200 -368 000 0 0
Extercised during period 0 0 0 0 0 0
Outstanding at the end of the period 0 250 517 358 133 891 000 8 000 8 000
Valuation parameters for
instruments granted during period
Shareprice at grant, EUR 4.80
Shareprice at reporting period end,
EUR 2.84
Expected dividends, EUR 0.69
Risk free rate, % 2.7%
Volatility, % 23.4%
Valuation model Monte Carlo
Fair value 31.12, EUR 550 220
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
221Annual Report 2024
Parent company financial statements
ANORA GROUP PLC INCOME STATEMENT (FAS)
EUR million Note 1 Jan–31 Dec 2024 1 Jan–31 Dec 2023
NET SALES 1. 248.6 250.4
Increase (+) / decrease (-) in inventories of
finished goods and work in progress 1.4 -5.1
Other operating income
2. 21.2 25.9
Materials and services
Raw materials, consumables and goods
Purchases during the period -153.0 -137.4
Change in inventories -1.7 -13.1
External services -0.8 -0.6
Total materials and services -155.5 -151.1
Personnel expenses
3.
Wages and salaries -27.8 -25.8
Indirect employee expenses
Pension expenses -4.5 -4.3
Other indirect employee expenses -0.7 -0.9
Total personnel expenses -33.0 -31.1
Depreciation, amortisation and impairment
losses
Depreciation and amortisation according
to plan
8. -7.0 -9.0
Total depreciation, amortisation and
impairment losses -7.0 -9.0
Other operating expenses
4. -61.6 -61.0
OPERATING RESULT 14.2 19.1
EUR million Note 1 Jan–31 Dec 2024 1 Jan–31 Dec 2023
Finance income and expenses 5.
Income from Group companies 15.0 33.1
Income from participating interests 0.9 0.9
Other interest and finance income
From Group companies 4.8 4.3
From others than Group companies 11.8 18.3
Impairment losses on investments in non-
current assets -10.4 -58.7
Interest and other finance expenses
To Group companies -7.3 -2.5
To others than Group companies -15.6 -25.2
Total finance income and expenses -0.9 -29.6
RESULT BEFORE APPROPRIATIONS AND TAXES 13.2 -10.6
Appropriations
6.
Depreciation difference increase (-) /
decrease (+) 0.5 1.0
Income tax expense
7.
Current period taxes -1.2 -2.4
Deferred taxes 0.3 0.4
Other direct taxes 0.0 0.0
Total income taxes -0.8 -2.0
RESULT FOR THE PERIOD 12.9 -11.5
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
222Annual Report 2024
ANORA GROUP PLC BALANCE SHEET (FAS)
EUR million Note 31 Dec 2024 31 Dec 2023
ASSETS
NON-CURRENT ASSETS
8.
Intangible assets
Intangible rights 2.1 0.4
Other capitalized long-term expenditure 4.0 4.0
Prepayments 0.9 1.3
Intangible assets total 7.0 5.8
Tangible assets
Land and water areas 2.5 2.5
Buildings and structures 16.9 17.5
Machinery and equipment 21.5 21.5
Other tangible assets 0.5 0.5
Prepayments and assets under construction 6.4 5.3
Tangible assets total 47.8 47.3
Investments
Holdings in Group companies 222.7 232.3
Participating interests 5.2 13.2
Other shares and investments 0.6 0.6
Investments total 228.5 246.1
TOTAL NON-CURRENT ASSETS 283.3 299.1
EUR million Note 31 Dec 2024 31 Dec 2023
CURRENT ASSETS
Inventories
9.
Materials and supplies 20.4 22.3
Work in progress 4.3 4.0
Finished goods 17.6 16.5
Advance payments 0.3 0.0
Inventories total 42.5 42.8
Non-current receivables
10.
Receivables from Group companies 64.0 56.4
Receivables from participating interest
undertakings 0.1 -
Deferred tax assets 1.2 0.7
Non-current receivables total 65.4 57.1
Current receivables
11.
Trade receivables 28.5 29.9
Receivables from Group companies 113.9 21.4
Receivables from participating interest
undertakings - 0.1
Accrued income and prepaid expenses 4.6 3.2
Current receivables total 147.0 54.6
Cash at hand and in banks 178.5 131.9
TOTAL CURRENT ASSETS 433.4 286.4
TOTAL ASSETS 716.7 585.6
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
223Annual Report 2024
ANORA GROUP PLC BALANCE SHEET (FAS)
EUR million Note 31 Dec 2024 31 Dec 2023
EQUITY AND LIABILITIES
Equity
13.
Share capital 61.5 61.5
Invested unrestricted equity fund 52.2 52.2
Hedge reserve -0.5 0.4
Retained earnings 33.1 59.5
Profit for the period 12.9 -11.5
TOTAL EQUITY 159.2 162.0
Appropriations
14.
Depreciation difference 15.6 16.1
Liabilities
Non-current
15.
Loans from financial institutions 160.0 210.0
Loans from pension institutions 3.8 5.3
Deferred tax liabilities - 0.1
Non-current liabilities total 163.8 215.3
Current
Loans from financial institutions 20.0 -
Loans from pension institutions 1.5 1.5
Trade payables 17.1 15.5
Liabilities to Group companies
16. 259.3 91.7
Other liabilities 56.8 63.6
Accrued expenses and deferred income
17. 23.5 19.8
Current liabilities total 378.2 192.1
TOTAL LIABILITIES 541.9 407.5
TOTAL EQUITY AND LIABILITIES 716.7 585.6
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
224Annual Report 2024
ANORA GROUP PLC STATEMENT OF CASH FLOWS (FAS)
EUR million Note 1 Jan–31 Dec 2024 1 Jan–31 Dec 2023
CASH FLOW FROM OPERATING ACTIVITIES
Result before taxes 13.8 -9.5
Adjustments
Depreciation, amortisation and impairment 7.0 9.0
Gain/loss from disposal of property, plant
and equipment and intangible assets - -5.7
Finance income and costs 0.9 29.6
Change in depreciation difference -0.5 -1.0
Other adjustments -0.3 2.0
Adjustments total 7.1 33.9
Change in working capital
Change in inventories, increase (-) /
decrease (+) 0.3 8.5
Change in trade and other receivables,
increase (-) / decrease (+) 1.2 9.1
Change in trade and other payables,
increase (+) / decrease (-) 6.5 -6.9
Change in working capital 8.0 10.7
Interest paid -19.1 -16.2
Interest received 10.6 6.8
Other finance income and expenses paid -1.8 -2.9
Income taxes paid -2.4 -2.3
Financial items and taxes -12.6 -14.5
NET CASH FLOW FROM OPERATING ACTIVITIES 16.2 20.6
EUR million Note 1 Jan–31 Dec 2024 1 Jan–31 Dec 2023
CASH FLOW FROM INVESTING ACTIVITIES
Payments for property, plant and equipment
and intangible assets -8,7 -9
Proceeds from sale of property, plant and
equipment and intangible assets
2. - 0.5
Investments in subsidiaries -0.9 -
Investments in participating interests - -0.1
Proceeds from disposals of subsidiaries
(net of cash) - 56.5
Proceeds from disposals of associated
companies 7.6
Loans granted to subsidiaries -49.7 -6.7
Loans granted to participating interests -0.1 -
Repayments of loans to subsidiaries 41.3 35.9
Dividends received
5. 15.9 34
NET CASH FLOW FROM INVESTING ACTIVITIES 5.3 111.1
CASH FLOW FROM FINANCING ACTIVITIES
Changes in commercial paper program 19.8 -30
Changes in current borrowings*
16. 71.4 2.3
Repayment of non-current borrowings
15. -51.5 -1.5
Dividends paid and other distributions of
profits
13. -14.9 -14.9
NET CASH FLOW FROM FINANCING ACTIVITIES 24.9 -44.0
CHANGE IN CASH AND CASH EQUIVALENTS 46.5 87.6
Cash and cash equivalents at the beginning of
the period 131.9 44.3
Change in cash and cash equivalents 46.5 87.6
CASH AND CASH EQUIVALENTS AT THE END OF
THE PERIOD 178.5 131.9
* The change in current borrowings is impacted by the expansion of the cash pool arrangement
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
225Annual Report 2024
Notes to Anora Group Plc financial statements
Accounting policies for financial
statements
The financial statements of the parent company are
prepared in accordance with the Finnish accounting
legislation.
