Russian boycott costs CampinaFriesland 80 M€ in 2014

FrieslandCampina can look back on a dynamic year. Geopolitical tensions and adverse currency effects had more influence on business operations, revenue and result than in other years. Net revenue remained stable at 11.3 billion euro. Profit rose to 303 million euro. The results for 2014 were influenced by a one-time income and negative currency translation effects. In the second half of 2014 cost savings contributed towards the development of the operating profit. Compared to the same period in 2013, operating profit (corrected for one-time items and currency translation effects) in the second half of 2014 rose by 5.5 percent. FrieslandCampina’s pay-out to member dairy farmers remained stable. At 42.70 euro per 100 kilos of milk the pay-out was only fractionally lower than in the record year of 2013 (42.90 euro).

Operating profit was adversely affected by the Russian boycott of dairy products. The estimated direct effect (loss of revenue and profit) and indirect effect (negative market effects) amounted to at least 80 million euro.

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