Global Dairy Update September 2024

• Fonterra continues
momentum in FY24,
announces special dividend.
1
Global Dairy
UPDATE
• New Zealand and Australia monthly
production increased. EU and US monthly
production decreased.
• Australia, EU and US monthly exports
increased. New Zealand monthly
exports decreased.
• Asia and Latin America monthly imports
increased. Middle East & Africa and China
monthly imports decreased.
• Fonterra New Zealand’s collections for August
were 98.0 million kgMS, 9.3% above August
last season. Season-to-date collections are
133.0 million kgMS, 7.9% above last season.
• Fonterra’s Australia collections in August
were 7.0 million kgMS, 3.6% above August
last season. Season-to-date collections are
12.5 million kgMS, 0.9% above last season.
• Fonterra's revised strategy to grow end-to-end value.
Key Dates
14 November 2024
Fonterra Co-operative Group Annual Meeting
New Plymouth
18 November 2024
Fonterra Shareholders' Fund Annual Meeting
Auckland
SEPTEMBER 2024
For further details,
visit our website –

%%%
%%%%
%
Change for August 2024
compared to August 2023
Change for July 2024
compared July 2023
Change for June 2024
compared to June 2023
Change for July 2024
compared to July 2023
Change for the 12 months
to August 2024
Change for the 12 months
to July 2024
Change for the 12 months
to June 2024
Change for the 12 months
to July 2024
0.43.411.8
3.10.20.5
0.5
0.2
2
OUR MARKETS
Global Production
New Zealand and
Australia monthly
production increased.
EU and US monthly
production decreased
New Zealand milk
production increased 11.8%
on a litres basis (up 10.0% on
milk solids basis) for August
compared to the same
period the year prior.
The production increase was
mainly due to favourable
weather and pasture
conditions and early calving.
New Zealand milk
production for the
12 months to August was
up 0.2% on the previous
comparable period.
Fonterra New Zealand
collections are reported
for August, see page 5
for details.
Australia milk
production increased 3.4%
in June compared to the
same period the year prior.
The production increase was
mainly due to favourable
weather conditions in
Northern and Eastern
Victoria, partially offset by
colder weather affecting
production in Western
Victoria and Tasmania.
Australia milk production
for the 12 months to June
was up 3.1% on the previous
comparable period.
Fonterra collections in
Australia are reported
for August, see page 5
for details.
EU milk production¹
decreased 0.5% in July
compared to the same
period the year prior.
The production decrease was
mainly driven by the impact
of Bluetongue disease, with
environmental regulation
and health challenges
lowering milk output from
Germany, Ireland, and the
Netherlands. Additionally,
European milk prices
continued to increase due to
higher seasonal demand for
dairy products.
EU milk production for
the 12 months to July was
up 0.2% on the previous
comparable period.
US milk production
decreased 0.4 % in July
compared to the same period
the year prior.
The production decrease
was mainly driven by smaller
herd sizes and decreased milk
yield per cow due to a avian
flu outbreak and heat stress
affecting the country. This was
partially offset by higher milk
yields in Texas and Kansas.
US milk production for
the 12 months to July was
down 0.5 % 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
Australia, EU and US
monthly exports increased.
New Zealand monthly
exports decreased
New Zealand dairy
exports decreased 12.0%,
or 20,837 MT, in August
compared to the same
period last year.
The decrease was mainly
due to lower export volumes
of WMP, fluid milk products
and butter. This was
partially offset by slightly
higher export volumes of
infant formula to Japan and
Saudi Arabia.
Exports for the 12 months
to August were up 1.1%, or
38,217 MT, on the previous
comparable period.
This was mainly due to high
export volumes of WMP to
Indonesia and the Middle
East, alongside SMP to
Southeast Asia.
EU dairy exports
increased 8.8%, or 48,651 MT,
in July compared to the same
period the year prior.
The increase was mainly due
to higher export volumes
of whey, butter and cheese
to the US, Indonesia, and
the Philippines, alongside
record whey export volumes
to China.
Exports for the 12 months
to July were down 1.9%, or
126,847 MT, on the previous
comparable period.
This was mainly due to
lower export volumes of
infant formula, SMP and
cultured products to key
markets such as China,
driven by competition from
New Zealand origin products.
US dairy exports
increased 9.6%, or
21,406 MT, in July compared
to the same period the
year prior.
The increase was mainly due
to high export volumes of
cheddar to Mexico and South
Korea, alongside high export
volumes of whey to meet
ongoing strong demand from
Southeast Asia.
Exports for the 12 months
to July were down 1.7%, or
48,860 MT, on the previous
comparable period.
This was mainly due to
ongoing lower export
volumes of American powder
products as demand from
key markets remains low.
This was partially offset
by high export volumes of
cheese to Mexico.
Australia dairy exports
increased 13.2%, or 6,907 MT,
in July compared to the same
period the year prior.
The increase was mainly due
to the prior year’s low export
volumes of SMP and powders,
resulting from the mismatch
between domestic milk prices
and global commodity prices.
Exports for the 12 months
to July were up 5.6%, or
36,989 MT, on the previous
comparable period.
This was mainly due to
higher export volumes of
SMP and cheese, due to
Australia’s increased levels of
production resulting in more
exportable surplus.
NEW ZEALANDAUSTRALIAEUROPEAN UNIONUSA
%%%
%%
%
%
Change for August 2024
compared to August 2023
Change for July 2024
compared to July 2023
Change for July 2024
compared to July 2023
Change for July 2024
compared to July 2023
Change for the 12 months
to July 2024
Change for the 12 months
to July 2024
Change for the 12 months
to August 2024
Change for the 12 months
to July 2024
9.6
5.6
12.0
1.9
1.7
13.2
8.8
1.1
%

