Fonterra Financial Overview

Monthly milk prices (NZD/kgMS) 11.00 9.00 7.00 30 Nov 31 May 31 May Monthly Milk Prices for 2020/2021 Season Farmgate Milk Price of $7.54/kgMS Indicative Monthly Milk Prices for 2021/2022 Season Farmgate Milk Price forecast of $9.60/kgMS Fonterra Dairy for life Monthly cost of milk has been on average around $2 per kgMS higher than the previous year for the first six months of the financial year Increased cost of milk has placed pressure on margins in our Foodservice and Consumer channels 36

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