Ingleby Farms & Forests

2016/17 ANNUAL REPORT CVR NO. 35 86 80 62 35 NO. CVR INGLEBY FARMS & FORESTS APS TABLE OF CONTENTS > General Information Key figures 5 Growing a vision 6 Production overview 8 The Ingleby world 10 > Management's Review The Chairman's Statement 14 Highlights of the year 2016/17 16 Chief Executive's Review 18 › Americas 20 › Australasia 26 › Europe 32 Board of Directors 38 Executive Group 40 > Corporate Social Responsibility CSR Report 44 › Growing food 46 › Climate & Resource use 52 › Environment 56 › Labour, Gender & Human Rights 64 › Anti-corruption 68 INGLEBY FARMS & FORESTS APS - ANNUAL REPORT 2016/17 - 1. EDITION > Financial Statements CC BY-NC-SA © 2017 Ingleby Farms & Forests ApS Financial Highlights 73 Management's Statement 74 Ingleby Publications are licensed under a Creative Commons Attribution-Non-Commercial-Share-Alike (CC BY-NC-SA) License. This means you are free to copy, distribute, display, and make derivative works, but you are not allowed to use our materials for Independent Auditors' Report 76 commercial purpose and all derivative works must be licensed under the same terms. For further information, please visit the Creative Commons web page: http://creativecommons.org/licenses/ Accounting Policies 78 Income Statement 83 Photographers: Andrea Sanz, Andrei Govoreanu, Andrew Nixon, Angus McPherson, Edvins Zelvis, Frederik Von Magnussen, Gabriel Hess, Gabriel Miron, Gary R. Smith, Hans Cogne, Hans Henrik Koefoed, Iben Bjerre Østergaard, Jeremy Williams, Mark Miers, Balance Sheet - Assets 84 Mark Pearman, Mauricio Davidovich, Mette Bøgeløv Erichsen, Mette Duedahl Høyer, Pablo Ferreyros, Rafael Leguísamo, Robin Begg, Sebastian Neag, Steen Knarberg, Stephen Creese, Øjvind E. Krabbe Balance Sheet - Equity & Liabilities 85 Editor and layout: Mette Bøgeløv Erichsen Cash Flow Statement 86 Notes to the Financial Statements 87 www.inglebyfarms.com Group Structure 96 Company Details 99 Front page photo: Blueberries, Peru. Photographer: Robin Begg 3 2016/17 KEY FIGURES INGLEBY FARMS & FORESTS 2016/17 KEY FIGURES Ingleby Farms & Forests ApS is a world leader in sustainable farming. We are long-term owners of land, managing pasture, REVENUE GROSS PROFIT OPERATING PROFIT arable and mixed farms in 9 countries across 4 continents. We apply a sustainable approach in the daily management of all 115.6 39.7 10.7 our land. USD million USD million USD million TOTAL LAND AREA PROTECTED HABITATS PRODUCTION AREA ince Ingleby was founded in 1998, our Our approach to sustainable farming attracts never-failing vision of being leading high-quality and skilled colleagues. It gives us 100,535 33,985 81,519 sustainable farmers worldwide has respect and legitimacy in our communities. Hectares Hectares Hectares S continuously driven the positive And it makes our work more complex and Incl. protected grasslands Excl. double cropping area development of our farms. Our goal is to interesting. produce sound, healthy food on thriving and living farms. We hope to be an inspiration to other farmers. That is also why we have made our internal CROP AREA LIVESTOCK GRAZING AREA FOREST PRODUCTION AREA We love the land and are committed to the operational manual, which we sometimes call intelligent management of the earth’s resources. the Ingleby Green Bible, open access on our We want to grow more with less. We substitute website. This manual contains the core of 41,754 32,504 7,261 Hectares Hectares Hectares input with knowledge. We work hard to grow Ingleby's farming practices, and by making it Excl. double cropping area Incl. protected grasslands & dairy our crops and rear our livestock, while actively open access, we hold ourselves responsible to promoting biodiversity, fertile soils, animal the world. welfare and greener energy sources. HORTICULTURE PRODUCTION ROW CROP PRODUCTION SEED PRODUCTION In Ingleby, we know that "we can't be green if we are in the red." But we are farmers not land speculators. We are not out to make fast returns 13,678 214,248 1,519 by taking short-cuts or mining our farms. Tonnes Tonnes Tonnes Turning a farm or a forest into the very best can take a generation. Our long-term approach to farming works because we do not farm to quit, we farm with a 150-year perspective. However, BEEF PRODUCTION SHEEP PRODUCTION DAIRY PRODUCTION none of our goals can be reached without the enthusiasm of our teams worldwide. 