John Wilson - Chairman. Fonterra Co-operative Group Ltd. #

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2 John Wilson - Chairman Fonterra Co-operative Group Ltd. #

3 Key highlights FORECAST CASH PAYOUT VOLUME: MILK COLLECTIONS $6.12 6% Forecast Farmgate Milk Price lifted to $5.80 kgms. The full year dividend forecast remains at 32 cps Record milk collections in the first half. Major North Island drought is having significant impact on second half volumes VALUE: EARNINGS PER SHARE 29cps Net Profit After Tax up 33% to $459m INTERIM DIVIDEND 16cps Interim dividend id d represents 50% of our forecast dividend and the maximum available under the 40-50% range in our dividend policy Fonterra Co-operative Group Ltd. 3

4 Forecast cash payout Dividend (1) (1) Farmgate Milk Price (2) F (1) Cents per share (2) $ per kgms. Fonterra Co-operative Group Ltd. 4

5 Tough conditions for farmers JANUARY Soil Moisture Anomaly (mm) FEBRUARY Soil Moisture Anomaly (mm) MARCH (MTD) Soil Moisture Anomaly (mm) HISTORICAL AVERAGE Soil Moisture Deficit (mm) Fonterra Co-operative Group Ltd. 5

6 Dry conditions impacting volumes Fonterra s Milk Supply Curve ume (000li itres/day) Vol / / / Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Note: Volumes represent a six day moving average of daily production Fonterra Co-operative Group Ltd. 6

7 Faster cash payments to farmers for milk Backed by our strong balance sheet and operating cash flows, we were able to increase the advance rate paid to farmers for their milk The faster advance rate together with higher forecast milk price means on average farmer shareholders will receive around $100,000* earlier in the season Means we are getting cash to farmers faster, as they begin to dry off their herds for the winter earlier because of the drought * As at June 2013, compared to opening advance rate schedules Fonterra Co-operative Group Ltd. 7

8 Major initiatives benefitting our farmers 1. A bonus issue of one for April A further Supply Offer enabling shareholders to sell economic rights of some of their shares - May A Dividend Reinvestment Plan enabling shareholders and unit holders to elect to receive dividends in the form of shares or units - later this year 4. Flexible contracts to give new and growing farmers more time and options to fully back their milk production with Fonterra shares 5. New opportunities for winter milk supply contracts in the upper North Island to fuel Fonterra s new UHT plant at Waitoa Fonterra Co-operative Group Ltd. 8

9 Theo Spierings Fonterra Co-operative Group Ltd.

10 Strong first half Volume SALES VOLUME GROWTH: Good first half volume growth NZ Milk Products up 9% driven by record milk collections 8% Higher sales growth in Asia/AME & Latam ANZ volumes impacted by Norco divestment & less private label Total sales volume growth of 8% to 2.1m MT Value NZ Milk Products up 65% Favourable product mix due to relatively higher cheese and casein prices Improved price premiums Asia/AME up 27% Sustained growth in foodservice and consumer brands Soprole up 40% Higher consumer sales and margins in Chile NORMALISED EBIT: $693m Up 26% on the prior period Fonterra Co-operative Group Ltd. 10

11 Segment performance Volume (MT) Value (Normalised EBIT $m) NZ Milk Products (NZMP) 1,474 1, H H Consumer businesses (combined) Fonterra Co-operative Group Ltd. 11

12 NZMP highlights Normalised EBIT ($m) H H Volume Growth 9% Value Growth 65% Volume 9% increase to 1.5 million MT Value Normalised EBIT margin up 2.8pp to 6.2% Key drivers of value: effective management of our product mix higher price premiums compared to dairy commodity prices Operating costs lower on a per unit basis, despite higher activity levels Fonterra Co-operative Group Ltd. 12

13 NZMP Key Performance Drivers $M NZ$ 255 H Product Mix Price Quality & Global Other H Premiums Productivity Sourcing Improvements Fonterra Co-operative Group Ltd. 13

14 ANZ highlights Normalised EBIT ($m) H H Volume Growth 1 1% Value Growth -32% Volume 1% higher after adjusting for sale of Norco distribution business Value Normalised EBIT margin down 1.5pp to 49% 4.9% NZ consumer brands earnings slightly up Australian consumer brands impacted by increased trade spend to maintain i share Australian milk processing business impacted by intensifying competition for milk supply 1 Volume growth after adjusting for the sale of the Norco business Fonterra Co-operative Group Ltd. 14

