ACCENT EQUITY PARTNERS AB Sustainability Report 2017
Table of contents Reading guide 2 Year in brief 3 About the report 4 Statement from CEO 5 About Accent 6 The Advisor Team 7 The Accent portfolio 8 Sustainability governance 9 Sustainable investments 11 Accent Portfolio companies sustainability data 2017 16 Reading guide Welcome to Accent Equity Partners AB s sustainability report 2017. In this report Accent Equity Partners AB (the Advisor ) wants to share the status, progress and opportunities made during 2017 with regards to sustainability within the Advisor and the portfolio companies of the Accent Equity funds (jointly Accent ). The report begins with a glance at the Advisor and the portfolio companies with highlights and key data, followed by a statement from the Advisor s CEO and Partner, Niklas Sloutski. The report then describes how Accent Equity Partners, as an advisor to the Accent Equity funds, deals with its own sustainability governance and investment advice strategy, and concludes with a presentation of the portfolio companies sustainability progress and the Advisor s continued sustainability work. 2 ACCENT EQUITY PARTNERS AB / Sustainability Report 2017
Year in brief 2017 marks yet another busy year for the Accent Equity funds and the Advisor, with the establishment of the new Accent Equity 2017 fund as a new client to the Advisor and high activity on both the entry and exit side, along with many ongoing important enhancement activities. On the entry side, Eco Log, Stål & Hyr, Oral Care and Blomstergruppen were acquired with the Accent Equity 2012 fund as the lead investor. During the year, Textilia and Akademibokhandeln were divested by the Accent Equity 2012 fund. Many of the portfolio companies have completed add-on acquisitions during the year. All Accent-owned portfolio companies have continued their work on sustainability, many on the back of the training provided in association with the Advisor, and all portfolio companies today have some structured sustainability work in place. While degrees vary, the general trend is clearly towards an increasing focus on sustainability, and an increasingly tighter integration of sustainability issues into the overall company strategy. Accent Academy was again completed in 2017, with 25 future leaders from 6 countries and 16 portfolio companies completing the training in leadership, governance, sustainability, finance and communication. Accent Academy was for the second consecutive year completed in association with Stockholm School of Economics Executive Education, and will be arranged again in 2018. The Advisor annually awards the Together Scholarship in support of non-profit organizations in the Nordics which represent positive forces and which work for sustainable change within society, the school system or sports. 2017 marks the sixth consecutive year that the scholarship has been awarded. In 2017, Williams syndromförening i Sverige, BSAFE Nattvandrarna in Björklinge, Unite People in Varberg, FTS Säkra Varje Unge, the floorball club Sävsjö IBK, the handball club Skånela IF and School s Out in Söderhamn each received the scholarship. Including 2017 year s recipients, a total of 24 organisations have been awarded the Accent Together scholarship. Recipient of the Together Scholarship. ACCENT EQUITY PARTNERS AB / Sustainability Report 2017 3
About the report The Advisor conducted a materiality analysis in the autumn of 2017 to identify where the Advisor has the most impact on sustainability. The materiality analysis identified that the most significant sustainability impact is through the Accent Equity funds portfolio companies and the Advisor s recommendations provided to the Accent Equity funds. Therefore, the focus of this sustainability report is on the Accent Equity funds portfolio companies sustainable business development and the Advisor s support to the portfolio companies. Sustainability KPIs have been selected based on their relevance and applicability to the different set of business operations found in Accent Equity funds portfolio. The sustainability report 2017 includes data and information from the Advisor and companies in the Accent Equity funds portfolio during 2017. A small set of companies have been excluded from the report as these are in the process of developing reliable sustainability data. A total of 14 companies have provided sustainability data and information for this year s report. The data and information in the report refers to the period January 1 to December 31, 2017, with some highlights from initiatives taken in 2016 and early 2018. Employee data regarding the Advisor has been compiled using FTE (Full Time Employees) and has been collected from the HR-system. Employee and environmental data for the portfolio companies have been collected from each portfolio company, which in turn have collected the information from internal systems and third parties including energy and waste management suppliers. Emissions data has been calculated using emission factors provided by the Greenhouse Gas Protocol or by third party suppliers. The Advisor intends to publish a sustainability report annually going forward. 4 ACCENT EQUITY PARTNERS AB / Sustainability Report 2017
