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Nourishing by Nature CONTENTS 2 017 AT THE ANNUAL OVERVIEW TABLE WITH HIGHER REVENUE, FRANS lower profit AND HEIN Higher milk price More cows out in the +24% pasture New organisational structure Nourishing by nature CONTENTS 04 FOREWORD 19 News from 2017 51 Safety 66 Consolidated statement of financial position 20 Our markets 52 News from 2017 67 Consolidated statement 24 Our brands 54 Purpose-driven of cash flows enterprise 26 “I work with passion and 68 Financial history with excellent products” 58 A better future for Nigerian dairy farmers 69 Executive Board 29 News from 2017 60 At the kitchen table 70 Executive Leadership 43 Business groups with Frans & Hein Team 13 ABOUT FRIESLANDCAMPINA 47 Innovation 13 route2020 strategy: 49 Quality sustainable growth and 06 KEY FIGURES value creation 50 Our employees 16 More green roofs for farmers Explanary note In this Annual Overview, FrieslandCampina presents the key developments and results for 2017. For the formal Annual Report, including the comprehensive Financial Statements, we refer to the Annual Report of Royal FrieslandCampina N.V. The structure of the Annual Report is more elaborate, complies with current corporate governance 64 2017 IN FIGURES rules and is drawn up in accordance with the International 30 REPORT OF THE Financial Reporting Standards as adopted in the European Union (EU-IFRS). In case of any differences between the EXECUTIVE BOARD 64 Key figures Annual Overview and the Annual Report, the Annual Report prevails. The Dutch version prevails in any event. 08 Mama Ida grew up 30 Developments 65 Consolidated income Both reports are available at www.frieslandcampina.com with Susu Bendera and results statement February 2018 CONTENTS FOREWORD | 5 Foreword Dear reader, office is declining. Employee autonomy to company that makes a contribution to take decisions in the market in which they society. In conclusion, I would like to thank 2017 was a memorable and challenging year operate is increasing. And we are intensifying Roelof Joosten for his unabating efforts for FrieslandCampina in more ways than one. our focus on cost reduction. This makes on behalf of the company over the past After two years of low milk prices, the milk FrieslandCampina better able to anticipate fourteen years, including the last few years price rose by 24.0 percent in 2017 compared consumer and customer demand. Our purpose as CEO. During these years he has made an to 2016, to 40.01 euros per 100 kilos of milk. nourishing by nature provides the framework important contribution to the success of This is good news for member dairy farmers. for this: better nutrition for the world’s FrieslandCampina. The revenue of Royal FrieslandCampina N.V. consumers, a good living for our farmers, now increased by 10.1 percent to 12.1 billion euros and for generations to come. Three robust Hein Schumacher in 2017. Profit decreased by 37.3 percent to pillars that operate as the basis on which Chief Executive Officer 227 million euros. This was the result of a FrieslandCampina develops and markets its Royal FrieslandCampina N.V. write-off of assets in China and Germany, and products. restructuring costs. In addition, volume and profit developments were under pressure, Sustainability Amersfoort (Netherlands), 16 February 2018 especially in Europe. This is in part due to the Nourishing by nature also means that higher milk price and the increase in the costs FrieslandCampina wants to be leading in of other raw materials and packaging costs. our sector in achieving the Sustainable Development Goals of the United Nations. We Versatility and competitiveness are improving our sustainability performance The dairy market is characterised by across the entire chain – from dairy farms substantial fluctuations. Minor changes in to production facilities to logistics – and conditions and sentiment have a major impact are showing tangible results. Together with on the supply and demand of dairy products, member dairy farmers, we must continue to and consequently on prices. This volatility seek a healthy balance between their supply is expected to be structural. As a player of milk, our processing capacity and the on the world market, this demands greater demand for dairy products by consumers versatility and competitiveness on the part of and customers. Our challenge for 2018 is to FrieslandCampina. Furthermore, customers define a sustainable and structural solution to and consumers expect innovation on the achieve this. dairy shop shelves and we are seeing that especially local players are anticipating this A word of thanks