Contents Management review 2 2016 in short 4 Arla’s milk wheel 6 Moving forward after a volatile year by Chairman of the Board of Directors, Åke Hantoft 8Branded growth in a volatile market by CEO, Peder Tuborgh 10 Significant events in 2016 14 Strategy 30 Governance 42 Performance 58 Risk and opportunity 68Values and considerations Consolidated financial statements 80 Consolidated financial statements 82 Primary statements 90 Notes 136 Independent auditor’s report 138Statement by the Board of Directors and the Executive Board Project management: Corporate Finance and Corporate Communication, Arla Copy, design and production: We Love People Translation: TextMinded Photos: Jens Bangsbo, Hans-Henrik Hoeg and Arla The consolidated annual report is published in Danish, Swedish, German, French and English. Only the original Danish text is legally binding. The translation has been prepared for practical reasons. Financial statement of the parent company Under section 149 of the Danish Financial Statements Act, this consolidated annual report represents an extract of Arla’s complete annual report. In order to make this report more manageable and user-friendly, we have decided to publish a consolidated annual report 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 is available on www.arlafoods.com. Profit sharing and supplementary payment from the parent company are set out in the equity section of the consolidated annual report. The full annual report contains the statement from the Board of Directors and the Executive Board as well as the independent auditor’s report.
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