1,680 1,668 1,348 Tonnes Tonnes Tonnes Carcass weight (CWT) Carcass weight (CWT) & incl. wool Calculated in milk solids FARMS EMPLOYEES GENDER RATIO 39 2,458 35% Farms People Females Calculated as full-time employees Note: In May 2017, we acquired Dobele Agro in Latvia totalling 4,829 hectares. These hectares are included in the total land area. However, they are not included in our production area and data, as we had no production on the land in the financial year. 4 INGLEBY ANNUAL REPORT 2016/17 5 GROWING A VISION GROWING A VISION Our vision is to be leading, sustainable farmers worldwide, where we farm to feed the ngleby was founded with the long-term In 2012, we bought our first farm in Peru. The “ vision of proving that it is possible to stable, subtropical climate where our farms are world, but also to protect and build a profitable farming company, located, is ideal for growing horticulture crops. enhance the environment for Iwhile acting in an ethically and environmentally sound manner. In 2013 and 2014, we expanded into Lithuania future generations. and Latvia, respectively, to further diversify our In 1998, we bought our first farm in the USA, production over regions and climates. and over the next years we expanded with mixed arable and livestock farms in New Today, we manage more than 100,000 hectares, Zealand, Australia and Argentina to diversify of which 34,000 are protected habitats. We are over regions and productions. committed to producing high-quality products Lithuania while building soils, saving water and In 2007, we decided to invest in Europe. We protecting nature. Uruguay chose Romania due to its history as being a former grain basket of Europe. One year later, we bought natural regeneration beech and oak forests in Romania as a long-term, stable and sustainable source of income. ” To expand our livestock production in Latin Romania Forests America, we decided to invest in Uruguay. Within a couple of years, Uruguay became the largest Ingleby country hectare-wise. 120 Peru Latvia 108 HECTARES 100,000 96 Australia 84 Romania Farms 72 New Zealand 75,000 60 48 50,000 Argentina 36 USA 24 25,000 12 0 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Clovelly Dairy, Tasmania. Photographer: Hans Cogne 6 INGLEBY ANNUAL REPORT 2016/17 7 PRODUCTION OVERVIEW PRODUCTION OVERVIEW Argentina Peru Uruguay USA New Zealand Tasmania Victoria Western Australia Latvia Lithuania Romania ROW CROPS Barley l l l l l l l Our crops 1% Canola l l l l l Our main row crops are wheat, corn, barley and soya. Other 6% Corn l l l row crops include canola, sorghum, sunflower and rye as well as Fodder crops l l l l l l beans, fodder crops, potatoes and peas. Green peas l Row crops Our seed production includes carrot, clover, oat and grass seeds. Horticulture Lucerne l l Seeds We produce a wide range of horticulture crops. These currently Peas l l l l l include avocados, blueberries, broccoli, table grapes, onions and Poppies l pistachio nuts. We also test potential horticulture crops such as 93% Potatoes l stevia, organic bananas, kiwifruit, and cacao. Rye l l Sorghum l l l Soya l l l Sugar beets l Sunflower l l Our livestock Wheat l l l l l l l We raise more than 135,000 sheep, 25,000 cattle and 3,600 SEEDS dairy cows. All our livestock are grass-fed on pastures. 29% Carrot seeds l 36% Our main sheep herds are crossbreeds of Perendale, Romney Beef Clover seeds l l l l and Finnsheep. Lamb Wool Grass seeds l l l l Milk Our main beef cattle herds are Aberdeen Angus, a hardy and 8% Oat seeds l light breed with good fertility and growth rates. Our dairy cows are Holstein Friesian, which is the world’s highest-producing 27% HORTICULTURE dairy breed. Avocados l Blueberries l l Broccoli l Onions l Stevia l Pistachios l Our hectares 1% Table grapes l As of 30 June 2017, Ingleby totals 100,535 hectares worldwide. 7% LIVESTOCK We have 33,985 hectares in protected habitats, including 18,786 Cropping Beef - Aberdeen Angus grass-fed l l l l hectares of natural grasslands in Uruguay and Argentina. The 44% Grazing 34% Lamb - grass-fed remaining areas are our legally protected habitats as well as Environmental l l l non-farmable land such as gullies, ponds, wetlands, woodlands, Timber Milk l mountains and other geological formations. Infrastructure Wool l l l The 7,261 hectares classified as timber are our commercial 14% forests in Romania. These consist mostly of beech and oak. 8 INGLEBY ANNUAL REPORT 2016/17 9 THE INGLEBY WORLD THE FARMS AND 3 FORESTS INGLEBY 39 WORLDWIDE As of 30 June 2017, Ingleby manages 100,535 hectares worldwide; 81,519 WORLD hectares of farmland and 7,261 hectares of production forests. LATVIA LITHUANIA 2,823 ha 6,745 ha PRODUCTION PRODUCTION Grains, Oil seeds, Grains, Oil seeds, Grass seeds Grass seeds PERU 1,977 ha PRODUCTION Table grapes, Avocados, NEW Blueberries, ZEALAND Stevia 6,735 ha PRODUCTION ROMANIA Sheep, Aberdeen 19,369 ha Angus cattle PRODUCTION Grains, Oil seeds, Grass seeds, Beans Blueberries Timber USA 1,789 ha PRODUCTION Pistachios URUGUAY AUSTRALIA 27,217 ha ARGENTINA 21,344 ha 12,536 ha PRODUCTION Aberdeen Angus PRODUCTION PRODUCTION cattle Grains, oil seeds, Beans, Potatoes, Onions, Peas, Grasses, Grains, Oil seeds Grains, Oil seeds White clover seeds, Carrot seeds Aberdeen Angus cattle Sheep, Aberdeen Angus cattle, Milk 10 INGLEBY ANNUAL REPORT 2016/17 11 MANAGEMENT'S REVIEW Cattle at Katoa Station, New Zealand.

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