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<br /> I M PROVING<br /> FOOD & HEALTH<br /> annUaL rePorT 2008/09IMPROVING<br /> FOOD & HEALTH<br /> * ???"<br /> -. '" ??? -<br /> \??-' -.<br /> ??? *<br /> ANNUAL REPORT 2008/09<br /> <br /> Coverphoto:ProbioticchewabletabletCover photo: Probiotic chewable tablet<br /> <br /> 1<br /> i mag i n e<br /> Imagine a world of opportunities just waiting to be<br /> grasped. A world of explorations to be made - explora-<br /> tionsforthefuture.<br /> Imagine a world where healthy ingredients are the ob-<br /> vious choice and where all people have access to healthy<br /> food. Where we may increase our understanding of the<br /> interactionbetweendietandhealth.<br /> How we may continue to improve food and health for<br /> humansandanimalsbycombiningourknow-howinnew<br /> and creative ways. How far innovation and research can<br /> takeusifweteamupwithcustomersandpartners.<br /> Imagine how our strong competen<a title="CHRANNUAL09 page 1" href="http://viewer.zmags.com/publication/66368868?page=1"> I M PROVING FOOD & HEALTH </a> <a title="CHRANNUAL09 page 2" href="http://viewer.zmags.com/publication/66368868?page=2"> Coverphoto:ProbioticchewabletabletCover photo: Pr</a> <a title="CHRANNUAL09 page 3" href="http://viewer.zmags.com/publication/66368868?page=3"> 1 i mag i n e Imagine a world of opportunities</a> <a title="CHRANNUAL09 page 4" href="http://viewer.zmags.com/publication/66368868?page=4"> 2 </a> <a title="CHRANNUAL09 page 5" href="http://viewer.zmags.com/publication/66368868?page=5"> 3 </a> <a title="CHRANNUAL09 page 6" href="http://viewer.zmags.com/publication/66368868?page=6"> 4 </a> <a title="CHRANNUAL09 page 7" href="http://viewer.zmags.com/publication/66368868?page=7"> 5 ORgANIc sALEs gROwTh Of 10.0% </a> <a title="CHRANNUAL09 page 8" href="http://viewer.zmags.com/publication/66368868?page=8"> 6 key consolidated figures eur million </a> <a title="CHRANNUAL09 page 9" href="http://viewer.zmags.com/publication/66368868?page=9"> 7 EBEIBTIDTADABEBFEOFROER</a> <a title="CHRANNUAL09 page 10" href="http://viewer.zmags.com/publication/66368868?page=10"> Close-upofanaturalcolorinwater \j J Close-up of </a> <a title="CHRANNUAL09 page 11" href="http://viewer.zmags.com/publication/66368868?page=11"> 9 Management’s </a> <a title="CHRANNUAL09 page 12" href="http://viewer.zmags.com/publication/66368868?page=12"> 10 Financial Review Financial Review </a> <a title="CHRANNUAL09 page 13" href="http://viewer.zmags.com/publication/66368868?page=13"> 11 Corporate manaGement </a> <a title="CHRANNUAL09 page 14" href="http://viewer.zmags.com/publication/66368868?page=14"> 12 constantly striving for excellen</a> <a title="CHRANNUAL09 page 15" href="http://viewer.zmags.com/publication/66368868?page=15"> 13 Financial Review </a> <a title="CHRANNUAL09 page 16" href="http://viewer.zmags.com/publication/66368868?page=16"> 14 </a> <a title="CHRANNUAL09 page 17" href="http://viewer.zmags.com/publication/66368868?page=17"> strong position in health and nutrition products </a> <a title="CHRANNUAL09 page 18" href="http://viewer.zmags.com/publication/66368868?page=18"> 16 Cultures & Enzymes </a> <a title="CHRANNUAL09 page 19" href="http://viewer.zmags.com/publication/66368868?page=19"> i17 m pRo