Fonterra annual revenue was $20.11 b in FY 2019

Fonterra Revenue growth (FY, 2018 - FY, 2019), %(2%)

Fonterra Gross profit (FY, 2019)3 B

Fonterra Gross profit margin (FY, 2019), %15%

Fonterra Net income (FY, 2019)-605 M

Fonterra EBIT (FY, 2019)-10 M

Fonterra Cash, 31-Jul-2019550 M

Fonterra revenue was $20.11 b in FY, 2019 which is a 1.6% year over year decrease from the previous period.

Fonterra revenue breakdown by geographic segment: 11.8% from Rest of World, 10.8% from New Zealand, 27.8% from Rest of Asia, 8.8% from Australia , 21.3% from China, 10.6% from Latin America and 8.9% from Other

NZD | FY, 2017 | FY, 2018 | FY, 2019 |
---|---|---|---|

## Revenue | 19.2b | 20.4b | 20.1b |

| 6% | (2%) | |

## Cost of goods sold | 16.0b | 17.3b | 17.1b |

## Gross profit | 3.3b | 3.2b | 3.0b |

| 17% | 15% | 15% |

## Sales and marketing expense | 641.0m | 651.0m | 590.0m |

## General and administrative expense | 810.0m | 873.0m | 773.0m |

## Operating expense total | 2.1b | 2.9b | 2.8b |

## EBIT | 1.1b | 262.0m | (10.0m) |

| 6% | 1% | 0% |

## Interest expense | 427.0m | 462.0m | 415.0m |

## Pre tax profit | 765.0m | (154.0m) | (428.0m) |

## Income tax expense | 20.0m | 42.0m | 177.0m |

## Net Income | 745.0m | (196.0m) | (605.0m) |

NZD | H1, 2017 | H1, 2018 | H1, 2019 |
---|---|---|---|

## Revenue | 9.2b | 9.8b | 9.7b |

## Cost of goods sold | 7.5b | 8.2b | 8.2b |

## Gross profit | 1.8b | 1.7b | 1.5b |

| 19% | 17% | 15% |

## Sales and marketing expense | 329.0m | 346.0m | 326.0m |

## General and administrative expense | 440.0m | 461.0m | 439.0m |

## Operating expense total | 1.1b | 1.8b | 1.2b |

## EBIT | 644.0m | 176.0m | 323.0m |

| 7% | 2% | 3% |

## Pre tax profit | 487.0m | (377.0m) | 118.0m |

## Income tax expense | 69.0m | 29.0m | 38.0m |

## Net Income | 418.0m | (348.0m) | 80.0m |

NZD | FY, 2017 | FY, 2018 | FY, 2019 |
---|---|---|---|

## Cash | 393.0m | 446.0m | 550.0m |

## Accounts Receivable | 2.0b | 2.0b | 1.8b |

## Inventories | 2.6b | 2.9b | 2.9b |

## Current Assets | 6.1b | 6.0b | 5.8b |

## PP&E | 6.4b | 6.8b | 6.5b |

## Goodwill | 1.1b | 1.1b | 561.0m |

## Total Assets | 17.8b | 18.0b | 17.1b |

## Accounts Payable | 1.7b | 1.7b | 1.5b |

## Short-term debt | 1.1b | 992.0m | 1.2b |

## Current Liabilities | 4.7b | 5.1b | 5.0b |

## Long-term debt | 5.2b | 5.9b | 5.4b |

## Non-Current Liabilities | 5.9b | 6.5b | 6.2b |

## Total Debt | 6.3b | 6.9b | 6.6b |

## Total Liabilities | 10.6b | 11.7b | 11.2b |

## Retained Earnings | 1.6b | 934.0m | 360.0m |

## Total Equity | 7.2b | 6.3b | 5.9b |

## EPS | 0.5 | (0.1) | (0.3) |

## Debt to Equity Ratio | 0.9 x | 1.1 x | 1.1 x |

## Debt to Assets Ratio | 0.4 x | 0.4 x | 0.4 x |

## Financial Leverage | 2.5 x | 2.8 x | 2.9 x |

NZD | H1, 2017 | H1, 2018 | H1, 2019 |
---|---|---|---|