need. The ability to adjust more quickly to new The world is rapidly changing. That makes conditions and to be leading in innovation is a us curious and ambitious. We do not want necessity in enabling the company to operate to watch from the sidelines, we want to successfully over the long term. participate and make a contribution. This The world is changing: requires constant effort from everyone we do not want to watch New foundation for acceleration involved in the company. I would like to thank This is why we took measures in 2017. For all FrieslandCampina employees on behalf from the sidelines, but example, the organisation structure has been of the Executive Board. Your inspiration participate and make a simplified to be able to react faster and ‘win in and energy are indispensable to making the market’. The number of jobs at the central FrieslandCampina an even more successful contribution 6 | KEY FIGURES CONTENTS KEY FIGURES | 7 KEY FIGURES Profit 2017 227 VALUE CREATION 2017 1.33 for member dairy farmers 2016 362 2016 3.44 2015 343 2015 3.53 2014 303 2014 2.93 227 2013 157 1. 3 3 2013 3.04 MILLION EUROS EUROS PER 100 KILOS OF MILK 0 50 100 150 200 250 300 350 400 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 6 80 REVENUE 70 5.1 5.1 80 78 2017 444 OPERATING PROFIT 60 50 65 GREEN 40 5 30 44 20 31 at production 10 2016 563 4.3 0 ELECTRICITY facilities 2017 2016 2015 2014 2013 3.7 4 80% 2015 576 2.8 2014 489 80 12.1 3 79.4 78.2 77.9 79.1 2017 23,675 15 444 70 77.2 BILLION EUROS 60 2016 21,927 2013 313 50 MILLION EUROS 2 40 2015 22,049 12 0 100 200 300 400 500 600 12,110 30 2014 22,168 23,675 11,348 11,281 11,001 11,210 20 10 2013 21,186 1 EMPLOYEES 9 0 0 5 10 15 20 25 2017 2016 2015 2014 2013 2017 35.1 2017 2016 2015 2014 2013 6 SOLVENCY PASTURE 2016 34.0 0 Operating profit MEMBER DAIRY FARMS 2017 12,707 as a % of revenue GRAZING 3 2015 33.6 2016 13,300 2015 13,542 2014 33.7 0 2014 13,696 2017 2016 2015 2014 2013 Winst in miljoenen euro’ 2013 33.8 79.4% 2013 13,887 in millions of euros 35.1% Winst in miljoenen euro’ MILJOEN EURO MEMBER DAIRY FARMS 12,707 0 5 10 15 20 25 30 35 40 3.7% 0 3 6 9 12 15 OPERATING CASH FLOW 2017 418 Milk price FOR MEMBER DAIRY FARMERS 2016 850 2017 40.01 2015 1.019 2016 32.26 01 2015 34.64 2014 554 418 40. 2014 42.70 2013 588 MILLION EUROS EUROS PER 100 KILOS OF MILK 2013 42.90 0 200 400 600 800 1000 1200 0 10 20 30 40 50 CONTENTS MAMA IDA GREW UP WITH SUSU BENDERA Frisian Flag in Indonesia Mama Ida, as Ida Sudaiati Mintarsih is lovingly “Susu always tastes good” known in her community, lives together with “The sweetened condensed milk is available her husband and runs a small travel and in sachets or tins. I buy both when I do my consulting agency for pilgrims to Mecca. monthly shopping. The key for me is to always Her three grandchildren regularly visit her, have it on hand at home. This is because Susu because their school is right around the corner not only tastes good as a beverage, or in from Nan. “When the children come home from coffee or tea, I also use it as an ingredient or school, there is a glass of milk for everyone. as a flavour enhancer in the dishes I prepare. Just like there was for me when I was young.” For example, my grandchildren are crazy A glass every day about sweet milk sandwiches, even more so Frisian Flag has been available in Indonesia when I also cover them with some chocolate since 1922. In Indonesia, the sweetened sprinkles. Even though Susu Bendera has now condensed milk is better known under the been known as Frisian Flag for some time, name ‘Susu Bendera’, meaning ‘milk flag’. Ida it tastes just as delicious as it used to and is Sudaiati Mintarsih cannot imagine life without good for any age.” ‘Susu’. “When I was a child, I drank a glass of milk at breakfast time and before going to sleep. I still do this and it is delicious.” CONTENTS I always take Vifit Sport after I exercise. Protein supports the recovery of my muscles Marcel Krikke - triathlete I - better nutrition for the world’s consumers ADVERTISEMENT CONTENTS ABOUT FRIESLANDCAMPINA | 13 About FrieslandCampina route2020 strategy: sustainable growth and value creation Providing the growing world population with the right nutrients in a sustainable way is the key challenge for the coming decades. By offering trustworthy, relevant and nourishing dairy products, FrieslandCampina contributes to safeguarding food and nutrient security. FrieslandCampina’s purpose - nourishing by nature - stands for better nutrition for the world’s consumers, a good living for our farmers, now and for generations to come.
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