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Driving Innovation in Dairy

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Driving Innovation in Dairy CONSOLIDATED ANNUAL REPORT 2017 Arla Foods Consolidated Annual Report 2017 Consolidated Annual Report Arla Foods Driving innovation in dairy Content MANAGEMENT REVIEW As people all over the world 04 Performance at a glance 06 Message from the Chairman of the Board of Directors are focusing on obtaining the 08 Message from the CEO 10 Highlights 12 Financial overview most out of life, a healthy 13 Business priorities 2017 Our Strategy lifestyle is becoming the new 16 Good Growth 2020 18 Trends in the world around us 20 Responding to change normal. How we fuel ourselves 22 Business priorities 2018 Our Brands and and our families starts by what Commercial Segments 26 Arla® we find in our fridge. 28 Lurpak® 29 Castello® 29 Puck® 30 Europe 32 International 34 Arla Foods Ingredients At Arla, we create innovative 35 Trading Our Cooperative products that delight consumers 38 Our business model 40 Arlagården® quality programme 42 Code of conduct and help them live a balanced 43 Compliance 44 Corporate responsibility 46 Risk management and healthier life. We push 48 Our risk landscape 50 Preparing for Brexit the boundaries of science and 51 Our tax affairs Our Governance technology to build a bright 54 Governance framework 56 Executive Management Team 58 Board of Directors future for dairy, and natural 60 Management remuneration 61 Diversity and inclusion food for everyone. Our Financial Review 64 Market overview 66 Financial review 72 Financial outlook CONSOLIDATED FINANCIAL STATEMENTS 74 Primary financial statements 84 Statement by the Board of Directors and the Executive Board 85 Notes Project management: Corporate external reporting, Arla. Copy, design and production: We Love People. Translation: TextMinded. Photos: Jens Bangsbo, Hans-Henrik Hoeg and Arla. The annual report is published in English, Danish, Swedish, German and French. Only the original English text is legally binding. The translation has Endorsement been prepared for practical purposes. 132 Independent auditor’s report Financial statements of the parent company 134 Glossary Under section 149 of the Danish Financial Statements Act, these consolidated financial statements represent an 135 Corporate calendar extract of Arla’s complete annual report. In order to make this report more manageable and user-friendly, we publish Group consolidated financial statements without the financial statements of the parent company, Arla Foods amba. The annual report of the parent company is an integrated part of the full annual report and available on www. arlafoods.com. Profit sharing and supplementary payment from the parent company are set out in the equity section of the consolidated financial statements. The full annual report contains the statement from the Board of Directors and the Executive Board as well as the independent auditor’s report. ARLA FOODS ARLA FOODS 2017 ANNUAL REPORT 2017 ANNUAL Performance at a glance Milk volume Performance price BILLION KG EUR-CENT/KG 4 14.2 2015 38.12017 13.9 2016 38.1 33.7 13.9 30.9 2017 2015 2016 2017 MANAGEMENT REVIEW MANAGEMENT All targets are based on full-year results. • Target fully achieved • Achievement on major components • Target not achieved * International share is based on retail and foodservice revenue, excluding revenue from third party manufacturing, Arla Foods Ingredients and Trading activities. ** Based on profit allocated to owners of Arla Foods amba. ARLA FOODS ARLA FOODS Revenue Profit share** Strategic branded volume driven revenue growth 10.3 2.8% 3.0% REPORT 2017 ANNUAL BILLION EUR OF REVENUE 2017 10.3 2017 2.8% 2016 9.6 2016 3.6% 2015 10.3 2015 2.8% 3.4% 5.2% 3.0% • Target 2017 EUR 10 - 10.5 billion • Target 2017 2.8 - 3.2 % 2015 2016 2017 • Target 2017 1 - 3% Brand share International share* 44.6% 20.2% 5 2017 44.6% 2017 20,2% 2016 44.5% 2016 19,7% 2015 42.1% 2015 18,1% • Target 2020 >45% • Target 2020 >20% Conversion cost Leverage 103.9 2.6 2017 103.9 2017 2.6 MANAGEMENT REVIEW MANAGEMENT 2016 99.2 2016 2.4 2015 98 2015 3.3 • Target 2017 <100 • Target 2017 2.8 - 3.4 ARLA FOODS ARLA FOODS MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS ANNUAL REPORT 2017 ANNUAL A significant year on a positive journey 2017 was a good year for both Arla dairy farmers and dairy products, supported by a much-needed recovery in the milk price after the tough times farmers experienced last year. Our business remains focused on adding value to our products and responding to changing market dynamics. Milk prices improved throughout 2017 and enables us to provide fact-based insights about Embracing the future Arla succeeded in closing the year with the the high standards on our farms. We closed the Given the significant market volatility of recent highest milk price in three years. Fat prices first round of data collection in December 2017, years, it has become increasingly difficult to outperformed protein for the first time, with and the participation from our farmer owners in predict milk volume developments as well as butter prices rising far beyond expectations, all owner countries was promising. 