Full Year Results Investor Presentation 2023
REVENUE AND SALES VOLUMES
Total revenue attributable to business units was down 8% ($117m) driven by lower ingredient sales volumes
(down 18%) due to higher FY 21 carry-over inventory in FY 22, lower Global Dairy Trade (GDT) prices, and
higher production of Advanced Nutrition base powders which displaced production of ingredient powders.
Ingredients
Revenue down 20% (FY 23: $661m, FY 22: $826m)
driven by:
Reduction in sales volumes of 18% (FY 23: 108,856
MT, FY 22: 132,481 MT) due to FY 22 benefiting from
high carry over inventory (~10,000 MT) from FY 21 as a
result of COVID-19 related delays.
Increased Advanced Nutrition base powder
production displacing production of ingredient
powders, operational stability challenges, and higher
milk sales at our Pokeno site to accommodate the
processing upgrade project.
Sales volumes mainly comprised of SMP/AMF
(FY 23: 81% vs. FY 22: 61%) which was the lead bucket
for most of the year. This significantly outperformed
WMP and reduced the impact of lower sales volumes.
Steadily declining GDT prices over the year due to
reducing Chinese demand.
Advanced Nutrition
Revenue up 6% (FY 23: $440m, FY 22: $416m) driven by:
Overall sales volumes lower by 5% (1,535 MT) due to
a combination of reduced and deferred demand.
Updated pricing which reflects recent significant
increases in raw materials and packaging prices.
Lactoferrin pricing remained strong in the period,
however external sales were down 7 MT (FY 23:
30 MT, FY 22: 37 MT) as we consumed product into
base powder production.
Consumer
Sales revenue increase of 6% (FY 23: $329m,
FY 22: $309m) driven by:
Impact of lag pricing and higher cheese prices
passed through to customers compared to FY 22.
Offset by 5% lower sales volumes (FY 23: 56,999
MT, FY 22: 59,786 MT) due to lower butter sales.
Foodservice
First sales of 757 MT ($4m) made in China for the
JOYHANA branded UHT cream. Market feedback
is positive with significant potential for higher sales
volumes moving into FY 24.
Other amounts not allocated to core business units
Sales of raw milk and cream increased significantly on
prior year (FY 23: $141m, FY 22: $91m)
This is due to maximising the SMP/AMF bucket
over WMP and production of infant base powder
being pushed into the high milk flow months due
to raw material shortages and operational stability
challenges in the first half of the year.
*
Sales revenue ($ millions)
Total*
Ingredients
Advanced Consumer** Foodservice
Nutrition
FY 21
1,307
635
406
266
FY 22
1,551
826
416
309
FY 23
1,434
661
440
329
4
Sales volume (MT)
Total*
Ingredients
FY 21
FY 22
FY 23
218,759
225,773
198,583
125,914
132,481
108,856
58,483
59,786
Advanced Consumer** Foodservice
Nutrition
34,362
33,506
31,971
56,999
757
Excludes amounts not attributable to business units.
Dairyworks sales revenues were $283m (FY 22: $264m), with sales volumes of 24,781 MT
(FY 22: 27,814 MT).
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FULL YEAR RESULTS INVESTOR PRESENTATION 2023View entire presentation