Statement from CEO Since becoming one of the first Nordic investment advisors to adhere to the UN Principles for Responsible Investments (PRI) in 2012, it is exciting to see the journey our company and the different Accent Equity funds portfolio companies have undertaken in recent years. We are confident that this journey and continuously increasing focus on sustainability will drive value creation for shareholders, other stakeholders and society at large. A continuous work on improving processes for governing, measuring and developing sustainability work has in 2017 taken the form of a comprehensive sustainability training offered to all Accent portfolio companies. With 80 % of the companies completing the entire training programme, this will ensure that know-how is in place for the companies to continue to develop their work on sustainability. The journey is, however, not complete. The Advisor is set to continue to offer training, challenge and development of the Accent portfolio companies of the funds advised in order to improve the sustainability performance. For Accent Equity Partners, as an investment advisor, responsible investments remain a serious and highlighted priority. Our values and principles fully reflect the overall investment policy and investment criteria of the Accent Equity funds which restrict investments in e.g. in arms, tobacco, fur, oil and gas and several other areas. It is therefore encouraging to see that sustainability and responsible investments are also becoming increasingly important topics for current and prospective investors in the Accent Equity funds. We welcome this trend and look forward to continuing our work in line with our set strategy. NIKLAS SLOUTSKI, CEO Accent Equity Partners AB ACCENT EQUITY PARTNERS AB / Sustainability Report 2017 5
About Accent Accent Equity Partners AB is an investment advisor to the Accent Equity funds. The Accent Equity funds are engaged in private investments in majority-owned companies based in the Nordic region, with a focus on the mid-market buy-out segment. Accent has been active in the Nordic market since 1994 and since its inception has completed more than 80 so-called platform investments and has successfully realised more than 60 of these, making Accent one of the most active Nordic investors. With roots in the Swedish Co-operative Union (KF), Accent today consists of several individually managed funds with separate investor bases. All funds are backed by well-reputed Nordic and international institutions, which include public and private pension funds, insurance companies, endowment funds, asset managers and funds-of-funds. Structure of Accent: The funds, the portfolio companies and the Advisor Limited Partners (investors) ( LP ) General Partner (Fund manager) ( GP ) LPs are investors in one or more Accent Equity Fund Each Accent Equity Fund s respective GP manages the Fund s investment activities Accent Equity Funds: Accent Equity 2003 Accent Equity 2008 Accent Equity 2012 Accent Equity 2017 Portfolio Companies Each portfolio company is owned by an Accent Equity Fund Provides advice on investments, enhancement and divestments The Advisor (Accent Equity Partners AB) 6 ACCENT EQUITY PARTNERS AB / Sustainability Report 2017
The Advisor team The Advisor depends on its team of investment professionals and executive advisors to provide advice on identified investment opportunities and divestment strategies to the Accent Equity funds. The Advisor employed 14 full-time investment professionals, retained six industrial advisors and employed one full-time office manager as of the beginning of 2018. All investment professionals and support functions are mainly based in Stockholm, Sweden. As of the beginning of 2018, the Advisor s team consisted of 87 % men and 13 % women and the team of investment professionals was represented by 93 % men and 7 % women. The Advisor s executive management consists of the firm s CEO, who is also an investment professional, along with the Advisor s partner group of an additional 6 persons, who are also investment professionals. The Advisor has acknowledged the imbalance between women and men within its team of investment professionals and is striving to increase diversity amongst investment professionals by focusing on attracting more female investment professionals from 2018 and onwards. Talent development Employees of the Advisor regularly partake in training sessions, discussions on industrial trends and changes in the regulatory environment. The Advisor provides all members of the team with continuous and relevant talent development given their individual level of seniority. The Advisor has during the year provided sustainability training for its investment professionals. In the spring of 2017, the team received a training course on sustainability (environment, human and labour rights and anti-corruption) and governance of sustainability. In addition to professional development, all employees have participated in internal discussions regarding the Advisor s core values, as stated in its Code of Conduct. For more information on the Advisor s Code of Conduct, refer to page 9. The Advisor intends to formalise each employee s adherence to the Code of Conduct by requiring all to sign the Code of Conduct. ACCENT EQUITY PARTNERS AB / Sustainability Report 2017 7
