If you are visually impaired or blind, you can visit the PDF version by Pressing CONTROL + ALT + 4
<br /> IMPROVING FOOD &<br /> ANNUAL REPORT<br /> 2009/10<br /> HEALTH<br /> Cover photo: Frozen cultures<br /> IMPROVING FOOD & HEALTH<br /> CHR. HANSEN ANNUAL REPORT 2009/10<br /> <br /> management’s review<br /> Letter to our shareholders — 3<br /> Key figures — 6<br /> About Chr. Hansen — 9<br /> Financial review — 14<br /> Outlook — 16<br /> Market interaction — 18<br /> Cultures & Enzymes Division — 20<br /> Health & Nutrition Division — 26<br /> Colors & Blends Division — 34<br /> R&D platform — 40<br /> Corporate Social Responsibility — 44<br /> Shareholder information — 54<br /> Corporate governance — 57<br /> Risk management — 60<br /> financial statements<br /> Chr. Hansen Group — 65<br /> Parent company Chr. Hansen Holding<a title="ChrHansen_Aarsrapport_2010_UK.pdf page 1" href="http://viewer.zmags.com/publication/e54393b9?page=1"> IMPROVING FOOD & ANNUAL REPORT 2009/10 HE</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 2" href="http://viewer.zmags.com/publication/e54393b9?page=2"> Cover photo: Frozen cultures</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 3" href="http://viewer.zmags.com/publication/e54393b9?page=3"> IMPROVING FOOD & HEALTH CHR. HANSEN AN</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 4" href="http://viewer.zmags.com/publication/e54393b9?page=4"> </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 5" href="http://viewer.zmags.com/publication/e54393b9?page=5"> management’s review Letter to our shar</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 6" href="http://viewer.zmags.com/publication/e54393b9?page=6"> 2 organIc rEvEnuE growTh of </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 7" href="http://viewer.zmags.com/publication/e54393b9?page=7"> 3 U N I q U E P L AT F O R M FOR GROwTH </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 8" href="http://viewer.zmags.com/publication/e54393b9?page=8"> 4 ing business forward. In 2</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 9" href="http://viewer.zmags.com/publication/e54393b9?page=9"> Freeze dried cultures</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 10" href="http://viewer.zmags.com/publication/e54393b9?page=10"> 6 key figures EUR million </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 11" href="http://viewer.zmags.com/publication/e54393b9?page=11"> 7 keY f</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 12" href="http://viewer.zmags.com/publication/e54393b9?page=12"> 8 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 13" href="http://viewer.zmags.com/publication/e54393b9?page=13"> 9 about chr. hansen CORPORATE MANAGEMENT </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 14" href="http://viewer.zmags.com/publication/e54393b9?page=14"> 10 ABOUt </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 15" href="http://viewer.zmags.com/publication/e54393b9?page=15"> 11 ABOUt</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 16" href="http://viewer.zmags.com/publication/e54393b9?page=16"> 12 ABOUt </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 17" href="http://viewer.zmags.com/publication/e54393b9?page=17"> Enzymes</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 18" href="http://viewer.zmags.com/publication/e54393b9?page=18"> 14 FINANcIAL REVIEw In 2009/10 Chr. Hans</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 19" href="http://viewer.zmags.com/publication/e54393b9?page=19"> 15 finAnC</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 20" href="http://viewer.zmags.com/publication/e54393b9?page=20"> 16 OUTLOOk ouTlook Ch</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 21" href="http://viewer.zmags.com/publication/e54393b9?page=21"> 17 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 22" href="http://viewer.zmags.com/publication/e54393b9?page=22"> 18 MARkET INTERAcTION DRIVING bUsINEss FORwARD</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 23" href="http://viewer.zmags.com/publication/e54393b9?page=23"> Frozen cultures</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 24" href="http://viewer.zmags.com/publication/e54393b9?page=24"> 20 c U LT U R E s & E N z y M E s DIVIsION Gr</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 25" href="http://viewer.zmags.com/publication/e54393b9?page=25"> 21 CUltUr</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 26" href="http://viewer.zmags.com/publication/e54393b9?page=26"> 22 CUltUre</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 27" href="http://viewer.zmags.com/publication/e54393b9?page=27"> 23 CUltUr</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 28" href="http://viewer.zmags.com/publication/e54393b9?page=28"> Enzyme: chy-max® m</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 29" href="http://viewer.zmags.com/publication/e54393b9?page=29"> 25 CUltUre</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 30" href="http://viewer.zmags.com/publication/e54393b9?page=30"> 26 H E A LT H & N U T R I T I O N DIVIsION </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 31" href="http://viewer.zmags.com/publication/e54393b9?page=31"> 27 heAlth</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 32" href="http://viewer.zmags.com/publication/e54393b9?page=32"> 28 heAlth </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 33" href="http://viewer.zmags.com/publication/e54393b9?page=33"> 29 heAlth </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 34" href="http://viewer.zmags.com/publication/e54393b9?page=34"> Probiotic capsules</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 35" href="http://viewer.zmags.com/publication/e54393b9?page=35"> 31 