2015 澳優乳業股份有限公司 於開曼群島註冊成立之有限公司 股份代號: 1717 Annual Report 2015 年 報 AUSNUTRIA DAIRY CORPORATION LTD AUSNUTRIA DAIRY CORPORATION LTD 澳 優 乳 業 股 份 有 限 公 司 年報 ANNUAL REPORT 2015 AUSNUTRIA DAIRY CORPORATION LTD 澳優乳業股份有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock code: 1717)
2 3 10 27 35 46 62 64 66 68 70 72 153 1
Bartle van der Meer Cricket Square, Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 168 A 8 168-200 36 16 Dokter van Deenweg 150 8025 BM Zwolle The Netherlands Codan Trust Company (Cayman) Limited Cricket Square, Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 183 17M ABN AMRO Bank N.V. Rabobank 1717 www.ausnutria.com.hk 2
197,368,600 20.0% 594.13.01 30% 26.1 4123 3
49.0% Dutch Dairy Investments B.V.DDIBartle van der Meer Ausnutria Hyproca B.V. 49.0%470.3 100,193,398147,459,300 13.0% 51.0% 19.7219.5 201,900 1,455398 4
97.8 14.2 2,103.5 137.5 7.0% 97.843.9%50.6 86.64.0% 3.6 (i) (ii) (iii) 5
140,000 83.0618.8 43.5308.6 6
(i) (ii)(iii) 540.078.4% 128.9% 51% 49% 12.9%649.7 7
Farmel Holding B.V.Farmel 55% 60%20.030.0 8
2.20113,430,230 249.55 26,981,376 26,981,37623.79% 113,430,230 1,247,732,5302.16% 9
% * 1,205.8 901.3 33.8% 366.6 228.5 60.4% 274.6 486.5 43.6% 16.2 29.1 44.3% 108.2 123.0 12.0% 132.1 197.6 33.1% 2,103.5 1,966.0 7.0% (A) 649.7 575.5 12.9% (B) 1,551.3 1,491.8 4.0% 2,201.0 2,067.3 6.5% (97.5) (101.3) 3.8% 2,103.5 1,966.0 7.0% * 2,103.51,966.0 137.57.0% 10
(A) % 316.8 293.0 8.1% 141.1 101.4 39.2% 1897 151.1 130.3 16.0% 40.7 50.8 19.9% 649.7 575.5 12.9% 12.9% (B) 11
% (i) 556.1 325.8 70.7% (ii) 274.6 486.5 43.6% (iii) 97.5 101.3 3.8% (iv) 366.6 228.5 60.4% (v) 16.2 29.1 44.3% (vi) 108.2 123.0 12.0% 1,419.2 1,294.2 9.7% (vii) 132.1 197.6 33.1% 1,551.3 1,491.8 4.0% (i) (ii) (iii) 1897 (iv) (v) (vi) (vii) 12
60.4% % % 329.4 296.8 50.7 51.6 * 260.6 270.4 17.9 19.4 590.0 567.2 28.0 28.9 * 590.0 22.84.0% 97.8 14.2 4.6 3.7% 259.4 461.0 13
(i) 31.6 22.8 3.2 2.6 (ii) 2.9 0.9 (iii) 3.4 4.6 3.0 45.7 29.3 (i) (ii) (iii) 232.0 173.6 265.6 162.4 497.6 336.0 23.7% 17.1% 35.7%30.2% 14
17.1%10.9%190.3 113.671.6%70.0% 52.4 54.2 63.9 51.1 116.3 105.3 (i)(ii) (iii)(iv) 2.5 3.2 0.4 1.3 0.4 9.4 15
16.010.3 Farmel 50% 3.5526.1 Farmel Farmel 25% 15% 25% 200,00020% 200,000 25% 170.4 140.8 (116.3) 30.2 (50.3) (33.7) 3.8 137.3 37.8 24.9 (27.5) (0.4) (9.6) (3.9) 0.7 20.6 (%) 22.2 17.7 23.6 (1.5) 19.1 11.6 17.9 15.0 22.2%17.7% 25%15% 15.0% 17.9% 16
58.0 69.8 (7.4) 20.4 50.6 90.2 50.6 43.9% 97.8 49% 36.0 86.6 4.0% 837.1 683.0 586.3 483.251% 72.1 75.745.7 44.5 Farmel32.330.1 98.8 47.5 24.5 19.0134.1 15.8117.8 17
2,193.4 1,750.2579.9 515.6 185.4 163.6 769.7 216.9 186.0 465.1 307.6 278.3 111.8 120.7 468.1 394.9 579.9 515.6 132 138132 101 31 18
17.5 24.6 128.1 99.6 145.6 124.2 39.8 39.4 185.4 163.6 12 1729 28 493.6 743.4249.833.6% 19
1,474.3 1,121.7172.7 184.2475.8 373.5 757.0 517.2 66.9 46.4 18.2 10.6 154.5 173.6 172.7 184.2 16 1750 53 20
228.7 96.6189.2 51.9 12.9 15.726.6 29.1 67 12.9 15.7 (i) 13.5 16.8 (ii)10% 13.1 12.3 10% 21