Non-current assets and depreciations
Non-current assets are recognised in the balance
sheet at acquisition cost less depreciation and
amortisation. The depreciation periods for non-
current assets are:
Trademarks 10–15 years
IT-development and software 3–5 years
Buildings and structures 10–40 years
Machinery and equipment 10 years
Other tangible assets 3–10 years
Holdings in Group companies and other shares and
investments included in non-current assets are
measured at acquisition cost or fair value, if lower.
Holdings in other companies is disclosed in Group
notes 5.3.
Inventories
Inventories are measured at the lower of cost or net
realisable value. Net realisable value is the estimated
selling price in the ordinary course of business,
less the estimated costs of completion and the
estimated costs necessary to make the sale.
Inventories are measured at the lower of cost
and net realisable value. Raw materials, supplies,
work in progress and trading goods are measured
at weighted average cost. Self-manufactured
products and repacked trading goods are measured
at standard cost including cost of direct materials,
direct labour and an appropriate proportion of
variable and fixed overhead expenditure, the latter
being allocated on the basis of normal operating
capacity.
Pension plans
The pension plans of the parent company are
arranged through pension insurance companies.
Pension expenses are accrued to correspond to the
accrual-based salaries in the financial statements.
Cash Pool
The Group has applied the cash pool arrangement,
which enables efficient management of the parent
company’s and subsidiaries’ cash and cash
equivalents.
Leases
All lease payments are recognised as rental
expenses.
Financial Derivatives
Fair value measurement compliant with Chapter 5,
section 2a of the Accounting Act is applied to the
accounting treatment of financial derivatives.
Derivatives are included in financial assets and
liabilities at fair value through profit or loss when
they do not meet the criteria of hedge accounting.
These derivatives are recognised at fair value on the
trade date and they are subsequently measured
at fair value at the reporting date. The fair values
of derivatives equal the amount that Anora Group
Plc would have to pay, or it would receive from
the termination of the derivative contract at the
reporting date. The fair values of forward exchange
contracts are determined by using the market prices
at the reporting date. The fair values of interest
rate derivatives are determined by discounting
the related future cash flows. The valuation of
commodity derivatives is determined based on the
fair values received from the financial markets.
All derivatives for which fair value is measured or
disclosed in the financial statements are categorised
within the fair value hierarchy level 1–3. The levels of
fair value hierarchy reflect the significance of inputs
used in determining the fair values. In level one, fair
values are based on public quotations of identical
financial instruments. In level two, the inputs used
in determining the fair values are based on quoted
market rates and prices observable for the asset or
liability in question directly (ie. price) or indirectly
on discounted future cash flows. Fair values of other
financial assets and liabilities in level two reflect
their carrying value. In level three, the fair values of
assets and liabilities are based on inputs that are not
based on observable market data for all significant
variables, and instead are, to a significant extent,
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
226Annual Report 2024
based on management estimates and their use in
generally accepted valuation techniques.
The fair values of the financial instruments are
determined by using the market prices on the
closing date of the reporting period.
Hedge accounting
The parent company applies hedge accounting
when the unrealised change in fair value is
recognised in the hedge reserve under equity. In
Anora Group Plc, cash flow hedging is applied to part
of the interest rate, foreign currency and electricity
derivatives based on case-by-case assessment.
In cash flow hedging, Anora Group Plc is hedging
against changes in cash flows related to a specific
asset or liability recognised in the balance sheet or
to a highly probable future business transaction.
In the beginning of the hedging arrangement,
company documents the relationship between each
hedging instrument and hedged item, as well as the
objectives of risk management and the strategy in
engaging in hedging. Effectiveness means the ability
of a hedging instrument to offset the changes in the
fair value of the hedged item or changes in the cash
flows of the hedged transaction attributable to the
hedged risk. The hedging relationship is regarded
to be highly effective when there is an economic
relationship between the hedged item and the value
of the hedging instrument, and the value of the
hedged item moves to the opposite direction due to
same risk. Hedge accounting is discontinued when
the criteria for hedge accounting is no longer met.
The gains and losses arising from fair value
changes of derivative contracts, to which hedge
accounting is applied, are presented in congruence
with the hedged item. The effective portion of the
unrealised changes in the fair value of derivatives
designated and qualifying as cash flow hedges
are recognised in the hedge reserve in equity. The
ineffective portion is immediately recognised in profit
or loss in finance income or expense.
The cumulative gain or loss in equity on derivative
instruments related to operative items is recognised
in profit or loss as an adjustment to purchases or
sales simultaneously with the hedged item in the
period in which the hedged item affects profit or
loss. Realised gain or loss on electricity derivatives
is included in operating result in electricity
procurement expenses. When a hedging instrument
designated as a cash flow hedge expires, is sold or
no longer meets the criteria of hedge accounting,
the gain or loss accumulated in equity is recognised
through profit or loss either as an adjustment to
purchases or sales when hedging is effective or as
finance income or expense when hedge accounting
criteria is not met.
Research and development expenditure
Research and development expenditure is
recognised as an expense as incurred.
Financial securities
Financial securities are recognised at acquisition
cost or probable value, if lower.
Receivables
Receivables are measured at face value or probable
value, if lower.
Sale of trade receivables
The sold receivables are derecognised when the
receivable has been sold and the payment for it has
been received. The related costs are recognised in
other financial expenses.
Non-current financial liabilities
Non-current financial liabilities are recognised at
acquisition cost.
Income taxes
Income taxes in the income statement include taxes
calculated for the financial year based on Finnish tax
legislation, adjustments to taxes in previous financial
years and the change in deferred taxes.
Foreign currency denominated items
Foreign currency denominated receivables and
liabilities are translated into euros at the rates of the
closing date of the reporting period.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
227Annual Report 2024
1. NET SALES
EUR million 2024 2023
Net sales by business areas
Wine 41.5 34.0
Spirits 99.7 96.0
Industrial products 59.0 72.2
Total sales of products 200.2 202.2
Contract manufacturing
services 48.3 48.1
Logistics services 0.1 0.1
Total sale of services 48.4 48.2
TOTAL 248.6 250.4
Net sales by geographic
areas
Finland 182.3 191.1
Europe 64.4 57.9
Rest of the world 1.9 1.4
TOTAL 248.6 250.4
2. OTHER OPERATING INCOME
EUR million 2024 2023
Rental income 1.3 1.2
Income from energy sales 4.4 4.0
Proceeds from disposal of
non-current assets
1
- 5.7
Service income 12.2 12.6
Other income
2
3.3 2.3
TOTAL 21.2 25.9
1
Comparison period includes sales gain of trademarks related to sale
of Larsen SAS (EUR 5.3 million)
2
Comparison period includes sales gain of inventory related to sale
of Larsen SAS (EUR 0.8 million). See also Group Note 5.2. for more
information.
3. NOTES RELATED TO PERSONNEL
EUR million 2024 2023
Wages and salaries -27.8 -25.8
Pension expenses -4.5 -4.3
Other social expenses -0.7 -0.9
TOTAL -33.0 -31.1
EUR million 2024 2023
Fringe benefits (taxable value) -0.6 -0.7
The average number of personnel
during the reporting period 2024 2023
Workers 198 196
Clerical employees 221 227
TOTAL 419 423
EUR million 2024 2023
CEO -0.8 -0.6
Board members -0.4 -0.5
Share-based incentive plans
More information about share-based incentive
plans is presented in Group Note 6.4 Share-based
payments.
Pension commitments of the Board and CEO
The CEO’s pension commitments have been
managed with a defined contribution pension
insurance.