heAlth</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 36" href="http://viewer.zmags.com/publication/e54393b9?page=36"> 32 heAlth</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 37" href="http://viewer.zmags.com/publication/e54393b9?page=37"> Probiotic chewable tablets</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 38" href="http://viewer.zmags.com/publication/e54393b9?page=38"> 34 cOLORs & bLENDs DIVIsION ThE colo</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 39" href="http://viewer.zmags.com/publication/e54393b9?page=39"> 35 COlOrs </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 40" href="http://viewer.zmags.com/publication/e54393b9?page=40"> 36 COlOrs </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 41" href="http://viewer.zmags.com/publication/e54393b9?page=41"> 37 COlOrs</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 42" href="http://viewer.zmags.com/publication/e54393b9?page=42"> Natural green</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 43" href="http://viewer.zmags.com/publication/e54393b9?page=43"> 39 COlOrs </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 44" href="http://viewer.zmags.com/publication/e54393b9?page=44"> 40 s O L I D R & D P L AT F O R M FO</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 45" href="http://viewer.zmags.com/publication/e54393b9?page=45"> 41 r&d Pl</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 46" href="http://viewer.zmags.com/publication/e54393b9?page=46"> 42 r&d PlA</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 47" href="http://viewer.zmags.com/publication/e54393b9?page=47"> 43 r&d PlA</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 48" href="http://viewer.zmags.com/publication/e54393b9?page=48"> 44 AcTING ON OUR VIsION wITH REsPONsIbILITy </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 49" href="http://viewer.zmags.com/publication/e54393b9?page=49"> 45 Csr </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 50" href="http://viewer.zmags.com/publication/e54393b9?page=50"> Enzymes </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 51" href="http://viewer.zmags.com/publication/e54393b9?page=51"> 47 Csr </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 52" href="http://viewer.zmags.com/publication/e54393b9?page=52"> 48 Csr con</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 53" href="http://viewer.zmags.com/publication/e54393b9?page=53"> Enzymes </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 54" href="http://viewer.zmags.com/publication/e54393b9?page=54"> 50 Csr </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 55" href="http://viewer.zmags.com/publication/e54393b9?page=55"> 51 Csr </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 56" href="http://viewer.zmags.com/publication/e54393b9?page=56"> 52 Csr cre</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 57" href="http://viewer.zmags.com/publication/e54393b9?page=57"> Frozen cultures</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 58" href="http://viewer.zmags.com/publication/e54393b9?page=58"> 54 sHAREHOLDER I N F O R M AT I O N </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 59" href="http://viewer.zmags.com/publication/e54393b9?page=59"> 55 shArehO</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 60" href="http://viewer.zmags.com/publication/e54393b9?page=60"> 56 shArehO</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 61" href="http://viewer.zmags.com/publication/e54393b9?page=61"> 57 cORPORATE GOVERNANcE During the</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 62" href="http://viewer.zmags.com/publication/e54393b9?page=62"> 58 COrPOrA</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 63" href="http://viewer.zmags.com/publication/e54393b9?page=63"> 59 COrPOrA</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 64" href="http://viewer.zmags.com/publication/e54393b9?page=64"> 60 RIsk MANAGEMENT To Chr. Hansen, taking r</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 65" href="http://viewer.zmags.com/publication/e54393b9?page=65"> 61 risk m</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 66" href="http://viewer.zmags.com/publication/e54393b9?page=66"> Natural white</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 67" href="http://viewer.zmags.com/publication/e54393b9?page=67"> FINANcIAL s TAT E M E N T s</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 68" href="http://viewer.zmags.com/publication/e54393b9?page=68"> </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 69" href="http://viewer.zmags.com/publication/e54393b9?page=69"> 65 Consolidated Financial Statements Chr. Hansen </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 70" href="http://viewer.zmags.com/publication/e54393b9?page=70"> 66 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 71" href="http://viewer.zmags.com/publication/e54393b9?page=71"> 67 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 72" href="http://viewer.zmags.com/publication/e54393b9?page=72"> 68 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 73" href="http://viewer.zmags.com/publication/e54393b9?page=73"> 69 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 74" href="http://viewer.zmags.com/publication/e54393b9?page=74"> 70 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 75" href="http://viewer.zmags.com/publication/e54393b9?page=75"> 71 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 76" href="http://viewer.zmags.com/publication/e54393b9?page=76"> 72 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 77" href="http://viewer.zmags.com/publication/e54393b9?page=77"> 73 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 78" href="http://viewer.zmags.com/publication/e54393b9?page=78"> 