Fonterra provides strategy, milk price and earnings updates

23 MAY 2019

Fonterra provides strategy, milk price and earnings updates

• Key third-quarter financial performance numbers:
o Sales volumes: 16.6 billion LME, up 4%
o Revenue: $15 billion, up 1%
o Gross margin: $2.2 billion, down 3%
o Normalised operating expenses: $1.8 billion, down $73 million
o Normalised EBIT: $522 million, down 9%
o Capital expenditure: $419 million, down 28%
• Revised forecast earnings per share range: 10-15 cents from 15-25 cents per share
• 2018/19 forecast Farmgate Milk Price range: $6.30 - $6.40 per kgMS
• Opening 2019/20 forecast Farmgate Milk Price range: $6.25 - $7.25 per kgMS
• 2019/20 Advance Rate Schedule has been set off $6.75 per kgMS

Fonterra Co-operative Group Limited today gave an update on its strategy review and shared timeframes
for turning around the Co-op’s performance. At the same time, it announced its third-quarter business
update, revised forecast earnings range, narrowed the range for its 2018/19 forecast Farmgate Milk Price,
and gave an opening forecast Farmgate Milk Price range for the 2019/20 season.

Fonterra Chief Executive Miles Hurrell said that good progress is being made on the strategy review and
reiterated that the benefits from those changes will take time to flow through into the Co-op’s financial
performance.

“I appreciate that our farmers and unit holders want clarity on our new strategy and expect a decent return
on their investment.

“We’re on-track to share our new strategy in September. In the meantime, we’re getting on and making
decisions to reduce complexity and simplify our business so we can focus on where we have competitive
advantages.

“Farmers and unit holders can expect to see some fluctuation in our earnings over the next couple of
years and there will be one-off transactions and adjustments (some positive, some negative) as we reset
the business and deliver on our new strategy.

“We are committed to keeping people updated as we make progress. Today’s update is:

• We are commencing a strategic review of our two wholly-owned farm-hubs in China
• We have agreed with our partner Nestle to review options for the future ownership of our Dairy
Partners Americas (DPA) Brazil joint venture, including a potential sale of respective stakes
• We are closing our Dennington site in Australia.

“These decisions relate to our new strategic direction – in particular, prioritising our New Zealand milk
supply and simplifying our global portfolio, which, as we have said previously, requires us to review every
part of business to ensure it meets the needs of the Co-op today.”

Fonterra Co-operative Group
Confidential to Fonterra Co-operative Group Page 2


Commenting on the strategic review of its China farms, Mr Hurrell said China remains a key market for
Fonterra.

“We have contributed to China’s dairy industry by developing high quality model farms and showing there
is a valuable opportunity for fresh milk in China’s consumer market, and this continues to be an attractive
prospect.

“However, this does not necessarily mean that we need to continue to have large amounts of capital tied
up in farming hubs.

“On DPA Brazil, which is a joint venture distributing chilled dairy products throughout Brazil, the review
into future ownership options and whether to sell is expected to be completed by the end of 2019,” said Mr
Hurrell.

“Yesterday, we also started talking to the team at our Dennington factory in Australia about the tough call
we’re making to close the site. The Australian Ingredients business continues to feel the impact of the
drought and other significant changes that mean there is excess manufacturing capacity in the Australian
dairy industry.

“This is not a one-off for this season, it’s the new norm for the Australian dairy industry and we need to
adapt. We need to get the most value from every drop of our farmers’ milk and, with the reduced milk pool
in Australia, we must put it into our highest returning products and most efficient assets. Dennington is
over 100 years old and not viable in a low-milk pool environment.

“We have 98 employees at Dennington and this decision will be incredibly hard for them. Our top priority
is to support our people.”

Business performance and revised earnings guidance

Fonterra’s revenue for the nine months to 30 April 2019 was $15 billion, up 1% on the same period last
year, and sales volumes were 16.6 billion liquid milk equivalent (LME), up 4%. However, normalised EBIT
was down 9% to $522 million.

In Ingredients, sales volumes for the first nine months were up 10% to 16.3 billion LME, gross margin was
down to 8.6% from 9.6% and EBIT was down $64 million to $602 million.

In Consumer and Foodservice sales volumes were down 1% to 3.8 billion LME, gross margin was down
to 22.8% from 23.6% and normalised EBIT was down $62 million to $266 million.

