2022 Annual Results
Strong balance sheet provides flexibility to manage
market volatility and disruptions
Change in net debt ($ billion)
Fonterra
Dairy for life
1.2
0.8
(0.4)
Payables
Inventory
Receivables & other²
Increase in working capital
1.6
5.3
0.7
4.3
(1.8)
0.5
FY21
net debt
Operating Net capex &
Interest,
dividend &
Increase in
working
cashflows
investments
other
capital
1. Excluding working capital
2. Includes supplier payables and other movements
FY22
net debt
Strong balance sheet enabled us to hold higher
working capital through year end
Increase of $1.6 billion in working capital resulted in
an increase in year end net debt of $1.0 billion
88% of total inventory was priced and
contracted but not shipped at year end
Net debt position will improve as working capital
returns to normal levels throughout the year
FY23 sales and shipping profile supports
inventory levels returning to normal
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