Fonterra Financial Overview
Total Group
business performance
Fonterra
Dairy for life
million
Sales volume ('000 MT)
Revenue ($)
Cost of goods sold ($)
Gross profit ($)
Gross margin (%)
2021² 2022 %3
1,996 1,921 (4)%
9,915 10,797 9%
(8,193) (9,190) (12)%
1,722 1,607 (7)%
17.4% 14.9%
(1,055) (1,062) (1)%
Operating expenses ($)
Other ($)
17
62 265%
Normalised EBIT ($)
684
607 (11)%
Normalised profit after
tax ($)
418
364 (13)%
25
22 (12)%
Normalised EPS5 (cents)
1. Total Group figures for the six months ended 31 January. This includes continuing and discontinued
operations and are on a normalised basis unless otherwise stated
2. 2021 performance includes Ying and Yutian China Farming hubs and China Farms joint venture,
which were subsequently sold
•
Increased revenue from higher product prices, but partially offset
by lower sales volume, mainly due to lower milk production
• Gross margin decreased due to significant increase in cost of
goods sold, reflecting higher cost of milk
●
•
Gross profit and normalised EBIT reflects a diversified portfolio:
o Improved margins in our Ingredients channel, particularly
in the protein portfolio
o Pressure in Consumer in some markets, significantly
tighter margins in Foodservice across all regions
Normalised profit after tax is down $54 million, due to lower
earnings partially offset by favourable interest expense
3. Percentages as shown in table may not align to the calculation of percentages based on numbers in the table
due to rounding of figures
4. Consists of other operating income, net foreign exchange gains/(losses) and share of profit or loss on equity
accounted investees
5. Attributable to equity holders of the Co-operative, excludes amounts attributable to non-controlling interests
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