2022 Annual Results
Total Group
business performance
million
2021
2022 %A2
Sales volume ('000 MT)
Revenue ($)
4,102 3,924 (4)%
21,124 23,425 11%
Cost of goods sold ($)
(18,010) (20,085) (12)%
Gross profit ($)
Gross margin (%)
3,114
14.7%
3.340
14.3%
7%
Operating expenses ($)
(2,242)
(2,397)
(7)%
Other³ ($)
80
48 (40)%
Normalised EBIT ($)
952
991
4%
Normalised profit after
588
591
1%
tax4 ($)
Normalised EPS5 (cents)
34
35
3%
Note: Total Group figures are for the year ended 31 July. This includes continuing and discontinued
operations and are on a normalised basis unless otherwise stated
1. 2021 performance includes Ying and Yutian China Farming hubs and China Farms joint venture,
which were sold during FY21
2. Percentages as shown in the table may not align to the calculation of percentages based on numbers
in the table due to rounding of figures
Fonterra
Dairy for life
•
·
Increased revenue from higher product prices, partially offset by
lower sales volumes reflecting lower milk collections in the first
nine months of the year and shipping disruptions
Higher gross profit despite increased cost of milk, driven by
gross margin achieved in Ingredients, particularly in the
protein portfolio
Operating expenses up due to inflationary pressures, supply
chain disruption and impairment of some of our Asia brands
'Other' includes $(80) million adverse revaluation of the
Sri Lankan business payables due to devaluation of the rupee
Normalised profit after tax is up $3 million, due to higher
earnings and favourable interest expense
Consists of other operating income, net foreign exchange gains/(losses) and share of profit or loss on equity
accounted investees
3.
4.
Includes amounts attributable to non-controlling interests
5.
6.
5
Attributable to equity holders of the Co-operative, excludes $23 million of normalised profit after tax
attributable to non-controlling interests
The impairment includes a $22 million impairment of Anlene, an $11 million impairment of Anmum and a $1
million impairment of Chesdale, with the carrying amount of these brands now at $336 million as at 31 July
2022. Our Asia brands also include Anchor which was not impaired
5View entire presentation