Fonterra Chief Executive Miles Hurrell said the New Zealand Ingredients business is performing as
expected but Australia Ingredients continues to face challenges and it is taking longer than planned to lift
performance in some parts of the Co-op’s Consumer and Foodservice business.

“Due to the challenges in Australia Ingredients and tightening relative price differences between reference
products, or those products that inform the Farmgate Milk Price, and non-reference products – that’s all
our other products, we are reducing the forecast full year normalised EBIT for the whole Ingredients
business to $645 - $725 million, down from the $750 - $850 million range we shared at our Interim
Results.

“Consumer and Foodservice improved its performance in the third quarter relative to the first half. Due to
our performance in Latin America we have lowered our forecast normalised EBIT from $475 - $525 million
to $400 - $430 million for this part of the Co-op.

“Our China Foodservice recovered as demand for butter bounced back. This helped pricing and in-market
inventory return to more normal levels. There was good demand for Anchor Food Professionals UHT
culinary cream and the team at our Waitoa UHT factory have been working hard to get shipments up to
our China foodservice customers.

Fonterra Co-operative Group
Confidential to Fonterra Co-operative Group Page 3

“Our Oceania Consumer and Foodservice business continued to perform well with Australia’s spreads
category, including Western Star butter, contributing significantly to gross margin.”

Mr Hurrell said that there are some increased risks in the fourth quarter to the Co-op’s previous forecast
earnings – in particular, the recovery in key markets is slower than expected and there are tightening price
relativities between non-reference and reference products along with the on-going challenges in Australia
Ingredients.

As a result, Fonterra is revising its earnings guidance range from 15 - 25 cents per share to 10 - 15 cents
per share.

2019/20 opening season forecast Farmgate Milk Price and updated 2018/19 forecast Farmgate Milk
Price range.

Chairman John Monaghan said, as farmers get ready to start the new season on 1 June, the forecast
2019/20 Farmgate Milk Price range will be $6.25 - $7.25 per kgMS.

“This is a realistic opening forecast. We are having to look out more than a year into the future which is
difficult, but what the information available is continuing to show us is that demand remains strong across
key trading partners and this is reflected in GDT prices.

“We are giving farmers a wide range for the opening forecast milk price. It will be narrowed as the season
goes on. The 2019/20 Advance Rate Schedule has been set off $6.75 per kgMS.

“Weather plays a significant role in determining global milk volumes, and therefore price. We are
forecasting our New Zealand collections to be 1,520 million kgMS for the new season, which is up slightly
on the current season. There’s still a lot of water to go under the bridge before we’ll have a clear view of
what the season holds for both our Co-op’s production and global dairy supply.”

Fonterra has also narrowed its 2018/19 forecast Farmgate Milk Price range from $6.30 - $6.60 per kgMS
range by 20 cents to $6.30 - $6.40per kgMS.

This reflects favourable foreign exchange movements but slightly weaker than expected pricing for whole
milk powder and skim milk powder.

The Co-op has now contracted the majority of its farmers’ milk for the current season and has greater
certainty on the likely closing Farmgate Milk Price. This is also reflected in the tighter forecast range.

-ENDS-

For further information contact:

Fonterra Communications
24-hour media line
Phone: +64 21 507 072

---

1
Business Update
MAY 2019

2
Disclaimer
This presentation may contain forward-looking statements and projections. There can be no certainty of outcome in relation to the matters to which
the forward-looking statements and projections relate. These forward-looking statements and projections involve known and unknown risks,
uncertainties, assumptions and other important factors that could cause the actual outcomes to be materially different from the events or results
expressed or implied by such statements and projections. Those risks, uncertainties, assumptions and other important factors arenot all within the
control of Fonterra Co-operative Group Limited (Fonterra) and its subsidiaries (the Fonterra Group) and cannot be predicted by the Fonterra
Group.
While all reasonable care has been taken in the preparation of this presentation none of Fonterra or any of its respective subsidiaries, affiliates and
associated companies (or any of their respective officers, employees or agents) (Relevant Persons) makes any representation, assurance or
guarantee as to the accuracy or completeness of any information in this presentation or likelihood of fulfilment of any forward-looking statement or
projection or any outcomes expressed or implied in any forward-looking statement or projection. The forward-looking statements and projections in
this report reflect views held only at the date of this presentation.
Statements about past performance are not necessarily indicative of future performance.
Except as required by applicable law or any applicable Listing Rules, the Relevant Persons disclaim any obligation or undertaking to update any
information in this presentation.
This presentation does not constitute investment advice, or an inducement, recommendation or offer to buy or sell any securitiesin Fonterra or the
Fonterra Shareholders’ Fund.