ving ouR FooDM</a> <a title="CHRANNUAL09 page 20" href="http://viewer.zmags.com/publication/66368868?page=20"> 18 Cultures & Enzymes chr. h</a> <a title="CHRANNUAL09 page 21" href="http://viewer.zmags.com/publication/66368868?page=21"> 19 </a> <a title="CHRANNUAL09 page 22" href="http://viewer.zmags.com/publication/66368868?page=22"> 20 </a> <a title="CHRANNUAL09 page 23" href="http://viewer.zmags.com/publication/66368868?page=23"> 21 Cultures & Enzymes </a> <a title="CHRANNUAL09 page 24" href="http://viewer.zmags.com/publication/66368868?page=24"> 22 Cultures & Enzymes </a> <a title="CHRANNUAL09 page 25" href="http://viewer.zmags.com/publication/66368868?page=25"> 23 </a> <a title="CHRANNUAL09 page 26" href="http://viewer.zmags.com/publication/66368868?page=26"> 24 </a> <a title="CHRANNUAL09 page 27" href="http://viewer.zmags.com/publication/66368868?page=27"> 25 Cultures & Enzymes </a> <a title="CHRANNUAL09 page 28" href="http://viewer.zmags.com/publication/66368868?page=28"> 26 Health & Nutrition </a> <a title="CHRANNUAL09 page 29" href="http://viewer.zmags.com/publication/66368868?page=29"> 27 </a> <a title="CHRANNUAL09 page 30" href="http://viewer.zmags.com/publication/66368868?page=30"> 28 Health & Nutrition </a> <a title="CHRANNUAL09 page 31" href="http://viewer.zmags.com/publication/66368868?page=31"> 29 Friendly Bacteria </a> <a title="CHRANNUAL09 page 32" href="http://viewer.zmags.com/publication/66368868?page=32"> 30 </a> <a title="CHRANNUAL09 page 33" href="http://viewer.zmags.com/publication/66368868?page=33"> c </a> <a title="CHRANNUAL09 page 34" href="http://viewer.zmags.com/publication/66368868?page=34"> 32 Colors coloRs that </a> <a title="CHRANNUAL09 page 35" href="http://viewer.zmags.com/publication/66368868?page=35"> 33 bright future for natural </a> <a title="CHRANNUAL09 page 36" href="http://viewer.zmags.com/publication/66368868?page=36"> 34 innovation meeting customeRs’</a> <a title="CHRANNUAL09 page 37" href="http://viewer.zmags.com/publication/66368868?page=37"> 35 Innovation </a> <a title="CHRANNUAL09 page 38" href="http://viewer.zmags.com/publication/66368868?page=38"> 36 Innovation </a> <a title="CHRANNUAL09 page 39" href="http://viewer.zmags.com/publication/66368868?page=39"> 37 </a> <a title="CHRANNUAL09 page 40" href="http://viewer.zmags.com/publication/66368868?page=40"> 38 Global Sales moving </a> <a title="CHRANNUAL09 page 41" href="http://viewer.zmags.com/publication/66368868?page=41"> 39 </a> <a title="CHRANNUAL09 page 42" href="http://viewer.zmags.com/publication/66368868?page=42"> 40 sales peR Regi</a> <a title="CHRANNUAL09 page 43" href="http://viewer.zmags.com/publication/66368868?page=43"> 41 Naturalcolorpowderbasedongrapeskin,annatto,ca</a> <a title="CHRANNUAL09 page 44" href="http://viewer.zmags.com/publication/66368868?page=44"> 42 Global Sales Outperforming ue Marke</a> <a title="CHRANNUAL09 page 45" href="http://viewer.zmags.com/publication/66368868?page=45"> 43 Closer to ue Customers </a> <a title="CHRANNUAL09 page 46" href="http://viewer.zmags.com/publication/66368868?page=46"> 44 passion </a> <a title="CHRANNUAL09 page 47" href="http://viewer.zmags.com/publication/66368868?page=47"> 45 Stakeholder Relations </a> <a title="CHRANNUAL09 page 