The Accent portfolio Accent s investment strategy is based on the principle that an investment is to function as a catalyst for change. As an Advisor, this means providing investment advice where a strong partnership with a motivated management can be achieved. The Advisor always strives to provide advice that can create sustainable value through a combination of industrial and financial initiatives. During the year, four new portfolio companies were acquired with the Accent Equity 2012 fund as the majority investor: Eco Log, Stål & Hyr, Oral Care and Blomstergruppen. Two portfolio companies were divested; Textilia and Akademibokhandeln. At the end of the reporting period, the total portfolio of the Accent Equity funds consisted of 19 majority-owned investments. The portfolio consists of companies with business operations ranging from transportation and logistics to hospitality solutions and private dentistry services. The total turnover of the portfolio companies amounted to approximately 12,300 MSEK. In total, the portfolio employed 7,101 (FTE) at the end of 2017. An important sustainability aspect for the Accent Equity funds portfolio companies is to have a proactive and systematic approach towards anti-corruption. During 2017, neither the Advisor nor any of the portfolio companies have identified any case of corruption resulting in fines or penalties. For further information on the Advisor s policies on anti-corruption, refer to page 9. Systematic and continuous work on supply chain issues is an important sustainability area in the Accent Equity funds portfolio companies. During the reporting period, two companies, Brand Factory and Brenderup Group, have screened 50 % and 100 %, respectively, of their new suppliers on sustainability criteria during the year. The remaining twelve reporting companies either do not yet have a systematic process for supply chain screening or have not worked with any new suppliers during the year. The Accent Equity funds portfolio companies included in this sustainability report. Blomstergruppen 8 ACCENT EQUITY PARTNERS AB / Sustainability Report 2017
Sustainability governance Organisation The Advisor s CEO has overall responsibility for the Advisor s sustainability efforts and initiatives. The operational sustainability work is defined and coordinated by Tommy Torwald who acts as sustainability manager and who is also part of the team of investment professionals. The Board of Directors of each Accent portfolio company is responsible for the sustainability strategy of that company and for ensuring compliance with Accent s requirements as well as setting policy and guidelines. Each portfolio company s CEO and management team has the operational responsibility for implementing the sustainability work. The Advisor has during 2017 started the process of developing and implementing a sustaina bility strategy with clear goals and targets. The aim is to formulate the new sustainability strategy in 2018. Policies and core values The Advisor s core values and principles on sustainability are expressed in its Code of Conduct. The Code of Conduct is based on the ten principles of the UN Global Compact and covers the four areas of sustainability: human rights, labour rights, environment and anti-corruption. The Code of Conduct contains specific principles on bribery, fraud, extortion, money laundering, conflict of interest and fair competition. Responsible information management is part of the Advisor s core principles. Preparations for the introduction of the EU General Data Protection Regulation Directive ( GDPR ) in May 2018 began in 2017. While these activities mainly take place in the portfolio companies, the Advisor also ensures compliance with GDPR on its own behalf. The Advisor expects suppliers, business partners, contractors as well as their employees and suppliers to abide by the principles set out in the Code of Conduct. All employees and executive advisors are responsible for understanding the requirements of the Code. The CEO of the Advisor is responsible for ensuring that employees receive the training needed to understand the Code of Conduct and relevant policies. Excerpt from the Advisor s Code of Conduct Respect for internationally proclaimed human rights; Equal opportunity independent of gender, race, age, sexual orientation, religion, ethnicity or disability; Freedom of association and the right to bargain collectively; Working conditions that meet required health and safety standards; Environmental responsibility; and Good governance and ethical business practice preventing unethical behaviour. The Advisor also has a separate Responsible Investment Policy that contains guidelines for the Advisor regarding investment advice given to the Accent Equity funds. The Responsible Investment Policy includes a summarised version of the Code of Conduct and the principles stated in the UN Principles for Responsible Investments (PRI), to which the Advisor has been a signatory since 2012. For more information on the Advisor s investment advice strategy, refer to page 11. ACCENT EQUITY PARTNERS AB / Sustainability Report 2017 9
ENTER ENHANCE EXIT. 10 ACCENT EQUITY PARTNERS AB / Sustainability Report 2017
Sustainable investments The Accent Equity funds have identified that sustainable performance is, and will continue to be a critical driver of value for shareholders, other stakeholders and society at large. The Advisor has therefore throughout the years developed a model for providing investment advice to the Accent Equity funds that reflects these priorities. The key objective is to add value in one or several stages of its 3E investment process (Enter, Enhance and Exit). The advisory process entails finding companies at attractive valuations, focusing on enhancing equity value through active advice to the main owners and proactively guiding and developing the funds investments towards exits. The ambition is to provide necessary support and knowledge to the respective boards of the portfolio companies, throughout the holding period, so that they can improve their efforts and strategy within their business operations and sustainability work. Entry The entry phase focuses on assessing potential acquisitions with regards to sustainability risks and