To view a chart that
illustrates year-on-year
changes in imports –
4
OUR MARKETS
Global Imports
Asia and Latin America
monthly imports
increased. Middle East &
Africa and China monthly
imports decreased
Latin America dairy
import volumes¹ increased
14.0%, or 29,363 MT, in
July compared to the same
period the year prior.
The increase was mainly due
to higher import volumes of
cheese by Mexico and Brazil,
and WMP by Venezuela.
Imports for the 12 months
to July were up 6.3%, or
153,223 MT, on the previous
comparable period.
This was mainly due to
ongoing high import
volumes of cheese by
Mexico and Brazil, alongside
increased import volumes
of fluid milk products by the
Dominican Republic.
Asia (excluding China)
dairy import volumes¹
increased 23.4%, or
95,818 MT, in July compared
to the same period the
year prior.
The increase was mainly
due to ongoing high
import volumes of fluid
milk products and whey to
Southeast Asia.
Imports for the 12 months
to July were up 10.0%, or
474,392 MT, on the previous
comparable period.
This was mainly due to higher
import volumes of WMP by
Vietnam and Bangladesh,
and fluid milk products by
the Philippines.
Middle East and Africa
dairy import volumes¹
decreased 13.2%, or
69,658 MT, in July compared
to the same period the
year prior.
The decrease was driven by
lower import volumes of
WMP and SMP by Algeria,
partially offset by slightly
higher import volumes of
whey by Egypt and Nigeria.
Imports for the 12 months
to July were up 2.4%, or
135,804 MT, on the previous
comparable period.
This was mainly due to
ongoing higher import
volumes of fluid milk products
by the UAE, and SMP by Saudi
Arabia and Egypt.
China dairy import
volumes decreased by
2.1%, or 5,177 MT, in August
compared to the same
period the year prior.
The decrease was driven by
lower import volumes of
WMP, SMP and AMF from
Oceania. This was partially
offset by higher import
volumes of whey from
the US.
Imports for the 12 months to
August were down 11.4%, or
363,935 MT, on the previous
comparable period.
This was mainly due to an
ongoing decline in import
volumes of SMP, WMP,
fluid milk products and
infant formula.
LATIN AMERICAASIAMIDDLE EAST & AFRICACHINA
1 Estimates are included for those countries that have not reported data.
%%%%
%%
Change for July 2024
compared to July 2023
Change for August 2024
compared to August 2023
Change for July 2024
compared to July 2023
Change for July 2024
compared to July 2023
Change for the 12 months
to July 2024
Change for the 12 months
to July 2024
Change for the 12 months
to July 2024
2.123.414.0
10.02.4
%
Change for the 12 months
to August 2024
11.4
13.2
6.3
%