48" href="http://viewer.zmags.com/publication/66368868?page=48"> 46 Stakeholder Relations "We cAn AlWAys </a> <a title="CHRANNUAL09 page 49" href="http://viewer.zmags.com/publication/66368868?page=49"> 47 towards a winning culture </a> <a title="CHRANNUAL09 page 50" href="http://viewer.zmags.com/publication/66368868?page=50"> 48 Stakeholder Relations </a> <a title="CHRANNUAL09 page 51" href="http://viewer.zmags.com/publication/66368868?page=51"> 49 </a> <a title="CHRANNUAL09 page 52" href="http://viewer.zmags.com/publication/66368868?page=52"> 50 coRpoRate goveRnance A </a> <a title="CHRANNUAL09 page 53" href="http://viewer.zmags.com/publication/66368868?page=53"> 51 Corporate Governance </a> <a title="CHRANNUAL09 page 54" href="http://viewer.zmags.com/publication/66368868?page=54"> 52 Risk Management </a> <a title="CHRANNUAL09 page 55" href="http://viewer.zmags.com/publication/66368868?page=55"> 53 “Impeccable product safety is</a> <a title="CHRANNUAL09 page 56" href="http://viewer.zmags.com/publication/66368868?page=56"> 54 Risk Management “Compliance is abou</a> <a title="CHRANNUAL09 page 57" href="http://viewer.zmags.com/publication/66368868?page=57"> 55 </a> <a title="CHRANNUAL09 page 58" href="http://viewer.zmags.com/publication/66368868?page=58"> 56</a> <a title="CHRANNUAL09 page 59" href="http://viewer.zmags.com/publication/66368868?page=59"> 57 Financial StatementSFINANCIAL S</a> <a title="CHRANNUAL09 page 60" href="http://viewer.zmags.com/publication/66368868?page=60"> 58</a> <a title="CHRANNUAL09 page 61" href="http://viewer.zmags.com/publication/66368868?page=61"> 59 Consolidated FinanCial statements </a> <a title="CHRANNUAL09 page 62" href="http://viewer.zmags.com/publication/66368868?page=62"> 60 </a> <a title="CHRANNUAL09 page 63" href="http://viewer.zmags.com/publication/66368868?page=63"> 61 </a> <a title="CHRANNUAL09 page 64" href="http://viewer.zmags.com/publication/66368868?page=64"> 62 Assets EUR thousand Non-current</a> <a title="CHRANNUAL09 page 65" href="http://viewer.zmags.com/publication/66368868?page=65"> 63 </a> <a title="CHRANNUAL09 page 66" href="http://viewer.zmags.com/publication/66368868?page=66"> 64 EUR thousand Balance 1</a> <a title="CHRANNUAL09 page 67" href="http://viewer.zmags.com/publication/66368868?page=67"> 65 </a> <a title="CHRANNUAL09 page 68" href="http://viewer.zmags.com/publication/66368868?page=68"> 66 Accounting Policies The Annual Re</a> <a title="CHRANNUAL09 page 69" href="http://viewer.zmags.com/publication/66368868?page=69"> 67 </a> <a title="CHRANNUAL09 page 70" href="http://viewer.zmags.com/publication/66368868?page=70"> 68 </a> <a title="CHRANNUAL09 page 71" href="http://viewer.zmags.com/publication/66368868?page=71"> 69 </a> <a title="CHRANNUAL09 page 72" href="http://viewer.zmags.com/publication/66368868?page=72"> 70 </a> <a title="CHRANNUAL09 page 73" href="http://viewer.zmags.com/publication/66368868?page=73"> 71 </a> <a title="CHRANNUAL09 page 74" href="http://viewer.zmags.com/publication/66368868?page=74"> 72 </a> <a title="CHRANNUAL09 page 75" href="http://viewer.zmags.com/publication/66368868?page=75"> 73 </a> <a title="CHRANNUAL09 page 76" href="http://viewer.zmags.com/publication/66368868?page=76"> 74 </a> <a title="CHRANNUAL09 page 77" href="http://viewer.zmags.com/publication/66368868?page=77"> 