opportunities, including evaluating the target company as well as the sector in which the company conducts business. The first stage of the evaluation is to determine if the company is active within any of the seven sectors that Accent refrains from making investments in. Potential investments that do not meet the criteria in the Responsible Investment Policy, or that do not comply with the core values in Accent s Code of Conduct, are eliminated after an initial screening. The Advisor screens a large number of potential investments each year but only a small portion reach the next step and are evaluated in depth. The in-depth evaluation includes evaluations of strategic, commercial, financial and sustainability aspects. The Advisor s findings are summarised in a First Impressions Analysis and an Investment Summary provided to the respective Accent Equity fund s general partner at various stages in the investment process. A formalised ESG due diligence, performed by external experts, has been part of the entry process since 2016. The ESG due diligence adds insight into a company s sustainability performance and identifies any key sustainability risks, such as violations of human rights and/or labour rights, insufficient environmental protection or unethical business practices. The ESG due diligence consists of four steps; benchmark and risk analysis, screening, document review and management interviews as well as a site visit. The result of the ESG due diligence is a part of the decision material provided to the respective Accent Equity fund s general partner prior to an investment decision. Out of the four companies acquired during 2017, two companies were evaluated with an external ESG due diligence advisor. The Advisor aims to increase this portion in the next reporting year. Excluded sectors in investment selection Arms trading and arms production Tobacco Gambling Pornography Alcoholic beverages Fur production Oil and gas production ACCENT EQUITY PARTNERS AB / Sustainability Report 2017 11
Enhance The Accent Equity funds encourages companies to take initiatives to strengthen their sustainability efforts. The companies sustainability initiatives should be based on sustainability aspects that have been identified as relevant to their respective operations. Companies are also advised to develop a strategy, processes and to set goals and targets for sustainability. Recently acquired companies may not have an established framework for working with sustainability. Therefore, the Advisor s focus is to provide sustainability know ledge to all companies entering the portfolio. With the new (2016) EU-legislation on non-financial reporting and stakeholders continued interest in sustainability, the Advisor launched a course on sustainability in November 2016, giving all portfolio companies the opportunity to gain more knowledge within the field of sustainability. Sustainability course 2016 2017 The Advisor launched a comprehensive course on sustainability in the autumn of 2016, following an identified need to bring portfolio company management teams up to a higher standard in terms of understanding, measuring and reporting on sustainability. The sustainability course consisted of seven modules, spanning eight months, addressing all areas of sustainability. Topics included how to conduct a benchmark, materiality analysis, how to set strategies, goals and targets, create and implement policies, how to address supply chain issues and how to communicate sustainability efforts. The participants, one or two representatives from each company, took part in seminars and open discussions on issues companies may face when implementing sustainability within their business operations. Each course module included hands-on assignments related to the theme of the module, which required all participants to partake actively in the course and to use real-life experiences from their respective operations. Having completed the course, all participants were provided with the tools required to produce an independent sustainability report as well as an understanding of legislative issues and stakeholder requirements. Out of the 17 companies that had the opportunity to participate in the course, 14 companies completed the course in June 2017. The sustainability course series will recommence in 2018/2019, providing new and remaining portfolio companies an opportunity to participate. Accent Academy In an effort to support portfolio companies in their talent development, Accent Academy was conducted for the first time in 2016. The Accent Academy is a program designed to strengthen current and future leaders within the portfolio companies. The program aims to support the participants in their daily roles and develop their skills within areas such as leadership, communication, finance and negotiations. In the 2017 incarnation of Accent Academy, a module on sustainability was included in the program for the first time. In 2017, a total of 25 individuals from 6 countries and 16 companies completed the program. Accent Academy is being arranged again in 2018. Follow-up and reporting The Advisor monitors and follows up on the companies sustainability efforts by collecting and reviewing annually reported data and information and reports its findings back to the respective general partner of the Accent Equity funds. By monitoring sustainability efforts and keeping close dialogues with the management of the companies, the Advisor has a good chance 12 ACCENT EQUITY PARTNERS AB / Sustainability Report 2017