(45.5) 85.9 (435.6) (212.5) 515.8 228.8 34.7 102.2 3.8 137.3 45.5 85.9 78.1 236.6 59.3 7.8 107.5 123.5 435.6 212.5(i)157.2 206.5 (ii)273.7 27.3 Farmel26.1 22
515.8 228.8(i) 206.4(ii) 392.0 312.6 (iii) 82.3 307.6 278.3 186.0 465.1 946.2 569.1 3,030.5 2,433.3 (1) 31.2% 23.4% (1) 111.4790.798.8 736.8769.7 216.9 23
2.5 4.45% 16.3 8.0 172.9 40.0 24
823.1 30% 10% 249.55 248.37 130,000 (130,000) 50,000 (50,000) 50,000 50,000 18,366 (18,366) 248,366 (198,366) 50,000 25
934 4 938 521 398 83 1,002 1,455 4 398 83 1,940 763 4 767 444 356 50 850 1,207 4 356 50 1,617 272.2 233.3 26
50 61 27
Bartle van der Meervan der Meer Mr. van der Meer 70van der Meer van der Meer Rabobank 25 PMH Investments B.V. DDI46.55%Vegelin Group B.V. van der Meer sc Heerenveen NV Foundation Accell Group 47 (University of Westminster) 66 28
41 EMT 65 52 (Deakin University) (Food Research Institute) (University of Melbourne) (CSIRO Food Science Australia) (Illinois Institute of Technology) 29
43 (University of New South Wales) Institute of Accountants Exchange 1588 71 53 (University of Newcastle) 30
44 31
52 41 38 42 32
42 43 41 45 A - Froukje DijkstraDijkstra Dijkstra 46 Dijkstra Dijkstra20 33
Evert SchilstraSchilstra Schilstra 56 Hyproca Dairy Milk B.V. Schilstra Bolsward Food Technology College Alfred HaandrikmanHaandrikman Haandrikman 58 HaandrikmanRijksuniversiteit Groningen (Molecular Biology) Hercules European Research Centre Lipid Nutrition B.V. IOI-Loders Croklaan Arie SantingeSantinge Santinge 53 Santinge Koninklijk Nivra Nijenrode Business University Santinge 25 34
35
27 34 Bartle van der Meer 36
37
3.13 84 8383 0 1,000,000 12 1,000,001 1,500,000 4 1,500,001 2,000,000 2 2,000,001 2,500,000 2 20 8 9 38
* 8/8 1/1 8/8 1/1 Bartle van der Meer 8/8 1/1 8/8 1/1 5/8 1/1 8/8 1/1 8/8 1/1 * 39
(a) (b) (c) (d) (e) 40
1/1 1/1 * 1/1 * ** 1/1 * ** 41
* 1/1 1/1 1/1 * ** 1/1 * ** 42
* 3/3 3/3 * ** 3/3 * ** 15 31 43
3,577 2,060 5,637 IT EPR 88 3 44
2120 www.ausnutria.com.hk info@ausnutria.com 21 168-20036 16 45
1 4 64 71 0.03 153 154 13 25 29 147,459,300113,430,230 46
41 70,757,000 58,290,000945,159,000 456,267,000 25,967,000 18.7%17.5% 8.8%5.3% 24.2%28.3% 11.7% 14.3% 5% Bartle van der Meer 47
83(3) 84 3.13 36 48
XV 352 106,539,085 (1) 8.54% 551,500 (2) 0.04% Bartle van der Meer van der Meer 162,205,230 (3) 13.00% 1. 106,539,085 2. 551,500 3. DDI DDI PMH Investments B.V. 46.55%PMH Investments B.V. van der Meer van der Meer Durk Andries van der Meer 85% 15% van der Meer 162,205,230 6,100,000 352 49
336 5% 1 106,539,085 8.54% 2 123,355,375 9.89% 2 361,738,129 28.99% 144,193,643 11.56% DDI 3 4 11 162,205,230 13.00% Dutch Dairy Investments HK Limited 4 162,205,230 13.00% Fan Deming BV 5 7 11 162,205,230 13.00% Manids B.V. 3 6 11 162,205,230 13.00% 50
