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Leading Through Sustainable Business Performance

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CONSOLIDATED ANNUAL REPORT LEADING THROUGH SUSTAINABLE BUSINESS 2019 PERFORMANCE OUR ViSiON C REATE the future OF daiRY to briNG HEALTH and iNSPiRATiON TO the WORLD, naturallY. TABLE OF CONTENTS Management Review Our Strategy Our Brands and Our Responsibility 44 Management remuneration Our Consolidated 03 2019 Performance at 12 Who we are Commercial Segments 30 Our sustainability strategy 45 Our tax affairs Financial Statements a glance 13 Our business model 21 Our brands 31 Our environmental ambition 46 Risk and compliance 65 Primary financial statements 04 Message from the Chairman 14 Our strategy to 2020 23 Europe 32 Sustainable dairy farming 50 Preparation for Brexit 73 Notes of the Board of Directors and and beyond 25 International 33 Inspiring sustainable diets the Chief Executive Officer 15 Embracing change 27 Arla Foods Ingredients Our Performance Review Our Consolidated 07 Highlights 17 Embracing change from 28 Trading Our Governance 53 Market overview Environmental, Social and 09 Five year overview within – Calcium 35 Governance framework 55 Financial performance Governance Data 10 Essential business priorities 19 Essential business priorities 37 Diversity and inclusion 61 Financial outlook 121 Primary statements for 2019 for 2020 39 Our Board of Directors 123 Notes 42 Our Executive Management Team 134 Glossary 136 Corporate calendar Management Review Our Strategy Our Brands and Commercial Segments Our Responsibility Our Governance Our Performance Review Our Consolidated Financial Statements Our Consolidated Environmental, Social and Governance Data 2019 Performance AT A glance FiNANCiAL PERFORMANCE Cost AND CASH Revenue Performance price Milk volume Profit share* Leverage 10.5 36.6 13.7 3.0% 110 2.8 (BILLION EUR) (EUR-CENT/KG) (BILLION KG) (OF REVENUE) (MILLION EUR) 10.5 36.6 13.7 3.0% 110 2.8 10.4 36.4 13.9 2.8% 114 2.4 10.3 38.1 13.9 2.8% 2.6 Target 2019: 10.2 - 10.6 billion Target 2019: 2.8-3.2% Target 2019: 75-100 million Target 2019: 2.8-3.4 QualiTY OF busiNESS CLimate impact Strategic branded Brand share International share** Total CO₂e emission CO₂e emissions reduction, CO₂e emission reduction, volume revenue growth scope 1 and 2*** scope 3 per kg of milk*** 5.1% 46.7% 21.9% 18,503 15% 7% (MILLION KG) 5.1% 46.7% 21.9% 18,503 3.1% 45.2% 19.6% 18,834 3.0% 44.6% 20.2% 19,028 Target 2019: 1.5-3.5% Target 2019: ≥ 46% Target 2019: ≥ 20% Science-based target 2030: 30% Science-based target 2030: 30% 2019 2018 2017 *Based on profit allocated to owners of Arla Foods amba ** International share is based on retail and foodservice revenue, excluding revenue from third party manufacturing, Arla Foods Ingredients and trading activities. ***Baseline: 2015 3 ARLA FOODS ANNUAL REPORT 2019 Management Review Our Strategy Our Brands and Commercial Segments Our Responsibility Our Governance Our Performance Review Our Consolidated Financial Statements Our Consolidated Environmental, Social and Governance Data LDEA iNG through SUSTAiNABLE PERFORMANCE MESSAGES from THE CHAiRMAN AND THE CEO 4 ARLA FOODS ANNUAL REPORT 2019 Management Review Our Strategy Our Brands and Commercial Segments Our Responsibility Our Governance Our Performance Review Our Consolidated Financial Statements Our Consolidated Environmental, Social and Governance Data MESSAGE from THE CHAiRMAN 2019 was a significant year on many levels. The democratic setup to align all owners concerning Looking ahead climate and sustainability agenda changed the two essential areas of action. Our farm management With clear targets set for 2030 and 2050 on climate LTE ’S embrace world around us, and with it our working conditions programme Arlagården® is being updated to live up and sustainability we will continue the constructive THE future and as dairy farmers. This year we also saw strong to the requirements of customers and consumers, collaboration in our democratic system around performance and substantial progress in our and a new, globally aligned Climate Check these and other important agendas in 2020, as we TAKE bold business, and an unprecedented stability in the programme was launched in 2019. This will help roll out the new Arlagården® and encourage all DECiSiONS TO milk price. the farmers identify emissions on farms and provide members to complete a Climate Check. a clear picture of possible actions to reduce them STRENGTHEN our As dairy farmers, we all have experienced increasing further. BUSiNESS. challenges from the climate and sustainability Jan Toft Nørgaard agenda in our everyday lives. We have worked with With these programmes we will accumulate one of Chairman of the Board of Directors sustainability for a long time and have come a long the world’s largest sets of externally verified climate way already, but we are continuously met with more data from dairy farming. This will be a solid requirements and higher expectations from all foundation for benchmarking, knowledge