Synlait Publishes Half Year 2023 Result

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HALF YEAR RESULT
CHAIR AND CEO REVIEW
For the six months ended
31 January 2023

`
RESULTS AT A GLANCE
All comparisons are to H1 22:
¹ Refer to slide 5 of the Half Year Results Investor Presentation for reconciliation of adjusted NPAT and EBITDA.
² Based on cash outflow.
3%
REPORTED REVENUE
$
769.8M
32%
NET DEBT
$
518.6M
18%
REPORTED GROSS PROFIT
$
81.7M
$241.9M
OPERATING CASH FLOW
(
$
124.7M)
27%
CAPITAL EXPENDITURE
2
$
33.5M
$23.1M
N PAT
$
4.8M
$6.8M
ADJUSTED NPAT
1
$
8.9M
$16.9M
EBITDA
$
51.5M
$3.1M
ADJUSTED EBITDA
1
$
55.0M
11%
FORECAST BASE MILK PRICE FOR 2022/2023 SEASON
$
8.50kgMS
PAGE 02 SYNLAIT MILK HALF YEAR RESULT CHAIR AND CEO REVIEW

MESSAGE FROM OUR CHAIR
Purpose mixed with passion
I am a strong believer in purpose.
Synlait’s purpose, Doing Milk Differently
For A Healthier World, runs deep
within our people, and I want to start
by acknowledging their work. As I
look around our organisation, I am
impressed. I see a team who have a
desire to see Synlait make a positive
difference and are proud of the part
they play in our progress.
Our two year recovery has become
three years. The recovery has not
been easy, but the groundwork has
been laid for the next stage of our
journey. The Board appreciates the
effort and change for what we needed
to achieve. Without our team’s passion
and commitment, we could not have
reset our business and invested in a
future which will create a more resilient
Synlait.
Plans
The building blocks to create a truly
successful Synlait have been put in
place over the past 18 months.
For example, we are:
• Ready to onboard our new
multinational customer at Synlait
Pokeno;
• Progressing with securing The
a2 Milk Company’s China label
registration;
• Starting to leverage the significant
investment in our world class
enterprise resource planning
system, SAP; and
• Building a presence in China’s
Foodservice industry with the
JOYHANA branded UHT cream.
These significant pieces of work set us
up for an exciting future of diversified
growth for a stronger Synlait.
As Synlait’s new Chair, I believe a
key role of the Board is to ensure our
strategy remains fit for purpose. Our
operating environment is challenging
and intensified by extreme weather
events, geopolitical tensions, pricing
pressures and talent scarcity. With this
as our backdrop, we need to keep our
eyes forward and support Grant and his
team to encourage new and different
ways of thinking. Upweighting the
strategy function within Synlait will help
us explore trends and test new ideas
that could shape our organisation and
industry going forward. We must also
harness the passion of our people and
use it to further build a culture focused
on performance.
Partnerships
Finally, Cyclone Gabrielle and recent
flooding events have been very
challenging for our North Island farmer
suppliers and painfully difficult for
communities beyond our geographical
catchment of milk supply. We have
been extremely fortunate to collect all
milk during these challenging times.
Simon Robertson
Chair
Our farmers and team have worked
together to maintain supply while
supporting everyone’s wellbeing,
including our animals. The strength of
community and partnerships in such
situations stands out for me.
It is my first time writing to you as Chair
of Synlait. I have known many of you as
a Director, and I hope you can sense
my passion for our organisation. I am
excited and energised by what comes
next for Synlait. Thank you for your
ongoing support and appreciation for
our journey.
Regards
Simon Robertson
Chair
SYNLAIT MILK HALF YEAR RESULT CHAIR AND CEO REVIEW PAGE 03

OUR TWO-YEAR RECOVERY
BECOMES THREE YEARS
Our Synlait strategy has become
more focused, and tactically we are
delivering better quality execution.
We have aligned our organisational
structure to our refreshed strategy,
and capability and accountability are
lifting. While underlying momentum is
increasing, our full financial recovery
will take longer than expected. A two-
year recovery has become three years.
I want to acknowledge the tremendous
efforts and determination of our team.
We have navigated Advanced Nutrition
demand and production changes,
operational stability challenges, and
implemented SAP, as we continue
laying the foundations for the next
phase of Synlait’s growth.
Adapting to a new way of working –
implementing and stabilising SAP
As indicated in December 2022,
implementing our new enterprise
resource platform, SAP, was an
immediate challenge for Synlait as we
entered FY 23. Our first half result is
heavily impacted by the disruptions
caused by implementing this system
on 1 August 2022, which significantly
impacted our ability to release and ship
products to customers during the first
half of the financial year.
While the implementation period
required our teams to adapt to a
new way of working, the increased
rigour and accountability that SAP
brings will improve our efficiency,
customer experience and regulatory
compliance, enabling us to make better
decisions. Once fully embedded, SAP’s
streamlined workflows and automated
processes will outweigh the short-term
disruptions. Investing in the appropriate
resource to support our people to adapt
to a new way of working was critical to
ensuring business continuity.
Delayed shipments of Ingredients
resulted in lower sales volumes (down
48%) in the first four months of
Grant Watson
CEO
MESSAGE FROM OUR CEO
FY 23, significantly impacting first half
profitability. On a positive note, our
Ingredients business export run rate
returned to near-normal levels in
late Q2 FY 23, demonstrating
progress made. Furthermore, our sales
contracting margins have benefitted
significantly from following the skim
milk powder/AMF lead bucket.
Implementing SAP was the right
decision. However, our readiness was
not where we needed it to be. We are
no longer a start-up, but rather a global
multi-site business that manufactures
and exports products to more than
50 countries. We invested in SAP
to strengthen Synlait for our future
growth. Despite these stabilisation
challenges, the system provides the
foundations to do this.
Operational stability and cost
challenges
It has been three years since New
Zealand reported its first COVID-19
cases. While our health response
has normalised, a challenging
trading environment continues, with
the pandemic a catalyst to several
macroeconomic factors that continue
to impact the stability of our daily
operations.
A range of challenges, several driven
by COVID-19, have created impacts
across Synlait, including a reduction
in milk processed, raw material
supply challenges, CO
2
shortages,
a tight labour market and extreme
weather events. This is on top of high
inflationary cost pressures across every
part of our business.
There are no signs of these challenges
abating, and we are constantly
reviewing how this impacts our
broader set of Synlait stakeholders,
particularly at the farm gate. Since our
last result, we have revised our farm
gate milk price forecast twice due to
subdued global economic activity and
a slower-than-expected recovery of
Chinese demand following COVID-19.
SYNLAIT MILK HALF YEAR RESULT CHAIR AND CEO REVIEW PAGE 04

These actions will help ensure we
maintain and grow our milk supply.
We have always had a clear milk
recruitment strategy that leverages
our purpose, Doing Milk Differently
For A Healthier World. No matter how
competitive the raw milk environment
becomes, these actions will further
strengthen Synlait’s position.
Financial guidance
Updating shareholders on Synlait’s
expected FY 23 performance so close
to our half year result reinforces the
challenging period we are operating
in. The net profit after tax (NPAT)
guidance range of $15 million to $25
million is driven by a reduction or delay
in advanced nutrition demand and
production, operational instability, and
ERP implementation challenges. It is
clear that our two year recovery will
take three years.
I am however very encouraged by the
performance of our Ingredients and
Consumer businesses and the growth
opportunities in our Foodservice
business. While our full financial
recovery will take longer than planned,
momentum is building. Our leadership
team are committed to stabilising
We are conscious this is unwelcome
news for our farmer suppliers, who
are experiencing significant on-farm
inflationary pressures, including feed,
fertiliser, labour, and interest costs.
Climate and on-farm resilience
In addition to the above cost
challenges, our North Island farmer
suppliers and team members
experienced harsh weather conditions
in early 2023. Extreme weather events
and inflationary pressures on-farm
reinforce our decision to elevate milk
supply to the Executive Leadership
Team with the appointment of Charles
Fergusson as Director of On-Farm
Excellence & Business Sustainability.
The Synlait Farmer Leadership Team
was also established and has met
several times. These eight farmers are a
conduit between Synlait and our farmer
supplier base. The team provides
feedback and direction on Synlait’s
strategic choices and prioritisation of
tactics. Constructive challenge and
healthy tension will always be welcome
around this table. Synlait and our farmer
supplier base will collectively become
stronger through leveraging this team.
Synlait to ensure we have strong
foundations to deliver sustainable,
profitable, and diversified growth
across all the channels, categories, and
geographies we operate in.
Closing comments
At the heart of Synlait lies a deep
commitment to health, safety and
wellbeing of our people. In November,
we launched Synlait Safe, our internal
commitment to protecting our people.
Nothing we do at work is worth getting
hurt for, and Synlait Safe changes how
we think, talk, and action safety. It has
already achieved a significant step
change, with a 17% reduction in our
Total Recordable Injury Frequency Rate
since the campaign began.
I am thankful for our team’s unwavering
commitment to driving Synlait forward.
Amidst a challenging landscape
of cultural transformation, financial
pressures, and macro forces, our
people’s ability to manage competing
priorities is making a real difference.
Synlait Safe will ensure we never lose
sight of our most valuable asset: our
people. After all, it is our people who
make Synlait what it is – and who hold
the key to our success.
To our shareholders, thank you for
your loyal support. Our full financial
recovery is slower than planned. The
focus remains on paying down debt
and delivering sustainable, profitable
diversified growth. We have yet to
deliver on this, but our turnaround
journey continues with great passion
and hard work.
Ngā mihi

Grant Watson
CEO
SYNLAIT MILK HALF YEAR RESULT CHAIR AND CEO REVIEW PAGE 05

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CONDENSED INTERIM
FINANCIAL STATEMENTS
For the six months ended
31 January 2023

Directors’ responsibility statement 03
Condensed interim financial statements 04
Income statement 04
Statement of comprehensive income 05
Statement of changes in equity 06
Statement of financial position 07
Statement of cash flows 08
Notes to the condensed interim financial statements 09
01 Reporting entity 09
02 Basis of preparation of interim financial report 10
03 Segment reporting 13
04 Other Income 15
05 Expenses 16
06 Reconciliation of profit after income tax to
net cash outflow from operating activities 17
07 Trade and other receivables 17
08 Inventories 18
09 Property, plant and equipment 19
10 Intangible assets 19
11 Loans and borrowings 19
12 Share capital 20
13 Related party transactions 21
14 Contingencies 22
15 Commitments 22
16 Events occurring after the reporting period 23
Interim review report 25
CONTENTS
CONDENSED INTERIM FINANCIAL STATEMENTS 2023

