Global Dairy Update September 2023

• On 21 September Fonterra
announced its FY23 Annual
Results and a strong full
year dividend.
1
Global Dairy
UPDATE
• Australia and EU monthly production
increased. New Zealand and US monthly
production decreased.
• New Zealand and EU monthly exports
increased. Australia and US monthly
exports decreased.
• Latin America, Asia and Middle East & Africa
monthly imports increase. China monthly
imports decrease.
• Fonterra New Zealand milk collections in
August were 89.5 million kgMS, down 2.6% on
August last season.
• Fonterra Australia milk collections in August
were 6.8 million kgMS, down 1.4% on August
last season.
• Fonterra’s Edgecumbe site turns 100.
Key Dates
9 November 2023
Fonterra Co-operative Group Annual
Meeting
13 November 2023
Fonterra Shareholders' Fund Annual
Meeting
December 2023
FY24 Q1 Business Update
SEPTEMBER 2023
For further details,
visit our website –

%
%
%%
%
%
%%
Change for August 2023
compared to August 2022
Change for August 2023
compared to August 2022
Change for July 2023
compared to July 2022
Change for July 2023
compared to July 2022
Change for the 12 months
to August 2023
Change for the 12 months
to August 2023
Change for the 12 months
to July 2023
Change for the 12 months
to July 2023
0.20.22.1
4.50.80.6
0.2
0.2
2
OUR MARKETS
Global Production
Australia and EU monthly
production increased.
New Zealand
and US monthly
production decreased
New Zealand milk
production was down
2.1% on a litres basis (down
0.9% on milk solids basis)
in August compared to the
same period the year prior.
The decrease was due to
lower collections in the
North Island partially offset
by stronger milk collections
in the South Island.
New Zealand milk
production for the 12 months
to August was down
0.2% on the previous
comparable period.
Fonterra New Zealand
collections are reported
for August, see page 5
for details.
Australia milk
production increased 0.2%
in July compared to the same
period the year prior.
Despite less than average
rainfall in most regions,
production increased due to
the prior year being lower
compared to normal.
Australia milk production for
the 12 months to July was
down 4.5% on the previous
comparable period.
Fonterra collections in
Australia are reported
for August, see page 5
for details.
EU milk production¹
increased 0.2% in July
compared to the same
period the year prior.
The production increase was
driven by Germany, Poland,
the Netherlands, Spain and
Belgium. This was partially
offset by France and Italy.
EU milk production for
the 12 months to July was
up 0.8% on the previous
comparable period.
The production increase was
mainly due to Germany, the
Netherlands and Poland, and
partially offset by decreases
in France and Italy.
US milk production
decreased 0.2% in August
compared to the same
period the year prior.
Smaller herd numbers and
marginally lower milk yield
resulted in a decline in
production year-on-year.
Milk production for the
12 months to August
increased 0.6% on the
previous comparable period.
NEW ZEALANDAUSTRALIAEUROPEAN UNIONUSA
To view a chart that
illustrates year-on-year
changes in production –
1 Excludes UK.

To view a chart that
illustrates year-on-year
changes in exports –
3
OUR MARKETS
Global Exports
New Zealand and EU
monthly exports increased.
Australia and US monthly
exports decreased
Total New Zealand
dairy exports increased
4.3%, or 7,307 MT, in August
compared to the same
period the year prior.
The increase in exports was
mainly due to SMP to China
and Singapore, and fluid
milk products and butter
to China.
Exports for the 12 months to
August increased 4.0%, or
132,618 MT, on the previous
comparable period. This
was mainly due to increased
exports of SMP, cheese,
butter and AMF, and partially
offset by reduced exports
of WMP.
EU dairy exports
increased 0.3%, or 1,704 MT,
in July compared to the same
period the year prior.
The increase was mainly due
to higher export volumes
of SMP and WMP. This was
partially offset by lower
export volumes of infant
formula, lactose and fluid
milk products.
Exports for the 12 months
to July were down 2.9%, or
193,036 MT, on the previous
comparable period. This was
mainly due to lower volumes
of fluid milk products
to China.
US dairy exports
decreased 11. 1%, or
27,009 MT, in July compared
to the same period the
year prior.
The decrease was mainly
due to lower whey and WPC
demand from China, and
butter from Bahrain.
Exports for the 12 months
to July were down 1.1%, or
30,448 MT, on the previous
comparable period.
This was mainly due to lower
exports of fluid milk products
and whey, and partially offset
by higher volumes of lactose.
Australia dairy exports
decreased 25.5%, or
17,949 MT, in July compared
to the same period the
year prior.
The year-on-year decrease in
exports continued the trend
over the past 13 months, with
lower exported volumes of
fluid milk products.
Exports for the 12 months
to July were down 30.0%, or
281,125 MT, on the previous
comparable period.
This was mainly due to lower
export volumes of fluid
milk products, SMP, cheese
and WMP.
NEW ZEALANDAUSTRALIAEUROPEAN UNIONUSA
%%%
%
%
%
Change for August 2023
compared to August 2022
Change for July 2023
compared to July 2022
Change for July 2023
compared to July 2022
Change for July 2023
compared to July 2022
Change for the 12 months
to July 2023
Change for the 12 months
to July 2023
Change for the 12 months
to August 2023
Change for the 12 months
to July 2023
11.125.5
4.3
0.3
1.130.02.94.0
%
%