sharing external stakeholders, who are scrutinising our and research across the dairy industry. production methods and urge us to adapt further and faster. A strengthened business For two years in a row, our transformation and Taking lead in sustainability efficiency programme, Calcium, has been our key In March, we announced our 2050 climate targets, driver for developing our business for the future. It a clear demonstration that we, as dairy farmers and guarantees our ability to invest in our Good Growth owners of a global dairy cooperative are determined 2020 strategy and helps delivering a competitive to take a lead on sustainability, and ensure that milk price. With a strong focus on costs, profitability consumers maintain confidence in dairy as part of and digital transformation, Calcium exceeded a healthy and sustainable diet. expectations in 2019. As a result we entered 2020 Performance price aligned and prepared to meet the challenges ahead. Our decision to reduce greenhouse gas emissions with 30 per cent by 2030 is ambitious, and was well Steady milk price all year received by customers, consumers, politicians and The stable performance price at the competitive 36.6 organisations. By 2050 we will go even further and level of 36.6 EURcent/kg throughout 2019 is a will produce carbon net zero dairy. significant result of Calcium and the business that (EUR-CENT/KG) provided stability for us as dairy farmers after years We have a clearly defined plan for how we, as a of volatility. It is an especially positive achievement 2019 36.6 business together with all farmer owners, will reach considering what lies ahead of us with the 2018 36.4 our targets. We worked intensively within our outcomes of Brexit still being unpredictable. 2017 38.1 5 ARLA FOODS ANNUAL REPORT 2019 Management Review Our Strategy Our Brands and Commercial Segments Our Responsibility Our Governance Our Performance Review Our Consolidated Financial Statements Our Consolidated Environmental, Social and Governance Data MESSAGE from THE CHiEF EXECUTiVE OFFiCER Leading through sustainable business segment was our investment in the Kraft® cheese Calcium in supply chain is a main internal challenge, performance business in the Middle East and North Africa, which while externally the macroeconomic and political WE FiNiSHED A solid sustainable performance in 2019 was mainly is off to a very good start. We expect the 12-year outlook is gloomy, and the industry remains volatile. THE YEAR beatiNG driven by increased branded growth across Europe, license agreement to contribute significantly to the double-digit revenue growth in our international value of our investments in the new production site We will continue to monitor the development of OUR EXPECTATiONS, markets, and significant contributions from Calcium. in Bahrain. plant-based products as well as introduce our own PERFORMiNG aboVE plant-based products as a supplement to the core Arla is a stronger business today than we were a year Calcium performed above target portfolio. As sustainability continues to be a trend TARGETS iN all KEY ago. We achieved the top range of our targets for all During 2019, our transformation and efficiency influencing public debate and consumer choice, AREAS. key performance indicators and improved milk price programme, Calcium was implemented firmly and we will launch new initiatives to build trust and with a stable performance price at 36.6 EUR-cent/ at the planned pace. The transformation played a relevance for dairy. kg throughout the year. Even with the extraordinary significant role in our overall performance and will payout of the full 2018 profit to our owners, we continue to influence positively as we change our Peder Tuborgh maintained a healthy leverage and cash flow, as well ways of working and deliver sustainable cost CEO as record-high investments that lays strong savings. There is still some tough work ahead, foundations for future growth. particularly in supply chain, before we will reach our overall goal of EUR 400 million. Despite the slowdown in global growth and declining milk consumption in some European Sustainability was an overarching theme and we markets, we continued to increase our branded took three big steps to reduce our impact on share of volume led by Arla®, Lurpak® and Puck®. climate. We launched our ambition to reduce Our branded volume growth increased 5.1 per cent emissions by 30 per cent per kilo of milk by 2030 compared to last year due to successful innovation and become carbon net zero by 2050. We made and excellent market execution, supported by over one billion pieces of packaging across Europe a strengthened front-line focus in the whole more environmentally friendly. Moreover, we organisation. Not least in Europe, where we introduced a new Climate Check tool that enables continued to deliver branded volume growth, Arla farmers to take further action to reduce 2.9 per cent, resulting in market share gains in emissions on their farm.
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