74 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 79" href="http://viewer.zmags.com/publication/e54393b9?page=79"> 75 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 80" href="http://viewer.zmags.com/publication/e54393b9?page=80"> 76 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 81" href="http://viewer.zmags.com/publication/e54393b9?page=81"> 77 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 82" href="http://viewer.zmags.com/publication/e54393b9?page=82"> 78 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 83" href="http://viewer.zmags.com/publication/e54393b9?page=83"> 79 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 84" href="http://viewer.zmags.com/publication/e54393b9?page=84"> 80 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 85" href="http://viewer.zmags.com/publication/e54393b9?page=85"> 81 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 86" href="http://viewer.zmags.com/publication/e54393b9?page=86"> 82 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 87" href="http://viewer.zmags.com/publication/e54393b9?page=87"> 83 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 88" href="http://viewer.zmags.com/publication/e54393b9?page=88"> 84 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 89" href="http://viewer.zmags.com/publication/e54393b9?page=89"> 85 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 90" href="http://viewer.zmags.com/publication/e54393b9?page=90"> 86 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 91" href="http://viewer.zmags.com/publication/e54393b9?page=91"> 87 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 92" href="http://viewer.zmags.com/publication/e54393b9?page=92"> 88 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 93" href="http://viewer.zmags.com/publication/e54393b9?page=93"> 89 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 94" href="http://viewer.zmags.com/publication/e54393b9?page=94"> 90 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 95" href="http://viewer.zmags.com/publication/e54393b9?page=95"> 91 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 96" href="http://viewer.zmags.com/publication/e54393b9?page=96"> 92 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 97" href="http://viewer.zmags.com/publication/e54393b9?page=97"> 93 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 98" href="http://viewer.zmags.com/publication/e54393b9?page=98"> 94 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 99" href="http://viewer.zmags.com/publication/e54393b9?page=99"> 95 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 100" href="http://viewer.zmags.com/publication/e54393b9?page=100"> 96 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 101" href="http://viewer.zmags.com/publication/e54393b9?page=101"> 97 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 102" href="http://viewer.zmags.com/publication/e54393b9?page=102"> 98 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 103" href="http://viewer.zmags.com/publication/e54393b9?page=103"> 99 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 104" href="http://viewer.zmags.com/publication/e54393b9?page=104"> 100 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 105" href="http://viewer.zmags.com/publication/e54393b9?page=105"> 101 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 106" href="http://viewer.zmags.com/publication/e54393b9?page=106"> 102 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 107" href="http://viewer.zmags.com/publication/e54393b9?page=107"> 103 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 108" href="http://viewer.zmags.com/publication/e54393b9?page=108"> 104 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 109" href="http://viewer.zmags.com/publication/e54393b9?page=109"> 105 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 110" href="http://viewer.zmags.com/publication/e54393b9?page=110"> 106 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 111" href="http://viewer.zmags.com/publication/e54393b9?page=111"> 107 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 112" href="http://viewer.zmags.com/publication/e54393b9?page=112"> 108 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 113" href="http://viewer.zmags.com/publication/e54393b9?page=113"> 109 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 114" href="http://viewer.zmags.com/publication/e54393b9?page=114"> 110 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 115" href="http://viewer.zmags.com/publication/e54393b9?page=115"> 111 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 116" href="http://viewer.zmags.com/publication/e54393b9?page=116"> 112 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 117" href="http://viewer.zmags.com/publication/e54393b9?page=117"> 113 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 118" href="http://viewer.zmags.com/publication/e54393b9?page=118"> 114 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 119" href="http://viewer.zmags.com/publication/e54393b9?page=119"> 115 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 120" href="http://viewer.zmags.com/publication/e54393b9?page=120"> </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 121" href="http://viewer.zmags.com/publication/e54393b9?page=121"> 117 Financial Statements of the Parent Company Ch</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 122" href="http://viewer.zmags.com/publication/e54393b9?page=122"> 118 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 123" href="http://viewer.zmags.com/publication/e54393b9?page=123"> 119 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 124" href="http://viewer.zmags.com/publication/e54393b9?page=124"> 120 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 