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Our Purpose, Our Plan CONTENTS 2 018 ANNUAL MAGAZINE Lower revenue and profit, higher cash flow A YEAR OF TRANSFORMATION 2020 pasture grazing target Serve the realised in 2018 24/7 consumer and customer Connection: the core of cooperative enterprise NEW STRATEGY Our Purpose, Our Plan CONTENTS 4 FOREWORD 32 REPORT OF THE 60 2018 IN FIGURES EXECUTIVE BOARD – A GOOD LIVING 60 Key figures FOR OUR FARMERS 61 Consolidated income 40 Farmers with statement consideration for nature and climate 62 Consolidated statement of financial position 14 REPORT OF THE 63 Consolidated statement EXECUTIVE BOARD of cash flows 6 KEY FIGURES 18 Our markets 64 Financial history 54 Core of cooperative COLOPHON 8 PURPOSE, VISION 20 All of the milk's qualities enterprise: the collective 65 OVERVIEW This annual magazine is a plublication from Corporate AND STRATEGY for people who are before the individual SUPERVISORY BOARD Communication FrieslandCampina Amersfoort. vulnerable Design: Villa Grafica, Studio Dyk Photography: Ingolf Hatz, RIJK IN BEELD, 58 Our employees 66 OVERVIEW EXECUTIVE Jeroen Bouman, Nosawa & Co., 22 REPORT OF THE LEADERSHIP TEAM Marten Aukes EXECUTIVE BOARD Text contributions: EMMA Sustainability: Sustainalize – BETTER NUTRITION Translation: Vertaalbureau Bothof With thanks to: Deutsche Bahn AG, Tergooi Ziekenhuis, 28 Craftsmanship and 42 The dairy sector in 2018 Bäckerei Kistenpfennig, innovation Jumbo Supermarkt van Wincoop, 44 REPORT OF THE Miuraya, Agriterra 30 Our brands EXECUTIVE BOARD Introduction – NOW AND FOR In this Annual Magazine, FrieslandCampina presents the GENERATIONS TO key developments and results for 2018. COME For the formal Annual Report, including the comprehensive Financial Statements, we refer to the integrated Annual Report of Royal FrieslandCampina N.V. 10 Core of cooperative 50 In dialogue The structure of the Annual Report is more elaborate, enterprise: valorising complies with current corporate governance rules and is drawn up in accordance with the International Financial milk together 52 Frico cheese in Japan Reporting Standards accepted in the European Union (EU-IFRS). In case of any differences between the Annual Magazine and the Annual Report, the Annual Report prevails. The Dutch version prevails in any event. Both reports are available at www.frieslandcampina.com. February 2019 Cover: To serve the 24/7 consumer. For example, with Landliebe-based beverages that are easy to take along. How do we anticipate the world of the 24/7 consumer? Read more on page 28. CONTENTS FOREWORD | 5 Foreword Dear Reader, In this magazine you will find an overview of Lower result Reversal in the second half of 2018 the results of Royal FrieslandCampina N.V. Last year, the FrieslandCampina milk price In the second half of 2018, the first positive FrieslandCampina for the first time reports was 37.43 euros per 100 kilos of milk. This results of the initiated transformation its results in integrated form. This means is inclusive of the guaranteed price, the were evident. For example, in the second that we have combined the financial results performance premium, the issue of member half of the year the volumes in all business and our results relating to sustainability in bonds and other premiums. A guaranteed groups increased by a total of 2.3 percent this magazine. This method of reporting price of 36.05 euros per 100 kilos of milk in comparison to the first half-year. The shows that sustainability has been embedded was paid. The guaranteed price is the base sale of cheese produced a positive result in into the company's business operations amount FrieslandCampina pays its member the second half of the year. To strengthen and on member dairy farms. Consumers dairy farmers per 100 kilos of milk. That price our position in cheese, we completed four and customers throughout the world are was 5.0 percent lower than in 2017. The value acquisitions in the second half of the year. becoming increasingly aware when it comes creation (combined performance premium In addition, a key processing agreement for to purchasing sustainably produced foods or and issue of member bonds) amounted to the production of mozzarella was signed. ingredients. The production of dairy places 0.59 euro per 100 kilos of milk, a 55.6 percent Furthermore, the Consumer Dairy business a burden on nature and the environment; in decline due to the lower operating profit. group experienced significant improvement view of the future of our sector it is crucial This lower operating profit, compared to 2017, in growth, particularly in Asia. that we limit this impact. was in part caused by an additional loss of over 100 million euro on basic dairy products. Choices Change This was caused by the low basic dairy prices During the past year, the company's and For FrieslandCampina, 