2022 Annual Results
A strong balance sheet
Working Capital
• Our 'A band' credit rating and key metrics.
demonstrate our strong balance sheet position
• These metrics have increased but will improve as
working capital returns to normal levels
throughout FY23
FY23 sales and shipping profile supports
inventory levels returning to normal
Net Debt¹,2
Fonterra
Dairy for life
6.6
95.7
6.0
82.7 82.8
84.8 90.6
5.2
5.3
4.3
2018
2019 2020 2021
Working Capital Days
2022
2018 2019 2020 2021
■Net Debt ($ billion)
2022
Leverage
Return on Capital
•
Improved return on capital due to higher earnings
offsetting the impact of additional working capital on
our capital employed
4.6
4.3
6.2%
6.6% 6.6% 6.8%
3.3
3.2
5.6%
2.7
Note: Figures are for the year ended 31 July except where otherwise stated
1. As at 31 July. Refer to Glossary for definition
2. Comparative figures are shown on a consistent basis with current year
50%
50% 44% 39% 42%
2018
2019
2020 2021 2022
Gearing Ratio (%)
2018
-Debt to EBITDA (x)
2019 2020 2021 2022
■Return on Capital (%)
10View entire presentation