<br />
Annual Report 2007/08<br />
<br />
Annual Report 2007/08<br />
Key Consolidated Figures 6<br />
Management’s Review 7<br />
Financial Review 8<br />
Business Structure 11<br />
Cultures & Enzymes Division – the growth engine 11<br />
Health & Nutrition Division – growing into life science 14<br />
Color Division – a strong momentum for natural colors 17<br />
Sales and Markets 18<br />
Risk Management 20<br /><a title="CH_Annual0708_UK.pdf page 1" href="http://viewer.zmags.com/publication/f56fa878?page=1"> Annual Report 2007/08</a>
<a title="CH_Annual0708_UK.pdf page 2" href="http://viewer.zmags.com/publication/f56fa878?page=2"> </a>
<a title="CH_Annual0708_UK.pdf page 3" href="http://viewer.zmags.com/publication/f56fa878?page=3"> Annual Report 2007/08 Key Consolidated Figures </a>
<a title="CH_Annual0708_UK.pdf page 4" href="http://viewer.zmags.com/publication/f56fa878?page=4"> The fiscal year 2007/08 was yet another good landm</a>
<a title="CH_Annual0708_UK.pdf page 5" href="http://viewer.zmags.com/publication/f56fa878?page=5"> “We have continued our restructuring of Chr. Hans</a>
<a title="CH_Annual0708_UK.pdf page 6" href="http://viewer.zmags.com/publication/f56fa878?page=6"> Key Consolidated Figures DKKm. 2004/05* </a>
<a title="CH_Annual0708_UK.pdf page 7" href="http://viewer.zmags.com/publication/f56fa878?page=7"> Management’s Review • Organic sales growth of 9</a>
<a title="CH_Annual0708_UK.pdf page 8" href="http://viewer.zmags.com/publication/f56fa878?page=8"> Financial Review Income Sales increased by 7.3% </a>
<a title="CH_Annual0708_UK.pdf page 9" href="http://viewer.zmags.com/publication/f56fa878?page=9"> inventories and debtors as a result of the increa</a>
<a title="CH_Annual0708_UK.pdf page 10" href="http://viewer.zmags.com/publication/f56fa878?page=10"> </a>
<a title="CH_Annual0708_UK.pdf page 11" href="http://viewer.zmags.com/publication/f56fa878?page=11"> Business Structure Chr. Hansen is structured in </a>
<a title="CH_Annual0708_UK.pdf page 12" href="http://viewer.zmags.com/publication/f56fa878?page=12"> Industry development in global cheese production </a>
<a title="CH_Annual0708_UK.pdf page 13" href="http://viewer.zmags.com/publication/f56fa878?page=13"> Competition Today only a minor part of the cheese</a>
<a title="CH_Annual0708_UK.pdf page 14" href="http://viewer.zmags.com/publication/f56fa878?page=14"> The Health & Nutrition Division – growing into li</a>
<a title="CH_Annual0708_UK.pdf page 15" href="http://viewer.zmags.com/publication/f56fa878?page=15"> Competition The probiotic market is driven by a l</a>
<a title="CH_Annual0708_UK.pdf page 16" href="http://viewer.zmags.com/publication/f56fa878?page=16"> </a>
<a title="CH_Annual0708_UK.pdf page 17" href="http://viewer.zmags.com/publication/f56fa878?page=17"> The Color Division – a strong momentum for natura</a>
<a title="CH_Annual0708_UK.pdf page 18" href="http://viewer.zmags.com/publication/f56fa878?page=18"> Sales and Markets The Group’s sales activities a</a>
<a title="CH_Annual0708_UK.pdf page 19" href="http://viewer.zmags.com/publication/f56fa878?page=19"> Europe Chr. Hansen’s largest region is the Europe</a>
<a title="CH_Annual0708_UK.pdf page 20" href="http://viewer.zmags.com/publication/f56fa878?page=20"> Risk Management Chr. Hansen conducts a risk mana</a>
<a title="CH_Annual0708_UK.pdf page 21" href="http://viewer.zmags.com/publication/f56fa878?page=21"> Financial Risks Currency risk Chr. Hansen’s glob</a>
<a title="CH_Annual0708_UK.pdf page 22" href="http://viewer.zmags.com/publication/f56fa878?page=22"> Stakeholder Relations Chr. Hansen has set up a n</a>