of identifying present or future risks and opportunities, relating to changes in the market or stakeholder requirements. Portfolio companies sustainability reporting 2017 The sustainability reporting for the portfolio companies includes 14 companies, which corresponds to approximately 74 % of the Accent Equity funds portfolio at the end of 2017. All companies have provided qualitative information on their sustainability work, data on supply chain screening, anti-corruption, diversity and health & safety. Environmental data has been reported by 13 of the 14 reporting companies. Sustainability data and information from the portfolio companies have formed the basis for this report. Each KPI has been selected based on the Advisor s assessment of key sustainability areas and a materiality Exit The Advisor proactively monitors, guides and assists the Accent Equity funds investments towards their exits. Full valuations for operational and strategic improvements are obtained through well-prepared, controlled and professional exit processes. The preferred exit routes for the Accent Equity funds portfolio companies are trade sales to strategic buyers. Well-positioned and professionally managed companies are often attractive prospects for strategic buyers seeking to grow through acquisitions and secure access to the Nordic markets. In order to achieve the best possible exit result and valuation, it is critical that the Accent Equity funds portfolio companies have follow-up processes, policies analysis conducted in 2017. The KPIs are based on the requirements in the legislation on non-financial reporting and the sustainability reporting framework GRI (Global Reporting Initiative). The Advisor believes the set of KPI s are applicable irrespective of industry. A total of nine sustainability KPIs were selected covering diversity, health and safety, CO2e-emissions, waste, anti-corruption and supply chain screening. During 2017, there have been some instances of work related injuries and occupational diseases. No fatalities have been recorded. The injury occupational disease rate is low and out of the 14 companies that reported data on health and safety, six companies reported that no work-related health and safety issues occured during the year. The Advisor recognises the importance of health and safety in the work place and will continue to urge portfolio companies to work proactively and have a continuous follow-up on health and safety issues. and governance in place regarding sustainability. The Advisor sees this as a key factor in value creation for shareholders, other stakeholders and society at large. With this being the first comprehensive sustainability report compiled by the Advisor, it will form the baseline for future development goals. While all portfolio companies work with sustainability, internal processes, ambitions and relevance vary. The Advisor has an ambition to improve both the quality of portfolio companies sustainability work, as well as to follow up on goals set by the Accent Equity funds respective general partner regarding sustainability performance for the coming years. ACCENT EQUITY PARTNERS AB / Sustainability Report 2017 13
ENTER. ENHANCE. EXIT.
Accent portfolio companies sustainability data 2017 Aviator Aviator is a ground handling company, providing ground handling services such as check-in and passenger boarding, loading and unloading of baggage and cargo. In 2017, Aviator has further integrated sustainability into the business strategy and identified sustainability focus areas that will be the basis for the company s first sustainability report. Focus for 2018 is to follow-up on set goals and KPIs. Blomstergruppen Blomstergruppen delivers flower concepts to grocery stores through the brands Rydells and S-Blommor, as well as operates five florist retail stores under the brand Blomsterpassagen and a flower farming facility. Blomstergruppen has during 2017 formulated a vison and mission statement with a clear connection to identified significant sustainability areas. Moving forward, Blomstergruppen will continue to implement sustainability into its business operations. Bogfelts Bogfelts comprises Bogfelts and Infragross and is a provider of installation services, technical solutions, purchaser and distributor of equipment for street and other outdoor lighting. In 2017, Bogfelts has adopted a new company policy addressing human and labour rights, quality and safety and environment. The company will continue to communicate, internally and externally, on their sustainability work and progress to stakeholders during 2018. BrandFactory BrandFactory provides products and services for creating, publishing and distributing marketing and communication material. BrandFactory has a wellestablished sustainability work, which is elaborated in their sustainability report 2017. In 2018, BrandFactory will increase their external communication on sustainability to stakeholders. Brenderup Group Brenderup Group manufactures, distributes and sells a wide range of products, such as leisure/professional/boat/snow/customised trailers, load carrying equipment and related accessories and spare parts. The company implemented a group-wide whistleblower policy in 2017 for all employees and provided training on the Code of Conduct. Focus for 2018, is to ensure that the Supplier Code of Conduct is part of all new and prolonged contracts and signed by the supplier. Eco Log Eco Log develops, manufactures and markets forestry machines designed for cut-to-length forest harvesting. The company has a manufacturing facility in Söderhamn, Sweden. Health and safety has continued to be an important sustainability area for Eco Log, and during the year inspections on the work environment have been carried out. Moving forward the focus is on implementing a Code of Conduct for employees in 2018. Eurowrap Eurowrap provides gift roll wrap, gift bags, greeting cards and associated products. The sustainability work for 2017 has focused on developing and implementing a sustainability policy for all employees and business partners. The sustainability work which begun in 2017 will continue in 2018. 16 ACCENT EQUITY PARTNERS AB / Sustainability Report 2017
