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F O N T E R R a a Nnual Report 2 0 0 6 FONTERRA 6 0 0 2 REPORT NNUAL A FONTERRA A NNUAL REPORT 2 0 0 6 FONTERRA 6 0 0 2 REPORT NNUAL A FONTERRA A NNUAL REPORT 2 0 0 6 FONTERRA – SEASON 2005/06 IN REVIEW RESULTS AT A GLANCE SHAREHOLDER RETURNS 2005/06 2004/05 2003/04 2002/03 2001/021 Payout (NZD per kg/MS) 4.10 4.59 4.25 3.63 5.33 Historical Commodity Milk Price 3.85 4.37 3.97 3.34 5.45 Milk Price Gap 4(0.23) (0.23) (0.20) (0.18) 3(0.39) Fonterra Commodity Milk Price 3.62 4.14 3.77 3.16 5.06 PAYOUT – NZD per kg/MS SEGMENT OPERATING SURPLUS – NZD millions 2 Value Add Contribution to Payout 0.48 0.45 0.48 0.47 0.22 $6.00 $1,100 $5.00 $1,000 Fair Value Share Price (NZD) set for the next season 5.80 5.44 4.69 4.38 53.85 $4.00 $900 Total Shareholder Return 9.6% 17.2% 11.0% 16.7% N/a $3.00 $800 $2.00 $700 Total number of shareholders (supply numbers) at 31 May 11,286 11,680 12,144 12,562 13,057 $1.00 $600 $0.00 $500 2001/02 2002/03 2003/04 2004/05 2005/06 2001/02 2002/03 2003/04 2004/05 2005/06 STAff EMPLOYED Total Staff Employed (000’s) 17.4 18.6 19.6 19.8 20.0 AVERAGE COMMODITY PRICES – USD per MT FOB* FONTERRA’S AVERAGE NZD/USD CONVERSION RATE New Zealand (000’s) 11.0 11.6 11.1 10.8 N/a 0.70 3,000 0.66 0.65 Overseas (000’s) 6.4 7.0 8.5 9.0 N/a 2,500 0.61 0.60 B 2,000 0.55 0.52 1,500 0.50 0.48 OPERATING PERFORMANCE WMP 0.44 SMP 0.45 USD per MT FO 1,000 < BUTTER 0.40 Average NZD/USD Spot Exchange Rate applying 0.68 0.69 0.62 0.51 0.43 500 CHEESE 0.35 6 throughout the year 0 0.30 2001/02 2002/03 2003/04 2004/05 2005/06 2001/02 2002/03 2003/04 2004/05 2005/06 Fonterra’s average NZD/USD conversion rate6 0.66 0.61 0.52 0.48 0.44 *Oceania Export Series, Agricultural Marketing Service, US Department of Agriculture. Rate that Fonterra converts net foreign currency receipts into NZD based on hedge cover in place. ORMANCE Revenue (NZD millions) RETURN ON THE FONTERRA FAIR VALUE SHARE – vs the NZX 50 Capital Index SHAREHOLDERS AND AVERAGE kg/MS – NZ only F Ingredients and other revenue from outside of the Group 9,211 8,548 8,194 7,887 8,341 200 110,000 13,500 PER Consumer revenue from outside of the Group 3,790 3,775 3,636 4,587 5,583 180 105,000 13,000 160 100,000 12,500 < S Total Revenue 13,001 12,323 11,830 12,474 13,924 140 95,000 12,000 cent 120 90,000 11,500 7 Per Segment operating surplus (NZD millions) 100 NZX 50 CAPITAL 85,000 11,000 SUPPLIERS INDEX RETURN Average Kg/M Number of Suppliers 80 FONTERRA SHARE 80,000 10,500 AVERAGE Ingredients 725 601 563 407 N/a VALUE RETURN kg/MS 60 75,000 10,000 Consumer 288 265 280 404 N/a 40 70,000 9,500 2001/02 2002/03 2003/04 2004/05 2005/06 2001/02 2002/03 2003/04 2004/05 2005/06 Inter-Group Eliminations (28) (43) (4) 6 N/a Segment operating surplus 985 823 839 817 599 MILK COLLECTION – kg/MS and Litres collected INGREDIENTS – Manufactured in NZ 000’s MT and Total Ingredients sales 000’s MT Net Surplus/(Deficit) after minorities (NZD millions) – 191 7 257 (50) 14,200 