## Cash | 348.0m | 359.0m | 348.0m |

## Inventories | 4.6b | 5.0b | 5.1b |

## Current Assets | 7.7b | 8.5b | 8.0b |

## PP&E | 6.1b | 6.6b | 6.9b |

## Total Assets | 19.3b | 20.2b | 20.1b |

## Short-term debt | 992.0m | 1.4b | 675.0m |

## Current Liabilities | 5.7b | 6.6b | 5.8b |

## Long-term debt | 5.8b | 6.2b | 7.1b |

## Non-Current Liabilities | 6.5b | 6.9b | 7.8b |

## Total Debt | 6.8b | 7.6b | 7.8b |

## Total Liabilities | 12.2b | 13.5b | 13.6b |

## Retained Earnings | 1.6b | 961.0m | 1.0b |

## Total Equity | 7.1b | 6.7b | 6.6b |

## Debt to Equity Ratio | 0.9 x | 1.1 x | 1.2 x |

## Debt to Assets Ratio | 0.3 x | 0.4 x | 0.4 x |

## Financial Leverage | 2.7 x | 3 x | 3.1 x |

NZD | FY, 2017 | FY, 2018 | FY, 2019 |
---|---|---|---|

## Depreciation and Amortization | 526.0 | 544.0m | 561.0 |

## Accounts Receivable | (634.0) | 75.0m | 388.0 |

## Inventories | (177.0) | (313.0m) | (52.0) |

## Accounts Payable | (100.0) | 98.0m | (124.0) |

## Cash From Operating Activities | 1.4k | 1.5b | 1.1k |

## Purchases of PP&E | (690.0) | (858.0m) | (541.0) |

## Cash From Investing Activities | (706.0) | (948.0m) | (28.0) |

## Long-term Borrowings | (4.0k) | (4.1b) | (4.1k) |

## Dividends Paid | (484.0) | (480.0m) | (22.0) |

## Cash From Financing Activities | (622.0) | (725.0m) | (850.0) |

## Net Change in Cash | 48.0 | (125.0m) | 245.0 |

## Interest Paid | (393.0) | (446.0m) | (427.0) |

## Income Taxes Paid | (70.0) | (86.0m) | (56.0) |

NZD | H1, 2017 | H1, 2018 | H1, 2019 |
---|---|---|---|

## Depreciation and Amortization | 289.0m | 275.0m | 284.0m |

## Accounts Receivable | (561.0m) | 3.0m | 19.0m |

## Inventories | (2.2b) | (2.4b) | (2.1b) |

## Accounts Payable | 78.0m | 227.0m | 34.0m |

## Cash From Operating Activities | 167.0m | (292.0m) | (612.0m) |

## Purchases of PP&E | (277.0m) | (400.0m) | (320.0m) |

## Cash From Investing Activities | (250.0m) | (398.0m) | (170.0m) |

## Long-term Borrowings | (2.1b) | (1.6b) | (1.9b) |

## Dividends Paid | (176.0m) | (323.0m) | (20.0m) |

## Cash From Financing Activities | 410.0m | 651.0m | 805.0m |

## Net Change in Cash | (7.0m) | (39.0m) | 23.0m |

## Interest Paid | (186.0m) | (199.0m) | (212.0m) |

## Income Taxes Paid | (41.0m) | (41.0m) | (34.0m) |

NZD | Y, 2019 |
---|---|

## Revenue/Employee | 1.0m |

## Debt/Equity | 1.1 x |

## Debt/Assets | 0.4 x |

## Financial Leverage | 2.9 x |

H1, 2017 | FY, 2017 | H1, 2018 | FY, 2018 | H1, 2019 | FY, 2019 | |
---|---|---|---|---|---|---|

## Average Price per Tonnes (Butter) | $3.43 k | $4.22 k | $5.88 k | $5.58 k | $4.46 k | $4.45 k |

## Average Price per Tonnes (Cheese) | $3.55 k | $3.76 k | $3.90 k | $3.85 k | $3.52 k | $3.77 k |

## Average Price per Tonnes (Skim Milk Powder) | $2.14 k | $2.22 k | $2 k | $1.97 k | $2.05 k | $2.22 k |

## Average Price per Tonnes (Whole Milk Powder) | $2.58 k | $2.86 k | $3.09 k | $3.09 k | $2.85 k | $2.91 k |

## Production Volume (Ingredients, Non-Reference Products), tonnes | 457 k | 749 k | 483 k | 762 k | 485 k | 768 k |

## Production Volume (Ingredients, Reference Products), tonnes | 1.29 m | 1.87 m | 1.27 m | 1.85 m | 1.35 m | 1.88 m |

## Sales Volume (China Farms), liquid milk equivalents | 132 m | 335 m | 132 m | 273 m | 113 m | 259 m |

## Sales Volume (China Farms), tonnes | 10 k | 26 k | 10 k | 22 k | 9 k | 20 k |

## Sales Volume (Consumer and Foodservice), liquid milk equivalents | 2.71 b | 5.46 b | 2.70 b | 5.59 b | 2.49 b | 5.13 b |