75 </a> <a title="CHRANNUAL09 page 78" href="http://viewer.zmags.com/publication/66368868?page=78"> 76 </a> <a title="CHRANNUAL09 page 79" href="http://viewer.zmags.com/publication/66368868?page=79"> 77 </a> <a title="CHRANNUAL09 page 80" href="http://viewer.zmags.com/publication/66368868?page=80"> 78 </a> <a title="CHRANNUAL09 page 81" href="http://viewer.zmags.com/publication/66368868?page=81"> 79 </a> <a title="CHRANNUAL09 page 82" href="http://viewer.zmags.com/publication/66368868?page=82"> 80 </a> <a title="CHRANNUAL09 page 83" href="http://viewer.zmags.com/publication/66368868?page=83"> 81 </a> <a title="CHRANNUAL09 page 84" href="http://viewer.zmags.com/publication/66368868?page=84"> 82 </a> <a title="CHRANNUAL09 page 85" href="http://viewer.zmags.com/publication/66368868?page=85"> 83 </a> <a title="CHRANNUAL09 page 86" href="http://viewer.zmags.com/publication/66368868?page=86"> 84 </a> <a title="CHRANNUAL09 page 87" href="http://viewer.zmags.com/publication/66368868?page=87"> 85 EUR thousand Note 11 — Goodwi</a> <a title="CHRANNUAL09 page 88" href="http://viewer.zmags.com/publication/66368868?page=88"> 86 </a> <a title="CHRANNUAL09 page 89" href="http://viewer.zmags.com/publication/66368868?page=89"> 87 </a> <a title="CHRANNUAL09 page 90" href="http://viewer.zmags.com/publication/66368868?page=90"> 88 </a> <a title="CHRANNUAL09 page 91" href="http://viewer.zmags.com/publication/66368868?page=91"> 89 </a> <a title="CHRANNUAL09 page 92" href="http://viewer.zmags.com/publication/66368868?page=92"> 90 </a> <a title="CHRANNUAL09 page 93" href="http://viewer.zmags.com/publication/66368868?page=93"> 91 </a> <a title="CHRANNUAL09 page 94" href="http://viewer.zmags.com/publication/66368868?page=94"> 92 </a> <a title="CHRANNUAL09 page 95" href="http://viewer.zmags.com/publication/66368868?page=95"> 93 </a> <a title="CHRANNUAL09 page 96" href="http://viewer.zmags.com/publication/66368868?page=96"> 94 </a> <a title="CHRANNUAL09 page 97" href="http://viewer.zmags.com/publication/66368868?page=97"> 95 </a> <a title="CHRANNUAL09 page 98" href="http://viewer.zmags.com/publication/66368868?page=98"> 96 </a> <a title="CHRANNUAL09 page 99" href="http://viewer.zmags.com/publication/66368868?page=99"> 97 </a> <a title="CHRANNUAL09 page 100" href="http://viewer.zmags.com/publication/66368868?page=100"> 98 </a> <a title="CHRANNUAL09 page 101" href="http://viewer.zmags.com/publication/66368868?page=101"> 99 </a> <a title="CHRANNUAL09 page 102" href="http://viewer.zmags.com/publication/66368868?page=102"> 100 </a> <a title="CHRANNUAL09 page 103" href="http://viewer.zmags.com/publication/66368868?page=103"> 101 EUR thousand Note 30 — Acqui</a> <a title="CHRANNUAL09 page 104" href="http://viewer.zmags.com/publication/66368868?page=104"> 102 </a> <a title="CHRANNUAL09 page 105" href="http://viewer.zmags.com/publication/66368868?page=105"> 103 </a> <a title="CHRANNUAL09 page 106" href="http://viewer.zmags.com/publication/66368868?page=106"> 104 </a> <a title="CHRANNUAL09 page 107" href="http://viewer.zmags.com/publication/66368868?page=107"> 105 </a> <a title="CHRANNUAL09 page 108" href="http://viewer.zmags.com/publication/66368868?page=108"> 106 </a> <a title="CHRANNUAL09 page 109" href="http://viewer.zmags.com/publication/66368868?page=109"> 