To view a chart that
illustrates year-on-year
changes in imports –
4
OUR MARKETS
Global Imports
Latin America, Asia
and Middle East &
Africa monthly imports
increase. China monthly
imports decrease
Latin America dairy
import volumes¹ increased
11. 3%, or 20,697 MT, in July
compared to the same
period the year prior.
The increase was mainly
due to higher volumes of
WMP by Brazil, and SMP
by Mexico.
Imports for the 12 months
to July were up 12.9%, or
276,789 MT, on the previous
comparable period.
This was mainly due to
higher volumes of WMP,
SMP, cheese and AMF.
Asia (excluding China)
dairy import volumes¹
increased 1.5%, or 6,121 MT,
in July compared to the same
period the year prior.
The increase was mainly due
to higher import volumes of
SMP by Malaysia, Bangladesh
and the Philippines. This
was partially offset by lower
import volumes of fluid
milk products by Taiwan
and Afghanistan.
Imports for the 12 months
to July were down 6.4%, or
324,957 MT, on the previous
comparable period.
This was mainly due to lower
volumes of SMP, fluid milk
products, cheese, infant
formula and WMP.
Middle East and Africa
dairy import volumes¹
increased 15.5%, or
66,305 MT, in July compared
to the same period the
year prior.
The increase was mainly due
to higher volumes of SMP to
Algeria and Saudi Arabia, and
WMP to Algeria.
Imports for the 12 months
to July were down 0.1%, or
6,979 MT, on the previous
comparable period.
This was mainly due to
lower volumes of fluid
milk products, cheese and
cultured products. This was
partially offset by higher
volumes of SMP.
China dairy import
volumes decreased by
10.7%, or 28,954 MT, in
August compared to the
same period the year prior.
The decrease was driven
by lower import volumes
of whey, infant formula and
S M P. This was partially offset
by an increase in demand for
lactose and cheese.
Imports for the 12 months to
August were down 9.8%, or
345,916 MT, on the previous
comparable period.
This was due to a decline in
import demand of fluid milk
products and WMP reflecting
excess domestic supply.
LATIN AMERICAASIAMIDDLE EAST & AFRICACHINA
1 Estimates are included for those countries that have not reported data.
%
%
%%
%
Change for July 2023
compared to July 2022
Change for August 2023
compared to August 2022
Change for July 2023
compared to July 2022
Change for July 2023
compared to July 2022
Change for the 12 months
to July 2023
Change for the 12 months
to July 2023
Change for the 12 months
to July 2023
10.71.511.3
6.40.1
%
Change for the 12 months
to August 2023
9.8
15.5
12.9
%
%

To view a table that shows
detailed milk collections in New
Zealand and Australia compared
to the previous season –
%
%%
Season-to-date
1 July to 31 August
Season-to-date
1 June to 31 August
Season-to-date
1 June to 31 August
Season-to-date
1 June to 31 August
Change for August 2023
compared to August 2022
Change for August 2023
compared to August 2022
Change for August 2023
compared to August 2022
Change for August 2023
compared to August 2022
1.43.44.82.6
1.63.33.92.2
VOLUME M LITRESDAY
JUNJULAUGSEPOCTNOVDECJANFEBMARAPRMAY