<a title="CH_Annual0708_UK.pdf page 23" href="http://viewer.zmags.com/publication/f56fa878?page=23"> Corporate Social Responsibility Chr. Hansen want</a>
<a title="CH_Annual0708_UK.pdf page 24" href="http://viewer.zmags.com/publication/f56fa878?page=24"> </a>
<a title="CH_Annual0708_UK.pdf page 25" href="http://viewer.zmags.com/publication/f56fa878?page=25"> “ We continue the positive financial performance </a>
<a title="CH_Annual0708_UK.pdf page 26" href="http://viewer.zmags.com/publication/f56fa878?page=26"> Management’s statement on the Annual Report Th</a>
<a title="CH_Annual0708_UK.pdf page 27" href="http://viewer.zmags.com/publication/f56fa878?page=27"> Independent Auditor’s Report To the Shareholde</a>
<a title="CH_Annual0708_UK.pdf page 28" href="http://viewer.zmags.com/publication/f56fa878?page=28"> Accounting Policies Basis of Preparation The An</a>
<a title="CH_Annual0708_UK.pdf page 29" href="http://viewer.zmags.com/publication/f56fa878?page=29"> accounting according to accounting regulations. C</a>
<a title="CH_Annual0708_UK.pdf page 30" href="http://viewer.zmags.com/publication/f56fa878?page=30"> shareholders’ right to receive dividend has been </a>
<a title="CH_Annual0708_UK.pdf page 31" href="http://viewer.zmags.com/publication/f56fa878?page=31"> considered material for this purpose and which ma</a>
<a title="CH_Annual0708_UK.pdf page 32" href="http://viewer.zmags.com/publication/f56fa878?page=32"> Unrealised gains and losses resulting from change</a>
<a title="CH_Annual0708_UK.pdf page 33" href="http://viewer.zmags.com/publication/f56fa878?page=33"> Under defined benefit plans, the Group is obliged t</a>
<a title="CH_Annual0708_UK.pdf page 34" href="http://viewer.zmags.com/publication/f56fa878?page=34"> Other Financial Disclosures Cash Flow Statement </a>
<a title="CH_Annual0708_UK.pdf page 35" href="http://viewer.zmags.com/publication/f56fa878?page=35"> Income statement 1 September - 31 August Group</a>
<a title="CH_Annual0708_UK.pdf page 36" href="http://viewer.zmags.com/publication/f56fa878?page=36"> Balance sheet at 31 August Assets </a>
<a title="CH_Annual0708_UK.pdf page 37" href="http://viewer.zmags.com/publication/f56fa878?page=37"> at 31 August Liabilities and equity </a>
<a title="CH_Annual0708_UK.pdf page 38" href="http://viewer.zmags.com/publication/f56fa878?page=38"> Cash flow statement 1 September - 31 August Gro</a>
<a title="CH_Annual0708_UK.pdf page 39" href="http://viewer.zmags.com/publication/f56fa878?page=39"> Statement of changes in equity Chr. Hansen Grou</a>
<a title="CH_Annual0708_UK.pdf page 40" href="http://viewer.zmags.com/publication/f56fa878?page=40"> Statement of changes in equity Chr. Hansen Hold</a>
<a title="CH_Annual0708_UK.pdf page 41" href="http://viewer.zmags.com/publication/f56fa878?page=41"> Notes to the income statement Group </a>
<a title="CH_Annual0708_UK.pdf page 42" href="http://viewer.zmags.com/publication/f56fa878?page=42"> Notes to the income statement Group </a>
<a title="CH_Annual0708_UK.pdf page 43" href="http://viewer.zmags.com/publication/f56fa878?page=43"> Group Parent</a>
<a title="CH_Annual0708_UK.pdf page 44" href="http://viewer.zmags.com/publication/f56fa878?page=44"> Notes to the income statement Group </a>
<a title="CH_Annual0708_UK.pdf page 45" href="http://viewer.zmags.com/publication/f56fa878?page=45"> Group Parent</a>
<a title="CH_Annual0708_UK.pdf page 46" href="http://viewer.zmags.com/publication/f56fa878?page=46"> Notes to the balance sheet at 31 August Group </a>