3
Business update summary
•Strategic review progressing well and on-track to share full details at Annual Results. Further initiatives announced today as
we reduce complexity and simplify portfolio to focus on competitive advantages
•Strategy reset and business turnaround will take time. Expecting a number of one-off transactions and adjustments (some
positive, some negative) as we implement the new strategy
•Delivering on three-point plan
–Tip Top sold for $380 million
–Reduction in normalised operating expenses on-track, $73 million reduction versus last year
–Capital expenditure on-track to be $200 million lower than last year
•In Q3 some progress in business performance –in particular, Consumer and Foodservice –but some areas taking longer,
placing increased risk to earnings in last quarter. Full-year earnings guidance revised to 10 –15 cents earnings per share
•2019/20 Forecast Farmgate Milk Price opening range of $6.25-$7.25 per kgMS
•2018/19 Forecast Farmgate Milk Price range narrowed to $6.30-$6.40 per kgMSand milk collections held at 1,510m kgMS

4
China
+8%
12 months
1.Global Supply is represented by global milk production data.
2.Global Demand is represented by global dairy import data.
3.New Zealand production for April 2019 is an estimate based on Fonterra’s actual milk collections for April 2019 and estimatesfor other New Zealand processors.
Note: All 12-month figures are rolling 12 months compared to previous comparable period: Australia (Mar), EU (Feb), United States (Mar), China (Mar), Asia (Feb), Middle East & Africa (Jan), Latin America (Feb), New Zealand (April).
Source: Government milk production statistics; GTIS trade data; Fonterra analysis.
Strong outlook with global dairy
market well balanced
Rest of
Asia
+7%
12 months
Middle
East/Africa
-6%
12 months
Latin
America
+4%
12 months
Europe
+0%
12 months
-1%
December to
February
United
States
+1%
12 months
+0%
January to
March
New Zealand³
+2%
12 months
-6%
February to April
Australia
-11%
12 months
-5%
January to
March
Global
Supply
1
Global
Demand
2
Russia
EU’s largest
dairy export
market
Trade
embargo
remains

5
1.The third quarter numbers have not been audited.
2.Includes normalisation adjustment of $136 million for the Venezuela divestment and professional fees related to ongoing strategic portfolio review.
3.Includes inter-segment sales.
4.Provides end-to-end perspective, comprising China Farm segment plus financials from Ingredients and Consumer and Foodservice related to China Farms.
Note: All changes are expressed relative to the nine-month performance of FY18.
Unaudited FY19 nine-month business performance¹
$44m
4%
Volume LME
16.6bn
1%
Revenue
$15.0bn
$79m
Gross Margin
$2.2bn
9%
Normalised
EBIT²
$522m
from 9.6%
10%
Ingredients
Volume LME³
16.3b
Gross Margin
$1.1b
8.6%
1%
Consumer &
Foodservice
Volume LME³
3.8b
Gross Margin
$1.2b
22.8%
3%
China
Farms⁴
(End to End)
Volume LME³
192m
Gross Margin
$(13)m
(7.0)%
$45m
from 23.6%
$14m
from (15.1)%
Normalised
Opex
$1.8bn
$73m
Reported
EBIT
28%
$419m
$64m
EBIT
$602m
EBIT²
$266m
EBIT
$(23)m
$62m
Some progress in Q3 but it is taking longer than planned to lift performance in some areas
$386m
723%
$11m
Capex

6
1.Earnings per share.
Full-year earnings guidance revised to 10–15 cents earnings per share
Forecast EPS¹
10-15
cents
Forecast 2019 Farmgate Milk Price
$6.30 -$6.40
kgMS
Lower segment EBIT partially offset by greater savings in unallocated Group costs
Forecast 2019 Milk Collections
1,510
million kgMS
Revised Forecast Gross Margin
8% -9%
Revised Forecast Gross Margin
23% -24%
Revised Forecast EBIT
$645-$725million
Revised Forecast EBIT
$400-$430million
INGREDIENTSCONSUMER AND FOODSERVICE