5
OUR MARKETS
Fonterra Milk Collections
NEW ZEALANDNORTH ISLANDSOUTH ISLANDAUSTRALIA
New Zealand Milk Collections
Fonterra's Australia
collections in August
were 6.8 million kgMS, 1.4%
behind August last season.
Collections decreased in
August mainly due to lower
third-party collections.
Season-to-date collections
were 12.4 million kgMS, 1.6%
ahead of last season.
Collections improved mainly
due to the recruitment
of additional farms in the
2022/23 season.
North Island milk
collection in August was
64.2 million kgMS, 4.8%
behind August last season.
Season-to-date collections
were 92.5 million kgMS, 3.9%
behind last season.
Weather was mixed in
August. Rain in the North
Island caused lower pasture
utilisation and cover
resulting in unfavourable
conditions for calving.
South Island milk
collection in August was
25.2 million kgMS, 3.4%
ahead of August last season.
Season-to-date collections
were 30.6 million kgMS, 3.3%
ahead of last season.
More normal weather
patterns in the South Island
have been conducive to
strong pasture growth and
milk collections.
Fonterra's New Zealand
collections for August
were 89.5 million kgMS, 2.6%
behind August last season.
The decrease was due to
lower collections in the
North Island partially offset
by stronger milk collections
in the South Island.
Season-to-date collections
were 123.1 million kgMS,
2.2% behind last season.
On-farm it is now calving
season. Downward pressure
on the milk price combined
with elevated costs are
impacting productivity
on farm.
%%%
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%

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To view more information,
including a snapshot of the
rolling year-to-date results –
%
6
GDT PRICE INDEXNZDUSD SPOT RATE
SEP  NOV FEB  JUN  SEP  JAN JUL APR 


, 
, 
,
,
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.
.
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.
.
PRICE INDEX
NZD  USD
OUR MARKETS
Fonterra Global Dairy Trade Results
Fonterra GDT sales
by destination:
Dairy commodity prices and New Zealand
dollar trend
The USD continues to be supported by relative US economic
outperformance, while ongoing weakness in the China
property sector and lethargic consumer demand on the
mainland weigh on the value of the Yuan. These conditions,
together with continuing weakness in New Zealand’s export
prices, held the NZD below 60 US cents.
Fonterra GDT results at
last trading event
19 September 2023:
The next trading event will be held on 3 October 2023. Visit www.globaldairytrade.info for more information.
Change in Fonterra’s
weighted average product
price from previous event
2.1
Fonterra’s weighted
average product price

(USD/MT)
2,986
USD
Fonterra product quantity
sold on GDT
000’ MT
35.2
NORTH ASIA (INCLUDING CHINA)
SOUTH EAST ASIA
MIDDLE EAST AND AFRICA
LATIN AMERICA
OTHER
USD 4,044/MT
1.4
CHEDDAR
USD 2,405/MT
5.4
SMP
USD 2,799/MT
3.6
WMP
USD 4,787/MT
4.9
AMF
USD 4,723/MT
2.9
BUTTER
35,244
MT
LATEST AUCTION
133,721
MT
FINANCIAL
YEAR‑TO‑DATE

