CONTENTS MANAGEMENT'S REVIEW 6 Healthy results in a tough industry 7 Key Performance Indicators 11 Financial results 12 Financial targets 2018 15 Risk management 16 Executive Board and group management 17 Danish Agro's Supervisory Board 18 Good corporate governance 19 New Group CEO: Henning Haahr 20 CSR 22 Food quality and safety 25 Highlights of the year 26 DIVISIONS 32 Agribusiness Denmark 34 Agribusiness International 40 Agribusiness Support 46 Agribusiness Machinery 52 Special Feed 60 Food Activities 66 ACCOUNTS 74 Management's report 76 Independent auditor's report 77 Income statement 79 Balance sheet 80 Equity specification 82 Cash flow statement 83 Accounting policies applied 84 Notes 88 Company details 98 Danish Agro group companies 99 3
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