4. OTHER OPERATING EXPENSES
EUR million 2024 2023
Rental expenses -1.7 -1.6
Marketing expenses -9.5 -6.9
Energy expenses -9.5 -9.5
Travel and representation
expenses -1.3 -1.2
Repair and maintenance
expenses -7.0 -7.1
IT expenses -10.3 -9.2
Outsourcing services -7.7 -11.2
Variable sales expenses -5.4 -5.8
Other expenses -9.3 -8.5
TOTAL -61.6 -61.0
Auditor's fees
Audit fees -0.5 -0.5
Other fees -0.1 -0.1
TOTAL -0.6 -0.6
Environmental expenses
The Company’s environmental expenses did not
have a significant impact on the result for the period
and on the financial position.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
228Annual Report 2024
5. FINANCE INCOME AND EXPENSES
EUR million 2024 2023
Dividend income
From Group companies 15.0 33.1
From participating interest
undertakings 0.9 0.9
Total dividend income 15.9 34.0
Interest income
From Group companies 4.8 4.3
From others 5.9 2.5
Total interest income 10.7 6.9
Other finance income
From others
1
5.9 15.8
Total other finance income 5.9 15.8
TOTAL FINANCE INCOME 32.5 56.7
Interest expenses
To Group companies -7.3 -2.5
To others -11.8 -13.6
Total interest expenses -19.1 -16.1
Other finance expenses
To others
Impairment losses on
investments in
non-current assets
2
-10.4 -58.7
Other finance expenses -3.9 -11.6
Total other finance expenses -14.3 -70.3
TOTAL FINANCE EXPENSE -33.4 -86.4
TOTAL FINANCE INCOME AND
EXPENSES -0.9 -29.6
EUR million 2024 2023
The following items are
included in finance items of
the income statement from
fair value hedges:
Other finance income
Other finance expenses
Fair value changes of
derivatives -0.2 -0.2
1
Other finance income 2024 includes gain from sale of shares of Roal
Ltd (EUR 4.5 million), other finance income 2023 includes gain from
sale of shares of Larsen SAS (EUR 6.6 million). See also Group Note 5.2.
for more information.
2
Impairment losses on investments in non-current assets includes
write-downs of shares in subsidiaries. See Note 8 for more information.
6. APPROPRIATIONS
EUR million 2024 2023
Difference between
depreciations according to
plan and depreciations made
in taxation:
Intangible rights 0.0 0.7
Other intangible assets 0.1 -0.4
Buildings and structures 0.1 0.3
Machinery and equipment 0.3 0.4
Other tangible assets 0.0 0.0
TOTAL 0.5 1.0
7. INCOME TAX EXPENSE
EUR million 2024 2023
Income taxes from current
period -1.2 -2.4
Income taxes from previous
periods 0.0 0.0
Change in deferred tax
assets and liabilities 0.3 0.4
TOTAL -0.8 -2.0
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
229Annual Report 2024
8. SPECIFICATION OF NON-CURRENT ASSETS
EUR million 2024 2023
Intangible assets
Intangible rights
Acquisition cost at 1 January 17.7 33.2
Additions 2.0 0.1
Disposals -0.1 -15.6
Transfers between items 0.0 0.1
Acquisition cost at 31 December 19.6 17.7
Accumulated amortisation at 1 January -17.3 -30.1
Accumulated amortisation on disposals and transfers 0.1 13.8
Amortisation for the period -0.2 -1.0
Accumulated amortisation at 31 December -17.5 -17.3
CARRYING AMOUNT AT 31 DECEMBER 2.1 0.4
Goodwill
Acquisition cost at 1 January 18.7 18.7
Acquisition cost at 31 December 18.7 18.7
Accumulated amortisation at 1 January -18.7 -18.7
Accumulated amortisation at 31 December -18.7 -18.7
CARRYING AMOUNT AT 31 DECEMBER - -
Other intangible assets
Acquisition cost at 1 January 30.9 27.7
Additions 0.4 1.2
Transfers between items 1.1 2.0
Acquisition cost at 31 December 32.4 30.9
Accumulated amortisation at 1 January -26.9 -24.4
Amortisation for the period -1.5 -2.5
Accumulated amortisation at 31 December -28.4 -26.9
CARRYING AMOUNT AT 31 DECEMBER 4.0 4.0
Prepayments in intangible assets
Acquisition cost at 1 January 1.3 2.1
Additions 0.7 1.3
Transfers between items -1.1 -2.1
CARRYING AMOUNT AT 31 DECEMBER 0.9 1.3
EUR million 2024 2023
Tangible assets
Land and water areas
Acquisition cost at 1 January 2.5 2.5
CARRYING AMOUNT AT 31 DECEMBER 2.5 2.5
Buildings and structures
Acquisition cost at 1 January 102.7 100.6
Additions 0.5 1.2
Transfers between items 0.7 0.9
Disposals -0.2 -0.1
Acquisition cost at 31 December 103.6 102.7
Accumulated depreciation at 1 January -85.2 -83.3
Accumulated depreciation on disposals and transfers 0.2 0.1
Depreciation for the period -1.8 -1.9
Accumulated depreciation at 31 December -86.7 -85.2
CARRYING AMOUNT AT 31 DECEMBER 16.9 17.5
Machinery and equipment
Acquisition cost at 1 January 111.1 125.1
Additions 1.7 1.8
Transfers between items 1.8 1.1
Disposals -0.3 -16.9
Acquisition cost at 31 December 114.3 111.1
Accumulated depreciation at 1 January -89.6 -103.0
Accumulated depreciation on disposals and transfers 0.3 16.9
Depreciation for the period -3.5 -3.5
Accumulated depreciation at 31 December -92.7 -89.6
CARRYING AMOUNT AT 31 DECEMBER 21.5 21.5
Other tangible assets
Acquisition cost at 1 January 0.5 0.5
Acquisition cost at 31 December 0.5 0.5
CARRYING AMOUNT AT 31 DECEMBER 0.5 0.5
Prepayments and assets under construction
Acquisition cost at 1 January 5.3 4.0
Additions 3.5 3.4
Transfers between items -2.5 -2.1
CARRYING AMOUNT AT 31 DECEMBER 6.4 5.3
CARRYING AMOUNT OF MACHINERY AND EQUIPMENT USED IN PRODUCTION
AT 31 DECEMBER 21.3 21.2
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
230Annual Report 2024
EUR million 2024 2023
Investments
Holdings in Group
companies
Acquisition cost at 1 January 450.8 485.1
Additions 0.9 -
Disposals - -34.3
Acquisition cost at 31
December 451.7 450.8
Accumulated impairment at
1 January -218.6 -159.9
Impairment -10.4 -58.7
Accumulated impairment at
31 December -229.0 -218.6
CARRYING AMOUNT AT 31
DECEMBER 222.7 232.3
Participating interests
Acquisition cost at 1 January 13.2 13.0
Additions - 0.1
Transfer to holdings in group
companies -8.0 -
CARRYING AMOUNT AT 31
DECEMBER 5.2 13.2
Other shares and
investments
Acquisition cost at 1 January 0.6 0.6
CARRYING AMOUNT AT 31
DECEMBER 0.6 0.6
During the financial year ended 2024 Anora Group
Plc conducted an evaluation of the book values
of subsidiary shares as required by the Finnish
Accounting Act (KPL 5:13 §). As part of this evaluation,
it was determined that the fair value of certain
subsidiary shares had fallen below their book value
due to poor financial performance of the subsidiaries
and Group internal restructuring. Consequently,
impairment losses were recognised. The amount of
the impairment is EUR 10.4 million, which is presented
under “Financial income and expense” in the income
statement.
During year 2023 Anora Group Plc sold its Larsen
cognac business, including shares of Larsen,
inventory and trademarks. Sales gain from shares
EUR 6.6 million is included in Finance income (Note
5). Sales gain from trademarks and inventory
totaling EUR 6.1 million is included in Other operating
income (Note 2). Selling expenses EUR 2.0 million
were posted in Other operating expenses and
have been reducing the total sales gain. See more
information also in Group note 5.2.