75 per cent of how the market will evolve. We expect milk highlighting a significant change in market all farmer owners delivering milk in November prices to decline during the first half of 2018. 6 demands. Although butter prices declined and December 2017 participated in the However, Arla is well equipped to react, in line modestly at the end of the year, they remain programme, thereby qualifying to receive an with the Good Growth 2020 strategy. The at a historically high level. Milk volumes were additional 1 EUR-cent/kg of milk. This is a result market is changing and becoming ever more virtually unchanged for the year, with lower to be proud of as it demonstrates that our consumer-driven, and we must work continu- levels in the first half offset by increases in the farmer owners understand the signs from the ously to ensure that our brands and products second half as farmer owners responded to the market and meet demands from customers and remain strong and competitive. We are doing it recovering milk price. consumers. Our expectations are high for 2018, together, as farmer owners in cooperatives have where Arlagården® Plus will continue and grow done for centuries. Declining prices on the world market have into being an important instrument in securing begun as we enter 2018, meaning that Arla will Arla’s position as a unique and industry-leading ÅKE HANTOFT need to continue its efforts to value-up cooperative, adding even more value to our Chairman of the Board of Directors products in order to secure highest possible brands and products. returns to farmer owners through the milk price. Nevertheless, even if price declines persist in Evolving our cooperative the months to come, we continue to expect Throughout 2017, we have seen our owner Performance price reasonable price levels. strategy evolve. The Board of Representatives EUR-CENT/KG adopted a new governance structure, an eligibility Operating in a consumer-driven market and election procedure and an annual meeting It is crucial for us to understand that we operate cycle. The first elections in our new governance in an extremely consumer-driven market, where structure were also conducted. Two Area Forum 38.1 demands on transparency are high and there is rounds, consisting of all elected representatives a growing interest from both consumers and in each area, increased cross-border interaction 38.1 customers in the origin of dairy products. They and were very positively received for all seek answers regarding how we treat our cows, involved. In the coming year, our goal is extend what we feed them and how we operate our this strategy even further, amending the Articles farms in relation to environmental issues. of Association and offering direct membership for all owners, respecting that as we strive for In this market, being a farmer-owned cooperative equality across borders, all should be working 33.7 is an immense strength, but only if we succeed under the same Articles. Direct membership for in keeping a firm connection between consumers, all farmer owners will further strengthen our customers, farmer owners and our cooperative. democracy as we step up our efforts to act as a 30.9 MANAGEMENT REVIEW MANAGEMENT truly global company. As part of this process, The value of our high standards our elected farmer owners are taking on This is the reason why Arlagården® Plus was increasing responsibility and will continue to launched in 2017 as an essential tool in develop the relevant education programmes securing our continued growth. This quality needed to further strengthen their roles assurance programme delivers data that going forward. 2015 2016 2017 ARLA FOODS ARLA FOODS ARLA’S MISSION To secure the highest value for our farmers’ REPORT 2017 ANNUAL milk while creating opportunities for their growth. 7 MANAGEMENT REVIEW MANAGEMENT ARLA FOODS ARLA FOODS ANNUAL REPORT 2017 ANNUAL ARLA’S VISION Creating the future of dairy to bring health and inspiration to the world, naturally. 8 MANAGEMENT REVIEW MANAGEMENT ARLA FOODS ARLA FOODS MESSAGE FROM THE CHIEF EXECUTIVE OFFICER Growing our brands REPORT 2017 ANNUAL to transform the business In 2017, the shape of our business continued to improve as we grew our brands and delivered EUR 1 billion worth of sales price increases, an achievement that could not have been possible without focused effort and commitment across Arla. However, there remain challenges to overcome. It was quite a turbulent year for the European Innovation and bold moves where product innovation, brand and retail dairy industry which started with a significant Another important milestone was the opening knowledge, local consumer understanding and raw milk shortage, a reaction to the low market of our global Innovation Centre in Aarhus, execution power resulted in a reach to ten prices in 2016.
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