The Directors are pleased to present the condensed interim financial statements for Synlait Milk Limited and its subsidiaries,
Synlait Milk Finance Limited, The New Zealand Dairy Company Limited, Eighty Nine Richard Pearse Drive Limited, Synlait
Business Consulting (Shanghai) Limited, Dairyworks Limited, Synlait Milk (Holdings) No. 1 Limited, and Synlait Milk (Dunsandel
Farms) Limited (together “the Group”) as set out on pages 3 to 23 for the six months ended 31 January 2023.
The Directors are responsible for ensuring that the condensed interim financial statements present fairly the financial position
of the Group as at 31 January 2023 and the financial performance and cash flows for the six months ended on that date.
The Directors consider that the condensed interim financial statements of the Group have been prepared using appropriate
accounting policies, consistently applied and supported by reasonable judgements and estimates and that all relevant
financial reporting and accounting standards have been followed.
The Directors believe that proper accounting records have been kept which enable, with reasonable accuracy, the
determination of the financial position of the Group and facilitate compliance of the condensed interim financial statements
with the Financial Markets Conduct Act 2013.
For and on behalf of the Board.
Simon Robertson
Chair
27 March 2023
Paul Washer
Independent Director
27 March 2023
DIRECTORS’ RESPONSIBILITY STATEMENT
Period endedPeriod endedYear ended
31 January 202331 January 202231 July 2022
UnauditedUnauditedAudited
Notes$’000$’000$’000
Revenue769,828790,5911,660,601
Cost of sales5(688,108)(721,502)(1,513,827)
Gross profit81,72069,089146,774
Other income44,66915,42620,306
Sales and distribution expenses5(22,368)(18,144)(39,423)
Administrative and operating expenses5(35,634)(23,328)(49,534)
One-off ERP implementation costs5(5,877)(1,635)(3,295)
Impairment of Temuka cheese plant assets--(12,231)
Earnings before net finance costs and income tax22,51041,40862,597
Finance expenses(14,476)(9,876)(18,730)
Finance income137109170
Loss on derecognition of financial assets(2,066)(567)(2,427)
Net finance costs(16,405)(10,334)(20,987)
Profit before income tax6,10531,07441,610
Income tax expense(1,292)(3,169)(3,087)
Net profit after tax for the period4,81327,90538,523
Earnings per share
Basic earnings per share (cents)2.2012.7717.62
Diluted earnings per share (cents)2.1912.7417.58
INCOME STATEMENT
For the six months ended 31 January 2023
The accompanying notes form part of and are to be read in conjunction with these 0nancial statements.
CONDENSED INTERIM FINANCIAL STATEMENTS 2023PAGE 03 & 04

The accompanying notes form part of and are to be read in conjunction with these financial statements.
Period endedPeriod endedYear ended
31 January 202331 January 202231 July 2022
UnauditedUnauditedAudited
$’000$’000$’000
Profit for the period4,81327,90538,523
Other comprehensive income
Items that may be reclassified subsequently to profit and loss
Effective portion of changes in fair value of cash flow hedges86,594(65,389)(79,701)
Net change in fair value of cash flow hedges transferred to profit and loss(924)--
Exchange differences on translation of foreign operations(7)2724
Income tax on other comprehensive income(24,246)18,30922,316
Total items that may be reclassified subsequently to profit and loss61,417(47,053)(57,361)
Other comprehensive income/(deficit) for the period, net of tax61,417(47,053)(57,361)
Total comprehensive income/(deficit) for the period66,230(19,148)(18,838)
STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 31 January 2023
Share
capital
Employee
benefits
reserve
Cash flow
hedge
reserve
Foreign
currency
translation
reserve
Retained
earnings
Total
equity
Notes$’000$’000$’000$’000$’000$’000
Equity as at 1 August 2021 (Audited)464,7746988,089(2)293,555767,114
Profit for the period----27,90527,905
Other comprehensive income
Effective portion of changes in fair value of cash flow hedges--(65,389)--(65,389)
Exchange differences on translation of foreign operations---27-27
Income tax on other comprehensive income--18,309--18,309
Total other comprehensive income--(47,080)27-(47,053)
Total comprehensive income--(47,080)2727,905(19,148)
Employee benefits reserve-(2)---(2)
Equity as at 31 January 2022 (Unaudited)464,774696(38,991)25321,460747,964
Equity as at 1 August 2022 (Audited)464,774818(49,296)22332,078748,396
Profit for the period----4,8134,813
Other comprehensive income
Effective portion of changes in fair value of cash flow hedges--86,594--86,594
Exchange differences on translation of foreign operations---(7)-(7)
Net change in fair value of cash flow hedges transferred
to profit and loss
--(924)--(924)
Income tax on other comprehensive income--(24,246)--(24,246)
Total other comprehensive income--61,424(7)-61,417
Total comprehensive income--61,424(7)4,81366,230
Employee benefits reserve-156---156
Equity as at 31 January 2023 (Unaudited)464,77497412,12815336,891814,782
STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 January 2023
PAGE 05 & 06
The accompanying notes form part of and are to be read in conjunction with these 0nancial statements.
CONDENSED INTERIM FINANCIAL STATEMENTS 2023

The accompanying notes form part of and are to be read in conjunction with these financial statements.
STATEMENT OF FINANCIAL POSITION
As at 31 January 2023
STATEMENT OF CASH FLOWS
For the six months ended 31 January 2023
31 January 202331 January 202231 July 2022
UnauditedUnauditedAudited
Notes$’000$’000$’000
ASSETS
Cash and cash equivalents12,42440,63914,493
Trade and other receivables7139,916106,20991,096
Intangible assets103,6075,0932,692
Goods and services tax refundable14,98510,6935,649
Prepayments8,0227,12316,638
Inventories8467,747335,609232,941
Derivative financial instruments27,2862,7806,530
Current tax receivables4,3501,736554
Total current assets678,337509,882370,593
Non-current assets
Property, plant and equipment91,017,4041,018,1811,015,860
Intangible assets1091,44276,94994,467
Goodwill64,18964,18964,189
Other investments360110110
Derivative financial instruments20,776-1,661
Biological assets3,857-3,892
Right-of-use assets22,90818,41925,205
Total non-current assets1,220,9361,177,8481,205,384
Total assets1,899,2731,687,7301,575,977
LIABILITIES
Trade and other payables422,982383,985323,123
Loans and borrowings11350,65291,85358,885
Derivative financial instruments27,94638,61855,941
Lease liabilities4,4353,7094,301
Total current liabilities806,015518,165442,250
Non-current liabilities
Loans and borrowings11178,653338,144295,592
Derivative financial instruments2,39018,29920,573
Deferred tax liabilities72,32044,21641,866
Lease liabilities22,67618,43924,750
Other non-current liabilities2,4372,5032,550
Total non-current liabilities278,476421,601385,331
Total liabilities1,084,491939,766827,581
Net assets814,782747,964748,396
Equity
Share capital12464,774464,774464,774
Reserves13,117(38,270)(48,456)
Retained earnings336,891321,460332,078
Total equity attributable to equity holders of the Group814,782747,964748,396
Total equity and liabilities1,899,2731,687,7301,575,977
Period endedPeriod endedYear ended
31 January 202331 January 202231 July 2022
UnauditedUnauditedAudited
Notes$’000$’000$’000
Cash flows from operating activities
Cash receipts from customers720,009810,3271,711,573
Cash paid for milk purchased(425,685)(390,154)(804,665)
Cash paid to other creditors and employees(411,174)(296,780)(675,834)
Net movement in goods and services tax(9,336)(6,232)(1,188)
Income tax refunds1,527893,034
Net cash (outflow)/inflow from operating activities6(124,659)117,250232,920
Cash flows from investing activities
Interest received137109170
Acquisition of property, plant and equipment(27,467)(25,896)(53,855)
Proceeds from sale of property, plant and equipment13730,17830,467
Acquisition of intangible assets(5,695)(20,110)(39,053)
Proceeds from sale of intangible assets2,174--
Acquisition of biological assets(75)-(3,350)
Acquisition of investment(250)--
Net cash outflow from investing activities(31,039)(15,719)(65,621)
Cash flows from financing activities
Receipt/(repayment) of borrowings1149,167(39,420)(82,500)
Net movement in working capital facility11125,424(23,570)(56,537)
Interest paid(18,863)(12,524)(26,051)
Repayment of lease liabilities(2,094)(1,919)(4,079)
Net cash inflow/(outflow) from financing activities153,634(77,433)(169,167)
Net (decrease)/increase in cash and cash equivalents(2,064)24,098(1,868)
Cash and cash equivalents at the beginning of the period14,49316,02016,020
Effects of exchange rate changes on cash and cash equivalents(5)521341
Cash and cash equivalents at end of the period12,42440,63914,493
PAGE 07 & 08
The accompanying notes form part of and are to be read in conjunction with these financial statements.
CONDENSED INTERIM FINANCIAL STATEMENTS 2023

The condensed interim financial statements presented consolidate the financial results of the Group, including Synlait Milk
Limited and its subsidiaries Synlait Milk Finance Limited, The New Zealand Dairy Company Limited, Eighty Nine Richard
Pearse Drive Limited, Synlait Business Consulting (Shanghai) Limited, Dairyworks Limited, Synlait Milk (Holdings) No. 1
Limited, and Synlait Milk (Dunsandel Farms) Limited.
Synlait Milk Limited is primarily involved in the manufacture and sale of dairy products.
The parent company, Synlait Milk Limited, is a profit-oriented entity, domiciled in New Zealand, registered under the
Companies Act 1993 and listed on the New Zealand Stock Exchange and the Australian Securities Exchange. Synlait Milk
Limited is a FMC reporting entity under the Financial Market Conducts Act 2013 and its financial statements comply with
that Act.
The condensed interim financial statements have been prepared in accordance with Generally Accepted Accounting
Practice (NZ GAAP) as appropriate for interim financial statements. They comply with International Accounting Standard
34 (IAS 34) and New Zealand equivalent to International Accounting Standard 34 (NZ IAS 34) Interim Financial Reporting
and other applicable financial reporting standards appropriate for profit oriented entities.
These interim financial statements should be read in conjunction with the Group’s financial statements for the period
ended 31 July 2022.
Synlait Milk Limited is subject to seasonal fluctuations which have an impact on both revenue and production levels.
These occur due to changes in product mix decisions from fluctuations in customer demand and in response to the
unpredictable nature of milk supply as climatic conditions influence milk supply across the North Island and South Island
of New Zealand.
Items included in the interim financial statements of the Group are measured using the currency of the primary economic
environment in which each entity operates (‘the functional currency’). The financial statements are presented in New
Zealand Dollars ($), which is the functional currency of the parent and are rounded to the nearest thousand ($’000).
Going concern
In preparing these financial statements, the Directors have assessed the Group’s ability to continue as a going concern.
In making this assessment, the Directors have considered the level of debt and facilities the Group had available at 31
January 2023 and the Group’s forecast financial results and cashflows from the 12 months subsequent to the date of issue
of these financial statements.
The Group’s current liabilities exceed its current assets by $127.7m as a result of the revolving credit and working
capital facilities being classified as current liabilities at 31 January 2023. The Directors are confident that the facilities,
which expire on 1 October 2023, will be renewed in July 2023. This expectation is based on year-to date and forecast
compliance with banking covenants, longstanding and continued support from the Group’s banking syndicate, positive
initial renewal strategy discussions with the banking syndicate, and a high degree of confidence in the successful renewal
of the SAMR license.
While the future is always uncertain, the Directors consider that the Group is a going concern.
New accounting standards, interpretations, and amendments adopted during the period
NZ IAS 37 - Cost of Fulfilling a Contract
On 14 May 2020, the IASB issued amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets.
NZ IAS 37 requires that a provision be taken for the costs of fulfilling a contract. The amendments clarify that the costs of
fulfilling a contract comprise both incremental costs (e.g. direct labour and materials) and an allocation of other direct costs
(e.g. an allocation of the depreciation charge for an item of property, plant, and equipment used in fulfilling the contract).
These amendments were effective for the Group from 1 August 2022 and have not had a significant impact on the Group’s
financial statements (onerous contracts provision) as the Group does not incur significant incremental or other direct cost
to fulfil a contract past the point of converting raw materials and work-in-process inventory into finished goods.
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
For the six months ended 31 January 2023
01. REPORTING ENTITY
02. BASIS OF PREPARATION OF INTERIM FINANCIAL REPORT
PAGE 09 & 10CONDENSED INTERIM FINANCIAL STATEMENTS 2023