15 ANZ key performance drivers 145 (33) (12) NZ$M 0 1 (6) 3 98 (24) 74 Normalised Australian Milk Brands Brands New Tip Top RD1 Group Other Normalised Cororooke Reported EBIT EBIT H Processing Australia Zealand EBIT H Closure H Fonterra Co-operative Group Ltd. 15

16 Turnaround of ANZ underway RE-SHAPE RE-ORGANISE Current Future State From: Scattered Resources Consumer Number of brands A&P spread across brands Majority of A&P on fewer brands Everyday Nutrition key priority ANZ Ingredients Brands AU Brands NZ Subsidiaries New innovations Milk Under-utilised assets Higher utilisation of value Processing add plants at the expense Competitive milk of commodity exports pool Foodservice Strong footprint in Fast expansion of Australia foodservice operations Continued investment in network of chefs To: Focused Regional Operations APMEA Australia NZ ASEAN MENA Fonterra Co-operative Group Ltd. 16

17 Asia/AME highlights Normalised EBIT ($m) Volume 13% increase to 186K MT 79 H H Value Volume Growth 13% Value Growth Normalised EBIT margin up 1.8pp to 9.5% Foodservice performing strongly across all key markets 27% Malaysia experienced double digit it value growth Philippines impacted by flooding and increased competition Growth markets like China, Middle East & Vietnam ahead of plan Fonterra Co-operative Group Ltd. 17

18 Latam highlights Normalised EBIT ($m) Volume 11% growth in volume to 187K MT Value Volume H H Growth 11% Value Growth 5% Normalised EBIT margin down 0.7pp to 12% Soprole performed strongly with normalised EBIT of $53m, up 40% Product innovation with successful launch of new desserts and yoghurts Growth in both flavoured and white milk DPA normalised EBIT of $13 million was 46% lower Prior year impairment charge of $8m Negative impact from lower volumes in Venezuela Fonterra Co-operative Group Ltd. 18

19 Jonathan Mason Fonterra Co-operative Group Ltd. #

20 Improved Gearing and Working Capital Half Year Gearing 1 Working Capital Days 2 60% 54% 49% 47% 40% H H12010 H12011 H12012 H12013 H12011 H12012 H Gearing is measured in terms of economic net interest bearing debt over economic net interest bearing debt plus equity (reflecting the effect of debt hedging g in place at balance date) 2. Excluding suppliers payable Fonterra Co-operative Group Ltd. 20

21 Interim dividend declared Board declared dividend of 16 cps 16 Represents 50%of forecast dividend for the current financial year Maximum available under 40-50% range in our dividend policy 8 12 Reflects expectation that earnings will be weighted more to the first half of the year H H H Fonterra Co-operative Group Ltd. 21

22 Supply Offer Supply Offer in May 2013 Maximum of $475m, being the net proceeds of the original seeding of the Fonterra Shareholders Fund Sell price will be based on an average of the Unit price over a 10 day period Limit of 25 per cent of Wet Shares More to come in late April with the Supply Offer Booklet Fonterra Co-operative Group Ltd. 22

23 Theo Spierings Fonterra Co-operative Group Ltd.

24 Strategy: Blueprint for growth STRATEGIC PATHS MARGIN POTENTIAL PROGRESS EVERYDAY NUTRITION OUT-OF-HOME ADVANCED NUTRITION Optimise NZ milk Build and grow beyond our current consumer positions Deliver on foodservice potential ti Grow our position in mobility Develop selected leading position in paediatrics & maternal Inc creasing Margin New plant investments and Studholme acquisition Strong 1 st half for price premiums, quality and productivity New group optimisation function driving better decision making Reshape Australia & New Zealand brands (refer slide 16) Taskforce developing a prioritised view of markets, products and brands ASEAN & China roll-out ahead of plan Continued focus on product innovation for both pastry and hot kitchen $100m UHT plant investment supports expansion China, Vietnam Anlene roll-out on track Greenfields plant in the Netherlands to process whey and lactose into premium nutrition dairy ingredients Expansion of Anmum in China New third party manufacturing contracts for paediatrics Increased through-put from paediatric plant in Australia ENABLERS 6 Selectively invest in milk pools Signed agreements to complete our first farming hub in China China farms on track to produce 69,000 MT of milk by end of 2013 Rightsizing of Europe and US operations complete Alignment of 7 Restructure ANZ, ASEAN & MENA business and organisation Support review underway Fonterra Co-operative Group Ltd. 24