9. INVENTORY
The provision for obsolescence amounted to EUR 1.5
million (EUR 0.3 million).
10. NON-CURRENT RECEIVABLES
EUR million 2024 2023
Receivables from Group
companies
Loan receivables 64.0 56.4
Receivables from Group
companies
Loan receivables 0.1 -
Deferred tax assets
Recognised in hedge reserve 0.1 -
Non-deductible interest
expenses 0.1 0.4
Fixed assets deferred
depreciations - 0.3
Deferred tax assets total 1.2 0.7
TOTAL NON-CURRENT
RECEIVABLES 65.4 57.1
11. CURRENT RECEIVABLES
EUR million 2024 2023
Receivables from Group
companies
Trade receivables 8.7 8.1
Loan receivables 0.3 0.3
Cash Pool receivables 95.1 1.9
Other receivables 3.2 3.5
Derivatives 0.2 1.5
Accrued income and prepaid
expenses 6.4 6.2
Total 113.9 21.4
Receivables from
participating interest
undertakings
Trade receivables - 0.1
Total - 0.1
Receivables from others
Trade receivables
1
28.5 29.9
Accrued income and prepaid
expenses 4.6 3.2
Total 33.1 33.1
TOTAL CURRENT RECEIVABLES 147.0 54.6
Accrued income and prepaid
expenses
Significant items in accrued
income and prepaid
expenses:
Derivatives 1.9 0.8
Others 0.6 -
Total 4.6 3.2
1 Does not include the sold trade receivables
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
231Annual Report 2024
12. DISCLOSURES ON FAIR VALUES (DERIVATIVES)
2024 2023
EUR million
Fair value
31 Dec
Changes in
the fair value
recognised in
the income
statement
Changes in
the fair value
recognised
in fair value
reserve
Fair value
31 Dec
Changes in
the fair value
recognised in
the income
statement
Changes in
the fair value
recognised
in fair value
reserve
Derivative instruments
Interest rate derivatives (level 2) -1.0 - -1.0 - - -
Foreign exchange derivatives (level 2) 0.1 -0.2 0.3 -0.6 -0.2 -0.4
Commodity derivatives (level 2) 0.0 - 0.0 0.8 - 0.8
TOTAL -0.9 -0.2 -0.7 0.2 -0.2 0.4
13. EQUITY
EUR million 2024 2023
Restricted equity
Share capital at 1 January 61.5 61.5
Share capital at 31 December 61.5 61.5
Hedge reserve at 1 January 0.4 4.4
Additions and disposals -0.9 -4.1
Hedge reserve at
31 December -0.5 0.4
Total restricted equity 61.0 61.9
Unrestricted equity
Invested unrestricted equity
fund at 1 January 52.2 52.2
Invested unrestricted equity
fund at 31 December 52.2 52.2
Retained earnings at
1 January 48.0 74.4
Distribution of dividends -14.9 -14.9
Profit for the period 12.9 -11.5
Retained earnings at
31 December 46.1 48.0
Total unrestricted equity 98.3 100.2
TOTAL EQUITY 159.2 162.0
EUR million 2024 2023
Distributable unrestricted
equity
Calculation of distributable
equity:
Invested unrestricted equity
fund 52.2 52.2
Retained earnings at
1 January 48.0 74.4
Distribution of dividends -14.9 -14.9
Profit for the period 12.9 -11.5
TOTAL DISTRIBUTABLE
UNRESTRICTED EQUITY 98.3 100.2
Company’s share capital:
Number of shares
outstanding at the end of the
period 67,553,624 67,553,624
14. APPROPRIATIONS
EUR million 2024 2023
Depreciation difference
Intangible rights 0.1 0.1
Other intangible assets 0.6 0.7
Buildings and structures 0.6 0.7
Machinery and equipment 14.3 14.6
Other tangible assets 0.0 0.0
TOTAL 15.6 16.1
15. LIABILITIES
EUR million 2024 2023
Non-current
Loans from financial
institutions 160.0 210
Loans from pension
institutions 3.8 5.3
Deferred tax liabilities - 0.1
TOTAL 163.8 215.3
16. LIABILITIES TO GROUP COMPANIES
EUR million 2024 2023
Trade payables 2.6 0.7
Cash Pool liabilities 253.6 88.9
Derivative instruments 1.5 -
Other accrued expenses 1.6 2.2
TOTAL 259.3 91.7
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
232Annual Report 2024
17. ACCRUED EXPENSES AND DEFERRED
INCOME
EUR million 2024 2023
Significant items under
accrued expenses:
Holiday pay and other
wages and salaries 6.9 5.7
Contract discount 1.2 0.9
Procurement expenses and
other accrued expenses 14.0 10.6
Taxes - 0.6
Derivative instruments 1.4 2.1
TOTAL 23.5 19.8
18. COLLATERALS AND COMMITMENTS
EUR million 2024 2023
Collaterals given on behalf
of the Group companies
Mortgages 18.5 18.5
Guarantees 10.5 7.1
TOTAL COLLATERALS 29.0 25.6
Commitments and other
contingencies
Operating and finance lease
obligations
Not later than one year 0.8 0.7
Later than one year 0.8 0.8
Total 1.6 1.5
Lease obligations
Not later than one year 0.7 0.7
Later than one year 2.2 2.9
Total 3.0 3.7
EUR million 2024 2023
Other obligations
Not later than one year 3.2 2.3
Total 3.2 2.3
TOTAL COMMITMENTS 7.7 7.5
Anora has made commitments related to the
acquisition of fixed assets amounting to EUR 0.9
million for the year 2025.
VAT liability for real estate investments
The company is liable to review VAT deductions
made for real estate investments completed in
2016–2024 if the use subject to VAT decreases during
the review period. The maximum liability is EUR 1.1
million and the last year to review is 2033.
Derivative contracts
EUR million 2024 2023
Electricity derivatives
Fair value 0.0 0.8
Nominal value 0.9 1.2
Amount (TWh) 0.0 0.0
Parent company's external
forward exchange contracts
Fair value 1.4 -2.1
Nominal value 178.2 101.5
Parent company's internal
forward exchange contracts
Fair value -1.3 -1.5
Nominal value 89.4 49.9
Interest rate derivatives
Fair value -1.0 -
Nominal value 40.0 -
Emission allowances
Kilotons 2024 2023
Emission allowances received 22.6 22.6
Excess emission allowances
from the previous year 1.0 2.0
Sold emission allowances - -2.0
Realised emissions -15.4 -21.6
EMISSION ALLOWANCES AT
31 DECEMBER 8.2 1.0
Fair value of the remaining
emission allowances,
EUR thousand 0.3 0.1
The emission allowances received during year 2024
and the realised emissions are estimates, which will
be adjusted during 2025. Anora Group continues to
operate within the emission trading system for the
trading period 2021–2030.
19. RELATED PARTY TRANSACTIONS
Related party transactions are carried out at
ordinary commercial terms. More information about
related party transactions is presented in Group
Note 6.3. Management remuneration is presented in
Group Note 6.3.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
233Annual Report 2024
Board of Directors’ proposal for
the distribution of profits
According to the balance sheet at 31 December 2024, the parent company’s distributable funds
amount to EUR 98.3 million including profit for the period of EUR 12.9 million. There have been no
significant changes to the parent company’s financial position after the end of the financial year.
The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.22 per
share be paid for the financial year 2024.
Statements and signatures to
the Board of Directors’ Report and
to the financial statements
The financial statements, prepared in accordance with the applicable accounting rules, provide
a true and fair view of the assets, liabilities, financial position, and profit of both the company and
the entities included in its consolidated financial statements as a whole.
The Board of Directors’ Report gives a true and fair description of the development and result
of the business activities of both the company and the entities included in its consolidated
financial statements, as well as a description of the significant risks and uncertainties and other
aspects of the company’s state.