## Sales Volume (Consumer and Foodservice), tonnes | 908 k | 1.78 m | 893 k | 1.80 m | 888 k | 1.78 m |

## Sales Volume (Consumer and Foodservice, Asia), liquid milk equivalents | 857 m | 1.70 b | 763 m | 1.77 b | 733 m | 1.45 b |

## Sales Volume (Consumer and Foodservice, Greater China), liquid milk equivalents | 583 m | 1.28 b | 599 m | 1.41 b | 524 m | 1.21 b |

## Sales Volume (Consumer and Foodservice, Greater China), tonnes | 112 k | 237 k | 129 k | 266 k | 144 k | 299 m |

## Sales Volume (Consumer and Foodservice, Latin America), liquid milk equivalents | 358 m | 735 m | 368 m | 747 m | 388 m | 779 m |

## Sales Volume (Consumer and Foodservice, Latin America), tonnes | 305 k | 600 k | 294 k | 578 k | 280 k | 559 m |

## Sales Volume (Consumer and Foodservice, Oceania), liquid milk equivalents | 912 m | 1.74 b | 819 m | 1.66 b | 843 m | 1.69 b |

## Sales Volume (Consumer and Foodservice, Oceania), tonnes | 335 k | 636 k | 309 k | 623 k | 315 k | 627 k |

## Sales Volume (Consumer and Foodservice,Asia), tonnes | 156 k | 310 k | 145 k | 331 k | 149 k | 297 k |

## Sales Volume (Consumer), liquid milk equivalents | 1.60 b | 3.16 b | 1.43 b | 3.15 b | 1.51 b | 2.94 b |

## Sales Volume (Consumer), tonnes | 712 k | 1.38 m | 676 k | 1.38 m | 680 k | 1.33 m |

## Sales Volume (Consumer, Asia), liquid milk equivalents | 558 m | 1.10 b | 439 m | 1.13 b | 461 m | 890 m |

## Sales Volume (Consumer, Greater China), liquid milk equivalents | 49 m | 112 m | 63 m | 139 m | 81 m | 126 m |

## Sales Volume (Consumer, Greater China), tonnes | 28 k | 58 k | 40 k | 71 k | 45 k | 76 k |

## Sales Volume (Consumer, Latin America), liquid milk equivalents | 305 m | 637 m | 321 m | 653 m | 334 m | 670 m |

## Sales Volume (Consumer, Latin America), tonnes | 288 k | 569 k | 280 k | 550 k | 265 k | 527 k |

## Sales Volume (Consumer, Oceania), liquid milk equivalents | 685 m | 1.31 b | 610 m | 1.23 b | 630 m | 1.26 b |

## Sales Volume (Consumer, Oceania), tonnes | 285 k | 538 k | 260 k | 525 k | 267 k | 524 k |

## Sales Volume (Consumer,Asia), tonnes | 111 k | 220 k | 96 k | 233 k | 104 k | 204 k |

## Sales Volume (Fonterra Ingredients Australia), liquid milk equivalents | 833 m | 1.62 b | 836 m | 1.76 b | 843 m | 1.66 b |

## Sales Volume (Fonterra Ingredients Australia), tonnes | 155 k | 305 k | 148 k | 350 k | 175 k | 328 k |

## Sales Volume (Foodservice), liquid milk equivalents | 1.11 b | 2.30 b | 1.11 b | 2.44 b | 982 m | 2.19 b |

## Sales Volume (Foodservice), tonnes | 197 k | 399 k | 201 k | 419 k | 208 k | 452 k |

## Sales Volume (Foodservice, Asia), liquid milk equivalents | 299 m | 599 m | 323 m | 643 m | 272 m | 559 m |

## Sales Volume (Foodservice, Greater China), liquid milk equivalents | 534 m | 1.17 b | 535 m | 1.27 b | 443 m | 1.08 b |

## Sales Volume (Foodservice, Greater China), tonnes, Greater China), tonnes | 84 k | 179 k | 89 k | 195 k | 99 k | 223 k |