New accounting standards, interpretations, and amendments not yet adopted
NZ CS 1, CS 2, CS 3 - Climate related disclosures
In December 2022, The External Reporting Board (‘XRB’) of New Zealand issued Aotearoa New Zealand Climate
Standards, a new climate-related disclosure framework. Three new standards have been issued: NZ CS 1 Climate-
related Disclosures, NZ CS 2 Adoption of Climate-related Disclosures, and NZ CS 3 General Requirements for Climate-
related Disclosures. The guidance is aligned to the International Task Force on Climate-related Disclosures (‘TCFD’)
disclosure framework which focuses on governance, strategy, risk management, and metrics and targets.
The Group is currently undertaking a project to build on and leverage its existing sustainability reporting framework in
preparation for the release of its first climate statement under these new standards. This is expected to be issued by the
Group as at 31 July 2024, with mandatory assurance required on the greenhouse gas emissions amounts reported in
the climate statements beginning in 2025.
There are no other standards that are not yet effective and expected to have a material impact on the Group in the
current or future reporting periods and on foreseeable future transactions.
Certain comparatives have been restated to conform to changes in current year presentation which have arisen as a
result of the Group’s recent implementation of its SAP ERP (Enterprise Resource Planning) system.
Material events and other significant items during the period
SAP ERP system implementation
Delayed release of ingredient products due to complications which arose after Synlait’s new SAP ERP system went live
on 1 August 2022 resulted in significantly reduced sales volumes.
In December 2022, after significant remedial work, monthly ingredient export volumes returned to near normal levels
and the backlog of orders is now expected to clear by the end of the 2023 fiscal year. The delayed sales have resulted in
lower profit and operating cashflows and higher net debt and interest costs.
As a result of the temporary and unanticipated significant increase in net debt levels brought on by the delays,
the Group’s working capital facility was temporarily increased. Refer to note 11 for further information on loans and
borrowings.
China market access
On 21 February 2023 the Group’s State Administration for Market Regulation (SAMR) registration, which allows it the
ability to manufacturer The a2 Milk Company’s Chinese labelled 至初® Infant Formula expired.
SAMR re-registration is required under China’s new food safety legislation and requirements. The re-registration process
continues to progress through the final stages. Synlait is on track for re-registration and commencement of production in
Q4 FY 23.
Climate Risk
The Group’s operations are likely to be impacted by future climate change. These impacts may be physical (e.g. severe
or unusual weather patterns and events) or transitional (e.g. changes to government regulations or customer and
supplier needs and demands). The Group regularly assesses its operating environment with regard to the impact of
climate change.
Specific consideration has been given in these financial statements to the impact of future climate change on the useful
lives of the Group’s property, plant, and equipment, impairment of intangible assets (NZUs), and carrying value of loans
and borrowings (ESG linked loans). No significant impacts were noted during the period. Refer to note 16 for additional
information relating to the Cyclone Gabrielle extreme weather event which occurred subsequent to 31 January 2023.
Milk price accrual
At interim reporting date, the milk price accrual is a key management estimate. The milk price accrual represents the
amount the Group is forecasting to pay its suppliers for the current year less advance payments made during the
period.
The Group’s policy is to value its inventory using the weighted average monthly milk price based on the Group’s
forecast annual milk price for the season. Managements’ forecast of the milk price for the season is the basis of
the calculation of the milk price accrual and at interim reporting date requires judgement from management. Key
assumptions in the calculation of the forecast annual milk price for the season include dairy commodity prices, on-farm
milk composition, sales and production curves, annual foreign exchange conversion rate and other conversion costs.
02. BASIS OF PREPARATION OF INTERIM FINANCIAL REPORT
(CONTINUED)
PAGE 11 & 12CONDENSED INTERIM FINANCIAL STATEMENTS 2023

31 January 202231 January 202231 January 202231 January 2022
UnauditedUnauditedUnauditedUnaudited
$’000$’000$’000$’000
SynlaitDairyworksEliminationsTotal
Finance income1054-109
Finance expense(8,322)(1,554)-(9,876)
Depreciation and amortisation(24,140)(2,893)-(27,033)
Income tax (expense)/benefit(2,669)(500)-(3,169)
Total assets1,495,742191,988-1,687,730
Total liabilities(848,392)(91,374)-(939,766)
Total net assets647,350100,614-747,964
31 July 202231 July 202231 July 202231 July 2022
AuditedAuditedAuditedAudited
$’000$’000$’000$’000
SynlaitDairyworksEliminationsTotal
Finance income15911-170
Finance expense(15,852)(2,878)-(18,730)
Depreciation and amortisation(48,203)(6,038)-(54,241)
Impairment of Temuka cheese plant assets-(12,231)-(12,231)
Income tax (expense)/benefit(4,386)1,299-(3,087)
Total assets1,401,915174,062-1,575,977
Total liabilities(784,057)(43,524)-(827,581)
Total net assets617,858130,538-748,396
(a) Reportable segments
The Group identifies the following segments:
• Synlait: manufacture and sale of liquid milk and milk powder based products (nutritionals, ingredients, fresh milk,
and ultra heat treatment (‘UHT’) milk products).
• Dairyworks: manufacture and sale of cheese and other products (cheese, butter)
The accounting policies of the Group have been consistently applied to the operating segments. Net Profit After Tax
(‘NPAT’) is the measure reported to the chief operating decision-maker (the “Board”) for the purposes of resource
allocation and assessment of performance for the Group. A consistent measure has been used for the purpose of
reporting the performance of each operating segment. Inter-segment pricing is determined on an arm’s length basis.
(b) Description of segments
The following is an analysis of the Group’s revenue and results by reportable segment:
03. SEGMENT REPORTING
31 January 202331 January 202331 January 202331 January 2023
UnauditedUnauditedUnauditedUnaudited
$’000$’000$’000$’000
SynlaitDairyworksEliminationsTotal
External revenue631,224138,604-769,828
Inter-segment revenue from sale of goods1,105-(1,105)-
Revenue from sale of goods632,329138,604(1,105)769,828
Net profit after tax for the period1,3993,414-4,813
31 January 202331 January 202331 January 202331 January 2023
UnauditedUnauditedUnauditedUnaudited
$’000$’000$’000$’000
SynlaitDairyworksEliminationsTotal
Finance income12215-137
Finance expense(13,263)(1,213)-(14,476)
Depreciation and amortisation(26,452)(2,538)-(28,990)
Income tax benefit/(expense)41(1,333)-(1,292)
Total assets1,714,910184,363-1,899,273
Total liabilities(1,001,077)(83,414)-(1,084,491)
Total net assets713,833100,949-814,782
The following is an analysis of other financial information by reportable segment:
31 January 202231 January 202231 January 202231 January 2022
UnauditedUnauditedUnauditedUnaudited
$’000$’000$’000$’000
SynlaitDairyworksEliminationsTotal
External revenue663,756126,835-790,591
Inter-segment revenue from sale of goods445-(445)-
Revenue from sale of goods664,201126,835(445)790,591
Net profit after tax for the period26,7831,122-27,905
31 July 202231 July 202231 July 202231 July 2022
AuditedAuditedAuditedAudited
$’000$’000$’000$’000
SynlaitDairyworksEliminationsTotal
External revenue1,397,012263,589-1,660,601
Inter-segment revenue from sale of goods1,310-(1,310)-
Revenue from sale of goods1,398,322263,589(1,310)1,660,601
Net profit/(loss) after tax for the period40,373(1,850)-38,523
PAGE 13 & 14CONDENSED INTERIM FINANCIAL STATEMENTS 2023

(c) Geographical revenue
The Group operates in one principal geographical area being New Zealand. Although the Group sells to many different
countries, it is understood that a significant portion of both infant nutritional and ingredients sales are ultimately
consumed in China.
The proportion of sales revenue by geographical area is summarised below:
All Group non-current assets are located in New Zealand, other than $0.2m (31 January 2022: $0.5m, 31 July 2022:
$0.3m) located in China.
(d) Other profit and loss disclosures
Revenues of approximately 44% (31 January 2022: 39%, 31 July 2022: 40%) are derived from the top three external
customers.
03. SEGMENT REPORTING (CONTINUED)
04. OTHER INCOME
05. EXPENSES
Period endedPeriod endedYear ended
31 January 202331 January 202231 July 2022
UnauditedUnauditedAudited
China12%20%12%
Rest of Asia16%24%27%
Middle East and Africa1%5%3%
New Zealand63%41%48%
Australia6%9%7%
Rest of World2%1%3%
Total100%100%100%
Period endedPeriod endedYear ended
31 January 202331 January 202231 July 2022
UnauditedUnauditedAudited
Notes$’000$’000$’000
The following items of expenditure are included in cost of sales:
Depreciation and amortisation21,47923,44046,892
Employee and contractor costs46,41838,25478,271
Export freight7,1887,46214,341
Increase/(decrease) in inventory provision86,512(6,164)(2,118)
Increase/(decrease) in onerous contracts provision81,204448(2,101)
The following items of expenditure are included in sales and distribution:
Depreciation and amortisation2,8991,8263,867
Distribution3,0432,0915,238
Employee and contractor costs10,0978,44516,924
Sales and marketing1,8321,8944,048
The following items of expenditure are included in administrative and
operating:
Consultancy2,3751,4973,148
Depreciation and amortisation4,6121,7673,482
Directors’ fees and related costs413414837
Employee and contractor costs18,32313,67728,441
Information services and subscriptions5,7354,1558,668
Share based payments expense108(2)115
The following items of expenditure are included in one-off ERP costs:
Consultancy3,9251121,108
Employee and contractor costs526374829
Information services and subscriptions1,4261,1411,327
The decrease in other income is due to an $11.9m gain on sale and leaseback included in the comparative period which
arose on the sale and leaseback of the Group’s Auckland land and building located at 89 Richard Pearse Drive.
PAGE 15 & 16CONDENSED INTERIM FINANCIAL STATEMENTS 2023