PMH Investments BV 3 7 11 162,205,230 13.00% Reditus Holding BV 7 8 11 162,205,230 13.00% 10 106,539,085 8.54% Durk Andries van der Meer 8 9 11 162,205,230 13.00% Ignatius Petrus Jorna 6 11 162,205,230 13.00% 1. 106,539,085 2. 123,355,37520,838,268 3. DDI PMH Investments BV Manids B.V46.55% 4. Dutch Dairy Investments HK Limited DDI 5. Fan Deming BV van der Meer 6. Manids B.V. Ignatius Petrus Jorna99.84% 7. PMH Investments BV Fen Deming BV Reditus Holding BV56.50% 39.90% 8. Reditus Holding BV Durk Andries van der Meer 9. Durk Andries van der Meer van der Meer 10. 106,539,085 11. DDI PMH Investments BV Manids B.V Reditus Holding BV Fan Deming BV Durk Andries van der Meer van der Meer Ignatius Petrus Jorna162,205,230 51
336 (a) (b) (f) i. ii. iii. iv. v. vi. 52
(c) i. 30% ii. 100,000,000 10% iii. (i)(iv) 10% 17.03(3) (1)17.06 iv. (i)(iii) 17.03(3) (1)17.06 53
(d) i. 12 1% ii. 12 17.03(4)17.06 17.03(9) (1) iii. 17.03(3) (1)17.03(4) iv. 12 (1) 0.1% (2) 5 54
(e) (f) (i)(ii) (iii) 1.00 (g) (h) 28 (i) (j) 55
34,800,000 0.10 2.45 1,200,000 2.45 1,200,000 Bartle van der Meer 2.45 1,200,000 2.45 1,000,000 2.45 300,000 2.45 300,000 2.45 300,000 2.45 300,000 2.45 300,000 6,100,000 2.45 28,700,000 34,800,000 56
Ausnutria Dairy (Dutch) Coöperatief U.A. DDI 5% 7.058.8 DDI 10.0 84.0 DDI(i)51% 49%(ii) 11,000,000 1.11%van der Meer DDI 46.55% 14Avan der Meer DDI 57
49.0 DDIDDI470.3 49.0% 100,193,398 147,459,300 DDIBartle van der Meer30% DDI14A 448,517,964 39.5%13.0% 14A 14A.92(2) 58
van der Meer 49% 14A 25.8 276.1 30.6327.4 12.5101.314.1 97.5 (i) (ii)(iii) 3000 740 14A.56 59
36 14A 14A van der Meer 25% 35 45 40 60
61
1 22 64 152 62
63
5 2,103,534 1,966,047 (1,513,568) (1,398,842) 589,966 567,205 5 45,652 29,325 (497,613) (336,000) (116,281) (105,285) (8,907) (11,621) 7 (16,045) (10,310) 7,019 3,959 6 3,791 137,273 10 (680) (20,552) 3,111 116,721 12 4.90 9.14 50,645 90,219 (47,534) 26,502 3,111 116,721 64
(16,997) (31,617) (16,997) (31,617) 2,306 (3,047) (553) 731 1,753 (2,316) (15,244) (33,933) (12,133) 82,788 36,480 72,875 (48,613) 9,913 (12,133) 82,788 65
13 586,296 483,162 14 1,971 2,028 15 72,053 75,713 16 45,679 44,497 17 32,312 30,101 27 98,794 47,522 837,105 683,023 18 579,857 515,559 19 185,396 163,562 20 164,097 104,335 719 6,511 21 769,738 216,900 21 185,990 465,100 21 307,620 278,277 2,193,417 1,750,244 22 172,692 184,215 23 475,826 373,469 24 1,943 404 25 756,993 517,197 66,873 46,411 1,474,327 1,121,696 719,090 628,548 1,556,195 1,311,571 66
1,556,195 1,311,571 25 189,176 51,864 26 12,885 15,709 27 26,591 29,070 228,652 96,643 1,327,543 1,214,928 29 108,455 86,866 30 1,204,224 1,020,894 1,312,679 1,107,760 14,864 107,168 1,327,543 1,214,928 Bartle van der Meer 67
29 30 30 86,866 456,267 16,974 52,161 (27,093) 522,585 1,107,760 107,168 1,214,928 50,645 50,645 (47,534) 3,111 (15,918) (15,918) (1,079) (16,997) 1,753 1,753 1,753 (15,918) 52,398 36,480 (48,613) (12,133) 12,114 291,942 (319,809) (22,233) (37,986) (44,323) (82,309) 5,941 5,941 (5,309) (5,309) 9,475 198,969 208,444 208,444 (2,019) (2,019) (2,019) 12,076 (12,076) 108,455 945,159* (302,835)* 64,237* (65,244)* 562,907* 1,312,679 14,864 1,327,543 68