7
62
72
132
149
H1H2
Q1Q2Q3Required
107
354
141
83
H1H2
Q1Q2Q3Required
1.Mid-point of the forecast EBIT range that equates to the mid point of the EPS guidance of 10-15 cents per share.
2.Q1, Q2 and Q3 represent actual normalised EBIT. ‘Required’ is the amount required in Q4 to achieve the mid-point of the full-year earnings guidance range.
What we need to do in the last quarter to meet the mid-point of earnings guidance
Ingredients
•$83 million Q4 EBIT:
–Similar volumes as Q3 and Q4 gross margin of at
least 6.5%. Year-to-date gross margin is 8.6%
–Continued reduction of operating costs in Australia
•Risks:
–Tightening of price relativities between
non-reference and reference
–Pricing lags on long-term sale agreements
Consumer and Foodservice
•$149 million Q4 EBIT:
–Gross margin of 23% on similar volumes to Q3
–2017 and 2018 Q4 EBIT was $143 million and
$196 million, respectively
•Risks:
–Recovery in key markets slower than expected
–Recent increase in fat prices narrowing
Foodservice margin
Ingredients
Consumer &
Foodservice
$685m
EBIT²
Forecast
EBIT¹
$415m
H2
$461m
$134m
$224m
$281m

8
Delivering on three-point plan
Tangible benefits starting to flow through
Take Stock
•Reduce debt by $800 million•Tip Top sold for $380 million with a gain over book value of $100 million
•Received good interest from potential buyers for DFE Pharma
•Continuing to review options for our shareholding in Beingmate
•Full-year gearing target requires previously announced asset divestments
•Gearing within 40-45% range by
year-end
•Reduce capex to $650 million inFY19•Capital expenditure on-track to be $200 million lower than last year
•Reduce opexback to FY17 levels
over the next twoyears
Well on-track, $73 million reduction in normalised operating expenses versus
last year
More accurate forecasting
•Improved disclosures to deal with forecast volatility
•Introduced quarterly EBIT disclosure
Getting the basics right

9
Progress updates
(Interim Results, MyConnectconference in May
and Q3 business update)
Full strategy announced at
2019 Annual Results
Strategic review –Update
•On-track to announce full details of new strategy at 2019 Annual Results
•Reducing complexity and increasing focus on our competitive advantages to deliver growth
•The strategy review is resulting in decisions
–Strategic review of our two wholly-owned farm hubs in China
–Agreed with JV partner Nestlé to review the ownership of Dairy Partners Americas (DPA) Brazil joint venture
–Closure of Dennington–a nutritional site in Australia –as a result of the lower milk production and changing
dynamics of the Australian dairy industry
Looking at all aspects of our business
Full strategy review well underway to fundamentally reset the Co-op
Timeline
Strategy Review
kicked-off in
January

APPENDIX

11
Milk collections forecast for season maintained
•Collections to the end of April reached 1,454million
kgMS, up 1%, largely due to favourable spring conditions
•Gains in first half of season were significantly offset by
lower collections during Q3 period
–Down 2%, 9% and 9% for February, March and
Aprilrespectively
•On-farm conditions have improved but nearing end of
season may only have limited impact on milk production
New Zealand Milk Collection
SeasonTotal Milk Solids (kgMS)Peak Day Milk
2016/171,526m (down 3%)80m litres
2017/181,505m (down 1%)82m litres
2018/19F1,510m (up 0.3%)85m litres
10
20
30
40
50
60
70
80
90
JunJulAugSepOctNovDecJanFebMarAprMay
Volume (m litres/day)
2016-17
2017-18
2018-19

12
1,2311,184$407$390
1.Includes sales to other strategic platforms.
Note: Volume is in million LME. EBIT is in NZD millions unless otherwise stated. All changes are expressed relative to the nine-month performance of FY18.
New Zealand performed to expectations but Australia continues to face challenges
Ingredients
•New Zealand continues steady performance
–Pressure on gross margin from price relativities
between non-reference and reference
–Softer gross margin percentage offset by higher
volume compared to prior year
•Australia performance unsatisfactory but delivering
on cost savings
–Low milk volumes impacting fixed cost recoveries
–Insufficient volume of higher gross margin
nutritional products
•Prolesurcontinues to underperform due to low milk
collections and increased cost of milk
Volume¹EBIT
Performance
2018201920182019
$602$66616,31614,832
10%
Growth
$64