107 </a> <a title="CHRANNUAL09 page 110" href="http://viewer.zmags.com/publication/66368868?page=110"> 108 Note 36 — Group Chart Ente</a> <a title="CHRANNUAL09 page 111" href="http://viewer.zmags.com/publication/66368868?page=111"> 109 Note 36 — Group Chart Ente</a> <a title="CHRANNUAL09 page 112" href="http://viewer.zmags.com/publication/66368868?page=112"> 109 Note 36 — Group Chart Ente</a> <a title="CHRANNUAL09 page 113" href="http://viewer.zmags.com/publication/66368868?page=113"> 110</a> <a title="CHRANNUAL09 page 114" href="http://viewer.zmags.com/publication/66368868?page=114"> 111 FinanCial statements oF </a> <a title="CHRANNUAL09 page 115" href="http://viewer.zmags.com/publication/66368868?page=115"> 112 </a> <a title="CHRANNUAL09 page 116" href="http://viewer.zmags.com/publication/66368868?page=116"> 113 </a> <a title="CHRANNUAL09 page 117" href="http://viewer.zmags.com/publication/66368868?page=117"> 114 </a> <a title="CHRANNUAL09 page 118" href="http://viewer.zmags.com/publication/66368868?page=118"> 115 Liabilities and equity EUR thous</a> <a title="CHRANNUAL09 page 119" href="http://viewer.zmags.com/publication/66368868?page=119"> 116 </a> <a title="CHRANNUAL09 page 120" href="http://viewer.zmags.com/publication/66368868?page=120"> 117 </a> <a title="CHRANNUAL09 page 121" href="http://viewer.zmags.com/publication/66368868?page=121"> 118 </a> <a title="CHRANNUAL09 page 122" href="http://viewer.zmags.com/publication/66368868?page=122"> 119 </a> <a title="CHRANNUAL09 page 123" href="http://viewer.zmags.com/publication/66368868?page=123"> 120 </a> <a title="CHRANNUAL09 page 124" href="http://viewer.zmags.com/publication/66368868?page=124"> 121 </a> <a title="CHRANNUAL09 page 125" href="http://viewer.zmags.com/publication/66368868?page=125"> 122 </a> <a title="CHRANNUAL09 page 126" href="http://viewer.zmags.com/publication/66368868?page=126"> 123 </a> <a title="CHRANNUAL09 page 127" href="http://viewer.zmags.com/publication/66368868?page=127"> 124 </a> <a title="CHRANNUAL09 page 128" href="http://viewer.zmags.com/publication/66368868?page=128"> 125 </a> <a title="CHRANNUAL09 page 129" href="http://viewer.zmags.com/publication/66368868?page=129"> 126 </a> <a title="CHRANNUAL09 page 130" href="http://viewer.zmags.com/publication/66368868?page=130"> 127 </a> <a title="CHRANNUAL09 page 131" href="http://viewer.zmags.com/publication/66368868?page=131"> 128 </a> <a title="CHRANNUAL09 page 132" href="http://viewer.zmags.com/publication/66368868?page=132"> 129 </a> <a title="CHRANNUAL09 page 133" href="http://viewer.zmags.com/publication/66368868?page=133"> 130 </a> <a title="CHRANNUAL09 page 134" href="http://viewer.zmags.com/publication/66368868?page=134"> 131 </a> <a title="CHRANNUAL09 page 135" href="http://viewer.zmags.com/publication/66368868?page=135"> 132 </a> <a title="CHRANNUAL09 page 136" href="http://viewer.zmags.com/publication/66368868?page=136"> 133 TO THE SHAREHOLDERS OF CHR. HAN</a> <a title="CHRANNUAL09 page 137" href="http://viewer.zmags.com/publication/66368868?page=137"> 134 Board oF direCtors </a> <a title="CHRANNUAL09 page 138" href="http://viewer.zmags.com/publication/66368868?page=138"> 135 exeCutive Board </a> <a title="CHRANNUAL09 page 