1,220 3,000 14,000 1,200 2,750 13,800 1,180 ) ) 2,500 CAPITAL EMPLOYED 13,600 1,160 s DAIRY INGREDIENTS 13,400 1,140 2,250 MANUFACTURED es (million LITRES MT 000’ IN NEW ZEALAND Total Assets Employed (NZD millions) 13,080 11,812 11,112 10,746 11,800 Litr 13,200 1,120 Kg/MS (millions (MILLION) 2,000 13,000 1,100 TOTAL kg/MS INGREDIENTS Shareholders’ Funds, including minority interests (NZD millions) 5,145 4,911 4,795 4,665 4,485 1,750 12,800 1,080 SALES VOLUME Net Interest Bearing Debt (NZD millions) 5,600 4,334 4,041 4,388 4,718 12,600 1,060 1,500 2001/02 2002/03 2003/04 2004/05 2005/06 2001/02 2002/03 2003/04 2004/05 2005/06 Primary Photography – John Crawford. Debt to debt plus equity ratio 52.1% 46.9% 45.7% 48.5% 51.3% For more information see www.fonterra.com 09/06 FOOP004. 1 Certain comparative information for the 2001/02 season is not available due to the structure of the Group’s reporting systems in Fonterra’s formation year. 2 The Value Add Contribution to Payout is a measure of the value added (including the cost of capital) to suppliers’ milk by Fonterra from all of its operations, over and above the value of milk supplied. 3 Applying different methodology to that used in 2002/03, 2003/04, 2004/05 and 2005/06. 4 In 2005/06 methodology refinements were made to the calculation of Historical commodity milk price and Fonterra commodity milk price. Comparatives have not been restated using the refined methodology, refer page 34. 5 Initial Fair Value Share price was a nominal value set by the Fonterra Board; subsequent valuations determined from within the range set by the independent valuer. 6 Average exchange rate is the average of the daily spot rates for the season. The average conversion rate is the rate that Fonterra has converted net foreign currency receipts into NZ Dollars based on the hedge cover in place. 7 Represents earnings before interest and tax calculated on the basis of the historical CMP and adjusted for non recurring items. Insight Creative Limited. Auckland. New Zealand. TOTAL REVENUE – NZD millions 14,500 14,000 13,924 AVERAGE COMMODITY PRICES – USD per MT FOB* 13,500 13,001 13,000 3,000 12,500 12,474 12,323 2,500 12,000 11,830 B 2,000 11,500 TOTAL REVENUE New Zealand Dollars (million) NZD MILLIONS 11,000 1,500 WMP 10,500 SMP USD per MT FO 1,000 2001/02 2002/03 2003/04 2004/05 2005/06 BUTTER 500 CHEESE 0 2001/02 2002/03 2003/04 2004/05 2005/06 *Oceania Export Series, Agricultural Marketing Service, US Department of Agriculture. FONTERRA – SEASON 2005/06 IN REVIEW RESULTS AT A GLANCE SHAREHOLDER RETURNS 2005/06 2004/05 2003/04 2002/03 2001/021 Payout (NZD per kg/MS) 4.10 4.59 4.25 3.63 5.33 Historical Commodity Milk Price 3.85 4.37 3.97 3.34 5.45 Milk Price Gap 4(0.23) (0.23) (0.20) (0.18) 3(0.39) Fonterra Commodity Milk Price 3.62 4.14 3.77 3.16 5.06 PAYOUT – NZD per kg/MS SEGMENT OPERATING SURPLUS – NZD millions 2 Value Add Contribution to Payout 0.48 0.45 0.48 0.47 0.22 $6.00 $1,100 $5.00 $1,000 Fair Value Share Price (NZD) set for the next season 5.80 5.44 4.69 4.38 53.85 $4.00 $900 Total Shareholder Return 9.6% 17.2% 11.0% 16.7% N/a $3.00 $800 $2.00 $700 Total number of shareholders (supply numbers) at 31 May 11,286 11,680 12,144 12,562 13,057 $1.00 $600 $0.00 $500 2001/02 2002/03 2003/04 2004/05 2005/06 2001/02 2002/03 2003/04 2004/05 2005/06 STAff EMPLOYED Total Staff Employed (000’s) 17.4 18.6 19.6 19.8 20.0 AVERAGE COMMODITY PRICES – USD per MT FOB* FONTERRA’S AVERAGE NZD/USD CONVERSION RATE New Zealand (000’s) 11.0 11.6 11.1 10.8 N/a 0.70 3,000 0.66 0.65 Overseas (000’s) 6.4 7.0 8.5 9.0 N/a 2,500 0.61 0.60 B 2,000 0.55 0.52 1,500 0.50 0.48 OPERATING PERFORMANCE WMP 0.44 SMP 0.45 USD per MT FO 1,000 < BUTTER 0.40 Average NZD/USD Spot Exchange Rate applying 0.68 0.69 0.62 0.51 0.43 500 CHEESE 0.35 6 throughout the year 0 0.30 2001/02 2002/03 2003/04 2004/05 2005/06 2001/02 2002/03 2003/04 2004/05 2005/06 Fonterra’s average NZD/USD conversion rate6 0.66 0.61 0.52 0.48 0.44 *Oceania Export Series, Agricultural Marketing Service, US Department of Agriculture. Rate that Fonterra converts net foreign currency receipts into NZD based on hedge cover in place. ORMANCE Revenue (NZD millions) RETURN ON THE FONTERRA FAIR VALUE SHARE – vs the NZX 50 Capital Index SHAREHOLDERS AND AVERAGE kg/MS – NZ only F Ingredients and other revenue from outside of the Group 9,211 8,548 8,194 7,887 8,341 200 110,000 13,500 PER Consumer revenue from outside of the Group 3,790 3,775 3,636 4,587 5,583 180 105,000 13,000 160 100,000 12,500 < S Total Revenue 13,001 12,323 11,830 12,474 13,924 140 95,000 12,000 cent 120 90,000 11,500 7 Per Segment operating surplus (NZD millions) 100 NZX 50 CAPITAL 85,000 11,000 SUPPLIERS INDEX RETURN Average Kg/M Number of Suppliers 80 FONTERRA SHARE 80,000 10,500 AVERAGE Ingredients 725 601 563 407 N/a VALUE RETURN kg/MS 60 75,000 10,000 Consumer 288 265 280 404 N/a 40 70,000 9,500 2001/02 2002/03 2003/04 2004/05 2005/06 2001/02 2002/03 2003/04 2004/05 2005/06 Inter-Group Eliminations (28) (43) (4) 6 N/a Segment operating surplus 985 823 839 817 599 MILK COLLECTION – kg/MS and Litres collected INGREDIENTS – Manufactured in NZ 000’s MT and Total Ingredients sales 000’s MT Net Surplus/(Deficit) after minorities (NZD millions) – 191 7 257 (50) 14,200 1,220 3,000 14,000 1,200 2,750 13,800 1,180 ) ) 2,500 CAPITAL EMPLOYED 13,600 1,160 s DAIRY INGREDIENTS 13,400 1,140 2,250 MANUFACTURED es (million LITRES MT 000’ IN NEW ZEALAND Total Assets Employed (NZD millions) 13,080 11,812 11,112 10,746 11,800 Litr 13,200 1,120 Kg/MS (millions (MILLION) 2,000 13,000 1,100 TOTAL kg/MS INGREDIENTS Shareholders’ Funds, including minority interests (NZD millions) 5,145 4,911 4,795 4,665 4,485 1,750 12,800 1,080 SALES VOLUME Net Interest Bearing Debt (NZD millions) 5,600 4,334 4,041 4,388 4,718 12,600 1,060 1,500 2001/02 2002/03 2003/04 2004/05 2005/06 2001/02 2002/03 2003/04 2004/05 2005/06 Primary Photography – John Crawford.
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