Media

Fonterra Co-operative Group Ltd’s FY24 Interim Results were announced today. Fonterra Australia delivered EBIT of NZ$42m (AU$39m). This was down 43% vs the first half of last year, mainly due to the high cost of milk in Australia, which is disconnected from global commodity prices.

Fonterra Australia delivered EBIT of NZ$75 million (AU$69.3 million) in FY23, while paying a record-high milk price for Australian farmers and managing an operating cost increase of 23% on FY22.

Fonterra Australia has announced an opening weighted average milk price for the 2023/24 season of $8.65/kgMS. This price is made up of the minimum monthly rates set out in Fonterra Australia’s milk supply agreement, together with standard production and quality incentives.

Fonterra Australia has increased its average farmgate milk price for the 2021/2022 season to $7.10 per kilogram of milk solids (kgMS).

Fonterra Co-operative Group Limited (the Co-op) has today announced that it will proceed with an ownership review of Fonterra Australia. The Co-op is considering the most appropriate ownership structure for Fonterra Australia, one option includes an IPO, with the intention that the Co-op retains a significant stake.

Fonterra Australia has increased its average farmgate milk price for the 2021/22 season by 10 cents/kgMS, comprising 8 cents per kg of butterfat and 11 cents per kg of protein.

Fonterra Australia has revised its weighted average farmgate milk price for the 2021/2022 season to $6.85 per kgMS.

New pricing structure giving farmers choice to farm the way they want.

Fonterra takes its dairying responsibilities seriously and we’re committed to ensuring that our suppliers manage the welfare of animals responsibly and meet their obligations as custodians of the environment on which they farm.