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.