Gender diversity within the Accent portfolio 77 % 23 % 66 % 34 % Female Male Executive mangement team Employees Age diversity within the Accent portfolio Employee category Age <30 Age 30 50 Age >50 Executive management team 1 % 69 % 29 % Employees 30 % 50 % 20 % Total 30 % 50 % 20 % Rate* of work related injuries, occupational disease and fatalities within the Accent portfolio** Employee category Employees**** Workers***** Injuries*** 62.8 76.6 Occupational diseases 6.5 8.5 Fatalities 0.0 0.0 *) Rate per 1 million worked hour. **) Data represents the 6 companies that have reported on work related injuries and diseases. ***) Note that minor (first-aid level) injuries are included which explains the relatively high injury rate compared with traditional measurements such as lost-time injury frequency rate (LTIFR). ****) An employee refers to an individual who is in an employment relationship with the respective company, according to national law or its application. *****) A worker refers to a person that performs work for the respective company, including employees and other workers such as interns, apprentices, self-employed persons, and persons working for another company than the reporting company. ACCENT EQUITY PARTNERS AB / Sustainability Report 2017 17
Accent portfolio companies sustainability data 2017 Inteno Inteno is a provider of hardware and software that enables and improves delivery of broadband and IoT services for Internet operators and service providers. Focus for 2017 has been on developing sustainability policies and a sustainability report in 2017. The plan for 2018 is to continue the implementation of sustainability policies and to develop more detailed KPIs. Motum Motum is a group of independent elevator companies offering installation of new elevators, modernisation of existing elevators, and service and maintenance. Motum has in 2017 conducted two environmental assessments and started the process of certifying all companies according to ISO 14001. The plan for 2018 is to streamline the procurement process to minimize transportation of goods. Oral Care Oral Care is a private dental care provider, and offers public dental care at clinics for all ages and mobile dentistry primarily for elderly care patients. Focus throughout 2017 has been on ISO 14001 certification, education on environmental issues and continued development of implemented quality procedures. In 2018, Oral Care will review internal processes and policies on sustainability. San Sac Group San Sac Group is the market leading provider of waste sorting, containment and compaction products in Scandinavia and a world leading manufacturer of compaction machines. Steni Steni manufactures and sells exterior and interior panels and systems based on proprietary fibre composite technology. Steni has during the year conducted risk assessments and surveys with customers, architects and employees to identify what sustainability areas to further develop and focus on in the following year. Stål & Hyr Stål & Hyr is a rental provider of machinery, tools and equipment, mainly to companies within the construction industry. Stål & Hyr has during 2017 developed a systematic way of working within the work environment and implemented policies on sustainability. During 2018, Stål & Hyr will set environmental, diversity and work environment goals and KPIs. Tommy Nordbergh Åkeri Tommy Nordbergh Åkeri is an independent supplier of temperature controlled transport to Swedish food retailers, wholesalers and producers, with a truck fleet exclusively running on renewable biofuel. The focus during 2017 has been on the company s first sustainability report, with accompanied KPIs and goals, as well as on an integration programs, under which foreign drivers have been offered Swedish language education (SFI). 18 ACCENT EQUITY PARTNERS AB / Sustainability Report 2017
CO2e emissions (tco2e) from the Accent portfolio* 2017 Scope 1 12,666 Scope 2 1,966 Scope 3 965 Total emissions 15,599 Emissions per MSEK sales 2.0 *) Emissions per MSEK sales refer to total CO2e (tonnes) per million of group sales of the reporting companies. Scope 1 refers to emissions from sources that are owned or controlled by the organisation. Scope 2 refers to emissions from the consumption of purchased electricity, steam, or other sources of energy (e.g. chilled water) generated upstream from the organisation. Scope 3 refers to emissions that are a consequence of the operations of an organisation, but are not directly owned or controlled by the organisation. CO2e refers to a standard unit for expressing all greenhouse gases in terms of CO2 based on their global warming potential. Waste generated and treatment method (metric tons) for the Accent portfolio Treatment method Non-hazardous waste Hazardous waste Reuse 1 0 Recyling 4,625 264 Composting 379 0 Recovery, including energy recovery 1,020 177 Incineration 9 9 Landfill 52 3 Total waste 6,086 453 ACCENT EQUITY PARTNERS AB / Sustainability Report 2017 19
Box 5784, SE-114 87 Stockholm, Sweden accentequitypartners.se BrandFactory AB 2018.