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<br /> 2017<br /> Annual Report<br /> and<br /> Sustainability Report<br /> CONTENTS<br /> 2017 in brief 1<br /> Presenting Sveaskog 1<br /> Assignment 2<br /> Comments from the Chairman 3<br /> CEO’s comments 4<br /> Sveaskog’s business model 6<br /> Business environment factors that affect Sveaskog’s<br /> operations 8<br /> Sveaskog’s sustainable business 1<br /> Sveaskog’s most significant sustainability issues 12<br /> Agenda 2030 – Sveaskog’s strategies contribute<br /> to Global Sustainable Development Goals 13<br /> Strategies for being the lea<a title="Annual report and sustainability report 2017 page 1" href="http://viewer.zmags.com/publication/b05aa2b8?page=1"> 2017 Annual Report and Sustainability R</a> <a title="Annual report and sustainability report 2017 page 2" href="http://viewer.zmags.com/publication/b05aa2b8?page=2"> CONTENTS 2017 in brief </a> <a title="Annual report and sustainability report 2017 page 3" href="http://viewer.zmags.com/publication/b05aa2b8?page=3"> SVEASKOG IN BRIEF AND 2017 2017in brief • Net</a> <a title="Annual report and sustainability report 2017 page 4" href="http://viewer.zmags.com/publication/b05aa2b8?page=4"> Assignment Sveaskog is owned by the Swedish stat</a> <a title="Annual report and sustainability report 2017 page 5" href="http://viewer.zmags.com/publication/b05aa2b8?page=5"> Comments from the Chairman The forest must be man</a> <a title="Annual report and sustainability report 2017 page 6" href="http://viewer.zmags.com/publication/b05aa2b8?page=6"> CEO’S COMMENTS CEO’s comments Good outloo</a> <a title="Annual report and sustainability report 2017 page 7" href="http://viewer.zmags.com/publication/b05aa2b8?page=7"> diversity and increased value for generations. We</a> <a title="Annual report and sustainability report 2017 page 8" href="http://viewer.zmags.com/publication/b05aa2b8?page=8"> BuSINESS MODEl Sveaskog’s business model</a> <a title="Annual report and sustainability report 2017 page 9" href="http://viewer.zmags.com/publication/b05aa2b8?page=9"> BuSINESS MODEl Sveaskog’s total deliveri</a> <a title="Annual report and sustainability report 2017 page 10" href="http://viewer.zmags.com/publication/b05aa2b8?page=10"> ExTERNAl FACTORS External factors that </a> <a title="Annual report and sustainability report 2017 page 11" href="http://viewer.zmags.com/publication/b05aa2b8?page=11"> Digitalisation Digitalisation and technological</a> <a title="Annual report and sustainability report 2017 page 12" href="http://viewer.zmags.com/publication/b05aa2b8?page=12"> ExTERNAl FACTORS Timber availability </a> <a title="Annual report and sustainability report 2017 page 13" href="http://viewer.zmags.com/publication/b05aa2b8?page=13"> – STRATEGIER – </a> <a title="Annual report and sustainability report 2017 page 14" href="http://viewer.zmags.com/publication/b05aa2b8?page=14"> MOST SIGNIFICANT SuSTAINABIlITY AREAS </a> <a title="Annual report and sustainability report 2017 page 15" href="http://viewer.zmags.com/publication/b05aa2b8?page=15"> 2030 AGENDA 2030 Agenda Sveaskog’s st</a> <a title="Annual report and sustainability report 2017 page 16" href="http://viewer.zmags.com/publication/b05aa2b8?page=16"> STRATEGIES Strategies for bein</a> <a title="Annual report and sustainability report 2017 page 17" href="http://viewer.zmags.com/publication/b05aa2b8?page=17"> STRATEGIES The most profitable fores</a> <a title="Annual report and sustainability report 2017 page 18" href="http://viewer.zmags.com/publication/b05aa2b8?page=18"> STRATEGIES Customers’ preferred and most </a> <a title="Annual report and sustainability report 2017 page 19" href="http://viewer.zmags.com/publication/b05aa2b8?page=19"> STRATEGIES Preferred choice for employees</a> <a title="Annual report and sustainability report 2017 page 20" href="http://viewer.zmags.com/publication/b05aa2b8?page=20"> SVEASKOG’S