2022 Annual Results
Cash flow and change in net debt
NZD million
2021
2022
Cash generated from operations
1,449 1,928
Net change in working capital
(171) (1,598)
Net taxes paid
(84) (137)
A. Net cash flows from operating activities
1,194
193
Cash flows from investing activities
Divestments and asset sales
782
45
Capital expenditure and other²
(559)
(562)
B. Net cash flows from investing activities
223
(517)
Free cash flow (A+B)
1,417 (324)
Interest, dividend and other
(452)
(638)
Non-cash changes in net debt
(52)
(52)
913
(1,014)
Fonterra
Dairy for life
Increase in net debt of $1 billion mainly due to
higher working capital and lower proceeds from
asset sales
Free cash flow of $(324) million was $1.7 billion
lower than last year, which reflects:
。 cash generated from operations increased
$479 million due to strong underlying
performance, offset by;
o increase in working capital $(1.6) billion due
to the higher milk price and inventory levels
net cash flows from investing activities down
by $740 million, with prior year benefiting from
asset sales
Decrease/(increase) in net debt³
Note: Comparative figures are shown on a consistent basis with current year
Includes EBIT, non-cash and non-operating adjustments made to EBIT to determine cash generated from operations
-23
1.
2.
3.
Capital expenditure presented in this table is different to capital expenditure on the Capital Invested page primarily due to treatment of livestock and accruals
Net debt includes amounts attributable to disposal groups held for sale
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