Arla Foods UK plc (ARU) 2015年年度报告「LSE」.pdf

1、Navigating through a difficult market2015CONSOLIDATED ANNUAL REPORT2015in shortWith market shares gained in most of our markets,a much more profitable mix of products and more efficient operations,the Arla of today is an even more solid business than when we entered 2015.Peder Tuborgh,CEO33.7 EUR-ce

2、nt/kgPerformance priceMilk volume14.2billion kg-3.3%Revenue developmentRevenue Consumer UK Consumer Finland Consumer Central Europe Arla Foods Ingredients Consumer Sweden Consumer Denmark Consumer International Global Categories and Operations Others28%3%18%4%14%9%15%7%2%10.3billion EURMilk volume d

3、evelopment +4.6%Branded growth+3.4%ProfitLeverage3.3Net interest-bearing debt2.5billion EUROwners Denmark Sweden Germany UK Belgium Luxembourg The Netherlands23.9%25.2%21.0%7.0%1.7%0.4%20.8%12,650 Development in owners-5.7%Equity2.1billion EUREquity ratio31%CONTENTMANAGEMENT REVIEW 4 CREATING VALUE

4、6 OUR BUSINESS REVIEW 18 OUR FINANCIAL REVIEW 24 OUR MARKET REVIEW 40 OUR STRATEGY 46 OUR CORPORATE GOVERNANCE CONSOLIDATED FINANCIAL STATEMENTS 62 CONSOLIDATED FINANCIAL STATEMENTS120 ENDORSEMENTS122 DEFINITIONS AND GLOSSARYProject management:Group Finance,Arla.Copy,design and production:We Love Pe

5、ople.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 practica

6、l reasons.Financial statement for the parent companyUnder section 149 of the Danish Financial Statements Act,this consolidated annual report represents an extract of the Companys complete annual report.In order to make this report more manageable and user-friendly,the Arla Foods Group has decided to