Annual Report 2002 Land O'Lakes, Inc.
IntroductionHighlights of 2002Letter to the StakeholdersDairy FoodsAg ServicesBoard of DirectorsFinancial ReviewSenior Strategy Team
Financial Overview
Consolidated Statements of Operations
Consolidated Balance Sheets
Consolidated Statements of Cash Flows
Consolidated Statements of Equities
Notes to Consolidated Financial Statements
Report of Management
Independent Auditor's Report
Ten Years in Review

Notes to Consolidated Financial Statements


20. Related Party Transactions

The Company has a 50% voting interest in Melrose Dairy Proteins, LLC, a joint venture with Dairy Farmers of America formed in April 2001. For the years ended December 31, 2002 and 2001, the Company purchased $18.6 million and $1.3 million, respectively, in product from the venture and sold $96.1 million and $63.2 million, respectively, in product to the venture.

The Company has a 50% voting interest in Agriliance LLC, a joint venture with United Country Brands formed in July 2000. For the years ended December 31, 2002 and 2001, the Company sold services to the venture of $8.3 million and $7.1 million, respectively.

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INTRODUCTION | HIGHLIGHTS OF 2002 | LETTER TO THE STAKEHOLDERS | DAIRY FOODS
AG SERVICES | BOARD OF DIRECTORS | FINANCIAL REVIEW | SENIOR STRATEGY TEAM