ECONOMIC SOCIAl IMPACT Sveasko</a> <a title="Annual report and sustainability report 2017 page 21" href="http://viewer.zmags.com/publication/b05aa2b8?page=21"> SVEASKOG’S ECONOMIC SOCIAl IMPACT T</a> <a title="Annual report and sustainability report 2017 page 22" href="http://viewer.zmags.com/publication/b05aa2b8?page=22"> FOREST MANAGEMENT Active forest manageme</a> <a title="Annual report and sustainability report 2017 page 23" href="http://viewer.zmags.com/publication/b05aa2b8?page=23"> forests and regions. This will lead to the extrac</a> <a title="Annual report and sustainability report 2017 page 24" href="http://viewer.zmags.com/publication/b05aa2b8?page=24"> BIODIVERSITY Active habitat management f</a> <a title="Annual report and sustainability report 2017 page 25" href="http://viewer.zmags.com/publication/b05aa2b8?page=25"> BIODIVERSITY </a> <a title="Annual report and sustainability report 2017 page 26" href="http://viewer.zmags.com/publication/b05aa2b8?page=26"> BIODIVERSITY 20% of the forest is set as</a> <a title="Annual report and sustainability report 2017 page 27" href="http://viewer.zmags.com/publication/b05aa2b8?page=27"> CONSulTATION ECOPARKS Dialogue about fo</a> <a title="Annual report and sustainability report 2017 page 28" href="http://viewer.zmags.com/publication/b05aa2b8?page=28"> ClIMATE Growing forest counter- acts cli</a> <a title="Annual report and sustainability report 2017 page 29" href="http://viewer.zmags.com/publication/b05aa2b8?page=29"> ground’s load-bearing capacity and make forest fir</a> <a title="Annual report and sustainability report 2017 page 30" href="http://viewer.zmags.com/publication/b05aa2b8?page=30"> EMPlOYEES We do each other good Employ</a> <a title="Annual report and sustainability report 2017 page 31" href="http://viewer.zmags.com/publication/b05aa2b8?page=31"> EMPlOYEES Employees are proud to work at Sveasko</a> <a title="Annual report and sustainability report 2017 page 32" href="http://viewer.zmags.com/publication/b05aa2b8?page=32"> PUrChASING ANd CoNTrACTorS Felling in Örbyh</a> <a title="Annual report and sustainability report 2017 page 33" href="http://viewer.zmags.com/publication/b05aa2b8?page=33"> Governance The Group’s overall process for purcha</a> <a title="Annual report and sustainability report 2017 page 34" href="http://viewer.zmags.com/publication/b05aa2b8?page=34"> INNOVATION Innovation and efficiency for </a> <a title="Annual report and sustainability report 2017 page 35" href="http://viewer.zmags.com/publication/b05aa2b8?page=35"> INNOVATION Significant involvement in green v</a> <a title="Annual report and sustainability report 2017 page 36" href="http://viewer.zmags.com/publication/b05aa2b8?page=36"> FINANCIAl RESulT Strong improvement in e</a> <a title="Annual report and sustainability report 2017 page 37" href="http://viewer.zmags.com/publication/b05aa2b8?page=37"> FINANCIAl RESulT dividends received totall</a> <a title="Annual report and sustainability report 2017 page 38" href="http://viewer.zmags.com/publication/b05aa2b8?page=38"> PRODuCT AREA SAWlOGS Increased interest i</a> <a title="Annual report and sustainability report 2017 page 39" href="http://viewer.zmags.com/publication/b05aa2b8?page=39"> of Swedish timber is exported, which creates sign</a> <a title="Annual report and sustainability report 2017 page 40" href="http://viewer.zmags.com/publication/b05aa2b8?page=40"> PRODuCT AREA PulPWOOD AND CHIPS </a> <a title="Annual report and sustainability report 2017 page 41" href="http://viewer.zmags.com/publication/b05aa2b8?page=41"> good global demand is driven by increased prosper</a> <a title="Annual report and sustainability report 2017 page 42" href="http://viewer.zmags.com/publication/b05aa2b8?page=42"> PRODuCT AREA BIOFuEl Biofuel market remai</a> <a title="Annual report and sustainability report 2017 page 43" href="http://viewer.zmags.com/publication/b05aa2b8?page=43"> A