The Sustainability Statement included in the Board of Directors’ Report has been prepared
following the reporting standards referred to in Chapter 7 of the Accounting Act and Article 8 of
the Taxonomy Regulation.
Helsinki, 18 March 2025
Michael Holm Johansen Kirsten Ægidius Christer Kjos
Chairman
Florence Rollet Jyrki Mäki-Kala Torsten Steenholt
Jussi Mikkola Annareetta Lumme-Timonen Kirsi Puntila
CEO
The Auditors’ Note
An auditor’s report concerning the
performed audit has been given to date.
Helsinki, 18 March 2025
PricewaterhouseCoopers Oy
Authorised Public Accountants
Markku Katajisto
Authorised Public Accountant
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
234Annual Report 2024
Auditor’s Report
(Translation of the Finnish Original)
To the Annual General Meeting of Anora Group Oyj
Report on the Audit of the Financial Statements
Opinion
In our opinion
— the consolidated financial statements give a true and fair view of the group’s
financial position, financial performance and cash flows in accordance with
IFRS Accounting Standards as adopted by the EU
— the financial statements give a true and fair view of the parent company’s
financial performance and financial position in accordance with the laws and
regulations governing the preparation of financial statements in Finland and
comply with statutory requirements.
Our opinion is consistent with the additional report to the Audit Committee.
What we have audited
We have audited the financial statements of Anora Group Oyj (business identity
code 1505555-7) for the year ended 31 December 2024. The financial statements
comprise:
— the consolidated balance sheet, income statement, statement of
comprehensive income, statement of changes in equity, statement of cash
flows and notes, which include material accounting policy information and
other explanatory information
— the parent company’s balance sheet, income statement, cash flow statement
and notes.
Basis for Opinion
We conducted our audit in accordance with good auditing practice in Finland.
Our responsibilities under good auditing practice are further described in the
Auditor’s Responsibilities for the Audit of the Financial Statements section of our
report.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Independence
We are independent of the parent company and of the group companies in
accordance with the ethical requirements that are applicable in Finland and are
relevant to our audit, and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
To the best of our knowledge and belief, the non-audit services that we have
provided to the parent company and group companies are in accordance
with the applicable law and regulations in Finland and we have not provided
non-audit services that are prohibited under Article 5(1) of Regulation (EU) No
537/2014. The non-audit services that we have provided are disclosed in note 1.6
to the Financial Statements.
Our Audit Approach
Overview
— Overall group materiality: € 6,4 million (previous year €
5,5 million)
— The group audit included the parent company and the
most significant subsidiaries covering the majority of net
sales, assets and liabilities.
— Revenue recognition
— Valuation of inventories
— Valuation of tangible and intangible assets
As part of designing our audit, we determined materiality and assessed the risks
of material misstatement in the financial statements. In particular, we considered
where management made subjective judgements; for example, in respect
of significant accounting estimates that involved making assumptions and
considering future events that are inherently uncertain.
Materiality
Audit Scope
Key Audit
Matters
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
235Annual Report 2024
Materiality
The scope of our audit was influenced by our application of materiality. An audit
is designed to obtain reasonable assurance whether the financial statements
are free from material misstatement. Misstatements may arise due to fraud or
error. They are considered material if individually or in aggregate, they could
reasonably be expected to influence the economic decisions of users taken on
the basis of the financial statements.
Based on our professional judgement, we determined certain quantitative
thresholds for materiality, including the overall group materiality for the
consolidated financial statements as set out in the table below. These, together
with qualitative considerations, helped us to determine the scope of our audit
and the nature, timing and extent of our audit procedures and to evaluate the
effect of misstatements on the financial statements as a whole.
Overall group materiality € 6,4 million (previous year € 5,5 million)
How we determined it Approximately 0,9 % of net sales
Rationale for the materiality
benchmark applied
We chose net sales as the benchmark because
it provides a consistent year-on-year basis for
determining materiality. In addition, it is a benchmark
against which the performance of the group is
commonly measured by users.
We used approximately 0,9 % of net sales, which is
within the range of acceptable quantitative materiality
thresholds in auditing standards.
How we tailored our group audit scope
We tailored the scope of our audit, taking into account the structure of the Anora
Group, the industry in which it operates, the accounting processes and controls,
and the size, complexity and risks of individual subsidiaries.
Anora Group operates mainly in the Nordic countries and Baltics. Audits were
performed for group companies which were considered significant either due to
their size or their specific nature and risk characteristics, covering the majority of
revenue, assets and liabilities of the group. For the remaining reporting units, we
performed other procedures to confirm there were no significant risks of material
misstatement in the group financial statements.
Based on these procedures, we have obtained a sufficient amount of
appropriate audit evidence in order to be able to express an opinion on the
consolidated financial statements.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgment, were
of most significance in our audit of the financial statements of the current
period. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.
As in all of our audits, we also addressed the risk of management override of
internal controls, including among other matters consideration of whether there
was evidence of bias that represented a risk of material misstatement due to
fraud.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
236Annual Report 2024
Key audit matter in the audit of the group How our audit addressed the key audit matter
Revenue recognition
Refer to note 1.2 in the consolidated financial statements.
The group’s revenue flows are generated from the sale of own products and partner
brands, contract manufacturing, sale of industrial products and sale of logistic services.
The transaction price may include variable considerations such as volume discounts,
bonuses, marketing support and product returns. Due to a variety of contractual terms,
the calculation of the period’s variable consideration is an accounting area that requires
management judgement. Given the factors described above, we have considered
variable consideration to be a key audit matter.
We have also considered that the transactions occurring close to year-end are subject
to risk of being recorded prematurely.
Our audit procedures included e.g. the following:
— We gained an understanding of the nature of the revenue streams and different contractual
terms used and assessed the group’s accounting policies over revenue recognition.
— We gained an understanding of the relevant controls established in relation to revenue.
— We compared the accounting treatment of sales transactions and variable considerations
on a sample basis to the terms of the underlying sales agreements.
— We recalculated, on a sample basis, transactions related to variable considerations to the
underlying contract and compared the actual amounts recorded to the previously recorded
accruals to assess the accuracy of historical estimates.
— We obtained customer confirmations for selected revenue transactions and accounts
receivable balances.
— We examined a sample of credit notes issued during 2024 and subsequent to year end to
relevant supporting documents.
— We tested a sample of sales transactions recorded in December 2024 and January 2025 to
evaluate whether revenue had been recognised in the right period.
Valuation of inventory
Refer to note 2.4 in the consolidated financial statements
Inventory forms a significant part of the current assets, amounting to € 139 million as of
31 December 2024.
Inventories are measured at the lower of cost and net realisable value. Raw materials,
supplies, work in progress and trading goods are measured at weighted average cost.
Finished products are measured at standard cost including cost of direct materials,
direct labour and an appropriate proportion of variable and fixed overhead expenditure,
representing approximation of actual cost under weighted average cost formula. The
allocation of fixed costs is based on normal operating capacity.
Management exercises judgement and applies assumptions when estimating the need
for an obsolescence provision. This includes identification of slow moving and seasonal
products, changes in product portfolio and consideration of sales forecasts.
Given the factors described above, we have considered valuation of inventory to be a
key audit matter.
Our audit procedures included e.g. the following:
— We gained an understanding of the controls established in relation to inventory valuation.
— We tested the key reconciliations between the general ledger and inventory subledgers.
— We assessed the adequacy of the obsolescence provision and checked adherence to the
group’s accounting policy.
— We compared the cost of finished products and trading goods to their sales prices to
confirm whether they are held at the lower of cost and net realisable value.
— For a sample of storage locations, we attended the physical stock-take counting. This
included observation and inquiries in relation to overall inventory condition. Additionally for
selected inventories held by third party we obtained confirmations.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
237Annual Report 2024
Key audit matter in the audit of the group How our audit addressed the key audit matter
Valuation of tangible and intangible assets
Refer to note 2.1, 2.2 and 2.3 in the consolidated financial statements
Goodwill is one of the most significant balances in the group’s financial statements,
amounting to € 299 million at year-end. Other intangible assets amount to € 194 million
and tangible assets, including right-of-use assets, amount to € 122 million.