29 30 30 86,866 456,267 14,310 48,136 (10,930) 515,161 1,109,810 84,656 1,194,466 90,219 90,219 26,502 116,721 (16,163) (16,163) (15,454) (31,617) (1,181) (1,181) (1,135) (2,316) (16,163) 89,038 72,875 9,913 82,788 2,664 2,664 11,990 14,654 609 609 (77,589) (77,589) (77,589) 4,025 (4,025) 86,866 456,267* 16,974* 52,161* (27,093)* 522,585* 1,107,760 107,168 1,214,928 * 1,204,224,000 1,020,894,000 69
3,791 137,273 7 16,045 10,310 (7,019) (3,959) 5 (31,578) (22,821) 6 40,321 40,208 6 4,717 8,277 6 57 57 6 260 6 3,248 397 6 720 6 99,820 7,172 6 842 6 460 442 130,704 178,336 (177,877) (243,771) (28,287) 3,770 (59,311) 7,750 (5,186) 34,212 107,460 123,508 (32,497) 103,805 28,420 23,751 (13,577) (9,953) (32,686) (30,861) 4,891 (863) (45,449) 85,879 70
(45,449) 85,879 (157,240) (206,500) 10 16 (8,122) (7,178) (185,990) (465,100) (552,838) (3,900) 465,100 496,295 3,452 (26,142) (435,638) (212,515) 29 208,444 29 (2,019) 527,541 312,627 (131,555) (3,656) (3,954) (2,588) (82,309) 5,941 609 (5,309) (77,589) (952) (607) 515,828 228,796 34,741 102,160 278,277 161,161 (5,398) 14,956 307,620 278,277 21 307,620 278,277 71
1. Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands 168 8168 200 36 16Dokter van Deenweg 150, 8025 BM Zwolle Spring Choice Limited 200 100 1 100 Ausnutria Australia Dairy Pty Ltd. * Ausnutria Dairy (Dutch) Coöperatief U.A Ausnutria Hyproca B.V. 500,000 100 68,633,832 100 13,800,000 100 65,086,000 100 # 72
1. ** Hyproca Dairy B.V. Hyproca Dairy Lypack Leeuwarden B.V. Lypack Hyproca Nutrition B.V. Hyproca Nutrition Lyempf Kampen B.V. Hyproca Lyempf * 10,000,000 85 18,200 100 18,151 100 18,000 100 21,500 100 10,000,000 100 Hyproca Nutrition East Limited 4,000,000 51 Hyproca Nutrition Middle East FZCO 1,500,000 60 Hyproca Nutrition USA Inc. 1 75 Hyproca Nutrition Canada Inc. 100 75 Hyproca Bio-Science (Hunan) Company Limited 10,000,000 85 * ** # 49% 73
1. 2.1 (a) (b) (c) 74
2.1 (i) (ii) (iii)(i)(ii) (iii) 2.2 19 75
2.2 (a) 19 (b) 88 1638 24 76
2.2 (c) 3 3 1313 939 13 13 403 40 622 77
2.3 9 3 10 28 6 10 1 12 28 11 1 14 5 15 3 1 1 16 1 38 16 1 41 1 1 27 1 1 16 4 12 2 1 2 3 4 5 6 9 39 9 9 9 9 78
2.3 (a) 9 (b) 9 39 9 9 102810 28 11 3 11 79
2.3 15 15 15 1515 15 15 1 (i) 1 (ii) (iii) (iv) 1638 1638 80
2.3 1012 28 16 17 12 2.4 20% 5 81
2.4 82
2.4 83
2.4 84
2.4 (a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii) (a)(i) (viii) 85
2.4 25 5 10 5 10 5 10 8 86
2.4 87
2.4 88
2.4 (a) (b) 89
2.4 90
2.4 39 39 91
2.4 92
2.4 93
2.4 94
2.4 (i) (ii) (iii) 95
2.4 96
2.4 62211 97
2.4 98
2.4 3. 99
3. 72,053,000 75,713,000 15 19 100
3. 27 40,321,000 40,208,00013 19 10% 101
3. 4. (a) (b) 102
4. 649,712 1,453,822 2,103,534 97,537 97,537 649,712 1,551,359 2,201,071 (97,537) 2,103,534 67,855 (54,988) 12,867 (8,489) 31,578 (16,045) (16,120) 3,791 544,555 1,408,551 1,953,106 (185,932) 1,263,348 3,030,522 290,991 651,751 942,742 (185,932) 946,169 1,702,979 417 102,651 103,068 7,019 7,019 32,312 32,312 7,212 37,883 45,095 * 9,867 155,495 165,362 103
