CONTENTS 3 • MANAGEMENT'S REVIEW 9 • Key Performance Indicators 10 • Financial targets for the Danish Agro group in 2017 12 • Environment, climate, social responsibility and animal food quality 14 • Risk management 15 • Executive Board and Group Executive Board 16 • Highlights of the year 22 • BUSINESS UNITS 24 • AGRIBUSINESS DENMARK 25 • Danish Agro a.m.b.a. 30 • Hedegaard A/S 32 • AGRIBUSINESS INTERNATIONAL 33 • Swedish Agro AB 33 • Hankkija Oy 34 • Ceravis AG 36 • AS Baltic Agro, Estonia 36 • SIA Baltic Agro, Latvia 36 • UAB Baltic Agro, Lithuania 37 • Polish Agro Sp. z.o.o. 37 • Hungaria Agro Kft. 38 • AGRIBUSINESS SUPPORT 39 • Nordic Seed A/S 39 • DLA Agro a.m.b.a. 41 • DAVA Energy A/S 42 • Scanola A/S 42 • AS Scanola Baltic 42 • Scanfedt A/S 43 • DanGødning A/S 43 • DGF Sikring a.m.b.a. 44 • AGRIBUSINESS MACHINERY 45 • Danish Agro Machinery A/S 45 • Norwegian Agro Machinery AS 45 • Swedish Agro Machinery AB 46 • Raitech Sp. z.o.o. 46 • Agromex s.r.o 47 • Baltic Agro Machinery OÜ 47 • Hankkija Machinery 48 • SPECIAL FEED 49 • Vilomix International Holding A/S 54 • FOOD ACTIVITIES 55 • DAVA Foods Holding A/S 56 • DanHatch Holding A/S 58 • ACCOUNTS 60 • Management's report 61 • Independent auditor's report 63 • Income statement 64 • Balance sheet 66 • Equity specification 67 • Cash flow statement 68 • Accounting practice applied 72 • Notes 82 • Danish Agro's Supervisory Board 83 • Danish Agro and good corporate governance 83 • Company details
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