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.
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