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Frieslandcampina Annual Report 2011

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Frieslandcampina Annual Report 2011 Annual Report 2011 Annual Annual Report 2011 Royal FrieslandCampina N.V. | Royal FrieslandCampina N.V. FrieslandCampina Royal 1 Annual Report 2011 Royal FrieslandCampina N.V. Caption on cover: Milk is one of the richest natural sources of essential nutrients. The nutritional power of milk is the basis on which FrieslandCampina provides consumers around the world with healthy, sustainably produced food. 2 Explanatory note In this Annual Report we are presenting the financial results and key developments of Royal FrieslandCampina N.V. (hereafter FrieslandCampina) during 2011. The financial statements have been prepared as at 31 December 2011. The figures for 2011 and the comparative figures for 2010 have been prepared in accordance with the International Financial Reporting Standards to the extent they have been endorsed by the European Union (EU-IFRS). The milk price for 2011 received by members of Zuivelcoöperatie FrieslandCampina U.A. for the milk they supplied was determined on the basis of FrieslandCampina’s method for determining milk prices 2011 – 2013. All amounts in this report are in euros, unless stated otherwise. This Annual Report includes statements about future expectations. These statements are based on the current expectations, estimates and projections of FrieslandCampina’s management and the information currently available. The expectations are uncertain and contain elements of risk that are difficult to quantify. For this reason FrieslandCampina gives no assurance that the expectations will be realised. The Annual Report of Royal FrieslandCampina N.V. has also been published on the website www.frieslandcampina.com and is available on request from the Corporate Communication department of FrieslandCampina ([email protected]). The terms used in this Annual Report include: The annual report of Royal FrieslandCampina N.V. is Royal FrieslandCampina N.V. (the ‘Company’ available in Dutch, German and English language versions. or ‘FrieslandCampina’) In the case of conflict between versions the Dutch text is Zuivelcoöperatie FrieslandCampina U.A. (the ‘Cooperative’) legally binding as it is the original. The English version has Supervisory Board of the Company (the ‘Supervisory Board’) been produced solely for the purpose of convenience. Executive Board of the Company (the ‘Executive Board’) Contents General Foreword 4 Major developments in 2011 8 Key figures 10 Major financial developments in 2011 11 Profile, strategy and organisation 12 Report of the Executive Board Operational developments 26 Consumer Products Europe 34 Consumer Products International 37 Cheese, Butter & Milkpowder 40 Ingredients 42 Innovation 44 Supply Chain 45 Quality 45 FrieslandCampina and its staff 46 Outlook 49 Responsibility statement 49 Corporate Social Responsibility 52 Corporate Governance 58 Risk management 64 Report of the Supervisory Board 76 Financial statements 2011 Consolidated financial statements 83 Consolidated income statement 86 Consolidated statement of comprehensive income 87 Consolidated statement of financial position 88 Consolidated statement of cash flows 89 Consolidated statement of changes in equity 90 Notes to the consolidated financial statements 92 Principal subsidiaries, joint ventures and associates 132 Company financial statements 133 Company balance sheet 133 Company income statement 133 Notes to the Company financial statements 134 Other information 138 Provisions of the Articles of Association governing profit appropriation 138 Proposed profit appropriation of profit attributable to the shareholder of the company 138 Subsequent events 138 Independent auditor’s report 139 Overviews Financial history 142 Milk price overview 143 Supervisory Board 144 Executive Board 146 Corporate Staff 147 Business management and addresses 148 4 General Foreword Foreword Dear reader, The milk price rises sharply route2020 on schedule 2011 was a good year for FrieslandCampina. The milk price for Last year FrieslandCampina took further steps towards achieving member dairy farmers was higher than ever before. This means route2020, the strategic course that is leading to the sustainable that, as far as the creation of value for member dairy farmers is growth of FrieslandCampina. In 2011 over 376 million euro was concerned, FrieslandCampina is ahead of the schedule drawn up invested, most of which related to increasing capacity for future in the route2020 strategy. This proves that the choices made with growth. The largest investments were made at the production the merger three years ago were the right ones. Since the merger facilities in Beilen and Bedum and focused on the production of the operating profit has improved substantially from 248 