harvester with a chipper produces biofuel from </a> <a title="Annual report and sustainability report 2017 page 44" href="http://viewer.zmags.com/publication/b05aa2b8?page=44"> PRODuCT AREA SVENSKA SKOGSPlANTOR Sv</a> <a title="Annual report and sustainability report 2017 page 45" href="http://viewer.zmags.com/publication/b05aa2b8?page=45"> PRODuCT AREA HuNTING</a> <a title="Annual report and sustainability report 2017 page 46" href="http://viewer.zmags.com/publication/b05aa2b8?page=46"> Dividend and profit distribution The Board of Di</a> <a title="Annual report and sustainability report 2017 page 47" href="http://viewer.zmags.com/publication/b05aa2b8?page=47"> RISKS Risk and sensitivity analysis On</a> <a title="Annual report and sustainability report 2017 page 48" href="http://viewer.zmags.com/publication/b05aa2b8?page=48"> RISKS Management of significant risks </a> <a title="Annual report and sustainability report 2017 page 49" href="http://viewer.zmags.com/publication/b05aa2b8?page=49"> Market risks Sawmill industry At times poor pr</a> <a title="Annual report and sustainability report 2017 page 50" href="http://viewer.zmags.com/publication/b05aa2b8?page=50"> IMPROVEMENT OF THE YEAR Success for Impr</a> <a title="Annual report and sustainability report 2017 page 51" href="http://viewer.zmags.com/publication/b05aa2b8?page=51"> GREEN BONDS Green bonds Sveaskog has issued i</a> <a title="Annual report and sustainability report 2017 page 52" href="http://viewer.zmags.com/publication/b05aa2b8?page=52"> CORPORATE GOVERNANCE REPORT Corporate gov</a> <a title="Annual report and sustainability report 2017 page 53" href="http://viewer.zmags.com/publication/b05aa2b8?page=53"> CORPORATE GOVERNANCE REPORT The work of the</a> <a title="Annual report and sustainability report 2017 page 54" href="http://viewer.zmags.com/publication/b05aa2b8?page=54"> CORPORATE GOVERNANCE REPORT Principles for </a> <a title="Annual report and sustainability report 2017 page 55" href="http://viewer.zmags.com/publication/b05aa2b8?page=55"> handled in the governing documents relating to ac</a> <a title="Annual report and sustainability report 2017 page 56" href="http://viewer.zmags.com/publication/b05aa2b8?page=56"> CORPORATE GOVERNANCE REPORT internally and </a> <a title="Annual report and sustainability report 2017 page 57" href="http://viewer.zmags.com/publication/b05aa2b8?page=57"> Sveaskog’s Chairman of the Board Eva Färnstrand p</a> <a title="Annual report and sustainability report 2017 page 58" href="http://viewer.zmags.com/publication/b05aa2b8?page=58"> BOARD OF DIRECTORS Board of Directors </a> <a title="Annual report and sustainability report 2017 page 59" href="http://viewer.zmags.com/publication/b05aa2b8?page=59"> Eva Färnstrand Chairman of the Board. MSc.Eng. Bo</a> <a title="Annual report and sustainability report 2017 page 60" href="http://viewer.zmags.com/publication/b05aa2b8?page=60"> GROuP MANAGEMENT Group Management </a> <a title="Annual report and sustainability report 2017 page 61" href="http://viewer.zmags.com/publication/b05aa2b8?page=61"> Per­Olof Wedin President and CEO. MSc.Eng. Born 1</a> <a title="Annual report and sustainability report 2017 page 62" href="http://viewer.zmags.com/publication/b05aa2b8?page=62"> SuSTAInABIlITy REPoRT Sustainability Rep</a> <a title="Annual report and sustainability report 2017 page 63" href="http://viewer.zmags.com/publication/b05aa2b8?page=63"> FIvE-yEAR SummARy Five-year summary </a> <a title="Annual report and sustainability report 2017 page 64" href="http://viewer.zmags.com/publication/b05aa2b8?page=64"> FInAnCIAl REPoRT Consolidated income sta</a> <a title="Annual report and sustainability report 2017 page 65" href="http://viewer.zmags.com/publication/b05aa2b8?page=65"> FInAnCIAl REPoRT Consolidated balance sh</a> <a title="Annual report and sustainability report 2017 page 