Goodwill is allocated to Wine and Spirits cash generating units. Management tests
goodwill for potential impairment annually and whenever there is an indication that the
carrying value may be impaired through comparing the recoverable amount against
the carrying value of each cash generating unit. Impairment tests are performed at
operating segment level. The recoverable amounts are determined using the value in
use method.
Other intangible and tangible assets are tested for impairment annually or only when
indicators of impairment exist. Management performed impairment testing on the
above mentioned balances.
Based on the impairment testing performed by management no impairment was
recognised in 2024.
Valuation of goodwill and other assets involves a high level of management judgement
in relation to the number of underlying assumptions used to determine the recoverable
amount, including the revenue growth, EBITDA, capital expenditures, working capital,
market rentals, royalty rates and discount rates applied to free cash-flows.
Due to its financial significance and the high level of management judgement we have
concluded that valuation of goodwill and other intangible and tangible assets is a key
audit matter.
Our audit of goodwill and other intangible and tangible assets focused on critical estimates
and management’s judgement. We have assessed the appropriateness of these through the
following procedures:
— We obtained an understanding and evaluated the methodology applied in calculations of
recoverable amount for relevant cash generating units by comparing it to the requirements
of IAS 36, “Impairment of Assets”.
— We evaluated management’s future cash flow forecasts and the process by which they were
drawn up, including comparing them to the latest Board approved budgets, and assessing
reasonableness of future sales and profitability projections post the budget period.
— We compared the current year actual results to the figures for the financial year ended
31 December 2023 included in the prior year impairment models to assess accuracy of
management’s historic forecasts.
— We evaluated the process related to cash flow estimations applied in value-in-use
calculations. This included management estimations relating to future net sales and
profitability as well applied discount rates.
— We involved our valuation experts to assess the reasonableness of the discount rates and
long-term growth rates used in goodwill impairment testing.
— Our property valuation experts evaluated market rentals and discount rates used in the
calculation of recoverable amount of the production and logistics leased facilities.
— We considered the appropriateness of assumptions used in the sensitivity analysis
performed by management.
— We considered the adequacy of the related disclosures provided in note 2.1 and 2.2 of the
group’s financial statements.
We have no key audit matters to report with respect to our audit of the parent company financial statements
There are no significant risks of material misstatement referred to in Article 10(2c) of Regulation (EU) No 537/2014 with respect to the consolidated financial statements or the parent
company financial statements.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
238Annual Report 2024
Responsibilities of the Board of Directors and the Managing Director for the
Financial Statements
The Board of Directors and the Managing Director are responsible for the
preparation of consolidated financial statements that give a true and fair view
in accordance with IFRS Accounting Standards as adopted by the EU, and of
financial statements that give a true and fair view in accordance with the laws
and regulations governing the preparation of financial statements in Finland and
comply with statutory requirements. The Board of Directors and the Managing
Director are also responsible for such internal control as they determine is
necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors and the Managing
Director are responsible for assessing the parent company’s and the group’s
ability to continue as a going concern, disclosing, as applicable, matters relating
to going concern and using the going concern basis of accounting. The financial
statements are prepared using the going concern basis of accounting unless
there is an intention to liquidate the parent company or the group or to cease
operations, or there is no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with good auditing practice will always detect
a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on
the basis of these financial statements.
As part of an audit in accordance with good auditing practice, we exercise
professional judgment and maintain professional scepticism throughout the
audit. We also:
— Identify and assess the risks of material misstatement of the financial
statements, whether due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
— Obtain an understanding of internal control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the parent
company’s or the group’s internal control.
— Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made by
management.
— Conclude on the appropriateness of the Board of Directors’ and the Managing
Director’s use of the going concern basis of accounting and based on the audit
evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the parent company’s or the
group’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to
the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the parent company or the group to cease to
continue as a going concern.
— Evaluate the overall presentation, structure and content of the financial
statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events so that the financial
statements give a true and fair view.
— Plan and perform the group audit to obtain sufficient appropriate audit
evidence regarding the financial information of the entities or business units
within the group as a basis for forming an opinion on the group financial
statements. We are responsible for the direction, supervision and review of
the audit work performed for purposes of the group audit. We remain solely
responsible for our audit opinion.
We communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit and significant audit findings,
including any significant deficiencies in internal control that we identify during
our audit.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
239Annual Report 2024
We also provide those charged with governance with a statement that we
have complied with relevant ethical requirements regarding independence,
and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable,
related safeguards.
From the matters communicated with those charged with governance, we
determine those matters that were of most significance in the audit of the
financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or when, in extremely
rare circumstances, we determine that a matter should not be communicated in
our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.
Other Reporting Requirements
Appointment
We were first appointed as auditors by the annual general meeting on 29 March
2016. Our appointment represents a total period of uninterrupted engagement of
9 years.
Other Information
The Board of Directors and the Managing Director are responsible for the other
information. The other information comprises the report of the Board of Directors
and the information included in the Annual Report but does not include the
financial statements or our auditor’s report thereon.
Our opinion on the financial statements does not cover the other information.
In connection with our audit of the financial statements, our responsibility
is to read the other information and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our
knowledge obtained in the audit, or otherwise appears to be materially
misstated. With respect to the report of the Board of Directors, our responsibility
also includes considering whether the report of the Board of Directors has
been prepared in compliance with the applicable provisions, excluding the
sustainability report information on which there are provisions in Chapter 7 of the
Accounting Act and in the sustainability reporting standards.
In our opinion, the information in the report of the Board of Directors is
consistent with the information in the financial statements and the report of
the Board of Directors has been prepared in compliance with the applicable
provisions. Our opinion does not cover the sustainability report information
on which there are provisions in Chapter 7 of the Accounting Act and in the
sustainability reporting standards.
If, based on the work we have performed, we conclude that there is a material
misstatement of the other information, we are required to report that fact. We
have nothing to report in this regard.
Helsinki 18 March 2025
PricewaterhouseCoopers Oy
Authorised Public Accountants
Markku Katajisto
Authorised Public Accountant (KHT)
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
240Annual Report 2024
Independent Auditor’s Reasonable Assurance Report on Anora Group Oyj’s ESEF
Financial Statements
Independent Auditor’s Reasonable Assurance Report on Anora Group Plc’s ESEF Financial Statements
(Translation of the Finnish Original)
To the Management of Anora Group Plc
We have been engaged by the Management of Anora Group Plc (business
identity code 1505555–7) (hereinafter also “the Company”) to perform a
reasonable assurance engagement on the Company’s consolidated IFRS
financial statements for the financial year 1.1.–31.12.2024 in European Single
Electronic Format (“ESEF financial statements”) version anor-2024-12-31-0-fi.zip.
Management’s Responsibility for the ESEF Financial Statements
The Management of Anora Group Plc is responsible for preparing the ESEF
financial statements so that they comply with the requirements as specified
in the Commission Delegated Regulation (EU) 2019/815 of 17 December 2018
(“ESEF requirements”). This responsibility includes the design, implementation
and maintenance of internal control relevant to the preparation of ESEF
financial statements that are free from material noncompliance with the ESEF
requirements, whether due to fraud or error.
Our Independence and Quality Management
We have complied with the independence and other ethical requirements of the
International Code of Ethics for Professional Accountants (including International
Independence Standards) issued by the International Ethics Standards Board
for Accountants (IESBA Code), which is founded on fundamental principles of
integrity, objectivity, professional competence and due care, confidentiality and
professional behaviour.
Our firm applies International Standard on Quality Management 1, which
requires the firm to design, implement and operate a system of quality
management including policies or procedures regarding compliance with
ethical requirements, professional standards and applicable legal and regulatory
requirements.
Our Responsibility
Our responsibility is to express an opinion on the ESEF financial statements based
on the procedures we have performed and the evidence we have obtained.
