As a signatory of the UN s Global Com- pact, the Group is committed to its ten fundamental principles in the areas of hu- man rights, labor, the environment and anti-corruption, on which it reports each year in its Communication on Progress.

CONTENTS

02 Message from management

04 Highlights of 2014

06 Our savors are globe trotters

08 We nurture strong values

09 At the heart of our know-how: milk

10 In business with milk producers

13 Responsible milk sourcing

14 The best milks for savory products and high quality ingredients

16 Cheese products

24 Other dairy products

34 Responsible and committed

35 Progress all along the value chain

36 Respect for the environment

38 Staff motivation and commitment

40 Partnership with our suppliers

41 Contributing to the common good

42 Governance and results

43 Corporate governance

44 Key figures

46 Stock market activity in 2014

47 Management report

50 Issues, responses and ways forward

52 Social and environmental information

66 Internal control and risk management

68 Consolidated income statement

69 Consolidated balance sheet

70 Consolidated statement of cash flows

71 Simplified Group structure

72 GRI table of equivalence