Annual Report & Audited Consolidated Financial Statements 2017
Realizing our Potential. Contents
This is LDC 02 Global Presence 04 Our Value Chain 06
Perspectives 10 Louis Dreyfus Company is a leading Message from our Chairperson 12 merchant and processor of agricultural Message from our CEO 14 goods, leveraging its global reach and Corporate Governance 16 extensive asset network to deliver Strategic Approach 20 for our customers around the world – Our Strategy 22 safely, responsibly and reliably. Our Capabilities 26 2017 Review 34 2017 from A-Z 36 Financial Highlights 40 Platform Performance 42 Regional Overview 50
Audited Consolidated Financial Statements 56 Management Discussion & Analysis 58 Financial Highlights 58 Income Statement Analysis 59 Balance Sheet Analysis 61 Independent Auditor’s Report 64 Consolidated Income Statement 67 Consolidated Balance Sheet 68 Consolidated Statement of Comprehensive Income 70 Consolidated Statement of Cash Flows 71
Unless otherwise indicated, “Louis Dreyfus Company”, “LDC”, “Group”, Consolidated Statement of Changes in Equity 72 “Louis Dreyfus Company Group” and related terms such as “our”,“we”, etc. used in this Annual Report refer to the Louis Dreyfus Company B.V. Group. Notes to Consolidated Financial Statements 73
Louis Dreyfus Company Annual Report & Audited Consolidated Financial Statements 2017 1 Our vision Our mission 11 Platforms To work towards a safe To use our know-how Our diversified activities span the entire value chain from farm to fork, and sustainable future, and global reach to bring across a broad range of business lines (platforms). contributing to the the right product to the global effort of providing right location, at the The Value Chain Segment sustenance for a growing right time. The Merchandizing Segment includes platforms that have a fully includes platforms that have a more population. integrated asset network ranging merchant-oriented business model. from origination to distribution.
Net Sales1 This is LDC. Oilseeds Grains Coffee Cotton US$43.0b Soybeans, canola, Wheat, white corn, Arabica and robusta Sourced from all major US$40.6 billion in 2016 rapeseeds, cottonseeds, yellow corn, DDGS, producers sunseeds, peanuts, sorghum, barley, palm, meals and oils rye, oats, chickpeas, (crude & refined, bulk & fertilizers, inputs & bottled), lecithin, glycerin seeds
(crude & refined), 1 biodiesel, fertilizers, Volumes inputs & seeds up 5% Sugar Rice Dairy Finance year-on-year more than 90% Raw and white sugar Paddy, brown, milled Milk powders, whey Provision of foreign and parboiled (bulk & powders, fat-filled exchange risk Owned by packed) powders, fats and mitigation Louis Dreyfus Holding B.V. cheese Segment Operating Results1 US$1,057m US$1,037 million in 2016
* Juice Freight Metals2 ca. less than 19,000 10% 6 Orange, grapefruit, Global footprint Base and precious 1 Capital Expenditure lime, lemon, apple thanks to an extended metals in raw and Employees worldwide Employee-owned Regions and citrus by-products network and refined form (citrus pulp pellets involvement in *as of January 1st, 2018 & oils) major trade flows US$271m US$350 million in 2016
Net Income, Group Share Milestones
1851 1930s 1992 2006 2017 US$317m US$305 million in 2016
The company is founded Grain is traded all over the The Oilseeds port complex Taking charge of his Reorganization with the by Léopold Louis-Dreyfus world, through coded telex of General Lagos opens in family’s company, sale of LDC’s Fertilizers in Alsace, France. messages exchanged by Argentina. LDC has been Robert Louis-Dreyfus operations in Africa and commercial correspondents. present in the country since creates autonomous Australia, the ring-fencing Léopold’s company code, the 19th century. subsidiaries for each of of Juice activities and the Sesostris, becomes a symbol the Group’s activities. creation of a new Region of reliability among suppliers He consolidates the with China (effective and customers. company’s structure January 1st, 2018). 1. These figures do not include discontinued and creates LDC. operations (Metals Platform). 2. Discontinued operations.
2 Louis Dreyfus Company Annual Report & Audited Consolidated Financial Statements 2017 3 Perspectives