## Sales Volume (Foodservice, Latin America), liquid milk equivalents | 53 m | 97 m | 46 m | 94 m | 54 m | 109 m |

## Sales Volume (Foodservice, Latin America), tonnes | 16 k | 32 k | 14 k | 28 k | 16 k | 32 k |

## Sales Volume (Foodservice, Oceania), liquid milk equivalents | 227 m | 433 m | 209 m | 427 m | 213 m | 433 m |

## Sales Volume (Foodservice, Oceania), tonnes | 51 k | 98 k | 49 k | 98 k | 48 k | 104 k |

## Sales Volume (Foodservice,Asia), tonnes | 45 k | 90 k | 49 k | 98 k | 45 k | 93 k |

## Sales Volume (Global Ingredients and Operations), liquid milk equivalents | 10 b | 8.76 b | 9.42 b | |||

## Sales Volume (Global Ingredients and Operations), tonnes | 1.47 m | 1.34 m | 1.46 m | |||

## Sales Volume (Ingredients), liquid milk equivalents | 10.98 b | 21.30 b | 9.80 b | 20.50 b | 10.45 b | 21.40 b |

## Sales Volume (Ingredients), tonnes | 1.66 m | 3.02 m | 1.44 m | 2.99 m | 1.56 m | 3.17 m |

## Sales Volume (Ingredients, Non-Reference Products), tonnes | 338 k | 696 k | 277 k | 620 k | 354 k | 774 k |

## Sales Volume (Ingredients, Reference Products), tonnes | 973 k | 1.84 m | 900 k | 1.79 m | 924 k | 1.86 m |

## Sales Volume (New Zealand Ingredients), liquid milk equivalents | 19.37 b | 18.43 b | 19.49 b | |||

## Sales Volume (New Zealand Ingredients), tonnes | 2.88 m | 2.78 m | 2.97 m | |||

## Sales Volume (Other and Eliminations), liquid milk equivalents | 150 m | 317 m | 178 k | 338 m | 137 m | 268 m |

## Sales Volume (Other and Eliminations), tonnes | -77 k | -165 m | -49 k | -142 k | -76 m | -129 m |

## Sales Volume, liquid milk equivalents | 11.70 b | 22.90 b | 10.50 b | 22.20 b | 10.67 b | 21.90 b |

## Sales Volume, tonnes | 2.25 m | 4.18 m | 2 m | 4.12 m | 2.06 m | 4.14 m |

FY, 2018 | |
---|---|

## Water Withdrawn (Surface) | 25.07 m cubic meters |

## Water Withdrawn (Municipal) | 9.78 m cubic meters |

## Water Withdrawn (Ground Water) | 19.17 m cubic meters |

## Water Discharged (River) | 23.67 m cubic meters |

## Water Discharged (Ocean) | 14.04 m cubic meters |

## Water Discharged (Municipal Treatment) | 5.27 m cubic meters |

## Water Discharged (Irrigation) | 15.59 m cubic meters |

## Waste Landfilled (New Zealand) | 5.66 k tonnes |

## Total Waste Landfilled | 15.43 k tonnes |

## Total Greenhouse Gas Emissions | 22.20 m metric tons of carbon dioxide equivalent |

## Greenhouse Gas Emissions (Scope 3) | 19.54 m metric tons of carbon dioxide equivalent |

## Greenhouse Gas Emissions (Scope 2) | 70 k metric tons of carbon dioxide equivalent |

## Greenhouse Gas Emissions (Scope 1) | 224 k metric tons of carbon dioxide equivalent |

## Greenhouse Gas Emissions (Purchased Steam) | 239 k metric tons of carbon dioxide equivalent |

## Greenhouse Gas Emissions (Non-energy) | 8 k metric tons of carbon dioxide equivalent |

## Greenhouse Gas Emissions (Natural Gas) | 426 k metric tons of carbon dioxide equivalent |

## Greenhouse Gas Emissions (Liquid Fossil Fuels) | 164 k metric tons of carbon dioxide equivalent |

## Greenhouse Gas Emissions (Electricity) | 408 k metric tons of carbon dioxide equivalent |

## Greenhouse Gas Emissions (Coal) | 873 k metric tons of carbon dioxide equivalent |

## Fonterra Grass Roots Fund Donations | $770 k |

## Average (Mean) Somatic Cell Count (New Zealand) | 180 k cells/ml |

## Average (Mean) Somatic Cell Count (China) | 168 k cells/ml |

## Average (Mean) Somatic Cell Count (Chile – Soprole) | 313 k cells/ml |

## Average (Mean) Somatic Cell Count (Chile – Prolesur) | 322 k cells/ml |

## Average (Mean) Somatic Cell Count (Australia) | 178 k cells/ml |

FY, 2019 | FY, 2018 | FY, 2017 | |
---|---|---|---|

Female (Executive Leadership), percent | 14.5 % | 7 % | 7 % |

Female (Board), percent | 9 % | 9 % | 12.5 % |

Male (Board), percent | 41 % | 41 % | 37.5 % |

Male (Executive Leadership), percent | 35.5 % | 43 % | 43 % |

- Source: Company Filings FY 2019

FY, 2018 | FY, 2017 | |
---|---|---|

Male, percent | 73 % | 72.9 % |

Female, percent | 27 % | 27.1 % |

- Source: Company Filings FY 2019