125" href="http://viewer.zmags.com/publication/e54393b9?page=125"> 121 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 126" href="http://viewer.zmags.com/publication/e54393b9?page=126"> 122 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 127" href="http://viewer.zmags.com/publication/e54393b9?page=127"> 123 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 128" href="http://viewer.zmags.com/publication/e54393b9?page=128"> 124 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 129" href="http://viewer.zmags.com/publication/e54393b9?page=129"> 125 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 130" href="http://viewer.zmags.com/publication/e54393b9?page=130"> 126 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 131" href="http://viewer.zmags.com/publication/e54393b9?page=131"> 127 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 132" href="http://viewer.zmags.com/publication/e54393b9?page=132"> 128 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 133" href="http://viewer.zmags.com/publication/e54393b9?page=133"> 129 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 134" href="http://viewer.zmags.com/publication/e54393b9?page=134"> 130 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 135" href="http://viewer.zmags.com/publication/e54393b9?page=135"> 131 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 136" href="http://viewer.zmags.com/publication/e54393b9?page=136"> 132 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 137" href="http://viewer.zmags.com/publication/e54393b9?page=137"> 133 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 138" href="http://viewer.zmags.com/publication/e54393b9?page=138"> 134 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 139" href="http://viewer.zmags.com/publication/e54393b9?page=139"> 135 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 140" href="http://viewer.zmags.com/publication/e54393b9?page=140"> 136 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 141" href="http://viewer.zmags.com/publication/e54393b9?page=141"> 137 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 142" href="http://viewer.zmags.com/publication/e54393b9?page=142"> 138 management’s statement on the annual repor</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 143" href="http://viewer.zmags.com/publication/e54393b9?page=143"> 139 independent auditor’s report to the Sh</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 144" href="http://viewer.zmags.com/publication/e54393b9?page=144"> </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 145" href="http://viewer.zmags.com/publication/e54393b9?page=145"> supplementary report CSR Non-financial Statem</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 146" href="http://viewer.zmags.com/publication/e54393b9?page=146"> 142 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 147" href="http://viewer.zmags.com/publication/e54393b9?page=147"> 143 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 148" href="http://viewer.zmags.com/publication/e54393b9?page=148"> 144 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 149" href="http://viewer.zmags.com/publication/e54393b9?page=149"> 145 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 150" href="http://viewer.zmags.com/publication/e54393b9?page=150"> 146 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 151" href="http://viewer.zmags.com/publication/e54393b9?page=151"> 147 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 152" href="http://viewer.zmags.com/publication/e54393b9?page=152"> 148 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 153" href="http://viewer.zmags.com/publication/e54393b9?page=153"> 149 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 154" href="http://viewer.zmags.com/publication/e54393b9?page=154"> 150 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 155" href="http://viewer.zmags.com/publication/e54393b9?page=155"> 151 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 156" href="http://viewer.zmags.com/publication/e54393b9?page=156"> 152 independent auditor’s report We have review</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 157" href="http://viewer.zmags.com/publication/e54393b9?page=157"> 153</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 158" href="http://viewer.zmags.com/publication/e54393b9?page=158"> 154 glossary Bacterial strains </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 159" href="http://viewer.zmags.com/publication/e54393b9?page=159"> 155 glossary lactobacillus </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 160" href="http://viewer.zmags.com/publication/e54393b9?page=160"> 156 156 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 161" href="http://viewer.zmags.com/publication/e54393b9?page=161"> 157 BOARD OF</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 162" href="http://viewer.zmags.com/publication/e54393b9?page=162"> 158 158 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 163" href="http://viewer.zmags.com/publication/e54393b9?page=163"> 159 EXECUTIvE</a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 164" href="http://viewer.zmags.com/publication/e54393b9?page=164"> </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 165" href="http://viewer.zmags.com/publication/e54393b9?page=165"> 161 </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 166" href="http://viewer.zmags.com/publication/e54393b9?page=166"> </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 167" href="http://viewer.zmags.com/publication/e54393b9?page=167"> </a> <a title="ChrHansen_Aarsrapport_2010_UK.pdf page 168" href="http://viewer.zmags.com/publication/e54393b9?page=168"> CHR. HANSEN ANNUAL REPORT 2009 / 10 IMPROvING FOO</a>