7
Our Performance
On 21 September
Fonterra announced its
FY23 Annual Results
and a strong full
year dividend
Key Points
• Full year reported earnings
of 95 cents per share, up
from 36 cents per share.
• Reported profit after tax of
$1.6 billion, up 170%.
• Return on Capital of 12.4%,
up from 6.8%.
• Final 2022/23 season
Farmgate Milk Price of
$8.22 per kgMS.
• Full year dividend of
50 cents per share,
including interim dividend
of 10 cents per share.
• Additional tax-free 50 cents
per share capital return
following divestment
of Soprole.
• Full year milk collections of
1,480 million kgMS.
• Forecast 2023/24 season
Farmgate Milk Price range
of $6.00-$7.50 per kgMS,
with a midpoint of $6.75.
• Forecast 2023/24 earnings
guidance range of 45-60
cents per share.
Fonterra announced its
results for the financial year
ending 31 July 2023, with full
year reported earnings of
95 cents per share, reported
profit after tax of $1.6 billion
and a final 2022/23 season
Farmgate Milk Price of $8.22
per kgMS.
Fonterra CEO Miles Hurrell
says the Co-op has delivered
strong earnings and made
progress against key strategic
initiatives in FY23, however
this has been against the
backdrop of a Farmgate
Milk Price that has dropped
across the season.
“Our 2022/23 season
Farmgate Milk Price was
impacted by reduced
demand for whole milk
powder from key importing
regions. As the financial year
progressed, we saw Global
Dairy Trade prices drop,
with the average whole milk
powder price down 16%
compared to last season.
“We recognise the impact
the reduced Farmgate
Milk Price has on farmers’
businesses and have utilised
our strong balance sheet to
introduce a new Advance
Rate Schedule guideline to
assist on-farm cash flow.
“However, we’re pleased to
be announcing a strong full
year dividend of 50 cents
per share – comprising an
interim dividend of 10 cents
per share and a final dividend
of 40 cents per share.
“In addition, the Co-op
returned tax free 50 cents
per share to shareholders
and unit holders in August,
following the divestment of
Soprole, giving a final cash
pay-out to farmers of $9.22
per share backed kgMS.
“Our FY23 performance
demonstrates that we
are focusing on the right
strategic priorities. This said,
we are aware that there are
challenging conditions on
the ground for many of our
farmers,” says Mr Hurrell.
Performance
Fonterra’s reported profit
after tax of $1,577 million
was up $994 million.
Excluding the net gain from
divestments of $248 million,
normalised profit after
tax was $1,329 million, up
$738 million compared to
the same time last year.
This includes the impact
of impairments and is
equivalent to 80 cents
per share.
The Co-op also reported
a Return on Capital for
the last 12 months of
12.4%, up from 6.8% in the
comparable period.
“There were a number of
key drivers that helped us
deliver this result, including
favourable margins in our
Ingredients channel, in
particular the cheese and
protein portfolios.
“We also saw improved
performance in our
Foodservice channel due to
increased product pricing
and higher demand as
Greater China’s lockdown
restrictions started to ease
from the start of calendar
year 2023.
“Further, across the
second half, the
operating performance
of our Consumer channel
strengthened due to

8
Our Performance
improved pricing. However,
we adjusted the long-
term outlook for our Asia
brands and Fonterra Brands
New Zealand business,
resulting in full year
impairments of $101 million
and $121 million respectively.
"We also recognised a
gain on sale from our
Chilean Soprole business of
$260 million during the year.
“Looking at our reportable
segments, Core Operations
reported profit after tax
increased $532 million to
$572 million, due to higher
Ingredient margins.
“Global Markets’ reported
profit after tax was up
$77 million to $385 million,
mainly due to higher sales
volumes and improved
pricing. This was partially
offset by the impairments in
its Consumer channel.
“Greater China’s reported
profit increased $11 million
to $284 million, with
the Foodservice channel
showing improved
margins and resilience to
market disruption from
COVID-19. However, this
was offset by the Consumer
channel, which included
a proportion of the Asia
brands impairment.
“On the supply side, full
year milk collections ended
the season at 1,480 million
kgMS. This is in spite of
significant challenges that
many farmers faced across
New Zealand including rising
input costs and adverse
weather events in the North
Island early in calendar
year 2023.
“In addition, Fonterra’s
balance sheet metrics are
better than target levels,
even after adjusting for
the impact of providing for
the payment of the Capital
Return, with a gearing ratio
of 28.8% and debt to EBITDA
of 1.3x.
“Our Total Group reported
operating expenses were
$2,799 million up from
$2,455 million due in
large part to the impact
of impairments, as well
as increased costs from
inflation and a one-
off favourable item of
$44 million in the previous
year,” says Mr Hurrell.
Strategy
Fonterra released its
long-term strategy in
September 2021 and
since then has made
good progress towards its
2030 goals.
“Across FY23, we completed
the divestment of China
Farms and Soprole as part of
our strategic choice to focus
on New Zealand milk.
“As we work towards our
ambition to be a leader
in sustainability, we have
stepped up our emissions
reduction goal for the
operational side of our
business, introducing a
target of a 50% absolute
reduction in Scope 1&2
emissions by 2030, from a
2018 baseline, an increase
on our previous target of a
30% reduction by 2030. We
have held discussions with
our farmers on why we need
to introduce a Scope 3, or
on-farm emissions target,
and plan to announce our
target before the end of
calendar year 2023.
“We’re also progressing
work in our innovation
portfolio, including
establishing our joint
venture with Royal DSM,
Vivici, which is exploring
commercial opportunities
in fermentation derived
ingredients, and launching
our corporate ventures arm
Nutrition Science Solution
(NSS), which made its first
strategic investment in the
form of a minority stake in
Pendulum Inc, a biotech
company specialising in
metabolic health.
“To assist us to hit our short
and long-term goals, we are
implementing a range of
projects that will streamline
how we operate. To track our
progress, we have introduced
two new metrics. These are:
• Cash operating expenses
per kgMS – targeting
a 4% cash operating
cost improvement per
year to support long-
term discipline in our
global overheads.
• Gross profit from
Core Operations per
kgMS – targeting a 2%
New Zealand operational
cash cost improvement
every year to support
efficient New Zealand
operations while
remaining laser focused on
delivering value.
“We are also updating our
long-term strategy and plan
to share this early next year,”
says Mr Hurrell.
FY24 Outlook
Looking ahead, our forecast
2023/24 Farmgate Milk
Price range of $6.00-$7.50
per kgMS, with a midpoint
of $6.75, reflects reduced
demand for whole
milk powder from key
importing regions.
“We are watching market
dynamics closely and there
are indications demand for
New Zealand milk powders
will start to return from
early 2024. Demand for
other products, including
Foodservice and our value-
added Ingredients, continues
to be robust.
“Our FY24 forecast earnings
range for continuing
operations is 45-60 cents per
share. While the favourable
price relativities we’ve
experienced across FY23
have reduced from their
peaks, we are forecasting
improved margins across our
Consumer and Foodservice
channels for FY24.
“We acknowledge that
across the year, farmers will
continue to feel the pressure
from high input costs and a
reduced Farmgate Milk Price.
We'll continue to do all that
we can to support farmers
through this challenging
period,” says Mr Hurrell.