4. 575,560 1,390,487 1,966,047 101,274 101,274 575,560 1,491,761 2,067,321 (101,274) 1,966,047 91,117 69,415 160,532 (11,649) 22,821 (10,310) (24,121) 137,273 478,049 1,157,726 1,635,775 (189,827) 987,319 2,433,267 232,883 606,222 839,105 (189,827) 569,061 1,218,339 9,624 260 9,884 (1,335) (1,335) 3,959 3,959 26,142 26,142 10,467 38,075 48,542 * 24,863 188,815 213,678 * 104
4. (a) 1,233,968 1,080,192 599,097 536,681 73,787 98,782 66,897 103,996 129,785 146,396 2,103,534 1,966,047 (b) 80,714 78,295 657,597 557,206 738,311 635,501 10% 105
5. 2,103,534 1,966,047 31,578 22,821 3,414 (i) 2,878 930 (ii) 2,118 1,094 2,634 215 910 4,355 2,030 45,652 29,325 (i) (ii) 106
6. 1,413,748 1,391,670 99,820 7,172 1,513,568 1,398,842 13 40,321 40,208 14 57 57 16 4,717 8,277 18,995 15,933 3,935 2,909 * 842 (3,414) 74 * 3,248 397 * 720 * 460 442 * 13 260 5,637 3,551 1,750 203,623 146,372 * 9,449 8 250,108 215,189 ** 22,136 18,070 272,244 233,259 * ** 107
7. 16,110 14,740 952 607 17,062 15,347 (2,533) (4,787) 14,529 10,560 24 1,516 (250) 16,045 10,310 8. 383(1)(a) (b) (c) (f) 1,095 1,629 2,101 2,442 14 14 2,115 2,456 3,210 4,085 108
8. (a) 145 143 145 143 225 884 515 1,170 (b) 145 950 1,095 145 145 Bartle van der Meer 145 757 902 145 394 14 553 580 2,101 14 2,695 109
8. (b) 143 420 563 6 6 Bartle van der Meer 143 1,634 1,777 143 388 14 545 435 2,442 14 2,891 24 24 459 2,442 14 2,915 110
9. 8 7,266 5,505 592 680 7,858 6,185 1,000,000 1,000,001 1,500,000 1 1,500,001 2,000,000 2 2 2,000,001 2,500,000 2 2 5 4 111
10. 25% 200,000 20% 200,00025% 34%38% 15% 15% 46,204 40,480 (692) 7,768 2,921 (427) (871) 27 (52,865) (21,286) 680 20,552 112
10. % % % % % % % (3,820) (116,259) 170,364 (5,007) (27,664) (13,823) 3,791 (630) 16.5 (28,453) 24.5 42,591 25.0 (1,903) 38.0 (9,406) 34.0 2,199 58.0 (8,509) (5.0) (8,509) (224.5) 2,697 (70.6) 3,498 (3.0) 1,467 0.9 7,662 202.1 10% 892 0.5 892 23.6 (2,093) 1.8 (2,093) (55.2) (836) (0.5) (836) (22.1) 676 (17.7) 2,209 1.3 2,885 76.1 (1,093) 28.6 (1,093) (28.8) (427) 0.4 (427) (11.3) 1,650 (43.2) (27,475) 23.6 37,814 22.2 (1,903) 38.0 (9,406) 34.0 680 17.9 % % % % % % % (5,321) 30,207 140,801 (4,410) (6,545) (17,459) 137,273 (878) 16.5 7,473 24.7 35,200 25.0 (1,676) 38.0 (2,225) 34.0 37,894 27.6 (10,115) (7.2) (10,115) (7.4) 3,492 11.6 620 0.4 4,112 3.0 10% 510 0.4 510 0.4 (990) (3.3) (990) (0.7) (8,689) (28.8) (626) (0.4) (9,315) (6.8) 878 (16.5) 878 0.6 (859) (2.8) (859) (0.6) (871) (2,9) (692) (0.5) (1,563) (1.1) (444) (1.5) 24,897 17.7 (1,676) 38.0 (2,225) 34.0 20,552 15.0 2,093,000 990,000 113
11. 3 25,967 12. 1,033,178,472 986,843,000 50,645 90,219 1,033,178,472 986,843,000 114
13. 201,422 181,049 5,881 16,337 17,387 137,879 559,955 (33,253) (26,208) (5,703) (5,256) (6,373) (76,793) 168,169 154,841 178 11,081 11,014 137,879 483,162 168,169 154,841 178 11,081 11,014 137,879 483,162 5,640 9,474 1,693 6,040 330 134,063 157,240 (162) (680) (842) (12,128) (21,722) (784) (3,617) (2,070) (40,321) 35,936 4,602 (40,538) (5,230) (7,327) (350) 25 (61) (12,943) 192,387 135,266 1,087 12,992 13,221 231,343 586,296 236,902 180,700 7,574 21,157 21,639 231,343 699,315 (44,515) (45,434) (6,487) (8,165) (8,418) (113,019) 192,387 135,266 1,087 12,992 13,221 231,343 586,296 115
