2022 Annual Results
New Zealand sourced Ingredients product mix
2021
2022
Sales Volume ('000 MT)¹
Reference products
1,817
1,629
Non-reference products
884
822
Revenue¹
$ billion $ per MT $ billion $ per MT
Reference products
9.4
5,162
10.4
6,361
Non-reference products
5.1
5,780
5.7
6,951
Cost of Milk
Reference products
(7.4)
(4,069)
(8.3) (5,077)
Non-reference products
(3.3)
(3,678)
(3.7) (4,494)
Fonterra
Dairy for life
The average reference product sales price per
metric tonne has increased 23%, driven by all products:
in particular, AMF and butter, fat-based products
increased 31% and 29%, respectively
The average non-reference product sales price per
metric tonne has increased 20%:
。 strong performance from individual products such
as casein and whey protein concentrate (WPC)
。 other products, such as cheese, have had more
modest prices increases
Cost of milk increased 25% and 22% for reference
products and non-reference products, respectively, with
fat-based products getting higher allocation of milk cost
relative to protein products
1. Excludes bulk liquid milk. Bulk liquid milk for the year ended 31 July 2022 was 68,000 MT of kgMS equivalent (the year ended July 2021 was 72,000 MT of kgMS equivalent)
Note: Figures represent Fonterra-sourced New Zealand milk only. Reference products are products used in the calculation of the Farmgate Milk Price - WMP, SMP, BMP, Butter and AMF. Milk solids used in the products sold were 919 million
kgMS in reference products and 424 million kgMS non-reference products (previous comparative period 1,019 million kgMS reference products and 442 million non-reference products)
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