Our Co-op
9
Fonterra’s Edgecumbe
site turns 100
The Bay of Plenty site first
opened its doors in 1923 and
has been at the heart of the
community ever since.
It specialises in producing
high-value products –
anhydrous milk fat, casein
and caseinates, whey
protein concentrate, milk
minerals and lipids. It’s
one of only two sites in
Aotearoa New Zealand
that manufactures sodium
caseinate for Fonterra’s
customers to use in a variety
of nutritional products.
Products from Edgecumbe
are distributed to more than
53 markets globally and
contribute significantly to
Fonterra’s overall earnings.
During peak milk season,
Edgecumbe processes up
to 3.7million litres of milk
every day.
Fonterra’s Edgecumbe
Operations Manager, Allan
Muggeridge, is proud of
what the team, including
many long serving and third
generation employees,
has achieved.
“Having the Edgecumbe site
reach 100 years of operation
is a remarkable achievement.
Especially when we
consider the obstacles that
were overcome to reach
this point.”
“We have seen more than
our fair share of challenges
over the years, including a
couple of floods and a major
earthquake. The continued
operation of the site, even
through those more difficult
times, is a real testament
to the resilience and strong
character of the people
who have kept it going
over all these years. We are
all extremely grateful for
the hard work and clever
foresight of the people that
came before us, who shaped
the site’s destiny into what it
is today.”
“Beyond just the people
who have worked here,
Edgecumbe site owes much
of its success to the ongoing
backing of the Edgecumbe
community and in particular
the local farmers. Without
their support the site
simply could not continue
to operate.”
Alan Van Der Nagel, Director
New Zealand Manufacturing
at Fonterra, says he’s proud
of the hard work being done
at the site and in the region.
“This milestone marks a
significant achievement
for the region. It is a
testament to the hard work
happening at Edgecumbe.
The Edgecumbe team should
be proud to be producing
top-quality products that are
sought after by customers
around the world. I look
forward to seeing what our
people, farmers and the
community will achieve
together in the years ahead.”
The relationship the site
has with the community
helps make the site what
it is says Tony Maclean,
GM Operations Central
North Island.
“The relationship with
the local and surrounding
communities is very
important. A business
cannot survive for such a
long period without being a
good social partner and the
site has a strong history of
working together with the
community, particularly in
times of adversity.”
The Edgecumbe site
celebrated with a public
open day on 16 September,
where farmers, business
owners and the community
were welcome to go and visit
the site and learn about what
is produced there.

