2022 Annual Results
Reconciliation to Total Group EBIT
31 Jul 2021
31 Jul 2022
Fonterra
Dairy for life
Continuing
Discontinued
Continuing Discontinued
NZD million
Operations¹
Operations'
Total Group
Operations'
Operations¹
Total Group
Revenue
20,565
559
21,124
22,953
472
23,425
Cost of goods sold
(17,581)
(429)
(18,010)
(19,737)
(348)
(20,085)
Gross profit
2,984
130
3,114
3,216
124
3,340
Gross margin
14.5%
23.3%
14.7%
14.0%
26.3%
14.3%
Operating expenses
(2,153)
(89)
(2,242)
(2,284)
(113)
(2,397)
Other²
65
15
80
50
(2)
48
Normalised EBIT
896
56
952
982
9
991
Normalisations
(9)
16
7
42
(57)
(15)
Reported EBIT
887
72
959
1,024
(48)
976
1. Refer to Note 1a and 2b of the FY22 Annual Financial Statements
2. Consists of other operating income, net foreign exchange gains/(losses) and share of profit or loss on equity accounted investees
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