AMF – anhydrous milk fat.

BMP – butter milk powder.

DIRA – the Dairy Industry Restructuring Act 2001, which authorised Fonterra’s formation and regulates its activities.

Farmgate Milk Price – Fonterra’s Farmgate Milk Price as determined under the Farmgate Milk Price Manual.

Farmgate Milk Price Manual – Fonterra’s Farmgate Milk Price Manual dated 1 August 2012. 

Fonterra or the Co-operative – Fonterra Co-operative Group Limited.

Financial year – Fonterra’s financial year which runs from 1 August to the following 31 July. 

GlobalDairyTrade or GDT – the electronic auction platform that is used to sell commodity dairy products.

Independent processors – entities in New Zealand who are independent of Fonterra and process raw milk. 

kgMS – kilograms of milk solids. 

MT – metric tonnes. 

NZD – New Zealand dollars. 

Season – the 12-month period from 1 June to the following 31 May. 

SMP – skim milk powder. 

Speciality Milk – milk that has special properties, such as organic milk. 

Reference Commodity Products – whole milk powder (WMP), skim milk powder (SMP) and their by-products, which are buttermilk powder (BMP), butter, and anhydrous milkfat (AMF). 

USD – United States dollars. 

Winter Milk – milk supplied by farmers in the months of May, June and July. 

WMP – whole milk powder.