Content MANAGEMENT REVIEW 02 Performance at a glance 04Message from the Chairman of the Board of Directors 05 Message from the CEO 06 Highlights 08 Strategy 10 2018 Essentials 11 Calcium 12 Financial review CONSOLIDATED FINANCIAL STATEMENTS 19 Income statement 20 Balance sheet 21 Cash flow 22 Revenue 23 Cost 24 Equity 24 Net working capital 25 Cash flow 25 Non-current assets 26 Net interest-bearing debt 28 Glossary 29 Corporate calendar Half-year 2018 Performance at a glance Performance price EUR-CENT/KG 34.7 HALF-YEAR 2018 35.8 HALF-YEAR 2017 30.0*** HALF-YEAR 2016 The Half-Year Report has not been audited or reviewed by the Group’s auditors. Project management: Corporate external reporting, Arla. Copy, design and production: We Love People. Translation: Semantix. Photos: Jens Bangsbo and Arla. All targets are based on full-year results. • Performance on track • Trend on track • Target challenged * International share is based on retail and foodservice revenue, excluding revenue from third party manufacturing (TPM), Arla Foods Ingredients and trading activities. ** Based on profit allocated to owners of Arla Foods amba. *** Excluding the gain from sale of Rynkeby.
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