Tetra Laval

Comments by the Chairman:

Good performance in a difficult business environment

Overall, 2009 was a good year for the Tetra Laval Group. We faced many uncertainties due to the economic downturn. However, we were able to perform well under these difficult circumstances and, by and large, we can be very pleased with the performance of the Group.

Overall revenue fell by 2.6 per cent to € 10,755 in 2009. At comparable rates the contraction was 2.8 per cent. Our industry groups managed costs sensibly and improved their operational effi ciency. We also managed our capital investments well, and when there were growth opportunities in the market, such as in Asia, South Africa and the Middle East, we invested. At the same time we postponed investments in other markets, such as in Europe, due to overcapacity or slower growth.

Despite the challenging economic environment we continued our investment in R&D. Our industry groups spend approximately 3 to 4 per cent of sales on R&D. We are proud of our strong commitment to R&D and it is important for our customers to know that we are continuing to invest in our future.

Tetra Laval Group Board

Sir Keith Whitson - non-executive Board Member
Jörn Rausing - non-executive Board Member
Larry G. Pillard - Chairman of the Board
Paul Skinner - non-executive Board Member
Kirsten Rausing - alternate Board Member
Bernd Pischetsrieder - non-executive Board Member
Finn Rausing - non-executive Board Member
Jürgen Weber - non-executive Board Member