13
New Zealand Ingredients product mix
3,6083,469$245
Q3 FY18Q4 FY18Q1 FY19Q2 FY19Q3 FY19²
Change
Q3 FY18
to Q3 FY19
Production Volume (000 MT)
Reference481 103 633713 440 (9)%
Non-Reference208 70 2272582101%
SalesVolume(000 MT)
Reference455 439 24767853518%
Non-Reference¹168 210 15923023339%
Revenue ($ per MT)
Reference4,636 5,214 5,2574,439 4,539 (2)%
Non-Reference¹5,555 5,764 5,4055,469 5,238 (6)%
1.Includes bulk liquid milk.
2.The way in which Ingredients presents certain inter-segment sales between Ingredients and Foodservice was revised in FY19. This increased sales volumes for Q3 FY19 by 9,000 MT and 45,000 MT on reference and
non-reference products respectively, and increased sales revenue by $56 million and $175 million on reference and non-reference products respectively. This change had no impact to the reported gross margin for the Ingredients business.
Note: Reference products are products used in the calculation of the Farmgate Milk Price –WMP, SMP, BMP, Butter and AMF.

14
1,2311,184$407$390
2018201920182019
Stronger Q3 performance relative to first half, driven by Greater China Foodservice
1.Includes sales to other strategic platforms.
2.Includes normalisation adjustment of $136 million for the Venezuela divestment and professional fees related to ongoing strategic portfolio review.
Note: Volume is in million LME. EBIT is in NZD millions unless otherwise stated. All changes are expressed relative to the nine-month performance of FY18.
Consumer and Foodservice
Volume¹EBIT²
Performance
•Foodservice sales volume and earnings improved in
Q3 as Mainland China market stabilised
•Consumer sales volumes slower to recover due to
sales conditions in Asia, improved towards end of Q3
•Continued solid performance in Oceania, volume
growth in both Consumer and Foodservice
•Q3 Earnings improvement in Latin America relative to
H1 but not as much as planned
1%
Growth
$62
3,8573,827$328$266

15
Latin
America
AsiaOceania
Solid performance in Oceania, stronger Q3 for Greater China lifted its year-to-date performance
1.Includes sales to other strategic platforms.
Note: Volume is in million LME. Gross margin is in NZD millions unless otherwise stated. All changes are expressed relative to the nine-month performance of FY18.
Consumer and Foodservice by region
Greater
China
20182019
$255
$237
201820192018201920182019
7%4%18%4%
Gross
Margin
24%
from
22%
23%
from
24%
26%
from
29%
20%
from
20%
Volume¹
880m
6%
1,100m
4%
576m
4%
1,271m
4%
$287
$344$320$327$315$350

16
1,2311,184$407$390
2018201920182019
$951$8842,169
Latin America performance improving but recovery slower than expected
1.Includes sales to other strategic platforms.
Note: Volume is in million LME. Gross margin is in NZD millions unless otherwise stated. All changes are expressed relative to the nine-month performance of FY18.
Consumer
Volume¹
Gross
Margin
Performance
•Asia volume down as decision to protect margins in
some markets
–Sales volume returned to more normal levels
inApril
•Mainland China gross margin continued to improve
due to Anmum business model change
•Latin America performance has improved in Q3 but
recovery slower than expected
–Soprole and Brazil, gross margin recovering and
improved operational efficiency
–Continued economic challenges in Venezuela,
exited business in March
•Solid performance in Oceania, in particular spreads
category in Australia continues to perform strongly
4%
Growth
$67
27%
25%
2,248

17
Latin
America
Asia¹Oceania
Gross margin percentage down, more than offset in Greater China and Oceania by volume growth
1.FY18 LME volume has been adjusted for the inclusion of eliminating entries to
improve comparability.
2.Includes sales to other strategic platforms.
3.Sum of individual numbers from the regional and divisional breakdown may not
add to the totals in each category due to rounding.
4.Percentages as shown in tables may not align to the calculation of percentages
based on numbers in the tables due to rounding of reportedfigures.
Note: Volume is in million LME. Gross margin is in NZD millions unless otherwise
stated. All changes are expressed relative to the nine-month performance of FY18.
Consumer
Greater
China
20182019201820192018201920182019
7%7%18%2%
Gross
Margin³
,
⁴
40%
from
41%
26%
from
30%
26%
from
30%
20%
from
20%
Volume²
116m
27%
683m
0%
495m
2%
955m
5%
$327$267$271$250$249$255$104$112

