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Frieslandcampina Annual Report 2012 Annual Report 2012 Royal FrieslandCampina N.V. Explanatory note In this Annual Report the financial results and key developments of Royal FrieslandCampina N.V. (hereafter FrieslandCampina) during 2012 are presented. The financial statements have been prepared as at 31 December 2012. The figures for 2012 and the comparative figures for 2011 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 2012 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. This Annual Report is available in Dutch, English and German language versions. In the case of conflict between the versions the Dutch text is binding. The Annual Report of Royal FrieslandCampina N.V. has also been published on the website http://annualreport.frieslandcampina.com. The iPad app FrieslandCampina Annual Report 2012 can be downloaded and the annual report is available on request from the Corporate Communication department of FrieslandCampina: [email protected] The terms used in this Annual Report include: Royal FrieslandCampina N.V. (the ‘Company’ or ‘FrieslandCampina’) Zuivelcoöperatie FrieslandCampina U.A. (the ‘Cooperative’) Supervisory Board of the company (the ‘Supervisory Board’) Executive Board of the company (the ‘Executive Board’) Annual Report 2012 Royal FrieslandCampina N.V. Contents General 4 Royal FrieslandCampina at a glance 6 Foreword 8 Major developments in 2012 10 Key figures 12 FrieslandCampina 16 route2020 strategy: growth and value creation Report of the Executive Board 20 2012: record revenue and result 32 Consumer Products Europe 35 Consumer Products International 38 Cheese, Butter & Milkpowder 41 Ingredients 47 Safety, Innovation, Quality 48 FrieslandCampina and its staff 50 Corporate social responsibility 54 Outlook 55 Responsibility statement Corporate governance 58 Corporate governance 64 Risk management 70 Report of the Supervisory Board Financial statements 2012 79 Consolidated financial statements 82 Consolidated income statement 83 Consolidated statement of comprehensive income 84 Consolidated statement of financial position 85FinancialConsolidated statementstatements of cash flows 2012 86 Consolidated statement of changes in equity 88 Notes to the consolidated financial statements 129 Principle subsidiaries, joint ventures and associates 130 Company financial statements 130 Company balance sheet 130 Company income statement 131 Notes to the Company financial statements 134 Other information 134 Provisions of the Articles of Association governing profit appropriation 134 Proposed appropriation of profit attributable to the shareholder of the company 134 Subsequent events 135 Independent auditor’s report Overviews 138 Financial history 139 Milk price overview 140 Supervisory Board 142 Executive Board 143 Corporate staff 144 World map 146 Business groups and addresses 4 General Royal FrieslandCampina at a glance Royal FrieslandCampina at a glance Every day Royal FrieslandCampina provides around 1 billion consumers all over the world with healthy food that is rich in valuable nutrients. With annual revenues of 10.3 billion euro FrieslandCampina is one of the world’s five largest dairy companies. FrieslandCampina supplies consumer products such as dairy-based beverages, infant & toddler nutrition, cheese and desserts in many European countries and in Asia and Africa. Products such as cream and butter are also supplied to professional customers including bakeries and food-service companies. FrieslandCampina also produces ingredients and half-finished products for manufacturers of infant & toddler nutrition, the food industry and the pharmaceutical sector around the world. 10.3 billion euro 19,946 revenue employees Offices in Exports to over 100 countries 28 countries 19,487 NL DE BE 1.0 billion member dairy farmers consumers own the Company General Royal FrieslandCampina at a glance 5 Revenue in millions of euros 2012 10,309 million euro 2011 9,626 482 2010 8,972 operating profit up 2009 8,160 by 19.6% Operating profit in millions of euros 2012 482 2011 403 2010 434 2009 258 274 million euro profit up by 26.9% Operating profit as a % of revenue 2012 4.7 2011 4.2 2010 4.8 2009 3.2 842 million euro Profit cash flow from in millions of euros 2012 274 operating activities 2011 216 2010 285 2009 182 Operational cash flow in millions of euros million euro 423 2012 842 2011 508 investments 2010 444 2009 786 Milk price in euros per 100 kilos, excl. VAT euro 2012 36.24 2011 36.24 38.77 2010 34.35 milk price for members 2009 27. 34 down by 6.5% 6 General Foreword Foreword Dear reader, FrieslandCampina can look back on a good year. The dropped to 36.24 euro per 100 kilos of milk (2011: 38.77 euro) route2020 strategy has delivered results faster than expected. because the guaranteed price was lower due to the lower FrieslandCampina is focused on the future. Every year the milk prices of the reference companies. The lower milk price Company invests around 400 to 500 million euro. Much of the and increased feed costs put the income of the member dairy investment is to achieve growth so that the expected increased farmers under pressure. quantity of member milk can be processed. The Company is financing this production capacity expansion with its own means. A difficult European market Most of the investments are taking place in the Netherlands and, Despite the difficult market conditions in Europe, the Consumer in particularly, in the area of expanding the production capacity Products Europe business group achieved a better result. of infant & toddler nutrition – the segment in which the most Although the market shares and volume development of robust growth is being achieved by responding to the increasing most of the brands were under pressure, cost increases were demand from Asia for high-quality dairy products. passed on to the market more effectively. At the end of 2012 a reorganisation of the activities in Germany and Hungary was A sharp increase in revenue and profit announced. Cost reduction and further efficiency improvements In 2012 revenue exceeded 10 billion euro for the first time and are necessary if FrieslandCampina is to remain competitive in profit also improved compared with the preceding year. The these markets. Unfortunately this means several hundred jobs growth categories of dairy-based beverages, infant & toddler will be lost in these countries. nutrition and branded cheese performed well. The activities in Asia in particular made a substantial contribution towards the Optimised business systems growth. Asia now accounts for 26 percent of FrieslandCampina’s The processing of milk links virtually all FrieslandCampina’s growth. business units. By-products of one business unit are important raw materials for another unit. Currently FrieslandCampina still Higher profit, higher performance payment uses a variety of automation systems left over from before the Thanks to the increased profit the performance premium and the merger. A single new management and planning system will distribution of member bonds rose to 2.37 euro per 100 kilos of contribute towards cohesion of all the activities and a better milk. The milk price for the Cooperative’s member dairy farmers valuation of the milk. General Foreword 7 Socially responsible cheese and services and, by so doing, achieve growth with Today for a company or organisation to blossom, it must be part products with more added-value. of the community. FrieslandCampina achieves this by being open about what it does, and why, and thus entering into dialogue Building for the future with its stakeholders. Opting to make the entire production chain Every year FrieslandCampina invests between 400 and more sustainable plays a major role as it necessitates further 500 million euro of its own money. In the current economic situation in Europe this is exceptional. With the investments and the increasing exports to growth regions in Asia and Africa, "FrieslandCampina can look back FrieslandCampina is contributing towards maintaining job opportunities and increasing Dutch export. FrieslandCampina on a good year." believes the opening of the new FrieslandCampina Innovation Centre in Wageningen in October 2013 will give new impetus to its innovative strength. collaboration with customers and suppliers. As the world’s population grows, so too does the world’s need for nutritionally The investments in capacity expansion, the changes to the relevant food. FrieslandCampina already supplies 1 billion organisation and the renewal of systems ask much of the consumers in over 100 countries with dairy-based beverages, employees. My colleagues in the Executive Board and I thank all infant & toddler nutrition, cheese, butter, yoghurts and desserts FrieslandCampina’s employees for their efforts and for the result for every time of day, every day. FrieslandCampina wants to we
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