PRODUCTION
AUSTRALIAAVERAGE
UNITED STATES
NEW ZEALANDEU
DEC JUL 
JUN MAY MAR FEB JAN SEP NOV OCT AUG APR 
LIQUID MILK M LITRES






EXPORTS
AUSTRALIA
UNITED STATES
NEW ZEALANDEU
AUG JUL JUN APR MAR FEB JAN DEC NOV OCT SEP MAY 
MT s





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



AVERAGE
IMPORTS
MIDDLE EAST & AFRICALATIN AMERICA
ASIACHINA
SEP AUG JUN MAY FEB MAR APR NOV JAN DEC JUL OCT 
MT s









AVERAGE
10

Supplementary Information
Global Dairy Market
The charts on the right
illustrate the year-on-year
changes in imports, exports
and production for a range of
countries that are important
players in global dairy trade.
The absolute size of
the bars represents the
change in imports, exports
or production, relative
to the same period the
previous year.
Averages are shown where
data is complete for the
regions presented.
NOTE: Data for EU and Australia to July; New Zealand and US to August.
NOTE: Data for EU, US and Australia to July; New Zealand to August.
NOTE: Data for Asia, Middle East & Africa, Latin America to July; and China to August.
SOURCES: Government milk production statistics (DCANZ, Dairy Australia, Eurostat, USDA)/GTA trade data/Fonterra analysis.

WEIGHTED AVERAGE PRICEQUANTITY SOLD
APR 
MAR 
JAN 
OCT FEB 
JUL 
AUG 
MAY 
SEP 
NOV DEC JUN 

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WEIGHTED AVERAGE PRICE USDMT
QUANTITY SOLD  MT
11

Supplementary Information
Fonterra milk
production
The table on the right
shows Fonterra milk solids
collected in New Zealand
and Australia compared
to the previous season.
MILK COLLECTION
(MILLION KGMS)
AUGUST
2023
AUGUST

2022
MONTHLY
CHANGE
SEASON-
TO-DATE
2023/24
SEASON-
TO-DATE
2022/23
SEASON-
TO-DATE
CHANGE
Total Fonterra
New Zealand
89.591.9(2.6%)123.1125.8(2.2%)
North Island64.267.5(4.8%)92.596.2(3.9%)
South Island25.224.43.4%30.629.73.3%
Australia6.86.9(1.4%)12.412.21.6%
Fonterra GDT results
This table provides more
information on the latest
results, including a snapshot
of the year-to-date results.
LAST TRADING EVENT
(19 SEPTEMBER 2023)
YEAR-TO-DATE

(FROM 1 AUGUST 2023)
Quantity Sold on GDT
(Winning MT)
35,244133,721
Change in Quantity Sold on GDT
over same period last year
39.5%24.5%
Weighted Average Product Price
(USD/MT)
2,9862,981
Change in Weighted Average
Product Price over same period
last year
(27.0%)(24.5%)
Change in Weighted Average
Product Price from previous event
2.1%–
Fonterra GDT results
This chart shows Fonterra
GDT prices and volumes over
the past 12 months.

12
AMF
Anhydrous Milk Fat.
BMP
Butter Milk Powder.
Cultured Products
Fermented milks that are
prepared by using starter
cultures and controlled
fermentation including
yoghurt, yoghurt drinks, sour
cream, crème fraiche.
DIRA
Dairy Industry Restructuring
Act 2001 (New Zealand).
Farmgate Milk Price
The price for milk supplied in
New Zealand to Fonterra by
farmer shareholders.
Fluid Products
The Fonterra grouping
of fluid milk products
(skim milk, whole milk
and cream – pasteurised
or UHT processed),
concentrated milk products
(evaporated milk and
sweetened condensed milk)
and yoghurt.
GDT
Global Dairy Trade, the
online provider of the twice
monthly global auctions of
dairy ingredients.
kgMS
Kilogram of milk solids, the
measure of the amount of
fat and protein in the milk
supplied to Fonterra.
MPC
Milk Protein Concentrate.
Non-Reference Products
All dairy products,
except for Reference
Products, produced
by the New Zealand
Ingredients business.
Reference Products
The dairy products used
in the calculation of the
Farmgate Milk Price, which
are currently WMP, SMP,
BMP, butter and AMF.

Glossary
Season
New Zealand: A period
of 12 months to 31 May
in each year.
Australia: A period of
12 months to 30 June
in each year.
SMP
Skim Milk Powder.
WMP
Whole Milk Powder.
WPC
Whey Protein Concentrate.
WPI
Whey Protein Isolate.