13. 163,117 167,216 5,840 15,518 12,009 74,205 437,905 (23,820) (41,442) (4,607) (3,769) (3,271) (76,909) 139,297 125,774 1,233 11,749 8,738 74,205 360,996 139,297 125,774 1,233 11,749 8,738 74,205 360,996 6,476 68,150 41 3,483 267 128,083 206,500 (7) (3) (10) (11,987) (21,941) (1,096) (3,251) (1,933) (40,208) (260) (260) 49,057 4,145 (53,202) 16 (1,096) (1,096) (14,674) (17,135) (897) 57 (10,111) (42,760) 168,169 154,841 178 11,081 11,014 137,879 483,162 201,422 181,049 5,881 16,337 17,387 137,879 559,955 (33,253) (26,208) (5,703) (5,256) (6,373) (76,793) 168,169 154,841 178 11,081 11,014 137,879 483,162 2,590,000 18,377,0003,315,00024,715,000 116
13. 14,507,000 102,932,00014,766,000110,089,00023,971,000 170,079,00028,391,000211,672,000 25(b) 7,354,00052,176,0007,354,000 54,826,000 14. 2,085 2,142 (57) (57) 2,028 2,085 (57) (57) 1,971 2,028 117
15. 75,713 85,495 75,713 85,495 75,713 85,495 (3,660) (9,782) 72,053 75,713 72,053 75,713 72,053 75,713 Hyproca Dairy Lypack Hyproca Nutrition Hyproca Lyempf 12%10% 3% 5% 118
15. 16. 5,178 1,132 13,048 23,497 1,642 44,497 4,087 435 3,365 235 8,122 (29) (340) (91) (460) (98) (478) (457) (3,442) (242) (4,717) (136) (29) (284) (1,231) (83) (1,763) 9,002 1,060 15,332 18,824 1,461 45,679 10,130 2,138 27,083 30,775 2,055 72,181 (1,128) (1,078) (11,751) (11,951) (594) (26,502) 9,002 1,060 15,332 18,824 1,461 45,679 119
16. 3,986 1,010 12,323 14,524 1,683 33,526 2,236 459 3,508 975 7,178 16,366 16,366 13 1,096 1,096 (442) (442) (451) (266) (3,142) (4,051) (367) (8,277) (593) (71) (737) (3,342) (207) (4,950) 5,178 1,132 13,048 23,497 1,642 44,497 6,228 1,733 24,564 32,337 2,005 66,867 (1,050) (601) (11,516) (8,840) (363) (22,370) 5,178 1,132 13,048 23,497 1,642 44,497 17. 26,248 26,076 6,064 4,025 32,312 30,101 19 22 120
17. 7,019 3,959 7,019 3,959 32,312 30,101 18. 213,031 184,909 361,850 326,969 4,976 3,681 579,857 515,559 55,063,000 390,683,00040,879,000304,777,000 25(b) 19. 145,552 124,115 39,844 39,447 185,396 163,562 121
19. 271,0001,923,000602,000 4,491,000 133,170 106,602 6,807 11,396 3,112 3,146 2,463 2,971 145,552 124,115 136,246 105,788 7,558 13,370 1,748 4,957 145,552 124,115 122
19. 17,896,000 126,976,00014,786,000110,239,000 25(b) 20. 51,870 15,298 6,095 26,691 16,822 13,664 20,661 15,113 68,649 33,569 164,097 104,335 123
21. 307,620 278,277 955,728 682,000 1,263,348 960,277 25(b)(v) (769,738) (216,900) (185,990) (465,100) 307,620 278,277 186,210,000 260,679,000 22. 170,769 184,107 1,923 108 172,692 184,215 124
22. 438,0003,108,0004,215,000 31,425,00045 23. 151,562 81,546 115,975 99,480 12,686 13,705 42,478 35,650 11,749 18,393 11,929 50,899 39,354 90,477 73,412 475,826 373,469 24. 1,943 404 1,516,000 250,000 23,000 62,000 125
