CONTENT MANAGEMENT REVIEW 4 6 18 24 40 46 CREATING VALUE OUR BUSINESS REVIEW OUR FINANCIAL REVIEW OUR MARKET REVIEW OUR STRATEGY OUR CORPORATE GOVERNANCE CONSOLIDATED FINANCIAL STATEMENTS 62 CONSOLIDATED FINANCIAL STATEMENTS 120 ENDORSEMENTS 122 DEFINITIONS AND GLOSSARY Project management: Group Finance, Arla. Copy, design and production: We Love People. Translation: TextMinded. Photos: Mikkel Bache, Jens Bangsbo, Stephanie Gongdon Barnes and Arla. Printer: Scanprint A/S. 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 for the parent company Under section 149 of the Danish Financial Statements Act, this consolidated annual report represents an extract of the Company’s complete annual report. In order to make this report more manageable and user-friendly, the Arla Foods Group has decided to publish a consolidated annual report without the financial statements for the parent company, Arla Foods amba. The annual report for the parent company is an integrated part of the full annual report and is available at www.arlafoods.dk. 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. Owners 23.9% Profit 0.4% 1.7% 7.0% Denmark Sweden 25.2% 12,650 20.8% Germany UK Belgium Luxembourg The Netherlands 21.0% Development in owners -5.7% 295 2.8% million EUR of revenue * * Based on profit allocated to owners of Arla Foods amba Equity 2.1 Net interestbearing debt Leverage billion EUR Equity ratio 31% 2.5 billion EUR 3.3
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