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
compared to prior season
Season-to-date 1 June to 31 August
compared to prior season
Season-to-date 1 June to 31 August
compared to prior season
Season-to-date 1 June to 31 August
compared to prior season
Change for August 2024
compared to August 2023
Change for August 2024
compared to August 2023
Change for August 2024
compared to August 2023
Change for August 2024
compared to August 2023
3.610.7
5.2
8.79.3
0.98.87.9
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
7.0 million kgMS, 3.6% above
August last season.
The increase was mainly
due to favourable weather
conditions in Northern and
Eastern Victoria, supporting
strong pasture growth
and reduced reliance on
conserved fodder.
Season-to-date collections
are 12.5 million kgMS,
0.9% above last season.
North Island milk
collections in August were
70.0 million kgMS, 8.7%
above August last season.
The increase was
mainly due to ongoing
favourable weather and
soil conditions across the
region, contributing to
strong pasture growth and
continued improvements
in milk yields compared to
last year.
Season-to-date collections
are 100.7 million kgMS, 8.8%
above last season.
South Island milk
collections in August were
28.0 million kgMS, 10.7%
above August last season.
The increase was mainly due
to improved soil moisture
levels across the region.
Longer sunlight hours and
warmer temperatures have
also resulted in healthy
pasture growth.
Season-to-date collections
are 32.3 million kgMS, 5.2%
above last season.
Fonterra's New Zealand
collections for August were
98.0 million kgMS, 9.3%
above August last season.
The increase was mainly due
to improved weather and
soil conditions, in addition
to farmers across the nation
calving earlier in the season
resulting in an uplift in the
milk curve.
Season-to-date collections
are 133.0 million kgMS, 7.9%
above last season.
%%
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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 


,
,
,
.
.
.
.
.
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 US Federal Reserve Bank (Fed) initiated their long-awaited
easing cycle with a 0.5% reduction to official interest rates
in September, seeking to offset developing weakness in the
labour market as the US economy slowly deflates following a
post-pandemic boom. New Zealand’s economic data continues
to show broad weakness – the economy contracting by 0.2%
in the second quarter of this year, and by 0.5% in the year to
June. While some early positive signs are beginning to emerge,
such as a firming in dairy, beef and lamb prices, the Reserve
Bank of New Zealand is expected to provide further monetary
policy accommodation in the coming months, as is the US Fed.
Fonterra GDT results at
trading event 364
17 September 2024:
The next trading event will be held on 1 October 2024. Visit www.globaldairytrade.info for more information.
Change in Fonterra’s
weighted average product
price from previous event
0.6
Fonterra’s weighted
average product price

(USD/MT)
3,891
USD
Fonterra product quantity
sold on GDT
000’ MT
36.5
NORTH ASIA (INCLUDING CHINA)
SOUTH EAST ASIA
MIDDLE EAST AND AFRICA
LATIN AMERICA
OTHER
USD 6,409/MT
2.2
BUTTER
USD 4,441/MT
2.7
CHEDDAR
USD 3,441/MT
1.5
WMP
USD 2,810/MT
2.4
SMP
USD 7,220/MT
1.2
AMF
36,540
MT
LATEST AUCTION
140,119
MT
FINANCIAL
YEAR‑TO‑DATE