18
1,2311,184$407$390
2018201920182019
$284$3061,6871,579
Gross margin percentage growth driven by Q3 performance in Greater China and Asia
1.Includes sales to other strategic platforms.
Note: Volume is in million LME. Gross margin is in NZD millions unless otherwise stated. All changes are expressed relative to the nine-month performance of FY18.
Foodservice
Volume¹
Gross
Margin
Performance
•Improved Q3 sales volume in Greater China and Asia
relative to H1, in part due to butter market stabilising
•Greater China gross margin now higher than last year
due to
–reduced input costs
–improved sales performance in key categories
•Input costs in key Asian markets have stabilised in
Q3 allowing for improved margins
•Oceania volume and gross margin remain steady
6%
Growth
$22
16%
18%

19
Latin
America
AsiaOceania
Year-to-date volume lower in Greater China and Asia more than offset by improved gross margin
1.Includes sales to other strategic platforms.
2.Sum of individual numbers from the regional and divisional breakdown may not
add to the totals in each category due to rounding.
3.Percentages as shown in tables may not align to the calculation of percentages
based on numbers in the tables due to rounding of reported figures.
Note: Volume is in million LME. Gross margin is in NZD millions unless otherwise
stated. All changes are expressed relative to the nine-month performance of FY18.
Foodservice
Greater
China
20182019
$63$70
2018201920182019
$66$73
20182019
8%11%8%10%
Gross
Margin²
,
³
18%
from
16%
16%
from
14%
20%
from
26%
19%
from
18%
Volume¹
764m
10%
418m
10%
81m
15%
316m
2%
$22
$20
$133$143

20
Acronyms and Definitions
Glossary
AMF
Anhydrous Milk Fat
BMP
Butter Milk Powder
Base Price
Prices used by Fonterra’s sales team as referenced
against GDT prices and other relevant benchmarks
DIRA
Dairy Industry Restructuring Act 2001 (New Zealand)
GDT
Global Dairy Trade, the online provider of the twice
monthly global auctions of dairy ingredients
Gearing Ratio
Economic net interest-bearing debt divided by
economic net interest-bearing debt plus equity
excluding cash-flow hedge reserves
Farmgate Milk Price
The price for milk supplied in New Zealand to
Fonterraby farmer shareholders
Fluid and Fresh Dairy
The Fonterra grouping of skim milk, whole milk and
cream –pasteurised or UHT processed, concentrated
milk products andyoghurt
kgMS
Kilogram of milk solids, the measure of the amount of
fat and protein in the milk supplied to Fonterra
LME (Liquid Milk Equivalent)
A standard measure of the amount of milk (in litres)
allocated to each product based on the amount of fat
and protein in the product relative to the amount of fat
and protein in standardised raw milk
Non-Reference Products
All dairy products, except for Reference, produced by
the NZ Ingredients business
Price Achievement
Revenue achieved over the base price less incremental
supply chain costs above those set out in the Milk
Pricemodel
Reference Products
The dairy products used in the calculation of the
Farmgate Milk Price, which are currently WMP, SMP,
BMP, butter and AMF
Regulated Return
The earnings component of Milk Price generated from
a WACC return on an assumed asset base
Season
New Zealand: A period of 12 months to 31 May in
eachyear
Australia: A period of 12 months to 30 June in
eachyear
SMP
Skim Milk Powder
Stream Returns
The gross margin differential between Non-Reference
Product streams and the WMP stream (based on
baseprices)
WACC
Weighted Average Cost of Capital
WMP
Whole Milk Powder

21
Glossary
Fonterra Strategic Platforms
Ingredients
The Ingredients platform comprises bulk and specialty dairy products such as milk powders, dairy fats, cheese and proteins manufactured in New Zealand, Australia,
Europe and Latin America, or sourced through our global network, and sold to food producers and distributors in over 140 countries. It also includes Fonterra
FarmSource™ retail stores.
Consumer
The Consumer platform comprises branded consumer products, such as powders, yoghurts, milk, butter, and cheese. Base productsare sourced from the ingredients
business and manufactured into higher-value consumer dairy products.
Foodservice
The Foodservice platform comprises a range of branded products and solutions for commercial kitchens, including bakery butter, culinary creams, and cheeses.
China Farms
The China Farms platform comprises the farming operations in China, which produce high-quality fresh milk for the Chinese market.