25. (%) (%) 28 3.0 4.56 3,829 3.0 4.56 4,271 +1.8 56,655 +2.0 187,325 +1.0 +2.2 437,561 +1.7 92,156 +1.0 +2.2 149,112 +2.1 86,779 +1.7 112,598 +2.55 31,556 4.45* 1,864 +2.35 18,747 +2.0 1,491 ** 36(b)(i) 2.0 35,447 2.0 54,799 756,993 517,197 28 *** *** 3.0 4.56 +2.35 14,549 3.0 4.56 4.45* 170,979 +2.0 6.0 519 6.0 +3.0 +3.0 3,129 20,444 3,728 23,858 546 3,288 189,176 51,864 946,169 569,061 * 24 ** Dutch Dairy Investments B.V.DDI DDI *** 126
25. 717,717 458,127 37,495 3,355 133,484 24,231 888,696 485,713 39,276 59,070 7,114 4,524 10,651 16,571 432 3,183 57,473 83,348 946,169 569,061 (a) 20,000,000141,904,000 27,000,000201,301,000 7,985,00056,655,000 25,125,000187,325,000 (b) (i) 14,507,000 102,932,00014,766,000110,089,000 (ii) 23,971,000 170,079,00028,391,000211,672,000 127
25. (b) (iii) 55,063,000390,683,000 40,879,000304,777,000 (iv) 17,896,000 126,976,00014,786,000110,239,000 (v) 769,738,000 216,900,000 (c) 244,400,000204,753,000150,000,000 118,335,000 26. Hyproca Dairy 67 670% 70% 128
26. (%) 2.50 1.90 (%) 0.00 0.00 (%) 2.50 2.50 25,266,000 30,016,000 66.2%65.6%12,885,000 15,709,000 % % 0.25 (2,051) 0.25 2,221 % % 0.25 (3,124) 0.25 2,900 129
26. 21 (2,820) 276 610 297 (2,210) 297 (2,210) 297 (2,210) 45,725 38,366 21 (2,820) (4,688) 16,242 (552) (618) (2,355) (5,445) 38,151 45,725 130
26. (45,725) (21) (801) (822) 552 5,489 5,489 2,355 (38,151) 30,016 525 525 (552) (3,183) (3,183) (1,540) 25,266 (15,709) (21) (276) (297) (3,183) 5,489 2,306 815 (12,885) (38,366) 2,820 (1,105) 1,715 618 171 (12,448) (2,860) (15,137) 5,445 (45,725) 19,912 495 495 (618) 12,090 12,090 1,528 (3,391) 30,016 (18,454) 2,820 (610) 2,210 12,090 171 (12,448) (2,860) (3,047) 1,528 2,054 (15,709) 25,266,000 30,016,000 504 596 1,540 2,058 3,285 5,040 5,329 7,694 17.4 25.3 131
27. 4,347 8,873 3,601 12,249 29,070 10 (495) (1,443) (551) 892 (1,597) (224) (469) (189) (882) 3,628 6,961 2,861 13,141 26,591 5,872 11,780 848 11,739 30,239 10 (930) (1,699) (648) 510 (2,767) 3,928 3,928 (595) (1,208) (527) (2,330) 4,347 8,873 3,601 12,249 29,070 132
27. 3,770 10,117 1,486 13,861 17,872 416 47,522 10 71 43,535 (1,248) 5,261 3,619 30 51,268 (553) (553) (196) 773 (20) 557 3,092 54,425 238 19,122 21,491 426 98,794 4,429 7,188 26 6,240 11,760 195 29,838 10 (897) 3,958 1,460 7,621 6,112 265 18,519 731 731 (493) (1,029) (44) (1,566) 3,770 10,117 1,486 13,861 17,872 416 47,522 133
27. 8,103,000 6,160,000 8,834,000 10% 10%10% 533,154,000 343,966,000 53,315,000 34,400,000 134
28. 4,476 5,195 3,829 4,271 4,476 4,957 3,985 4,524 10,671 13,957 10,132 12,737 432 3,488 432 3,183 20,055 27,597 18,378 24,715 (1,677) (2,882) 18,378 24,715 25 (3,829) (4,271) 25 14,549 20,444 135
29. 1,247,732,530 986,843,000 124,773 108,455 98,684 86,866 986,843,000 86,866 456,267 543,133 (a) 147,459,300 12,114 291,942 304,056 (b) 113,430,230 9,475 198,969 208,444 1,247,732,530 108,455 947,178 1,055,633 (2,019) (2,019) 1,247,732,530 108,455 945,159 1,053,614 (a) DDI 49.0% 470.3 100,193,398147,459,300 (b) 2.20113,430,230 249.55208.4 136
30. 68 69 (i) 49% (ii) 10% 50% 25% 31. 15%* 56.6% 10,438 16,885 12,686 28,319 * 85% 56.6% 15% 137