7
Our Performance
Fonterra continues
momentum in FY24,
announces special
dividend
Fonterra Co-operative Group
Ltd reported strong FY24
full year financial results,
including a final 2023/24
season Farmgate Milk Price
of $7.83 per kgMS and a
total dividend of 55 cents
per share.
CEO Miles Hurrell says
the payout reflects both
Fonterra’s continued strong
earnings performance and
the long-term resilience of
the Co-op.
“We’ve maintained the
positive momentum seen
in FY23 and delivered
earnings at the top end of
our forecast range. Our total
dividend of 55 cents per
share is the second largest
since Fonterra was formed.
It includes a 15 cent interim
dividend and a 25 cent final
dividend driven by strong
FY24 earnings.
“In addition, our capital
management efficiency
and ongoing balance sheet
strength have enabled us to
return an extra 15 cents per
share to farmer shareholders
and unit holders through a
special dividend. The final
Farmgate Milk Price for the
2023/24 season finished
at $7.83 per kgMS. This,
combined with the 55 cents
per share dividend, provides
a total cash payout to a
fully shared up farmer of
$8.38 per kgMS.
“Our Co-op is in good
shape, and I'm pleased to
have delivered another year
of solid returns to farmer
shareholders and unit
holders. Looking ahead, we’re
well placed to consider the
next phase of our strategy to
grow long-term value for the
Co-op,” says Mr Hurrell.
The Co-op reported a return
on capital for FY24 of 11.3%,
above the target range for
FY24. Earnings (EBIT) from
continuing operations were
$1,560 million and continue
to be well above previous
years, albeit down on FY23
which benefitted from
elevated price relativities.
Fonterra’s profit after tax
from continuing operations
was $1,168 million, equivalent
to 70 cents per share.
“Our FY24 earnings were
driven by higher margins
and increased sales volumes
in our Foodservice and
Consumer channels. Our
Ingredients channel also
continued to deliver strong
returns, although down
when compared to the
record result seen in FY23,”
says Mr Hurrell.
Sales volumes from
continuing operations were
down 1% to 3,470 kMT
and gross margins were
maintained at 17%. “We
remain focused on making
progress against our two
efficiency metrics while
also investing in the areas
that will improve long-term
performance and the
resilience of the Co-op.
“Our core operations
manufacturing costs per
kgMS reduced year-on-year
by 2% to $2.58 per kgMS,
reflecting both operational
improvements and improved
input costs. Across the year
we also achieved savings
in our operating expenses
which largely offset the
impacts of inflation.
However, our cash operating
expenses per kgMS are
up mainly due to our
investment in IT and digital
transformation projects.
“Our balance sheet position
remains strong, providing
optionality and flexibility
for the future and resilience
against volatility. We have
net debt of $2.6 billion,
$600 million lower than
last year, due to strong
underlying operating
performance. Our gearing
ratio of 24% reflects our
lower net debt position and
higher equity from strong
earnings,” says Mr Hurrell.
This year, Fonterra
completed a strategic review
that reinforced the role of its
Foodservice and Ingredients
channels and confirmed
its strengths in partnering
with customers to produce
world-class, innovative dairy.
As a result of this work, in
May the Co-op announced
that it is exploring
divestment options for its
global Consumer business, as
well as Fonterra Oceania and
Sri Lanka.
“Over the last few months,
we have appointed advisors
to assist with assessing
divestment options for our
Consumer businesses and
this work is ongoing,” says
Mr Hurrell.
“As we can see from today’s
result, the businesses
in scope for potential
divestment are performing
well. We remain committed
to a pathway that would
maximise value of these
businesses for our farmer
shareholders and unit
holders. Alongside this, we
have revised our strategy to
have a sharper focus on the
Co-op’s strengths and where
we can best create value.
“We will be sharing this
revised strategy, as well as
the outcomes shareholders
and unit holders can expect
from the Co-op, next week,”
says Mr Hurrell.

Fonterra's
revised
strategy
to grow
end‑to‑end
value
Fonterra Co-operative
Group Ltd released its
revised strategy, which will
see the Co-op deepen its
focus on its high-performing
Ingredients and Foodservice
businesses to grow value
for farmer shareholders
and unit holders. This
follows a strategic review
that confirmed the Co-op’s
strengths as a B2B dairy
nutrition provider, resulting
in Fonterra’s decision
to explore divestment
options for its global
Consumer  businesses.
Chairman Peter McBride
says the revised strategy
creates a pathway to greater
value creation, allowing
the Co-op to announce
enhanced financial targets
and policy settings. The Co-
op exists to provide stability
and manage risk on farmers’
behalf, while maximising the
returns to farmers from their
milk and the capital they
have invested in Fonterra.
Through implementation
of our strategy, we can
grow returns to our owners
while continuing to invest
in the Co-op, maintaining
the financial discipline and
strong balance sheet we’ve
worked hard to build over
recent years.
“We have increased our
target average return on
capital to 10-12%, up from
9-10%, and announced a new
dividend policy of 60-80% of
earnings, up from 40-60%.
At all times, we remain
committed to maintaining
the maximum sustainable
Farmgate Milk Price,” says
Mr McBride. CEO Miles
Hurrell says Fonterra is in a
strong position, delivering
results well above its five-
year average, which puts it
in a position to think about
the next evolution of its
strategic delivery.
“The foundations of our
strategy – our focus
on New Zealand milk,
sustainability, and dairy
innovation and science –
remain unchanged. What’s
changed is how we play to
these strengths. Following
our recent strategic review,
we are clear on the parts of
the business that create the
most value today and where
there is further headroom
for growth. These are our
innovative Ingredients and
Foodservice businesses,
supported by efficient and
flexible operations. By
streamlining the Co-op to
focus on these areas, we
can grow greater value for
farmer shareholders and unit
holders, even if we divest our
Consumer businesses,” says
Mr Hurrell.
Looking out to the next
decade and beyond, Fonterra
has made six strategic
choices. These are:
1. Deliver the strongest
farmer offering
– work alongside
farmers to enable on-
farm profitability and
productivity and support
the strongest payout.
2. Unleash the Ingredients
engine – deepen
Fonterra’s position as a
world-leading provider
of sophisticated dairy
ingredients and build
trading capability to grow
both the Farmgate Milk
Price and earnings.
Our Co‑op
8

