Arla Foods Annual Report 2020

VISION CREATE THE FUTURE OF DAIRY TO BRING HEALTH AND INSPIRATION TO THE WORLD, NATURALLY. TABLE OF CONTENTS MANAGEMENT REVIEW 03 2020 Performance at a glance 04 CEO and Chairman letters 05 Message from the Chairman: A busy and challenging year 06 Message from the CEO: Creating value in a year like no other Highlights 07 10 Five year overview OUR GOVERNANCE 38 Governance framework 40 Diversity and inclusion 42 Board of Directors 45 Executive Management Team 47 Management remuneration 48 Responsible and transparent tax practices 49 Risk and compliance management OUR STRATEGY 12 Business model 13 Good Growth 2020 strategy OUR PERFORMANCE REVIEW 56 Market overview 57 Performance review 61 Financial outlook 16 Creating efficiencies with Calcium programme 18 Embracing change: Major trends and strategic responses 20 Dealing with Brexit 22 21 Essential business priorities for 2020 OUR CONSOLIDATED FINANCIAL STATEMENTS 63 Primary financial statements 73 Notes OUR BRANDS AND COMMERCIAL SEGMENTS 23 Brands Arla Foods Ingredients 30 Global Industry Sales OUR CONSOLIDATED ENVIRONMENTAL, SOCIAL AND GOVERNANCE DATA 120 Primary statements 123 Notes 135 Glossary 137 Corporate calendar Arla HIGH PROTEIN Arla 25 Europe SKYR ICELANDIC STYLE YOGURT 27 International HIGH REDUCE SUGAR SKYR PROTEN 29 FAT FAT ICELANDIC STYLE YOGURT FREE VANILLA FREE SIMPLY NATURAL OUR RESPONSIBILITY 32 Sustainability strategy 33 34 Environmental ambition Climate Checks on farms 35 Facilitating better animal welfare 36 International dairy development

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