66" href="http://viewer.zmags.com/publication/b05aa2b8?page=66"> FInAnCIAl REPoRT Consolidated statement </a> <a title="Annual report and sustainability report 2017 page 67" href="http://viewer.zmags.com/publication/b05aa2b8?page=67"> FInAnCIAl REPoRT Consolidated statement </a> <a title="Annual report and sustainability report 2017 page 68" href="http://viewer.zmags.com/publication/b05aa2b8?page=68"> FInAnCIAl REPoRT Parent Company Income</a> <a title="Annual report and sustainability report 2017 page 69" href="http://viewer.zmags.com/publication/b05aa2b8?page=69"> Parent Company Statement of changes in equity </a> <a title="Annual report and sustainability report 2017 page 70" href="http://viewer.zmags.com/publication/b05aa2b8?page=70"> noTES notes Amounts are stated in mil</a> <a title="Annual report and sustainability report 2017 page 71" href="http://viewer.zmags.com/publication/b05aa2b8?page=71"> intends to apply IFRS 15 as of 1 January 2018 usi</a> <a title="Annual report and sustainability report 2017 page 72" href="http://viewer.zmags.com/publication/b05aa2b8?page=72"> noTES PARENT COMPANY The Parent Company’s </a> <a title="Annual report and sustainability report 2017 page 73" href="http://viewer.zmags.com/publication/b05aa2b8?page=73"> Revenue from leases Revenue from leases, such as </a> <a title="Annual report and sustainability report 2017 page 74" href="http://viewer.zmags.com/publication/b05aa2b8?page=74"> noTES Note 5 | other operating income ACC</a> <a title="Annual report and sustainability report 2017 page 75" href="http://viewer.zmags.com/publication/b05aa2b8?page=75"> The Group rents a number of office premises throug</a> <a title="Annual report and sustainability report 2017 page 76" href="http://viewer.zmags.com/publication/b05aa2b8?page=76"> noTES 2017 2016 Par</a> <a title="Annual report and sustainability report 2017 page 77" href="http://viewer.zmags.com/publication/b05aa2b8?page=77"> </a> <a title="Annual report and sustainability report 2017 page 78" href="http://viewer.zmags.com/publication/b05aa2b8?page=78"> noTES Interest income on receivables and i</a> <a title="Annual report and sustainability report 2017 page 79" href="http://viewer.zmags.com/publication/b05aa2b8?page=79"> Tax items recognised in other comprehensive incom</a> <a title="Annual report and sustainability report 2017 page 80" href="http://viewer.zmags.com/publication/b05aa2b8?page=80"> noTES Note 14 | Property, plant and equipm</a> <a title="Annual report and sustainability report 2017 page 81" href="http://viewer.zmags.com/publication/b05aa2b8?page=81"> Buildings, </a> <a title="Annual report and sustainability report 2017 page 82" href="http://viewer.zmags.com/publication/b05aa2b8?page=82"> noTES Model assumptions Revenues (timber p</a> <a title="Annual report and sustainability report 2017 page 83" href="http://viewer.zmags.com/publication/b05aa2b8?page=83"> Associates Associates are companies over which th</a> <a title="Annual report and sustainability report 2017 page 84" href="http://viewer.zmags.com/publication/b05aa2b8?page=84"> noTES Specification of shares and participa</a> <a title="Annual report and sustainability report 2017 page 85" href="http://viewer.zmags.com/publication/b05aa2b8?page=85"> </a> <a title="Annual report and sustainability report 2017 page 86" href="http://viewer.zmags.com/publication/b05aa2b8?page=86"> noTES in other comprehensive income as lon</a> <a title="Annual report and sustainability report 2017 page 87" href="http://viewer.zmags.com/publication/b05aa2b8?page=87"> noTES </a> <a title="Annual report and sustainability report 2017 page 88" href="http://viewer.zmags.com/publication/b05aa2b8?page=88"> noTES loans and </a> <a title="Annual report and sustainability report 2017 page 89" href="http://viewer.zmags.com/publication/b05aa2b8?page=89"> Note 22 | Provisions for pensions Defined contrib</a> <a title="Annual