million infant & toddler nutrition, primarily for the Asian market. We are euro in 2008 to 403 million euro in 2011. also investing heavily to ensure we can cope with the expected increase in member milk after 2015. As far as 2011 is concerned, the Ingredients and Consumer Products International business groups achieved good results. New global category teams for the growth categories dairy-based The growth of infant & toddler products was faster than expected. beverages, infant & toddler nutrition and branded cheese are The results were under pressure in Europe and were particularly focusing on accelerating the growth and developing new concepts disappointing in Germany and Hungary. Although the result and products. was slightly lower than for 2010, the 2011 financial year proved that with its broad product portfolio and geographical spread In Wageningen work started on the construction of the new of activities FrieslandCampina is very capable of offsetting FrieslandCampina Innovation Centre, where from 2013 on over disappointing results in certain markets. 450 specialists will work on innovation. The good result was achieved thanks to the efforts and dedication To improve both our cooperation with customers and our internal of our employees. A special compliment is owed to our employees efficiency further, we have introduced key account management. in Thailand and Nigeria who, in 2011, were confronted with By clustering the sales and marketing activities of different extremely difficult working conditions as a result of heavy rain and product groups, FrieslandCampina now offers ‘One face to the severe flooding. Thanks to their unceasing efforts, flexibility and customer’. creativity the damage from production stoppages and distribution problems remained limited. FrieslandCampina’s new worldwide sustainability programme for both the Company and the Cooperative is an important Unfortunately sad events also happened in 2011. Fatal accidents cornerstone of route2020. The guiding principle is that a healthy resulted in two people losing their lives while carrying out their and successful FrieslandCampina can only exist if it contributes work for FrieslandCampina. These are incidents that must not towards a healthy social environment and a healthy living be allowed to happen. Safety is a priority for FrieslandCampina. environment and supplies nutritious products. Everything possible is being done to make everybody in the organisation more aware of the possible risks and to prevent Last year FrieslandCampina took the initiative to stimulate dairy risky behaviour. cows being put out in the meadow by making an amount of up to 45 million euro available for member dairy farmers who let their cows graze outdoors. This is contributing towards keeping the cow in the Dutch landscape. General Foreword 5 Further growth FrieslandCampina is a dairy company of global proportions. The Company expects to pass the revenue milestone of 10 billion euro in 2012. FrieslandCampina is one of the largest Dutch exporters and a major player in the Dutch Agriculture & Food sector. Further investments in route2020, cost reductions and efficiency improvements will contribute towards growth and value creation for the Cooperative’s members. FrieslandCampina’s intended "In 2011 over 376 million euro acquisition of two dairy companies in South-East Europe announced in February 2012 will reinforce its position in this region. was invested, most of which FrieslandCampina stands for quality and sustainability and offers its people an inspiring and challenging working environment. related to increasing capacity FrieslandCampina’s ambition for the coming years is to rank among for future growth." the most attractive employers in the most important countries in which the Company is active. Looking back at the past years many far-reaching changes have taken place within both the Company and the Cooperative. The dairy industry offers opportunities and I am convinced that in the coming years FrieslandCampina will seize these opportunities. My colleagues on the Executive Board and I are proud to be able to lead this outstanding company in a close relationship with the Cooperative’s member dairy farmers. Cees ’t Hart CEO Royal FrieslandCampina N.V. Amersfoort, 2 March 2012 Sooo delicious In Campina you can taste the best from the land. Joep agrees. He has been helping his father around the farm for many years. Putting the cows out in the meadow, feeding them, making sure they have water. He doesn’t do it just to help his father, he also does it for himself because he finds Campina custard sooo delicious. Campina products are made naturally from Dutch milk produced by cows that from spring to autumn graze outside in the meadow. 8 General Major developments in 2011 Major developments in 2011 2011 a good year
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