139" href="http://viewer.zmags.com/publication/66368868?page=139"> 136</a> <a title="CHRANNUAL09 page 140" href="http://viewer.zmags.com/publication/66368868?page=140"> SupplementaRy RepoRt CSR RepoRtSUPPLEMENTARY UK P</a> <a title="CHRANNUAL09 page 141" href="http://viewer.zmags.com/publication/66368868?page=141"> 138 </a> <a title="CHRANNUAL09 page 142" href="http://viewer.zmags.com/publication/66368868?page=142"> 139 Balancing People, Planet & Profit </a> <a title="CHRANNUAL09 page 143" href="http://viewer.zmags.com/publication/66368868?page=143"> 140 Staying focused on Performance Improvements </a> <a title="CHRANNUAL09 page 144" href="http://viewer.zmags.com/publication/66368868?page=144"> 141 “Ambitious goals for improving resource</a> <a title="CHRANNUAL09 page 145" href="http://viewer.zmags.com/publication/66368868?page=145"> 142 Environmentalperformanceindicatorforene</a> <a title="CHRANNUAL09 page 146" href="http://viewer.zmags.com/publication/66368868?page=146"> 143 Accidentswithabsenceperyear </a> <a title="CHRANNUAL09 page 147" href="http://viewer.zmags.com/publication/66368868?page=147"> 144 Responsible Supplier </a> <a title="CHRANNUAL09 page 148" href="http://viewer.zmags.com/publication/66368868?page=148"> 145 Building Up Competencies Professionalandp</a> <a title="CHRANNUAL09 page 149" href="http://viewer.zmags.com/publication/66368868?page=149"> 146 stErling managEmEnt In evaluations of manage</a> <a title="CHRANNUAL09 page 150" href="http://viewer.zmags.com/publication/66368868?page=150"> 147 Reaching Out Contributingtothesociety</a> <a title="CHRANNUAL09 page 151" href="http://viewer.zmags.com/publication/66368868?page=151"> 148 Looking Ahead With its new CSR strategy,</a> <a title="CHRANNUAL09 page 152" href="http://viewer.zmags.com/publication/66368868?page=152"> PEOPLE PROFIT PLANET</a> <a title="CHRANNUAL09 page 153" href="http://viewer.zmags.com/publication/66368868?page=153"> 150 accounting policiEs for </a> <a title="CHRANNUAL09 page 154" href="http://viewer.zmags.com/publication/66368868?page=154"> Environmental complaints are the number of compla</a> <a title="CHRANNUAL09 page 155" href="http://viewer.zmags.com/publication/66368868?page=155"> 152 </a> <a title="CHRANNUAL09 page 156" href="http://viewer.zmags.com/publication/66368868?page=156"> 153 </a> <a title="CHRANNUAL09 page 157" href="http://viewer.zmags.com/publication/66368868?page=157"> 154 </a> <a title="CHRANNUAL09 page 158" href="http://viewer.zmags.com/publication/66368868?page=158"> 155 </a> <a title="CHRANNUAL09 page 159" href="http://viewer.zmags.com/publication/66368868?page=159"> 156 </a> <a title="CHRANNUAL09 page 160" href="http://viewer.zmags.com/publication/66368868?page=160"> 157 </a> <a title="CHRANNUAL09 page 161" href="http://viewer.zmags.com/publication/66368868?page=161"> </a> <a title="CHRANNUAL09 page 162" href="http://viewer.zmags.com/publication/66368868?page=162"> 159 indEpEnd</a> <a title="CHRANNUAL09 page 163" href="http://viewer.zmags.com/publication/66368868?page=163"> Publishedby Chr.HansenHoldingA/S BoegeAllé10-12 D</a> <a title="CHRANNUAL09 page 164" href="http://viewer.zmags.com/publication/66368868?page=164"> </a> <a title="CHRANNUAL09 page 165" href="http://viewer.zmags.com/publication/66368868?page=165"> www.chr-hansen.com</a>