Moreover, we have developed a new strategic planning process to set ambitious and compelling long-term goals, as well as bold medium- to long-term strategies.
The planning cycle we are beginning is equally historic. Whilst we continue to foster our values, leverage our heritage and fully respect our contract of engagement with our stakeholders, we are breaking our legacy: we are migrating from the chocolate confectionary market to the Sweet Packaged Foods (SPF) one. What does not change however, is the Ferrero way of doing things.
For us at Ferrero, our commitment, authenticity and devotion to consumers, resulting in the highest quality products, will always drive our actions. It has already delivered outstanding results for the Ferrero Group, as demonstrated by the consolidated turnover of €10.5 billion achieved in FY 2016/17, up 1.5% from the previous year.
Our passion for creating the highest quality products defines our everyday activities all the way back to sourcing the very best raw materials. The ‘very best’ not only in terms of product excellence but also in terms of rigorous criteria in sustainability, which we apply all along our value chain in partnership with a multitude of stakeholders.
Our people and the communities in which we operate are also the focus of our passion and are at the heart of our value sharing system. This system translates into the empowerment of our people that have worked and continue to work for Ferrero and of the communities in our supply chain. This also means the continuity of important initiatives such as the Ferrero Foundation, the Michele Ferrero Entrepreneurial Project and the Kinder+Sport program. I am especially proud that last year this latter program reached an important milestone, spreading the joy of moving to children and young people in 30 countries.
Furthermore, the Ferrero Group has very strong ambitions for the coming years. All of which will be shaped by our absolute respect for the People and the Planet.
This Report is testament to our renewed support for the United Nations Global Compact, the world’s largest corporate sustainability initiative.
Finally, I would like to thank each and every Ferrero employee, or Ferrerians as we call ourselves, for their continued support, commitment and active participation in our unique journey.