31. 461,043 259,371 (391,457) (229,565) 69,586 29,806 69,586 29,806 250,378 123,358 22,012 13,777 (186,412) (86,636) (1,402) (510) 128,268 14,484 (20,428) (66) 107,840 14,418 32. 33. 13 18 19 21 25 138
34. 4,981 3,377 11,289 4,487 118 16,270 7,982 35. 34 172,859 2,315 37,636 172,859 39,951 139
36. (a) 29(a) (b) (i) 184,878 122,800 (i) 31,872 18,086 (ii) 215 910 (iii) 1,920 DDI b(i) 1,333 278 (i) (ii) (iii) (b) (i) 25DDI4,996,000 35,447,0007,350,00054,799,000 2.0% (ii) 19 22 140
36. (c) 15,239 17,427 888 1,294 16,127 18,721 8 37. 185,396 22,917 769,738 185,990 307,620 1,471,661 141
37. 172,692 172,692 70,181 70,181 1,943 1,943 946,169 946,169 1,943 1,189,042 1,190,985 163,562 40,355 216,900 465,100 278,277 1,164,194 142
37. 184,215 184,215 64,988 64,988 404 404 569,061 569,061 404 818,264 818,668 38. 1,943 404 1,943 404 946,169 569,061 935,602 566,627 948,112 569,465 937,545 567,031 143
38. ABN-AMRO Bank N.V. Rabobank 144
38. 1,943 1,943 404 404 145
39. 2.4 100 (6,536) (100) 6,536 100 (3,762) (100) 3,762 100 (5,328) (100) 5,328 100 (2,480) (100) 2,480 146
39. 19 147
39. 29 170,577 621 1,465 172,692 4,476 15,147 432 20,055 27,682 42,499 70,181 1,943 1,943 56,656 702,729 192,767 952,152 84,367 215,019 707,826 209,379 432 1,217,023 31,455 152,186 574 184,215 5,195 18,914 3,488 27,597 25,634 39,354 64,988 404 404 187,326 329,639 32,460 549,425 244,415 191,944 335,408 51,374 3,488 826,629 148
39. 946,169 569,061 (769,738) (216,900) (185,990) (465,100) (307,620) (278,277) (317,179) (391,216) 3,030,522 2,433,267 149
40. (a) 34,800,000 0.10 34,800,00028,700,000 6,100,000 2.45 (b) 150
41. 171,320 171,320 171,320 171,320 907,024 442,365 482 1,936 69,307 3,926 976,813 448,227 30,104 31,852 1,952 1,406 32,056 33,258 944,757 414,969 1,116,077 586,289 1,116,077 586,289 108,455 86,866 1,007,622 499,423 1,116,077 586,289 Bartle van der Meer 151
41. * 456,267 171,320 (42,862) (71,391) 513,334 (15,428) 1,517 (13,911) 456,267 171,320 (58,290) (69,874) 499,423 (12,467) 31,774 19,307 196,950 196,950 291,942 291,942 945,159 171,320 (70,757) (38,100) 1,007,622 * 42. 152
2,103,534 1,966,047 1,687,781 1,350,996 629,214 (1,513,568) (1,398,842) (1,216,026) (1,024,803) (409,742) 589,966 567,205 471,755 326,193 219,472 45,652 29,325 25,884 22,222 25,976 (497,613) (336,000) (227,757) (156,355) (127,318) (116,281) (105,285) (84,742) (74,533) (44,446) (8,907) (11,621) (20,939) (27,807) (19,493) (16,045) (10,310) (6,406) (4,315) (1,436) 7,019 3,959 5,006 14,126 3,791 137,273 157,795 85,405 71,887 (680) (20,552) (30,930) (17,388) (21,453) 3,111 116,721 126,865 68,017 50,434 50,645 90,219 120,705 66,490 44,275 (47,534) 26,502 6,160 1,527 6,159 3,111 116,721 126,865 68,017 50,434 153
3,030,522 2,433,267 2,002,701 1,588,363 1,537,490 (1,702,979) (1,218,339) (808,235) (524,536) (526,863) 1,327,543 1,214,928 1,194,466 1,063,827 1,010,627 (14,864) (107,168) (84,656) (76,295) (83,385) 1,312,679 1,107,760 1,109,810 987,532 927,242 154