2018 first and foremost in comparison to the guaranteed price, the cooperative's strategy converged was a year of transformation, of change. especially in the first half of 2018. While butter and seamlessly fit together. The focus on The organisation and its management were quotations and cheese prices recovered in sustainability, the anticipation of market drastically changed. The new strategy was the second half of the year, they came under demand by making use of different milk given shape and substance in 2018 and was renewed pressure in the fourth quarter due to streams and balanced growth make it embraced and incorporated into the plans for a decrease in milk fat quotations. possible to successfully create value over the coming years by the management of all the long term. business groups. Winning in the market is the We were also adversely affected by the core message in this respect. We endeavour to increased competition on the infant I am grateful to the member dairy farmers achieve this by winning with nutrition, serving nutrition market in China and Hong Kong. for their commitment and the choices they the 24/7 consumer and customer, leading with By making additional investments in have made over the past year. I would also sustainability and elevating our essentials. innovation, marketing, sales and distribution, like to thank our employees for their effort More than ever we are focusing on consumers, FrieslandCampina managed to maintain its and loyalty. Together we continue to build customers and markets throughout the world. market positions in China and Hong Kong. The on FrieslandCampina in order to offer the In 2017, it became clear that the company costs for the company's restructuring and the world better nutrition, provide a good living had to operate more competitively in order to incidental charges relating to the announced for dairy farmers, now and for generations improve its financial performance. A large- closures of production facilities reduced the to come. scale behaviour and culture programme was result by approximately 50 million euros. initiated to increase the company's speed and The level of value creation was less than competitiveness. Obviously inspired by our satisfactory, however, in 2018, we created Hein Schumacher purpose nourishing by nature. In the second the conditions needed for achieving better Chief Executive Officer half of 2018, we were reaping the initial results. For example, last year we managed to Royal FrieslandCampina N.V. benefits of the implemented changes. realise 85 million euros in cost savings. 6 | KEY FIGURES CONTENTS KEY FIGURES | 7 FRIESLANDCAMPINA A good living for Now and for General IN 2018: our farmers generations to come 11.6 Key figures BILLION Revenue EUROS 81. 2 % EMPLOYEES PASTURE GRAZING Operating 342 AT MEMBER DAIRY FARMS 23,769 MILLION profit EUROS 203 Better nutrition MILLION Profit EUROS 90% GREEN ELECTRICITY 619 MEMBER Operating IN PRODUCTION FACILITIES DAIRY FARMS cash flow MILLION EUROS 66% of consumer products comply with the 12,104 FRIESLANDCAMPINA 37.43 GLOBAL EUROS PER Milk price* NUTRITIONAL 100 KILOS 11,6 51 STANDARDS KT CO2-EQUIVALENT OF MILK GREENHOUSE EMISSIONS MILLION KILOS 38.60 BY MEMBER DAIRY FARMS OF MILK SUPPLIED Performance price* EUROS PER BY MEMBER 100 KILOS DAIRY FARMERS OF MILK 10,375 0.59 EUROS PER 100 KILOS Value creation* 811 OF MILK KT CO2-EQUIVALENT GREENHOUSE EMISSIONS FROM PRODUCTION AND *for member dairy farmers TRANSPORT 8 | ABOUT FRIESLANDCAMPINA CONTENTS ABOUT FRIESLANDCAMPINA | 9 Purpose, vision and strategy What does FrieslandCampina stand for? What determines our direction, our actions? The The cooperative's vision is The Merits of Milk, which is closely related to the company operates on the basis of the purpose nourishing by nature. The cooperative's company's purpose. This means creating more value for members through means vision is The Merits of Milk. A strategy, including action plans, was developed on the basis of a distinctive approach within the chain. An approach that is market-oriented, of both of these visions, for the company – Our Purpose, Our Plan – as well as for the anticipates societal developments and actively contributes to achieving climate cooperative. Both reinforce each other on the road to a sustainable future. and environmental objectives. A dairy cooperative to be proud of. The Merits of Milk A GOOD LIVING FOR NOW AND FOR GENERATIONS VALUE FOR OF VALUE WITHIN BETTER NUTRITION CARE FOR ANIMALS AND NATURE OUR FARMERS TO COME < > MEMBER FARMERS AND TO SOCIETY • Feeding the growing world population • An attractive cooperative for member dairy • Invest in sustainable long-term growth • Circular milk production • Market-oriented chain: • Producers of high-quality and responsible • Optimising
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