As people all over the world are focusing on obtaining the most out of life, a healthy lifestyle is becoming the new normal. How we fuel ourselves and our families starts by what we find in our fridge. At Arla, we create innovative products that delight consumers and help them live a balanced and healthier life. We push the boundaries of science and technology to build a bright future for dairy, and natural food for everyone. 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 been prepared for practical purposes. Financial statements of the parent company Under section 149 of the Danish Financial Statements Act, these consolidated financial statements represent an 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. Content MANAGEMENT REVIEW 04 Performance at a glance 06Message from the Chairman of the Board of Directors 08 Message from the CEO 10 Highlights 12 Financial overview 13 Business priorities 2017 Our Strategy 16 Good Growth 2020 18 Trends in the world around us 20 Responding to change 22 Business priorities 2018 Our Brands and Commercial Segments 26 Arla® 28 Lurpak® 29 Castello® 29 Puck® 30 Europe 32 International 34 Arla Foods Ingredients 35 Trading Our Cooperative 38 Our business model 40Arlagården® quality programme 42 Code of conduct 43 Compliance 44 Corporate responsibility 46 Risk management 48 Our risk landscape 50 Preparing for Brexit 51 Our tax affairs Our Governance 54 Governance framework 56 Executive Management Team 58 Board of Directors 60 Management remuneration 61 Diversity and inclusion Our Financial Review 64 Market overview 66 Financial review 72 Financial outlook CONSOLIDATED FINANCIAL STATEMENTS 74 Primary financial statements 84Statement by the Board of Directors and the Executive Board 85 Notes Endorsement 132 Independent auditor’s report 134 Glossary 135 Corporate calendar
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