AAK’s Interim Report for the second quarter, 2012

Chief Executive´s comments
Continued strong growth and profit improvements driven by Food Ingredients
coupled with very strong operational cash flow

Operating profit reached SEK 218 million (196), before acquisition related costs
of SEK 7 million, an improvement of 11 percent compared to the corresponding
quarter in 2011.

Business Area operating profit:

  · Food Ingredients reached a record high second quarter of SEK 156 million
(120), an improvement of 30 percent.
  · Chocolate & Confectionery Fats reported operating profit of SEK 65 million
(70).
  · Technical Products & Feed had another challenging quarter but reached SEK 20
million (28).

Earnings per share increased by 3 percent, from SEK 3.04 to SEK 3.14.
Sales amounted to SEK 4,207 million (3,907).
Very strong cash flow in the second quarter of SEK 351 million (-41). This
amount includes changes in working capital which improved by SEK 196 million (
-272).
Volume and business development
The second quarter was characterized by a Group volume growth compared to last
year of 11 percent.

Food Ingredients volume was up 21 percent; for comparable units the growth was 2
percent, comprising increased value added products. Volume in Chocolate &
Confectionery Fats remained stable, up 1 percent, and in Technical Products &
Feed volume was down 6 percent.
AAK Acceleration
We continue to see positive effects of the AAK Acceleration program (Growth
-Efficiency-People).

Recent Acquisitions
During the later part of the second quarter AAK made two acquisitions; Oasis
Foods Company in the US (annual sales SEK 925 million) and Crown-Foods A/S in
Denmark (annual sales SEK 60 million). Both companies are active within Food
Ingredients - Food Service.
Concluding remarks
The impact on our industry from the more difficult general economy in Europe is
difficult to predict. However, based on AAK’s customer value propositions for
health and reduced costs, our customer product co-development and solutions
approach, and the AAK Acceleration program, we continue to remain prudently
optimistic for the future, mainly driven by a very strong Food Ingredients
business.

Arne Frank
CEO and President

Investor Relations contact:
Arne Frank, President and CEO
Phone: + 46 40 627 83 00

Peter Korsholm, Chief Financial Officer
Phone: + 46 40 627 83 00

Fredrik Nilsson, Head of Investor Relations
Phone: + 46 40 627 83 34
Mobile: + 46 708 95 22 21
E-mail: fredrik.nilsson@aak.com

Information
The information is that which AarhusKarlshamn AB (publ) is obliged to publish
under the provisions of the Stock Exchange and Clearing Operations Act and/or
the Trading in Financial Instruments Act. The information was released to the
media for publication on 19 July 2012 at 11.00 am CET.