2022 Annual Results
Foodservice
Fonterra
Dairy for life
million
2021
2022
%A¹
1
Sales volume² ('000 MT)
498
509
2%
Revenue ($)
2,959
3,314
12%
Gross profit ($)
677
479
(29)%
Gross margin (%)
22.9%
14.5%
Operating expenses ($)
(315)
(346)
(10)%
Other³ ($)
7
5
(29)%
Normalised EBIT4 ($)
369
138
(63)%
Includes EBIT attribution
4
(71)
from Group Operations5 ($)
Note: Figures are for the year ended 31 July and are on a normalised continuing operations basis
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 Foodservice's EBIT. Refer to Glossary for explanation of Group Operations
•
•
Sales volumes up due to COVID-19 restrictions relaxing in key
markets and growth of our Quick Service Restaurant portfolio
Gross profit down, particularly in Greater China and South East
Asia, due to:
"
o in-market sales pricing unable to adjust at the same rate
as rising cost of milk
weaker market conditions including COVID-19 restrictions
and weather events
Unfavourable allocation from Group Operations reflects lower
margins on products such as mozzarella
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