We conducted our reasonable assurance engagement in accordance with
the International Standard on Assurance Engagements (ISAE) 3000 (Revised)
Assurance Engagements Other than Audits or Reviews of Historical Financial
Information. That standard requires that we plan and perform this engagement
to obtain reasonable assurance about whether the ESEF financial statements are
free from material noncompliance with the ESEF requirements.
A reasonable assurance engagement in accordance with ISAE 3000
(Revised) involves performing procedures to obtain evidence about the ESEF
financial statements compliance with the ESEF requirements. The procedures
selected depend on the auditor’s judgment, including the assessment of the
risks of material noncompliance of the ESEF financial statements with the ESEF
requirements, whether due to fraud or error. In making those risk assessments,
we considered internal control relevant to the Company’s preparation of the ESEF
financial statements.
We believe that the evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Opinion
In our opinion, Anora Group Plc’s ESEF financial statements for the financial year
ended 31.12.2024 comply, in all material respects, with the minimum requirements
as set out in the ESEF requirements.
Our reasonable assurance report has been prepared in accordance with the
terms of our engagement. We do not accept, or assume responsibility to anyone
else, except for Anora Group Plc for our work, for this report, or for the opinion that
we have formed.
Helsinki 18 March 2025
PricewaterhouseCoopers Oy
Authorised Public Accountants
Markku Katajisto
Authorised Public Accountant (KHT)
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
241Annual Report 2024
Independent Auditor’s Reasonable Assurance Report on Anora Group Oyj’s ESEF
Financial Statements
Assurance Report on the Sustainability Statement (Translation of the Finnish Original)
To the Annual General Meeting of Anora Group Plc
We have performed a limited assurance engagement on the group sustainability
statement of Anora Group Plc (business identity code 1505555-7) that is referred
to in Chapter 7 of the Accounting Act and that is included in the report of the
Board of Directors for the reporting period 1.1.–31.12.2024.
Opinion
Based on the procedures we have performed and the evidence we have
obtained, nothing has come to our attention that causes us to believe that the
group sustainability statement does not comply, in all material respects, with
1) the requirements laid down in Chapter 7 of the Accounting Act and the
sustainability reporting standards (ESRS);
2) the requirements laid down in Article 8 of the Regulation (EU) 2020/852 of the
European Parliament and of the Council on the establishment of a framework
to facilitate sustainable investment, and amending Regulation (EU) 2019/2088
(EU Taxonomy).
Point 1 above also contains the process in which Anora Group Plc has identified
the information for reporting in accordance with the sustainability reporting
standards (double materiality assessment).
Our opinion does not cover the tagging of the group sustainability statement in
accordance with Chapter 7, Section 22, of the Accounting Act, because sustainability
reporting companies have not had the possibility to comply with that requirement in
the absence of the ESEF regulation or other European Union legislation.
Basis for Opinion
We performed the assurance of the group sustainability statement as a limited
assurance engagement in compliance with good assurance practice in Finland
and with the International Standard on Assurance Engagements (ISAE) 3000
(Revised) Assurance Engagements Other than Audits or Reviews of Historical
Financial Information.
Our responsibilities under this standard are further described in the
Responsibilities of the Authorised Group Sustainability Auditor section of our report.
We believe that the evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Authorised Group Sustainability Auditor’s Independence and Quality
Management
We are independent of the parent company and of the group companies
in accordance with the ethical requirements that are applicable in Finland
and are relevant to our engagement, and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
Our firm applies International Standard on Quality Management ISQM 1,
which requires the firm to design, implement and operate a system of quality
management including policies or procedures regarding compliance with
ethical requirements, professional standards and applicable legal and regulatory
requirements.
Responsibilities of the Board of Directors and the Managing Director
The Board of Directors and the Managing Director of Anora Group Plc are
responsible for:
— the group sustainability statement and for its preparation and presentation in
accordance with the provisions of Chapter 7 of the Accounting Act, including
the process that has been defined in the sustainability reporting standards
and in which the information for reporting in accordance with the sustainability
reporting standards has been identified
— the compliance of the group sustainability statement with the requirements
laid down in Article 8 of the Regulation (EU) 2020/852 of the European
Parliament and of the Council on the establishment of a framework to facilitate
sustainable investment, and amending Regulation (EU) 2019/2088;
— such internal control as the Board of Directors and the Managing Director
determine is necessary to enable the preparation of a group sustainability
statement that is free from material misstatement, whether due to fraud or
error.
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
242Annual Report 2024
Inherent Limitations in the Preparation of a Sustainability Report
In reporting forward-looking information in accordance with ESRS, management
of the Company is required to prepare the forward-looking information on the
basis of assumptions that have been disclosed in the sustainability statement
about events that may occur in the future and possible future actions by the
Group. Actual outcomes are likely to be different since anticipated events
frequently do not occur as expected.
Responsibilities of the Authorised Group Sustainability Auditor
Our responsibility is to perform an assurance engagement to obtain limited
assurance about whether the group sustainability statement is free from material
misstatement, whether due to fraud or error, and to issue a limited assurance
report that includes our opinion. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the decisions of users taken on the basis of the group
sustainability statement.
Compliance with the International Standard on Assurance Engagements (ISAE)
3000 (Revised) requires that we exercise professional judgment and maintain
professional skepticism throughout the engagement. We also:
— Identify and assess the risks of material misstatement of the group
sustainability statement, whether due to fraud or error, and obtain an
understanding of internal control relevant to the engagement in order to
design assurance procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the parent
company’s or the group’s internal control.
— Design and perform assurance procedures responsive to those risks to obtain
evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
Description of the Procedures That Have Been Performed
The procedures performed in a limited assurance engagement vary in nature
and timing from, and are less in extent than for, a reasonable assurance
engagement. The nature, timing and extent of assurance procedures selected
depend on professional judgment, including the assessment of risks of material
misstatement, whether due to fraud or error. Consequently, the level of assurance
obtained in a limited assurance engagement is substantially lower than the
assurance that would have been obtained had a reasonable assurance
engagement been performed.
Our procedures included for example the following:
— We interviewed the company’s management and the individuals responsible
for collecting and reporting the information contained in the group
sustainability statement at the group level and, as well as at different
levels and business areas of the organization to gain an understanding of
the sustainability reporting process and the related internal controls and
information systems.
— We familiarised ourselves with the background documentation and records
prepared by the company where applicable, and assessed whether they
support the information contained in the group sustainability statement.
— We performed a site visit at the company’s production facility in Rajamäki,
Finland.
— We assessed the company’s double materiality assessment process in relation
to the requirements of the ESRS standards, as well as whether the information
provided about the assessment process complies with the ESRS standards.
— We assessed whether the sustainability information contained in the group
sustainability statement complies with the ESRS standards.
— Regarding the EU taxonomy information, we gained an understanding of the
process by which the company has identified the group’s taxonomy-eligible
and taxonomy-aligned economic activities, and we assessed the compliance
of the information provided with the regulations.