06. RECONCILIATION OF PROFIT AFTER INCOME TAX
TO NET CASH INFLOW FROM OPERATING ACTIVITIES
08. INVENTORIES
07. TRADE AND OTHER RECEIVABLES
Period endedPeriod endedYear ended
31 January 202331 January 202231 July 2022
UnauditedUnauditedAudited
$’000$’000$’000
Profit for the period4,81327,90538,523
Non-cash and non-operating items:
Depreciation and amortisation of non-current assets26,70425,09850,030
Depreciation of right-of-use assets2,2861,9354,211
Loss/(gain) on sale of property, plant and equipment46(12,005)(11,699)
Loss on livestock sales69--
Impairment of property, plant and equipment and intangible assets--12,231
Gain on sale of New Zealand Units(1,436)--
New Zealand Units surrendered1,177-2,407
Non-cash share based payments expense156(2)120
Interest costs classified as financing cash flow14,4769,87618,730
Interest received classified as investing cash flow(137)(109)(170)
Loss on derecognition of financial assets2,0665672,427
Deferred tax6,5673,0914,749
(Gain)/loss on derivative financial instruments(739)14418
Unrealised foreign exchange loss/(gain)5(521)(341)
Gain on revaluation of biological assets(53)-(558)
Movements in working capital:
(Increase)/decrease in trade and other receivables(48,822)2,17017,284
Decrease/(increase) in prepayments8,6167,174(2,341)
(Increase)/decrease in inventories(234,806)(64,666)38,003
(Increase)/decrease in goods and services tax refundable(9,336)(6,232)1,312
Decrease in other current assets-2,500-
Increase in trade and other payables107,485120,31856,795
(Increase)/decrease in current tax asset(3,796)71,189
Net cash (outflow)/inflow from operating activities(124,659)117,250232,920
Period endedPeriod endedYear ended
31 January 202331 January 202231 July 2022
UnauditedUnauditedAudited
$’000$’000$’000
Raw materials at costs132,07482,13994,777
Raw materials at net realisable value1,722253997
Work in progress at cost55,90649,31256,541
Work in progress at net realisable value559236195
Finished goods at cost243,199157,91375,965
Finished goods at net realisable value34,28745,7564,466
Total inventories467,747335,609232,941
The Group has derecognised trade receivables that have been sold pursuant to the terms of receivables purchase
agreements that the Group has entered into with its bankers. The Group has assessed the terms of the agreements and
has determined that substantially all the risks and rewards have been transferred to the respective banks.
Raw material inventories at $133.8m (21,548 MT) (31 January 2022: $82.4m, 15,159 MT; 31 July 2022: $95.8m, 17,738
MT) have substantially increased reflecting cost increases, higher volumes on hand to support increased manufacture
of Advanced Nutritionals base powders in the second half of the year, higher stocks to de-risk stockouts, timing
differences in bulk cheese procurement for maturation purposes, and a higher than normal amount of stock in transit
which met recognition criteria at 31 January 2023.
Work in progress inventories at $56.5m (7,727 MT) (31 January 2022: $49.5m, 6,451 MT; 31 July 2022: $56.7m, 7,934
MT) increased from the comparative period due to a higher volume of Advanced Nutritionals base powder stocks and a
higher cost and volume of maturation cheese.
Finished goods have increased half on half to $277.5m (47,220 MT) (31 January 2022: $203.7m 37,763 MT; 31 July
2022: $80.4m, 12,093 MT). The increase is due to higher holdings of ingredients inventories due to delayed shipments
resulting from ERP implementation issues and a stock build of consumer-packaged infant formula in preparation for the
21 February 2023 expiry of the SAMR license.
The cost of inventories recognised as an expense during the period was $653.6m (31 January 2022: $685.6m, 31 July
2022 $1,446.6m). The cost of inventories recognised as an expense includes $8.7m (31 January 2022: $5.2m; 31 July
2022: $7.0m) in respect of write downs of inventory to net realisable value.
The total inventory condition provision at reporting date was $12.7m, of which $5.0m related to finished goods, $1.5m
to work in progress, and $6.2m to raw materials (31 January 2022: $2.2m, $1.4m for finished goods, $0.4m for work in
progress, and $0.4m for raw materials; 31 July 2022: $6.2m, $2.2m for finished goods, $0.7m for work in progress, and
$3.3m for raw materials). The increase is the result of expired raw materials resulting from changes in customer demand
and its impact on planned product mix, and a higher-than-normal rate of production issues during commissioning trials
of new product.
In addition, the total onerous contracts provision as at reporting date was $1.2m (31 January 2022: $2.4m; 31 July 2022:
$nil). The decrease compared to the comparative period is due to the decreasing milk price.
PAGE 17 & 18CONDENSED INTERIM FINANCIAL STATEMENTS 2023

11. LOANS AND BORROWINGS
10. INTANGIBLE ASSETS
Interest bearing liabilities are recognised initially at fair value, net of transaction costs incurred. Interest bearing liabilities
are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the
redemption value is recognised in the profit and loss component of the consolidated statement of comprehensive
income over the period of the borrowings using the effective interest method.
During the six months ended 31 January 2023, $3.6m has been added to intangible work in progress relating primarily
to the SAP ERP implementation project. During this period, $60.1m of historical work in progress relating primarily to
the SAP ERP implementation project has been transferred to intangible assets. In addition, $1.2m of New Zealand Units
(NZUs) were surrendered during the period, and $0.7m of NZUs were sold.
The Group facilities include:
• A secured revolving credit facility (Facility A) of NZD $66.7m maturing 1 October 2023, with NZD $33.3m amortising
31 July 2023 and the remainder maturing on 1 October 2023.
• A secured revolving credit facility (Facility B) of NZD $50m maturing 1 October 2023.
• A secured revolving credit facility (Facility C) of NZD $50m maturing 1 October 2023.
• A secured working capital facility of NZD $250m maturing 1 October 2023 which included temporary increases to
NZD $300m from 20 October 2022, to NZD $330m from 21 December 2022, and then decreasing over 6 months
to NZD $250m from 30 June 2023. Facility limits were updated on 21 December 2022 in an amended agreement.
The Group is subject to capital requirements imposed by its bank through covenants agreed as part of the lending
facility arrangements. The Group met all externally imposed capital requirements for the six months ended
31 January 2023 and 31 January 2022 and the twelve months ended 31 July 2022.
The following summarises banking covenants effective for the year ending 31 July 2023:
1. Total shareholder funds of no less than NZD $600m at all times.
2. Working capital ratio of no less than 1.5x at all times.
3. Interest cover ratio of no less than 3.0x at all times.
4. Leverage ratio of no greater than 4.0x at 31 July 2023.
5. Senior leverage ratio of no greater than 3.0x at 31 July 2023.
Retail bonds
Borrowings under the retail bond programme are supported by a Master Trust Deed and supplemented by the Series
Supplement entered into between the Group and the New Zealand Guardian Trust Company Limited. The retail bonds
are unsecured and subordinated and mature on 17 December 2024. At 31 January 2023, the retail bond had a fair value
of NZD $169.9m (31 January 2022: NZD $175.2m, 31 July 2022: NZD $164.2m), based on NZX Debt Market valuation.
The bank loans and working capital facility within the Group are secured under the terms of the General Security Deed
dated 26 June 2013, by which all present and future property is secured to the ANZ Bank and Bank of New Zealand.
Period endedPeriod endedYear ended
31 January 202331 January 202231 July 2022
UnauditedUnauditedAudited
$’000$’000$’000
Current liabilities
Working capital facility (syndicated) NZD133,10121,800-
Working capital facility (syndicated) USD51,20870,05358,885
Revolving credit facility166,667--
Loan facility fees(324)--
350,65291,85358,885
Non-current liabilities
Revolving credit facility-160,580117,500
Loan facility fees-(413)(216)
Subordinated Bonds180,000180,000180,000
Bond facility fees(1,347)(2,023)(1,692)
178,653338,144295,592
Total loans and borrowings529,305429,997354,477
12. SHARE CAPITAL
The Group had 218,581,661 ordinary shares on issue as at 31 January 2023 (31 January 2022: 218,581,661, 31 July 2022:
218,581,661). There were no shares granted in the period (31 January 2022: nil, 31 July 2022: nil).
09. PROPERTY, PLANT AND EQUIPMENT
During the six months ended 31 January 2023, $23.6m has been added to capital work in progress relating primarily
to the Pokeno plant modification project. During this period, $5.5m of historical work in progress relating primarily to
routine capital expenditure has been transferred to fixed assets.
PAGE 19 & 20CONDENSED INTERIM FINANCIAL STATEMENTS 2023

13. RELATED PARTY TRANSACTIONS
Parent entity
Bright Dairy Holding Limited hold 39.01% of the shares issued by Synlait Milk Limited (31 January 2022: 39.01%; 31 July
2022: 39.01%). Bright Dairy Holding Limited is a subsidiary of Bright Food (Group) Co. Limited, a State-Owned Enterprise
domiciled in the Peoples Republic of China.
Other related entities
In June 2013, a subsidiary of Synlait Milk Limited, Synlait Milk Finance Limited, was incorporated to hold all banking
facilities for the Group and related interest rate swaps. Funds are loaned to Synlait Milk Limited and interest is charged
at market rates.
In January 2015, the Group acquired 25% of the shares of Sichuan New Hope Nutritionals, an infant formula company
registered in China. This company owns and markets the “Akara” and “E-Akara” infant formula brands in the Chinese
market, which are exclusively manufactured by Synlait Milk Limited. New Hope Innovation (Hong Kong) Trading
Company Limited is a related entity of Sichuan New Hope Nutritionals and is engaged in the import and export of dairy
foods. Main products include whole milk powder, skim milk powder and whey powder. The company is the Hong Kong
arm of the Chinese New Hope Dairy group, New Hope Dairy.
In May 2017, Synlait Milk Limited acquired 100% of the share capital of The New Zealand Dairy Company Limited and
Eighty Nine Richard Pearse Drive Limited. The New Zealand Dairy Company Limited was constructing a blending and
canning plant in Auckland, which was subsequently sold to Synlait Milk Limited and Eighty Nine Richard Pearse Drive
owned the land and buildings at which the blending and canning plant was being constructed. The land and building
were sold in October 2021. Both companies are now non-trading entities.
In May 2019, Synlait Business Consulting (Shanghai) Limited was incorporated. The wholly owned foreign entity started
operations from 1 August 2019 and the principal activity of the entity is to provide services to assist Synlait to market
products in China.
On 1 April 2020, the Group acquired 100% of the share capital in Dairyworks Limited. Dairyworks Limited specialises in
the processing, packaging, and marketing of dairy products, including cheese, butter, and milk powder.
On 3 August 2020, Synlait Milk (Holdings) No.1 Limited was incorporated for the purposes of holding newly acquired
land located adjacent to the Group’s Dunsandel operations. Synlait Milk (Holdings) No.1 Limited was previously known
as Synlait Milk (Dunsandel Farms) Limited.
On 25 May 2022, Synlait Milk (Dunsandel Farms) Limited was incorporated for the purposes of dairy farming operations
on land located adjacent to the Group’s Dunsandel operations.
Period endedPeriod endedYear ended
31 January 202331 January 202231 July 2022
UnauditedUnauditedAudited
$’000$’000$’000
Purchase of goods and services
Bright Dairy and Food Co Ltd - Directors fees222156311
New Hope Innovation (Hong Kong) - Sale of milk powder products-582582
Sales of goods and services
Bright Dairy and Food Co Ltd - Sale of milk powder products3827,12532,671
Sichuan New Hope Nutritional Food Co. Ltd - Sale of milk powder products-408408
New Hope Innovation (Hong Kong) - Sale of milk powder products-50163
(b) Outstanding balances
The following balances are outstanding at the reporting date in relation to transactions with related parties:
Period endedPeriod endedYear ended
31 January 202331 January 202231 July 2022
UnauditedUnauditedAudited
$’000$’000$’000
Current receivables (sales of goods and services)
Bright Dairy and Food Co Ltd - Sale of milk powder products--(27)
Bright Dairy and Food Co Ltd - Reimbursement of costs(1,205)(892)(1,072)
Sichuan New Hope Nutritionals Ltd - Sale of milk powder products-(65)(65)
Sichuan New Hope Nutritionals Ltd - Other costs-683740
New Hope Innovation (Hong Kong) - Sale of milk powder products-(108)-
14. CONTINGENCIES
15. COMMITMENTS
As at 31 January 2023 the Group had no contingent liabilities or assets (31 January 2022: $nil, 31 July 2022 $nil).
The Group has committed expenditure as at 31 January 2023 for the construction of Pokeno plant modifications of
$3.2m (31 January 2022: $19.1m, 31 July 2022: $5.3m).
The Group has also committed a further investment of $3.3m to a public-private joint venture in which $0.3m was
invested during the period. The joint venture is intended to undertake a portfolio of investments that will help accelerate
delivery of biological emissions tools to all New Zealand farmers.
(a) Transactions with other related parties
All transactions with related parties are at arm’s length on normal trading terms.
PAGE 21 & 22CONDENSED INTERIM FINANCIAL STATEMENTS 2023

