Fonterra Financial Overview
Financial discipline
Net Debt¹²
Gearing
Ratio¹ (%)
Fonterra
Dairy for life
7.5
7.6
48.2
47.3
6.4
44.2
44.1
6.1
5.6
38.5
• Reduced net debt and leverage mainly due to
•
·
retained earnings and cash proceeds from
divestments in FY21
Net debt and gearing are higher at half year
compared to full year due to seasonal profile of
working capital
Working capital days up reflecting the higher value of
inventory held due to milk price, up by almost
30% on last year
Operating expenditure tracking in line with last year
2018
2019 2020 2021
■Net Debt ($ billion)
2022
2020
Working Capital
80
80
81
82
95
90
Note: Figures are for the six months ended 31 January except where otherwise stated
Refer to Glossary for definition
1.
2.
As at 31 January
3.
On a Total Group and normalised basis
2018 2019 2020 2021
■Working Capital Days
2021
2022
Half Year ■Full Year
Operating
Expenditure³
1,263 1,232
1,092 1,055 1,062
2022
2018 2019 2020 2021 2022
■Opex ($ million)
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