Helsinki 18 March 2025
PricewaterhouseCoopers Oy
Authorised Public Accountants
Tiina Puukkoniemi
Authorised Sustainability Auditor
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
Consolidated income statement and
statement of comprehensive income
Consolidated balance sheet
Consolidated statement of cash flows
Consolidated statement of changes
in equity
Notes to the consolidated financial
statemants
1 Operating result
2 Operative assets and liabilities
3 Financial items and capital
structure
4 Financial and capital risk
5 Consolidation
6 Other notes
Parent company financial statements
Board of Directors’ proposal for the
distribution of profits and signatures
Auditor’s reports
KEY RATIOS OF THE GROUP
243Annual Report 2024
EUR million 2024 2023 2022 2021 2020
Income statement
Net sales EUR million
692.0 726.5 702.7 478.2 342.4
Comparable EBITDA EUR million
68.9 68.2 76.1 71.7 52.4
(% of net sales) %
10.0 9.4 10.8 15.0 15.3
EBITDA EUR million
61.3 67.5 67.9 62.9 40.3
Comparable operating result (EBIT) EUR million
42.0 34.8 42.9 51.2 35.0
(% of net sales) %
6.1 4.8 6.1 10.7 10.2
Operating result EUR million
34.5 -31.3 34.7 42.4 22.9
Result before taxes EUR million
14.7 -53.9 23.4 38.6 21.3
Result for the period EUR million
11.1 -39.9 18.1 31.2 17.8
Items affecting comparability (EBITDA) EUR million
-7.6 -0.7 -8.2 -8.8 -12.1
Items affecting comparability (EBIT) EUR million
-7.6 -66.1 -8.2 -8.8 -12.1
Balance sheet
Cash and cash equivalents EUR million
181.5 212.7 91.4 168.9 130.7
Total equity EUR million
398.7 408.7 481.4 507.9 156.3
Non-controlling interest EUR million
0.9 0.5 0.9 0.9 -
Borrowings EUR million
185 216.3 247.5 162.6 116.1
Invested capital EUR million
583.7 624.1 728.9 670.5 272.4
Profitability
Return on equity (ROE) %
2.7 -9.0 3.6 9.3 11.6
Return on invested capital (ROI) %
5.6 -1.7 4.2 7.4 7.7
Net debt/comparable EBITDA
1.8 2.0 1.8 -0.1 0.6
Key ratios of the Group
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
244Annual Report 2024
EUR million 2024 2023 2022 2021 2020
Financing and financial position
Net debt
EUR million 121.6 137.5 300.9 126.0 -3.9
Gearing
% 30.5 33.7 62.5 24.8 -2.5
Equity ratio
% 37.3 35.9 37.0 41.2 34.3
Net cash flow from operating activities
EUR million 33.2 135.3 -0.4 50.8 56.1
Net debt/comparable EBITDA
1.8 2.0 4.0 1.8 -0.1
Share-based key ratios
Earnings / share (Basic)
EUR 0.16 -0.59 0.26 0.67 0.49
Earnings / share (Diluted)
EUR 0.15 -0.58 0.26 0.67 0.49
Equity / share
EUR 5.9 6.04 7.13 7.52 4.33
Dividend per share
EUR 0.22 0.22 0.22* 0.45 0.75
Dividend/earnings
% 141.2 -37.2 83.1* 67.6 152.2
Effective dividend yield
% 7.7 5.0 3.0* 4.1 7.5
Price/Earnings
17.8 -7.4 27.8 16.3 20.3
Closing share price on the last day of trading
EUR 2.84 4.36 7.36 10.86 9.98
Highest
EUR 5.5 7.69 11.04 12.00 10.40
Lowest
EUR 2.69 3.98 6.62 9.62 7.01
Market value of shares at the end of period
EUR million 191.9 294.5 497.2 733.6 360.7
Number of shares outstanding at the end of period
67,553,624 67,553,624 67,553,624 67,553,624 36,140,485
Personnel
Personnel end of period
1,211 1,219 1,251 1,055 637
Average number of personnel
1,230 1,273 1,159 799 650
Key ratios of the Group
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
245Annual Report 2024
EUR million 2024 2023
Items affecting comparability
Net gains or losses from business and assets disposals
0.2 12.3
Cost for closure of business operations and restructurings
-2.5 -7.1
Costs related to the merger of Altia and Arcus
- -1.3
Additional inventory impairment
-3.8 -
Inventory fair valuation
- -0.3
Other major corporate projects
-1.5 -4.3
Total items affecting comparability in EBITDA
-7.6 -0.7
Impairment losses, tangible and intangible assets
- -65.4
Total items affecting comparability in EBIT
-7.6 -66.1
Comparable EBITDA
Operating result
34.5 -31.3
Less:
Depreciation, amortisation and impairment
26.8 98.8
Total items affecting comparability
7.6 0.7
Comparable EBITDA
68.9 68.2
% of net sales
10.0 9.4
Comparable EBIT
Operating result
34.5 -31.3
Less:
Total items affecting comparability
7.6 66.1
Comparable EBIT
42.0 34.8
% of net sales
6.1 4.8
Reconciliation of alternative performance measures (APM)
to IFRS figures and items affecting comparability (IAC)
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
246Annual Report 2024
Key figure Definition Reason for the use
Gross profit
Total net sales + total operating income – material and services Gross profit is the indicator to measure the performance
Gross margin, %
Gross profit / Total net sales
EBITDA
Operating result before depreciation and amortization EBITDA is the indicator to measure the performance of the Group.
EBITDA margin, %
EBITDA / Net sales
Comparable operating result
Comparable operating margin, %
Comparable EBITDA
Comparable EBITDA margin, %
Items affecting comparability
Operating result excluding items affecting comparability
Comparable operating result / Net sales
EBITDA excluding items affecting comparability
Comparable EBITDA / Net sales
Material items outside normal business, such as net gains or losses
from business and assets disposals, impairment losses, cost for
closure of business operations and restructurings, major corporate
projects including direct transaction costs related to business
acquisitions and the merger, merger related integration costs,
expenses arising from the fair valuation of inventories in connection
with merger, voluntary pension plan change, and costs related to
other corporate development.
Comparable EBITDA, comparable EBITDA margin, comparable operating result and
comparable operating margin are presented in addition to EBITDA and operating result
to reflect the underlying business performance and to enhance comparability from
period to period. Anora believes that these comparable performance measures provide
meaningful supplemental information by excluding items outside normal business,
which reduce comparability between the periods.
Comparable EBITDA is an internal measure to assess performance of Anora and key
performance measure at segment level together with net sales.
Comparable EBITDA is commonly used as a base for valuation purposes outside the
Company and therefore important measure to report regularly.
Invested capital
Total equity + Borrowings Base for ROI measure.
Return on equity (ROE), %
Result for the period (rolling 12 months) / Total equity
(average of reporting period and comparison period)
This measure can be used to evaluate how efficiently Anora has been able to generate
results in relation to the equity of the Company.
Return on invested capital (ROI), %
(Result for the period + Interest expenses) (rolling 12 months) /
(Total equity + Non-current and current borrowings)
(average of reporting period and comparison period)
This measure is used to evaluate how efficiently Anora has been able to generate net
results in relation to the total investments made to the Company.
The definitions and reasons for the use of financial key indicators
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
247Annual Report 2024
Key figure Definition Reason for the use
Borrowings
Non-current borrowings + Current borrowings Net debt is an indicator to measure the total external debt financing of the Group.
Net debt
Borrowings + Non-current and current lease liabilities - Cash and
cash equivalents
Net debt is an indicator to measure the total external debt financing of the Group.
Gearing, %
Net debt / Total equity Gearing ratio helps to show financial risk level and it is a useful measure for
management to monitor the level of Group’s indebtedness. Important measure for the
loan portfolio.
Equity ratio, %
Total equity / (Total assets -Advances received) Equity/assets ratio helps to show financial risk level and it is a useful measure for
management to monitor the level of Group’s capital used in the operations.
Net debt / Comparable EBITDA
Net debt / Comparable EBITDA
Earnings / share
Result for the period attributable to shareholders of the parent
company/Share-issue adjusted number of shares during the period
Equity/share
Equity attributable to shareholders of the parent company /
Share- issue adjusted number of shares at the end of period
Dividend/share
Dividend distribution for period/Number of shares (basic) at the end
of period
Dividend / earnings %
Dividend/share / Earnings/ share
Effective dividend yield %
Dividend/share / Price of share at the end of the accounting period
Price / earnings
Price of share at the end of accounting period / Earnings/share
Market value of outstanding shares
The number of shares at the end of accounting period x the price of the
share at the end of accounting period.
The definitions and reasons for the use of financial key indicators
BUSINESS OVERVIEW
REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY REVIEW
GOVERNANCE
FINANCIAL STATEMENTS
KEY RATIOS OF THE GROUP
248Annual Report 2024
Anora Group Oyj
PL 350, 00101 Helsinki
+358 207 013 013
communications@anora.com
www.anora.com