<a title="CH_Annual0708_UK.pdf page 47" href="http://viewer.zmags.com/publication/f56fa878?page=47"> at 31 August Group </a>
<a title="CH_Annual0708_UK.pdf page 48" href="http://viewer.zmags.com/publication/f56fa878?page=48"> Notes to the balance sheet at 31 August Group </a>
<a title="CH_Annual0708_UK.pdf page 49" href="http://viewer.zmags.com/publication/f56fa878?page=49"> at 31 August Group </a>
<a title="CH_Annual0708_UK.pdf page 50" href="http://viewer.zmags.com/publication/f56fa878?page=50"> Notes to the balance sheet at 31 August Group </a>
<a title="CH_Annual0708_UK.pdf page 51" href="http://viewer.zmags.com/publication/f56fa878?page=51"> at 31 August </a>
<a title="CH_Annual0708_UK.pdf page 52" href="http://viewer.zmags.com/publication/f56fa878?page=52"> Notes to the balance sheet at 31 August Group </a>
<a title="CH_Annual0708_UK.pdf page 53" href="http://viewer.zmags.com/publication/f56fa878?page=53"> at 31 August Group </a>
<a title="CH_Annual0708_UK.pdf page 54" href="http://viewer.zmags.com/publication/f56fa878?page=54"> Notes to the balance sheet at 31 August 27. Pe</a>
<a title="CH_Annual0708_UK.pdf page 55" href="http://viewer.zmags.com/publication/f56fa878?page=55"> at 31 August Group </a>
<a title="CH_Annual0708_UK.pdf page 56" href="http://viewer.zmags.com/publication/f56fa878?page=56"> Notes to the balance sheet Group </a>
<a title="CH_Annual0708_UK.pdf page 57" href="http://viewer.zmags.com/publication/f56fa878?page=57"> at 31 August Group </a>
<a title="CH_Annual0708_UK.pdf page 58" href="http://viewer.zmags.com/publication/f56fa878?page=58"> Notes to the cash flow statement Group </a>
<a title="CH_Annual0708_UK.pdf page 59" href="http://viewer.zmags.com/publication/f56fa878?page=59"> </a>
<a title="CH_Annual0708_UK.pdf page 60" href="http://viewer.zmags.com/publication/f56fa878?page=60"> Additional notes 37. Financial instruments </a>
<a title="CH_Annual0708_UK.pdf page 61" href="http://viewer.zmags.com/publication/f56fa878?page=61"> Group Parent</a>
<a title="CH_Annual0708_UK.pdf page 62" href="http://viewer.zmags.com/publication/f56fa878?page=62"> Additional notes Group </a>
<a title="CH_Annual0708_UK.pdf page 63" href="http://viewer.zmags.com/publication/f56fa878?page=63"> 38. Credit risk, currency risk , interest rate ri</a>
<a title="CH_Annual0708_UK.pdf page 64" href="http://viewer.zmags.com/publication/f56fa878?page=64"> Additional notes Group </a>
<a title="CH_Annual0708_UK.pdf page 65" href="http://viewer.zmags.com/publication/f56fa878?page=65"> 40. Related parties Related parties is defined a</a>
<a title="CH_Annual0708_UK.pdf page 66" href="http://viewer.zmags.com/publication/f56fa878?page=66"> Additional notes 2007/08 DKK million </a>
<a title="CH_Annual0708_UK.pdf page 67" href="http://viewer.zmags.com/publication/f56fa878?page=67"> 41. Group companies Entreprise </a>
<a title="CH_Annual0708_UK.pdf page 68" href="http://viewer.zmags.com/publication/f56fa878?page=68"> Additional notes 42. Share-based payment </a>
<a title="CH_Annual0708_UK.pdf page 69" href="http://viewer.zmags.com/publication/f56fa878?page=69"> Board of Directors Frédéric Stévenin</a>
<a title="CH_Annual0708_UK.pdf page 70" href="http://viewer.zmags.com/publication/f56fa878?page=70"> Our global presence Europe Denmark </a>
<a title="CH_Annual0708_UK.pdf page 71" href="http://viewer.zmags.com/publication/f56fa878?page=71"> China Japan U.</a>
<a title="CH_Annual0708_UK.pdf page 72" href="http://viewer.zmags.com/publication/f56fa878?page=72"> www.chr-hansen.com</a>