16. EVENTS OCCURRING AFTER THE REPORTING PERIOD
Cyclone Gabrielle
On 13 February 2023 the Group’s Auckland and Pokeno operations were temporarily suspended for approximately
30 hours as a result of the Cyclone Gabrielle extreme weather event. The event did not result in a material financial
impact to the Group’s performance.
China State Administration for Market Regulation (SAMR) License
On 21 February 2023 the Group’s SAMR license, which allows it to produce China label infant formula for sale by
The A2 Milk Company, expired. Refer to the “Material events and other significant items” section of these notes for
additional information.
There were no other events occurring subsequent to balance date which require adjustment to or disclosure in the
financial statements.
PAGE 23 & 24CONDENSED INTERIM FINANCIAL STATEMENTS 2023

INDEPENDENT AUDITOR’S REVIEW REPORT TO
THE SHAREHOLDERS OF SYNLAIT MILK LIMITED
Our conclusion
We have reviewed the condensed interim financial statements of Synlait Milk Limited (the Company) and its subsidiaries (the
Group), which comprise the statement of financial position as at 31 January 2023, and the income statement, the statement of
comprehensive income, the statement of changes in equity and the statement of cash flows for the six month period ended on that
date, and significant accounting policies and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim
financial statements of the Group do not present fairly, in all material respects, the financial position of the Group as at 31 January
2023, and its financial performance and cash flows for the six month period then ended, in accordance with International
Accounting Standard 34 Interim Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting Standard 34
Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements 2410 (Revised) Review of
Financial Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our responsibilities are further
described in the Auditor’s responsibilities for the review of the condensed interim financial statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New Zealand relating to the audit of the
annual financial statements, and we have fulfilled our other ethical responsibilities in accordance with these ethical requirements.
Other than in our capacity as auditor we have no relationship with, or interests in, the Group.
Responsibilities of Directors for the condensed interim financial statements
The Directors of the Company are responsible on behalf of the Company for the preparation and fair presentation of these
condensed interim financial statements in accordance with IAS 34 and NZ IAS 34 and for such internal control as the Directors
determine is necessary to enable the preparation and fair presentation of the condensed interim financial statements that are free
from material misstatement, whether due to fraud or error.
Auditor’s responsibilities for the review of the condensed interim financial statements
Our responsibility is to express a conclusion on the condensed interim financial statements based on our review. NZ SRE 2410
(Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the condensed interim
financial statements, taken as a whole, are not prepared in all material respects, in accordance with IAS 34 and NZ IAS 34.
A review of condensed interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement.
We perform procedures, primarily consisting of making enquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. The procedures performed in a review are substantially less than
those performed in an audit conducted in accordance with International Standards on Auditing and International Standards on
Auditing (New Zealand) and consequently does not enable us to obtain assurance that we might identify in an audit. Accordingly,
we do not express an audit opinion on these condensed interim financial statements.
Who we report to
This report is made solely to the Company’s Shareholders, as a body. Our review work has been undertaken so that we might state
those matters which we are required to state to them in our review report and for no other purpose. To the fullest extent permitted
by law, we do not accept or assume responsibility to anyone other than the Shareholders, as a body, for our review procedures, for
this report, or for the conclusion we have formed.
The engagement partner on the review resulting in this independent auditor’s review report is Elizabeth Adriana (Adri) Smit.
For and on behalf of:
Chartered Accountants
Christchurch
27 March 2023
REPORT ON THE CONDENSED INTERIM FINANCIAL STATEMENTS
PricewaterhouseCoopers, PwC Centre, Level 4, 60 Cashel Street, Christchurch Central, PO Box 13244, Christchurch 8141, New Zealand
T: +64 3 374 3000, F: +64 3 374 3001, pwc.co.nzPwC
PAGE 25 & 26CONDENSED INTERIM FINANCIAL STATEMENTS 2023

---

HALF YEAR RESULTS
INVESTOR PRESENTATION
For the six months ended
31 January 2023

KEY TAKEAWAYS FROM TODAY
Two year recovery,
now three years
While underlying momentum is
lifting, Synlait’s full financial recovery
will take longer than planned.
Business unit
diversification builds
Strong performance of Consumer
and Ingredients business units
demonstrates momentum is
building to diversify Synlait’s
channels, categories, and
geographies. Commercial UHT
cream sales commenced in China
in the Foodservice business.
Re-registration for China market
access continues to progress
On track for re-registration and
commencement of production in
Q4 FY 23.
13425
Operational stability
and cost challenges have
impacted performance
A range of economic and climatic
factors have impacted the stability
of Synlait’s daily operations.
Executive Leadership Team
transformation well progressed
Significant lift in capability, culture
and accountability.
PAGE 2HALF YEAR RESULTS INVESTOR PRESENTATION 2023

FINANCIAL
PERFORMANCE
Robert Stowell
Chief Financial Officer
PAGE 3HALF YEAR RESULTS INVESTOR PRESENTATION 2023

RESULTS AT A GLANCE
3%
REPORTED REVENUE
$
769.8M
32%
NET DEBT
$
518.6M
18%
REPORTED GROSS PROFIT
$
81.7M
All comparisons are to H1 22:
¹ Refer to slide 5 for reconciliation of adjusted NPAT and EBITDA.
² Based on cash outflow.
$241.9M
OPERATING CASH FLOW
(
$
124.7M)
27%
CAPITAL EXPENDITURE
2
$
33.5M
$23.1M
N PAT
$
4.8M
$6.8M
ADJUSTED NPAT
1
$
8.9M
$16.9M
EBITDA
$
51.5M
$3.1M
ADJUSTED EBITDA
1
$
55.0M
11%
FORECAST BASE MILK PRICE FOR 2022/2023 SEASON
$
8.50kgMS
PAGE 4HALF YEAR RESULTS INVESTOR PRESENTATION 2023

SYNLAIT’S H1 23 RESULT
Ingredients
• Overall margin ($2.2m) adverse to H1 22.
• Volume impact: ($16.8m) adverse. Sales volumes
34,794 MT (48%) lower due to ERP challenges and H1 22
benefitting from high carry over of ingredients from FY 21.
• Margin impact: $14.6m favourable driven by SMP/
AMF lead bucket performance, offset by a return to
normal foreign exchange performance and increased
manufacturing overhead recoveries.
Advanced Nutrition
• Overall margin ($1.3m) adverse to H1 22.
• Volume impact: $7.2m favourable. 3,643 MT more infant
nutrition sales offset by 1.7 MT less lactoferrin sales.
• Margin impact: ($8.5m) adverse. Driven by timing impact
of lag pricing mechanism, increased manufacturing
overheads, and adverse foreign exchange vs H1 22.
Partially offset by higher base powder manufacture and
strong lactoferrin pricing.
Consumer (Beverages & Cream and Dairyworks)
• Overall margin $9.4m positive to H1 22.
• Volume impact: ($0.5m) adverse. 2,162 MT reduction in
sales volumes due to reduced butter volumes.
• Margin impact: $9.9m favourable. Beverages benefited
from pricing lag and lower overhead recoveries.
Dairyworks benefited from increased market share,
closure of the Temuka plant, and coolstore benefits.
Foodservice (UHT Cream)
• Margin impact H1 23 ($0.3m) driven by small sales
volumes. Good outlook with strong demand signals.
Milk trading
• Margin $3.8m favourable to H1 22 due to milk and
cream sales which allowed alignment of product mix to
SMP/AMF lead bucket.
SG&A expenses
• $11.6m increase in H1 23 vs H1 22 with material drivers
being increases in employee costs, travel, consultancy,
and general inflation.
Recurring ERP costs
• Annual recurring ERP costs (including depreciation)
are expected to be approximately $10.4m with $5.0m
incurred in H1 23.
Financing costs
• $3.9m increase in adjusted financing costs due
primarily to rising interest rates.
¹ These items have been excluded as they do not reflect future operating
expenses or revenue and will be inconsistent in amounts and frequency,
making it difficult to contribute to a meaningful evaluation of our operating
performance.
² H1 22 adjusted NPAT has been restated to include one-off ERP
implementation costs for consistency with H1 23 adjustments This has
resulted in H1 22 adjusted NPAT increasing to $15.7m from $14.5m.
Delayed sales, one-off costs due to stabilisation challenges associated with the new SAP enterprise
resource planning system (ERP), headcount increases in anticipation of an Advanced Nutrition demand
lift, and cost pressures significantly impacted performance.
Adjusted NPAT movement ($ millions)
H1 22
adjusted
NPAT
2
H1 23
adjusted
NPAT
Ingredients
margin
Advanced
Nutrition
margin
Consumer
margin
Milk trading
margin
Other
margin/
income
Adjusted
SG&A costs
Recurring

ERP costs
Adjusted
financing
costs
Adjusted
income taxes
(2.2)
15.7
(1.3)
9.4
3.8
1.8
(5.0)
(3.9)
(11.6)
2.28.9
Reconciliation of reported to adjusted NPAT ($ millions)
H1 23H1 22²
Reported NPAT4.827.9
Items affecting comparability¹
One off costs relating to implementation of ERP5.91.6
Gain on ineffective hedges(1.0)-
Gain on sale of New Zealand Units (NZUs)(1.4)-
Gain on sale and lease back-(11.9)
Interest costs attributable to ERP implementation2.2-
Tax impact of above items(1.6)(1.9)
Total NPAT adjustment4 .1(12.2)
Adjusted NPAT8.915.7
Reported EBITDA51.568.4
Adjusted EBITDA55.058.1
PAGE 5HALF YEAR RESULTS INVESTOR PRESENTATION 2023

