2022 Annual Results
Ingredients
million
2021 2022
%A¹
1
Sales volume² ('000 MT)
2,346
2,197
(6)%
Revenue ($)
13,697 15,703
15%
Gross profit ($)
1,104 1,684
53%
Gross margin (%)
8.1% 10.7%
.
Operating expenses ($)
(772)
(871)
(13)%
Other³ ($)
33
103
212%
Normalised EBIT4 ($)
365
916
151%
Includes EBIT attribution
(109)
260
from Group Operations5 ($)
Note: Figures are for the year ended 31 July and are on a normalised continuing operations basis.
Comparative information includes re-presentations for consistency with the current period
1. Percentages as shown in the table may not align to the calculation of percentages based on numbers in
the table due to rounding of figures
2. Includes sales to other channels
3. Consists of other operating income, net foreign exchange gains/(losses) and share of profit or loss
on equity accounted investees
4. Includes EBIT attribution from Group Operations
5. Included in Ingredients' EBIT. Refer to Glossary for explanation of Group Operations
.
.
Fonterra
Dairy for life
Strong performance in the Ingredients channel across multiple
markets and products at a time of constrained milk supply
Gross profit and margins improved reflecting:
。 higher product prices, particularly in our protein portfolio
o improved product mix, including increased allocation to
our higher value Active Living products, partially offset by;
reduced sales volumes due to lower milk collections and
shipping disruptions
'Other' up due to higher other operating income and favourable
foreign exchange movements
Favourable allocation from Group Operations reflects improved
margins, particularly in casein
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