2022 Annual Results
Capital invested
$ million
Fonterra
Dairy for life
1,022
161
724
124
608
617
461
525
63
30
79
53
260
106
37
555
534
466
400
382
340
2018
2019
2020
2021
2022
■Business growth capital expenditure
Total capital invested was $617 million, comprised of
capital expenditure of $587 million and other capital
invested of $30 million
Of the $587 million capital expenditure:
$534 million was allocated to essential projects
to maintain and improve existing assets
$53 million was allocated to business growth
projects to drive future earnings growth
The $30 million of other investments mainly
comprised of right-of-use assets and equity
investments, including investment in new
innovation opportunities
■ Other capital invested
■Essential capital expenditure
Note: Refer to Glossary for definition of capital invested and capital expenditure
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