Sales volume (MT)
REVENUE AND SALES VOLUMES
Ingredients
Revenue down 41% (H1 23 $252m, H1 22: $424m) driven by:
• Reduction in sales volumes of 48% (34,794 MT) due to
ERP stabilisation challenges. Shipment rates returned
to normal levels by the end of Q2 FY 23 and should
be caught up by end of FY 23. 
• Sales volumes mainly comprised of SMP/AMF
(H1 23: 90% vs H1 22: 49%) which was the lead bucket.
This significantly outperformed WMP and reduced the
impact of lower sales volumes. 
• Effective pricing was stable.
• Prior year volumes were also higher (~13,000 MT) due
to the sell-down of carry-over inventory from COVID-19
related delays in FY 21. 
Advanced Nutrition
Revenue increase of 32% (H1 23 $231m, H1 22: $175m
driven by:
• Higher sales of consumer-packaged infant formula to
The a2 Milk Company up 26% (3,643 MT).
• Strong and stable volumes and pricing in the
Lactoferrin business. Volumes down slightly (1.7 MT)
due to increased internal consumption, however the
volume decrease was offset by pricing gains. 
Total reported revenue was down 3% ($20.8m), driven by lower Ingredients sales volumes (down 48%) due to
product release delays caused by ERP implementation challenges and higher FY 21 carry-over inventory in H1
22. Higher Advanced Nutrition sales volumes (up 26%) offset this. 
Consumer
Sales revenue up 10% (H1 23 $164m, H1 22: $149m) driven by:
• Higher milk prices passed through to customers
compared to H1 22.
• Offset by 7% lower volumes (H1 23: 28,238 MT,
H1 22: 30,400 MT) due to lower butter sales.
Foodservice
First sales of 218 MT ($1m) made in China for the JOYHANA
branded UHT cream, market feedback is positive.
Other amounts not allocated to core business units
Sales of raw milk and cream increased significantly on
H1 22:
• This is due to maximising the SMP/AMF bucket over
WMP and production of infant base powder being
pushed into high milk flow months due to raw material
shortages and plant stability challenges in H1 23.
• Raw milk and cream sales comprise most of the $122m
differential between total reported revenue and total
business unit revenue.
Sales revenue ($ millions)
Total*
Total*
Advanced
Nutrition
Advanced
Nutrition
Ingredients
Ingredients
Foodservice
Foodservice
Consumer
Consumer
* Excludes amounts not attributable to core business units.
630
748
648
106,920
116,202
83,105
275
424
252
56,971
72,028
37,234
224
175
231
19,679
13,774
17,415
131
149
164
30,270
30,400
28,238
-
-
1
-
-
218
H1 21
H1 22
H1 23
H1 21
H1 22
H1 23
PAGE 6HALF YEAR RESULTS INVESTOR PRESENTATION 2023

PRODUCTION AND CLOSING
INVENTORY VOLUMES
Ingredients
Production volumes down 18% (H1 23 71,882 MT,
H1 22: 87,812 MT) driven by:
• Advanced nutrition base powder production up 74%
displacing ingredients production.
• Reduction in milk processed of 1.6% (H1 23: 48.6m kgMS,
H1 22: 49.4m kgMS) due to optimisation of the SMP/AMF
lead bucket.
Closing inventory up 22% (H1 23: 42,368 MT, H1 22: 34,656
MT) due to ERP implementation challenges constraining
logistics and sales. On track to achieve normal levels by end
of FY 23. 
Advanced Nutrition
Production volumes up 110% (H1 23 17,795 MT,
H1 22: 8,475 MT) driven by:
• Base powder production up 74% driven by higher infant
formula sales and build in China label inventories in
advance of SAMR re-registration. 
• CO
2
shortages resulted in ~1,100 MT decrease against
planned production. 
• Lactoferrin down 1 MT (H1 23: 16 MT, H1 22: 17 MT) due
to product mix change.
Inventory build for The a2 Milk Company resulted in higher
closing inventory, up 45% (H1 23: 10,545 MT, H1 22: 7,259 MT). 
Production volumes decreased 5% (6,527 MT) primarily due to increased Advanced Nutrition base powder
displacing Ingredients production. Closing finished goods and work-in-process inventories increased 26%
due to Ingredient product release delays and the build in Advanced Nutrition base powders. 
Consumer
Production volumes consistent with prior period
(H1 23: 26,551 MT, H1 22: 26,796 MT):
• Overall production flat. No further production at the
Temuka cheese plant since last year.
Foodservice
• 328 MT of UHT whipping cream produced for China
market, with 202 MT on hand at 31 January 2023.
Raw materials inventory
Raw materials inventories increased significantly at 62%
(H1 23: $133.8m, H1 22: $82.4m) driven by:
• Higher costs driven by global inflation.
• Higher planned Advanced Nutrition base powder
production for H2 23.
• Increased safety stocks to de-risk stockouts and higher
balance of bulk cheeses at Dairyworks due to earlier
phasing of maturation cheese replenishment.
Finished goods and work-in-process
closing inventory volume (MT)
Production volume (MT)
Total*
Total*
Advanced
Nutrition
Advanced
Nutrition
Ingredients
Ingredients
Foodservice
Foodservice
Consumer
Consumer**
* Excludes amounts not attributable to core business units.
** Amounts have been restated to exclude raw materials (bulk cheeses awaiting aging or further processing).
133,435
123,083
116,556
64,198
44,303
55,670
95,151
87,812
71,882
43,241
34,656
42,368
9,188
8,475
17,795
15,378
7,259
10,545
29,096
26,796
26,551
5,579
2,388
2,555
-
-
328
-
-
202
H1 21
H1 22
H1 23
H1 21
H1 22
H1 23
PAGE 7HALF YEAR RESULTS INVESTOR PRESENTATION 2023

GROSS MARGIN PERFORMANCE
Ingredients
Decrease in gross profit performance of 6% or $2.2m
(H1 23: $32.5m, H1 22 $34.7m) driven by:
• Reduction in sales volumes of 48% due to ERP
challenges and less carry over inventory from prior year
compared to H1 22. Sales expected to recover in H2.
• Gross margin on a per MT basis increased 81%
(H1 23: $873/MT, H1 22 $482/MT). This is due to
excellent alignment to the SMP/AMF lead bucket. 
Advanced Nutrition
Decrease in gross profit performance of 4% (H1 23: $26.2m,
H1 22 $27.4m) driven by:
• Higher sales volumes of infant formula to The a2 Milk
Company and higher production of base powders
driving higher recoveries of costs. 
• Gross margin per MT decreased 25% (H1 23: $1,504/
MT, H1 22: $1,993/MT). This is due to lag pricing
mechanisms which are unfavourable in periods of high
inflation, the delay in commercial production for the
new multinational customer, and non-recourse cost
pressures compared to H1 22.
Reported gross margin increased 18% ($12.6m) due to the Consumer business unit’s strong performance and
the favourable impact of raw milk and cream sales. Overall performance fell short of expectations due to ERP
implementation and operational stability challenges and cost pressures.
Consumer 
Increase in overall gross profit performance of 121%
(H1 23: $17.2m, H1 22 $7.8m) driven by:
• No further sales of high-cost cheeses manufactured at
Temuka. Plant closure also reduced operational costs. 
• Dairyworks cool store commissioned in H2 22
contributed $0.9m in reductions in handling costs. 
• Also benefited from pricing lag and lower
manufacturing overhead recovery rates.
Foodservice
Gross profit loss of ($0.3m) as initial sales made into China.
Margin attainment is expected to improve as volumes
increase.
Other margin
$6.1m difference between reported gross margin of $81.7m
and business unit gross margin of $75.6m is primarily
margin from fixed price raw milk and cream sales, Synlait
farms, and other recoveries.
Gross profit ($/MT)
Gross profit ($ millions)
Total*
Total*
Advanced
Nutrition**
Advanced
Nutrition**
Ingredients
Ingredients
Foodservice
Foodservice
Consumer
Consumer
* Excludes amounts not attributable to core business units.
** Amounts have been restated to exclude milk costs relating to raw milk and cream sales.
61.0
69.9
75.6
571
602
910
19.0
34.7
32.5
334
482
873
33.6
27.4
26.2
1,710
1,993
1,504
8.4
7. 8
17.2
277
257
609
-
-
(0.3)
-
-
(1,400)
H1 21
H1 22
H1 23
H1 21
H1 22
H1 23
PAGE 8HALF YEAR RESULTS INVESTOR PRESENTATION 2023

SG&A costs
Increases compared to H1 22 include:
• Employee costs up $6.5m due to inflationary wage
increases, additional FTEs to support anticipated
Advanced Nutrition demand, ELT structure changes,
less capitalised labour, and higher rates of illness
(COVID-19) covered by extra overtime and temporary
staff. Synlait also invested significantly in health & safety.
• Recurring ERP costs ($5.0m) include depreciation
($3.0m) and ongoing service and support costs ($2.0m). 
• Additional one-off ERP cost ($4.2m) incurred during
stabilisation phases. A further $2.0m expected to be
incurred in H2 23. 
• Travel up $1.4m as Synlait Pokeno’s multinational
customer nears go-live and reopening of borders
following COVID-19.
• Consultancy increased by $1.1m relating to strategic
customer insights, sustainability projects, research and
development, and business and supply chain process
improvements. 
• Distribution costs, up $1.0m, driven by higher
demurrage costs due to disruption caused during the
go-live of the new ERP system.
• Increase in other costs of $1.6m, due to the impact of
inflation and immaterial line-item reclassifications. 
Manufacturing costs
Increases compared to H1 22 include:
• Employee costs (including independent contractors)
up $7.6m, driven by:
• An additional 3 blending and canning shifts at the
Dunsandel and Auckland facilities.
• Increased staffing levels of ~100 staff in
anticipation of commencement of production for
the new multinational customer.
• Higher-than-normal wage increases in H2 22
due to inflation. Also more overtime and less
capitalised labour.
• Milk supply costs up $3.1m due to significantly higher
fuel prices and incentives paid to suppliers.
• Energy costs up $2.2m due to higher coal and energy
prices.
• Repairs and maintenance up $1.7m due to unplanned
maintenance, a tight labour market, and inflation. 
• Synlait farms costs up $1.3m due to the farms not being
operational in H1 22. 
• Depreciation savings driven by write-down of Temuka
plant, reclassifications of certain assets to SG&A, and
certain assets becoming fully depreciated in late FY 22.
SG&A & MANUFACTURING COSTS
Increase driven by higher employee costs, ERP recurring and one-off costs and general cost pressures due
to inflation. In summary, SG&A and manufacturing costs have increased $20.8m and $16.4m, respectively,
compared to H1 22.
SG&A cost movement ($ millions)
Manufacturing cost movement ($ millions)
H1 22
H1 22
H1 23
H1 23
Employees &
contractors
Employees &
contractors
Recurring
ERP costs
Milk supply
costs
One-off

ERP costs
Energy
Travel
Repairs and
maintenance
Consultancy
Synlait farms
Distribution
Depreciation
Other/inflation
Other/inflation
43.1
135.8
5.0
3 .1
6.5
7. 6
4.2
2.2
1.4
1.7
1 .1
1.3
1.0
(2.0)
1.6
2.5
63.9
152.2
$20.8m total increase in SG&A costs.
$16.4m total increase in manufacturing costs.
PAGE 9HALF YEAR RESULTS INVESTOR PRESENTATION 2023