3. Keep up the momentum
in Foodservice – expand
our successful Foodservice
business in China and
other key markets to
grow earnings.
4. Invest in operations for
the future – an efficient
manufacturing and supply
chain network that allows
flexibility to allocate milk
to the highest returning
product and sales channel.
5. Build on our
sustainability position
– further improve the
Co-op’s sustainability
credentials and strengthen
partnerships with
customers who value
this position.
6. Innovate to drive
an advantage – use
science and technology
to solve the Co-op’s
challenges and build on
competitive advantages.
“As previously announced,
we are exploring divestment
options for our global
Consumer businesses to
free up capital and allow
the Co-op to focus on what
it does best. This process
is ongoing and progressing
well. It remains our intention
to seek shareholder approval
prior to divesting these
businesses,” says Mr Hurrell.
“The Co-op’s improved
returns will primarily
be driven by increased
earnings in Ingredients and
Foodservice along with
operational efficiencies. We
continue to have significant
capital investment needs
ahead of us to maintain
fit for purpose assets
and we can meet these
investment requirements
while maintaining our
strong balance sheet. We
also intend to make a
significant capital return to
shareholders if we divest our
Consumer business,” says
Mr Hurrell.
Fonterra will provide
farmers and the market a
rolling three-year forward-
looking view of the financial
assumptions underpinning
its performance targets
annually and will measure
progress through its annual
business updates.
“This is the right strategy
for the Co-op. It has a
clear-eyed view of where
we best generate returns
for farmer shareholders and
unit holders and will see
us unlock value at every
point in our supply chain by
focusing on our strengths.
Together, Fonterra’s Board
and Management are looking
forward to working alongside
our Co-op’s farmers and
employees to deliver on our
vision to be the source of the
world’s most valued dairy,”
says Mr Hurrell.
Our Co‑op
9

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












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 Australia to June; EU and US to July; New Zealand 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; China to August.
SOURCES: Government milk production statistics (DCANZ, Dairy Australia, Eurostat, USDA)/GTA trade data/Fonterra analysis.

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
2024
AUGUST

2023
MONTHLY
CHANGE
SEASON-
TO-DATE
2024/25
SEASON-
TO-DATE
2023/24
SEASON-
TO-DATE
CHANGE
Total Fonterra
New Zealand
98.089.79.3%133.0123.37.9%
North Island70.064.48.7%100.792.68.8%
South Island28.025.310.7%32.330.75.2%
Australia7.06.83.6%12.5.512.40.9%
2024/25 season
forecast Farmgate
Milk Price (FGMP)
update
ANNOUNCEMENT
DATE
FORECAST
FGMP (NZD)
NZD/USD RATE AT
ANNOUNCEMENT
DATE
FORECAST
AVERAGE
CONVERSION
RATE FOR
2024/25
SEASON
PERCENTAGE
OF FORECAST
FOREIGN
EXCHANGE
EXPOSURE
FOR 2024/25
SEASON
HEDGED
PERCENTAGE
OF FOREIGN
EXCHANGE
OPTION
COVER
REMAINING
IN HEDGED
AMOUNT
RANGE MID-
POINT
25 Sep 2024$8.25-
$9.75
$9.000.63380.619072%18%
23 Aug 2024$7.75-
$9.25
$8.500.61370.611067%16%
As at the most recent update to the 2024/25 season forecast Farmgate Milk Price on 25 September 2024:
• Fonterra had hedged approximately 72% of the full year forecast USD cash flows related to the
2024/25 season Farmgate Milk Price.
• Of that 72%, approximately 18% was hedged with foreign exchange options which had not yet
expired or been exercised.
• If the remaining 28% of the forecast USD cash flows were to be hedged at the 25 September 2024
spot rate of 0.6338, the average NZD/USD conversion rate for the 2024 season would be 0.6190.
• Also shown for information are the equivalent measures at the date of the previous forecast of the
2024/25 season Farmgate Milk Price on 23 August 2024.

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
12

Supplementary Information
Fonterra GDT results
This table provides more
information on the latest
results, including a snapshot
of the year-to-date results.
LAST TRADING EVENT
(16 SEPTEMBER 2024)
YEAR-TO-DATE

(FROM 1 AUGUST 2024)
Quantity Sold on GDT
(Winning MT)
36,540140,119
Change in Quantity Sold on GDT
over same period last year
3.7%4.8%
Weighted Average Product Price
(USD/MT)
3,8913,853
Change in Weighted Average
Product Price over same period
last year
30.3%29.2%
Change in Weighted Average
Product Price from previous event
0.6%–
Fonterra GDT results
This chart shows Fonterra
GDT prices and volumes over
the past 12 months.

13
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.