report and sustainability report 2017 page 90" href="http://viewer.zmags.com/publication/b05aa2b8?page=90"> noTES Other liabilities </a> <a title="Annual report and sustainability report 2017 page 91" href="http://viewer.zmags.com/publication/b05aa2b8?page=91"> Note 25 | Pledged assets and contingent liabiliti</a> <a title="Annual report and sustainability report 2017 page 92" href="http://viewer.zmags.com/publication/b05aa2b8?page=92"> noTES total these account for 30% (31) of </a> <a title="Annual report and sustainability report 2017 page 93" href="http://viewer.zmags.com/publication/b05aa2b8?page=93"> Measurement techniques for Level 2 fair value Cur</a> <a title="Annual report and sustainability report 2017 page 94" href="http://viewer.zmags.com/publication/b05aa2b8?page=94"> AudIToR’S REPoRT Auditor’s report To th</a> <a title="Annual report and sustainability report 2017 page 95" href="http://viewer.zmags.com/publication/b05aa2b8?page=95"> 30–31, 94–102 and 103–107. The Board of directors</a> <a title="Annual report and sustainability report 2017 page 96" href="http://viewer.zmags.com/publication/b05aa2b8?page=96"> noTES To THE SuSTAInABIlITy REPoRT notes </a> <a title="Annual report and sustainability report 2017 page 97" href="http://viewer.zmags.com/publication/b05aa2b8?page=97"> noTES To THE SuSTAInABIlITy REPoR</a> <a title="Annual report and sustainability report 2017 page 98" href="http://viewer.zmags.com/publication/b05aa2b8?page=98"> noTES To THE SuSTAInABIlITy REPoRT Note S4 </a> <a title="Annual report and sustainability report 2017 page 99" href="http://viewer.zmags.com/publication/b05aa2b8?page=99"> noTES To THE SuSTAInABIlITy REPoR</a> <a title="Annual report and sustainability report 2017 page 100" href="http://viewer.zmags.com/publication/b05aa2b8?page=100"> noTES To THE SuSTAInABIlITy REPoRT Note S6 </a> <a title="Annual report and sustainability report 2017 page 101" href="http://viewer.zmags.com/publication/b05aa2b8?page=101"> Employee data Relates to the entire Sveaskog </a> <a title="Annual report and sustainability report 2017 page 102" href="http://viewer.zmags.com/publication/b05aa2b8?page=102"> noTES To THE SuSTAInABIlITy REPoRT Note S12</a> <a title="Annual report and sustainability report 2017 page 103" href="http://viewer.zmags.com/publication/b05aa2b8?page=103"> noTES To THE SuSTAInABIlITy REPoR</a> <a title="Annual report and sustainability report 2017 page 104" href="http://viewer.zmags.com/publication/b05aa2b8?page=104"> noTES To THE SuSTAInABIlITy REPoRT Note S20</a> <a title="Annual report and sustainability report 2017 page 105" href="http://viewer.zmags.com/publication/b05aa2b8?page=105"> AudIToR’S REPoRT on SuSTAInABIlITy REPoRT </a> <a title="Annual report and sustainability report 2017 page 106" href="http://viewer.zmags.com/publication/b05aa2b8?page=106"> dEFInITIonS definitions Capital turnov</a> <a title="Annual report and sustainability report 2017 page 107" href="http://viewer.zmags.com/publication/b05aa2b8?page=107"> yield Definition: operating profit before change</a> <a title="Annual report and sustainability report 2017 page 108" href="http://viewer.zmags.com/publication/b05aa2b8?page=108"> GloSSARy Glossary 2030 Agenda on 25 </a> <a title="Annual report and sustainability report 2017 page 109" href="http://viewer.zmags.com/publication/b05aa2b8?page=109"> Financial calendar 2018 Interim report January –</a> <a title="Annual report and sustainability report 2017 page 110" href="http://viewer.zmags.com/publication/b05aa2b8?page=110"> Sveaskog HR and Communications has produced our a</a> <a title="Annual report and sustainability report 2017 page 111" href="http://viewer.zmags.com/publication/b05aa2b8?page=111"> </a> <a title="Annual report and sustainability report 2017 page 112" href="http://viewer.zmags.com/publication/b05aa2b8?page=112"> SVEASKOG AB Reg. no. 556558-0031 Head office SE-1</a>