H1 21H1 23
Operating cash flows
Operating cash flows decreased by $241.9m
(H1 23: -$124.7m, H1 22: +$117.2m) driven by:
• Ingredients shipments and invoicing delayed by ERP
challenges.
• Increased acquisition of raw materials to reduce
disruption risk and support higher Advanced Nutrition
base powders production in H2.
• Employee and other operating cost increases over the
comparative period. See slide 9 for more detail.
• Increase in milk supplier advance payments compared
to H1 22 to help support farmer suppliers.
Capital expenditure (CAPEX)
CAPEX down 27% (H1 23: $33.5m, H1 22: $46.0m) due to:
• Substantial completion of the ERP project with $2.6m
capitalised to WIP in H1 23 (H1 22: $29.6m). 
• Reduced spend on Synlait Pokeno upgrade as
commissioning nears with $9.8m capitalised to WIP in
H1 23 (H1 22: $43.0m).
• Less operational CAPEX. Total spend in H1 23 was
$17.6m (H1 22: $18.3m).
• The balance of cash spend comprises mainly creditors
and accruals as at 31 July 2022.
Financing costs
Higher interest costs increased net debt by $18.9m. This
is up $6.0m on H1 22 due to:
• Higher debt due to high finished goods inventory
levels due to ERP challenges. Total attributable
interest was $2.2m. 
• Increase in interest rates impact ~$3.8m. 
Financing cash flows and net debt
• Net debt up $176.7m or 52% (H1 23: $518.6m, FY 22:
$341.9m) as a result of negative operating cash flows.
• Synlait is now targeting a net debt to EBITDA ratio of
3.0x to 3.5x in FY 23.
Banking facilities
Synlait met all banking covenant requirements in
H1 23 and is confident it will meet all banking covenant
requirements in H2 23 and beyond. 
Refer to slide 24 in the appendix of this presentation for
further info on banking facilities.  
Capital strategy review
Synlait is currently undertaking a review of its capital
strategy which is progressing well. The focus of this
review is primarily on debt. A further update will be
provided at the Investor Day on 8 May 2023.
CASH FLOW AND NET DEBT
Net debt ended 52% ($176.7m) higher than FY 22 due to lower operating cash flows from delayed sales
and higher operating costs. 
30.9
11.5
(69.6)
117.2
(124.7)
287.6
447.4
485.1
391.8
518.6
Net cash from operating
activities ($ millions)
Net debt
($ millions)
H1 19H1 19H1 21H1 20H1 20H1 23H1 22H1 22
Net debt movement ($ millions)
FY 22 Net
debt
H1 23 Net
debt
Operating
cash flow
Asset sale
proceeds
CAPEX
Interest
Lease
payments
and other
124.7
33.5
18.9
341.9
1.9
(2.3)
518.6
PAGE 10HALF YEAR RESULTS INVESTOR PRESENTATION 2023

Grant Watson
Chief Executive Officer
BUSINESS
UPDATE
PAGE 11HALF YEAR RESULTS INVESTOR PRESENTATION 2023

Leadership
• Director of Advanced Nutrition, Naiche Nogueira,
started in January 2023.
Synlait Pokeno’s multinational customer
• Customer onboarding is progressing to plan, in
order for facility and team to be ready to commence
commercial production.
• Commercial production is planned to commence in
Q4 FY 23. Production delayed due to a change in
customer phasing from current source origin to Synlait
manufacturing.
• Demand signals remain strong. No change to previously
communicated CAPEX spend or markets across
contract term. FY 23 volumes adjusted in line with
commercial production delays.
Lactoferrin
• Demand remains forecasted to outstrip supply, driven
by China infant formula market. New recipe registrations
have higher lactoferrin content to improve product
functionality.
• Pricing remains strong and stable given market
dynamics.
Nutritional base powders
• Base powder demand opportunities (infant and adult)
remain strong in China and Southeast Asia markets.
• New Zealand’s provenance continues to position
Synlait well. Positive exploration with multinationals
and Southeast Asia companies. Opportunities with
prominent China companies are progressing slower
than planned due to falling birth rates. In-market
manufacturing capacity is therefore sufficient.
• Review of channel, category, and geography
opportunities taking place under Naiche’s leadership.
Further updates will be provided at the Investor Day.
Consumer-packaged infant formula
• Continuing to provide strong support to enable
The a2 Milk Company’s growth agenda, including in
China and the USA.
ADVANCED NUTRITION
PAGE 12HALF YEAR RESULTS INVESTOR PRESENTATION 2023

SAMR RE-REGISTRATION UPDATE
Current timetable for achieving the State Administration for Market Regulation (SAMR) re-registration:
123
Q3 FY 23
Audit completion
Q4 FY 23
Receive re-registration
and commence production
Q2 FY 24
Product in market
PAGE 13HALF YEAR RESULTS INVESTOR PRESENTATION 2023

Performance
• Ingredients Business impacted by ERP Implementation
challenges, which significantly impacted Synlait’s
ability to ship products to customers in the first quarter
of this financial year, resulting in 48% lower sales
volumes compared to H1 22.
• Significant progress made in Q2 FY 23 to return the
Ingredients export run rate to near-normal levels
(Q1 average run rate: 29%, Q2 average run rate: 72%
and returned to normal by end of Q2).
• Delayed Ingredient shipments in Q1 impacted first half
profitability and overall phasing of FY 23 result. Synlait
plan to ship the full year volume by year end.
Contracting
• Forward Contracting for the FY 23 season has been
very strong.
• Gross margin on a per MT basis increased by $391 or
81% in HY 23 vs HY 22 due to excellent alignment to
the lead bucket of SMP/AMF.
INGREDIENTS
Customers and forward focus
• Significant deal signed with a major Chinese
customer in FY 23 will lift volumes in this key market.
• Focus for the second half is on continuing to lift
performance, growing China and Southeast Asia
markets, and delivering volumes to market.
PAGE 14HALF YEAR RESULTS INVESTOR PRESENTATION 2023

Leadership and strategy
• Dairyworks CEO & Director of Consumer, Tim Carter,
is responsible for all consumer-facing products within
Synlait following the strategy refresh to ensure better
coordinated capability and insight across the entire
business.
Dairyworks performance
Dairyworks continued to exceed business case expectations
delivering a solid half year performance. The result
benefited from:
• The idling of the Temuka cheese plant in FY 23,
removing high cost inventory from the business due to
the high manufacturing costs associated with this site.
• Ongoing cost savings and operational efficiencies from
Dairyworks new warehouse and distribution centre,
which consolidates all bulk and finished goods into one
location, generating ~$1 million in savings annually.
• Market share in cheese continued to grow due to
Dairyworks’ multi-tier brand offering, as benefits
were obtained from consumers trading down to more
affordable offerings.
CONSUMER
Dairyworks product development
• Dairyworks Small Grate launched in Countdown’s
nationwide. The 100 gram (1 cup) grated cheese option
makes mealtimes easier and extends the brand’s
convenience and snacking options.
• Dairyworks and Talbot Forest brands expanded into
fresh cheese, launching 200 gram haloumi cheese
blocks nationally.
Consumer customer pipeline commercialises
• UHT line on track to reach 70% utilisation in FY 24.
• Synlait is working with several multinationals to
manufacture value add creams and beverages for the
New Zealand, Australia, and China markets.
PAGE 15HALF YEAR RESULTS INVESTOR PRESENTATION 2023

Leadership
• President China & Director of Foodservice, Abby Ye,
started in March 2023.
JOYHANA (UHT cream) update
• Commercial sales commenced in Q1 FY 23, and market
feedback is positive.
• Limited volumes sold, but product expected to deliver
strong margin attainment.
• Commercial sales volumes forecast to steadily ramp up
in the second half of FY 23. 
• JOYHANA brand is a partnership between Synlait and
SAVENCIA Group. Significant growth opportunities exist
in China with SAVENCIA Group, the 12th largest dairy
company globally.
• Review of channel, category, and geography
opportunities taking place under Abby’s leadership.
Further updates will be provided at the Investor Day.
FOODSERVICE
PAGE 16HALF YEAR RESULTS INVESTOR PRESENTATION 2023

Leadership and strategy
• Voice of Synlait farmer suppliers elevated to the
Executive Leadership Team with the appointment of
Charles Fergusson as Director of On-Farm Excellence
& Business Sustainability, in February 2023. The role
concentrates on the importance of milk supply, on-farm
excellence, and sustainability to ensure Synlait’s milk
pools remain highly competitive while continuing to
accelerate sustainability performance on and off-farm.
• Synlait Farmer Leadership Team established – another
critical step put in place to ensure that Synlait and its
farmers work closer together to improve outcomes.
These eight farmers are a conduit between Synlait
and its farmer supplier base, providing feedback and
direction on Synlait’s strategic choices and prioritisation
of tactics.
• These two actions are key enablers to ensuring Synlait
maintains and grows its New Zealand milk supply.
Synlait has always had a clear milk recruitment strategy
that leverages the company’s purpose of Doing Milk
Differently For A Healthier World. No matter how
competitive the raw milk environment may become,
these actions further strengthen Synlait’s position.
ON-FARM EXCELLENCE
Climate
• Cyclone Gabrielle and flooding events in the North
Island were challenging for North Island farmer
suppliers in early 2023.
• Everyone was safe and accounted for, but many have
experienced land damage and ongoing road, internet,
and power outages.
• Short term disruption to milk collection but no material
impact on milk flow.
PAGE 17HALF YEAR RESULTS INVESTOR PRESENTATION 2023

OUTLOOK
Grant Watson
Chief Executive Officer
PAGE 18HALF YEAR RESULTS INVESTOR PRESENTATION 2023

KEY PRIORITIES
FOR THE SECOND HALF
Onboard multinational
customer at Synlait Pokeno
Continue to stabilise SAP ERP
Secure The a2 Milk Company
China label registration and
commence initial production
Improve operational stability
Progress ELT transformation to lift
capability, culture and accountability
Strategy function upweighted to provide greater support for delivering short-term priorities that will lift business
performance and to help explore trends and test ideas that could shape Synlait and industry into the future.
PAGE 19HALF YEAR RESULTS INVESTOR PRESENTATION 2023

The key drivers of this guidance range are as follows:
• Advanced Nutrition forecast demand and production has been reduced or delayed following
forecast changes by Synlait’s largest customer during H1 23 and more recently by other
customers.
• Operational stability and cost challenges are evident across Synlait, including a reduction
in milk processed, raw material supply challenges, CO
2
shortages, an extremely tight labour
market, extreme weather events, and high inflationary costs pressures.
• ERP stabilisation challenges. As signalled in December, implementing and stabilising SAP
significantly impacted Synlait’s ability to release and ship products to customers in Q1 FY 23.
The flow-on effects resulted in higher inventory levels and costs, including interest costs.
SYNLAIT’S FY 23 GUIDANCE STATEMENT
Synlait’s full year 2023 (FY 23) net profit after tax (NPAT) guidance range is $15 million to $25 million.
Other business unit performance update:
• The performance of Synlait’s Ingredients and Consumer businesses remain strong. Combined, the
business units will contribute more than in FY 22.
• The Ingredients business will not experience the one-off foreign exchange gains experienced
in FY 22. While volume is down on FY 22, the business unit will benefit from a highly favourable
stream return from the skim milk powder, AMF and cream product mix in FY 23.
• The Consumer business continues to navigate high milk and cheese commodity prices and
expansion into overseas markets. The business unit has performed well due to favourable
movements in underlying price mechanism and higher plant utilisation.
• In the Foodservice business, sales volumes of Foodservice UHT cream to China are forecast to
steadily ramp up in the second half of FY 23. Customer feedback and demand outlook is positive.
Synlait continues to manage several risks, including, but not limited to, the SAMR re-registration
timeline and supporting activities, the onboarding timeline for Synlait Pokeno’s new multinational, UHT
volume ramp up, a tight labour market, and high inflationary cost pressures. These factors could impact
Synlait’s current guidance.
Synlait will look to provide a further update on its performance and outlook on 8 May 2023 at its
Investor Day.
PAGE 20HALF YEAR RESULTS INVESTOR PRESENTATION 2023

INVESTOR DAY
• Synlait’s institutional Investor Day will be on
Monday 8 May 2023.
• If you have not received an invitation and would like
to attend, email: investors@synlait.com
• Agenda includes:
• Synlait Pokeno site tour.
• Executive Leadership Team presentations and
Q&A on Synlait’s four business units (Ingredients,
Advanced Nutrition, Consumer Foods and
Foodservice).
• Governance session with Chair, Simon Robertson.
PAGE 21HALF YEAR RESULTS INVESTOR PRESENTATION 2023

KEY TAKEAWAYS FROM TODAY
Two year recovery,
now three years
While underlying momentum is
lifting, Synlait’s full financial recovery
will take longer than planned.
Business unit
diversification builds
Strong performance of Consumer
and Ingredients business units
demonstrates momentum is
building to diversify Synlait’s
channels, categories, and
geographies. Commercial UHT
cream sales commenced in China
in the Foodservice business.
Re-registration for China market
access continues to progress
On track for re-registration and
commencement of production in
Q4 FY 23.
13425
Operational stability
and cost challenges have
impacted performance
A range of economic and climatic
factors have impacted the stability
of Synlait’s daily operations.
Executive Leadership Team
transformation well progressed
Significant lift in capability, culture
and accountability.
PAGE 22HALF YEAR RESULTS INVESTOR PRESENTATION 2023

APPENDIX
PAGE 23HALF YEAR RESULTS INVESTOR PRESENTATION 2023

BANKING FACILITIES,
COVENANTS AND BOND ISSUE
Synlait currently has four syndicated bank facilities in place with ANZ and BNZ:
1. A secured working capital facility of NZD $250m (with a temporary increase to
NZD $330m) maturing 1 October 2023.
2. A secured revolving credit facility (Facility A) of NZD $66.7m with NZD $33m amortising
31 July 2023, and the remainder maturing 1 October 2023.
3. A secured ESG-linked revolving credit facility (Facility B) of NZD $50m maturing
1 October 2023.
4. A secured ESG-linked revolving credit facility (Facility C) of NZD $50m maturing
1 October 2023.
Retail Bonds:
Synlait currently has $180 million of five-year unsecured subordinated fixed rate bonds which were
listed on the NZX Debt Market in December 2019, and mature on 17 December 2024.
Key financial covenants imposed by the syndicate for FY 23:
1. Total shareholder funds of no less than $600m at all times. 
2. Working capital ratio of no less than 1.5x at all times.
3. Interest cover ratio of no less than 3.0x at all times. 
4. Leverage ratio of no greater than 4.0x at 31 July 2023. 
5. Senior leverage ratio of no greater than 3.0x at 31 July 2023.
Review of Synlait capital strategy moving forward:
As previously indicated, Synlait is currently undertaking a review of its capital strategy, which is
progressing well. The focus of this review is primarily on debt. It expects to provide an update on
8 May 2023 at the Investor Day.
Our banking syndicate remains supportive and engaged as we progress towards renewing our banking facilities which is expected to occur in July 2023.
PAGE 24HALF YEAR RESULTS INVESTOR PRESENTATION 2023

KEY FINANCIAL METRICS
Gross profit per MT ($)*
EBIT per MT ($)
Return on net operating assets (12 month trailing)
Basic earnings per share (cents NZD)Net debt/EBITDA (12 month trailing)
Debt/(debt + equity)
1,178.6
767.4
20.5%
20.6
37.9%
1,170.6
783.3
21.9%
24.7
39.3%
1,109.0
698.5
14.6%
27.0
47.2%
557.9
183.2
8.7%
3.2
37.9%
68.4
(333.1)
(1.6%)
(15.9)
38.7%
594.6
356.4
0.4%
12.8
33.3%
709.0
193.4
5.8%
4.9
30.0%
983.3
270.9
2.0%
2.2
39.3%
960.6
532.3
14.6%
14.6
45.2%
H1 19H1 20H1 21H1 22H2 19H2 20H2 21H2 22H1 23
H1 19H1 20H1 21H1 22H2 19H2 20H2 21H2 22H1 23
H1 19H1 20H1 21H1 22H2 19H2 20H2 21H2 22H1 23
H1 19H1 20H1 21H1 22H2 19H2 20H2 21H2 22H1 23
H1 19H1 20H1 21H1 22H2 19H2 20H2 21H2 22H1 23
H1 19H1 20H1 21H1 22H2 19H2 20H2 21H2 22H1 23
* Includes gross profit not attributable to business units (comprised primarily of margin on raw milk and cream sales, income from dairy derivatives, and farms contribution).
2 .1
2.2
3 .1
3.2
12.9
6.7
2.6
4.6
3.0
PAGE 25HALF YEAR RESULTS INVESTOR PRESENTATION 2023

GROSS PROFIT H1
PERFORMANCE BY CATEGORY
H1 19H1 20H1 21H1 22H1 23
Sales Volume (MT)
Ingredients50,93045,67356,97172,02837,234
Advanced Nutrition21,94723,65719,67913,77417,415
Consumer-16,94230,27030,40028,238
Foodservice----218
Subtotal72,87786,272106,920116,20283,105
Gross Profit ($M)
Ingredients17.416.719.034.732.5
Advanced Nutrition68.570.833.627.426.2
Consumer-(2.2)8.47. 817.2
Foodservice----(0.3)
Subtotal85.985.361.069.975.6
Gross Profit ($/MT)
Ingredients342366334482873
Advanced Nutrition3,1222,9941,7101,9931,504
Consumer-131277257609
Foodservice----(1,400)
Subtotal1,179989571602910
Revenue ($M)
Ingredients244238275424252
Advanced Nutrition207252224175231
Consumer-28131149164
Foodservice----1
Subtotal451518630748648
PAGE 26HALF YEAR RESULTS INVESTOR PRESENTATION 2023

SUMMARISED FIVE YEAR
H1 INCOME STATEMENT
H1 19H1 20H1 21H1 22H1 23
Revenue470,950559,286664,182790,591769,828
Cost of sales(385,061)(476.410)(604,529)(721,502)(688,108)
Gross profit85,88982,87659,65369.08981,720
Other income3376041,61115,4264,669
Share of loss from associates(580)-(33)--
Sales and distribution expenses(12,410)(13,871)(18,739)(18,144)(22,368)
Administrative and operating expenses(17,314)(23,687)(22,909)(23.328)(35,634)
Impairment of Temuka cheese plant assets-----
One-off ERP implementation costs---(1,635)(5,877)
Earnings before net finance costs and income tax55,92245,92219,58441,40822,510
Finance expenses(4,097)(8,610)(10,720)(9,876)(14,476)
Finance income7414930109137
Loss on derecognition of financial assets(755)(938)(436)(567)(2,066)
Net finance costs(4,111)(9,499)(11,126)(10,334)(16,405)
Profit before income tax51,81136,4238,45831,0746,105
Income tax expense(14,876)(10,556)(2,086)(3,169)(1,292)
Net profit after tax for the period36,93525,8676,37327,9054,813
PAGE 27HALF YEAR RESULTS INVESTOR PRESENTATION 2023

DISCLAIMER
This presentation is intended to constitute a summary of certain
information about the Synlait Group (“Synlait”) or in connection
with its half year 2023 financial results. It should be read in
conjunction with, and subject to, the explanations and views in
documents previously released to the market by Synlait. This
presentation is not an offer or an invitation, recommendation or
inducement to acquire, buy, sell or hold Synlait’s shares or any
other financial products and is not a product disclosure statement,
prospectus or other offering document, under New Zealand law
or any other law.
This presentation is provided for information purposes only. The
information contained in this presentation is not intended to be
relied upon as advice to investors and does not take into account
the investment objectives, financial situation or needs of any
particular investor. Investors should assess their own individual
financial circumstances and should consult with their own legal,
tax, business and/or financial advisers or consultants before
making any investment decision.
Any forward looking statements and projections in this
presentation are provided as a general guide only based on
management’s current expectations and assumptions and
should not be relied upon as an indication or guarantee of future
performance. Forward looking statements and projections involve
known and unknown risks, uncertainties, assumptions and other
important factors, many of which are beyond the control of Synlait
and which are subject to change without notice. Actual results,
performance or achievements may differ materially from those
expressed or implied in this presentation. No person is under any
obligation to update this presentation at any time after its release
except as required by law and the NZX Listing Rules, or the ASX
Listing Rules.
Any forward looking statements in this presentation are unaudited
and may include non-GAAP financial measures and information.
Not all of the financial information (including any nonGAAP
information) will have been prepared in accordance with, nor
is it intended to comply with: (i) the financial or other reporting
requirements of any regulatory body or any applicable legislation;
or (ii) the accounting principles or standards generally accepted
in New Zealand or any other jurisdiction, or with International
Financial Reporting Standards. Some figures may be rounded and
so actual calculation of the figures may differ from the figures in
this presentation.
Some of the information in this presentation is based on non-
GAAP financial information, which does not have a standardised
meaning prescribed by GAAP and therefore may not be
comparable to similar financial information presented by other
entities. Non-GAAP financial information in this presentation has
not been audited or reviewed.
Any past performance information in this presentation is given
for illustration purposes only and is not indicative of future
performance and no guarantee of future returns is implied
or given.
While all reasonable care has been taken in relation to the
preparation of this presentation, to the maximum extent permitted
by law, no representation or warranty, expressed or implied, is
made as to the accuracy, adequacy, reliability, completeness
or reasonableness of any statements, estimates or opinions or
other information contained in this presentation, any of which
may change without notice. To the maximum extent permitted
by law, Synlait, its subsidiaries, and their respective directors,
officers, employees, contractors, agents, advisors and affiliates
disclaim and will have no liability or responsibility (including,
without limitation, liability for negligence) for any direct or indirect
loss or damage which may be suffered by any person through
use of or reliance on anything contained in, or omitted from, this
presentation.
All values are expressed in New Zealand currency unless
otherwise stated.
All intellectual property, proprietary and other rights and interests
in this presentation are owned by Synlait.
PAGE 28HALF YEAR RESULTS INVESTOR PRESENTATION 2023

FOR MORE INFORMATION CONTACT:
Hannah Lynch
Head of Strategy & Corporate Affairs
+64 21 252 8990
hannah.lynch@synlait.com

---

Results announcement
27 Ma rc h 2023




Results for announcement to the market
Name of issuer Synlait Milk Limited
Re p o rtin g P e rio d 6 months to 31 January 2023
P re vio u s Re p o rtin g P e rio d 6 months to 31 January 2022
Curre ncy NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$769,828 -3%
Total Revenue $769,828 -3%
Ne t p ro fit /(lo s s ) fro m
continuing operations
$4,813 -83%
Total ne t profit/(lo s s ) $4,813 -83%
In te rim /Fin a l Divid e n d
Amount per Quoted Equity
S e c u rity
Not proposing to pay dividends.
Imputed amount per Quoted
Eq u ity S e c u rit y
Not applicable.
Re c o rd Da t e Not applicable.
Divid e n d P a ym e n t Da te Not applicable.
Curre nt pe riod Prio r c o m p a ra b le p e rio d
Ne t tangible asse ts pe r
Quoted Equity Security
$3.00 $2.74
A b rie f explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to the accompanying documents:
1. Synlait H1 23 Announcement
2. Synlait H1 23 Chair & CEO Review
3. Synlait H1 23 Financial Statements
4. Synlait H1 23 Investor Presentation
Authority for this announcement
Name of person authorised
to make this announcement
Synlait Chair Simon Robertson
Contact pe rson for this
announcement
Synlait Head of Strategy & Corporate Affairs Hannah Lynch
Contact phone number 021 252 8990
Contact email address hannah.lynch@synlait.com
Date of release through
MAP
27/03/23

Unaudited financial statements accompany this announcement.