25 Everyday Nutrition B2B: Optimise NZ Milk Enhance asset footprint (Darfield, Studholme, Waitoa UHT) New group optimisation function driving better decision making Strong first half for price achievement and cost to serve Quality and productivity programmes delivering ahead of plan B2C: Build and grow beyond our current consumer positions Everyday Nutrition Taskforce developing a prioritised view across products and brand Reshape Australia & New Zealand brands Focused growth ASEAN/MENA Fonterra Co-operative Group Ltd. 25

26 Out-of-home o First half volume growth of 11.5% EBIT from ASEAN & China foodservice roll-out well ahead of plan Expanding to 2nd and 3rd tier cities in China Investing in network of chefs and frontline sales staff Continued focus on differentiated, functional, product innovation for both pastry and hot kitchens $100m investment in Waitoa UHT plant will help support Foodservice expansion Fonterra Co-operative Group Ltd. 26

27 Advanced Nutrition to Growing our position in mobility China Anlene rollout on track Vietnam rollout ahead of plan Develop leading position in paediatrics and maternal Expansion of Anmum in China New third party manufacturing contracts for paediatrics Increased through-put from paediatrics plant in Australia Greenfields plant in the Netherlands to process whey and lactose into premium nutrition dairy ingredients Fonterra Co-operative Group Ltd. 27

28 Aligning resources with strategic priorities 1 Optimise NZ milk 2 Build and grow beyond our current consumer positions 3 Deliver on foodservice potential 4 Grow our position in mobility Significant investment required to deliver Review of support services underway Major re-organisation of our Asia/AME and ANZ operations Tracking ahead of $60m operating cost savings target Improved alignment of operating costs with strategic priorities (refer graph below) Critical enabler 5 Develop selected leading positions in paeds & maternal , ,164 6 Selectively invest in milk pools NZ$M 1,116 7 Alignment of business and organisation H Total Opex China Growth (A+P and staff costs) Other Normalised H Opex Cororooke closure costs H Total Opex Fonterra Co-operative Group Ltd. 28

29 Outlook Making good progress on strategy execution and positioning the business for longterm growth Strong first half earnings are unlikely to be repeated in the second half For the full year we expect to see total milk volumes for the season to be in line with last season The ongoing volatility in dairy commodity markets could have a negative impact on product mix profitability In many of our consumer markets, we are expecting intensified competition in the second half particularly in Australia and in Asia we are seeing signs of demand slowing Based on our best judgement the current expectation for the full year Milk Price is $5.80 kgms and an earnings per share range of 45 to 50 cps The dividend per share forecast of 32 cps remains unchanged Fonterra Co-operative Group Ltd. 29

30 Supplementary Information Fonterra Co-operative Group Ltd.

31 Interim results summary NZD million 6 months to 31 January months to 31 January 2012 Change Total Sales Volume (million MT) % Revenue 9,334 10,026 (7%) Normalised EBIT % Net Profit After Tax % Earnings per share (cents) % Dividends per share (cents) % Fonterra Co-operative Group Ltd. 31

32 Normalised EBIT 6 months to 31 January months to 31 January 2012 Reported EBIT Costs associated with the planned closure of the Cororooke site Impairment losses recorded in equity accounted investees Other items 2 Normalised EBIT Fonterra refers to Normalised Earnings/Normalised EBIT, EBIT, constant currency variances, Normalisation Adjustments and payout when discussing financial performance. These are non-gaap financial measures and are not prepared in accordance with IFRS. Management believes that these measures provide useful information as they provide valuable insight on the underlying performance of the business. They are used internally to evaluate the underlying performance of business units and to analyse trends. These measures are not uniformly defined or utilised by all companies. Accordingly, these measures may not be comparable with similarly titled measures used by other companies. Non-GAAP financial measures should not be viewed in isolation nor considered as a substitute for measures reported in accordance with IFRS. Fonterra Co-operative Group Ltd. 32

33 WMP and cheese prices 5,500 Weighted Average USD GDT Cheese Prices vs WMP Prices 5,000 4,500 4,000 3,500 3,000 2,500 Cheese WMP Fonterra Co-operative Group Ltd. 33

34 NZMP contribution margin $million H H Sales Volume (000MT) 1,474 1,349 Gross Margin Selling, marketing and distribution expenses (137) (126) Contribution margin Contribution margin per MT ($) Growth 23% Contribution margin growth of 23% reflects the improvement in: The operational performance of the business and The benefit of product price relativities Fonterra Co-operative Group Ltd. 34

35 Balance sheet strength Strong Fundamentals Diversified Funding Credit Rating S&P Fitch A+ (stable outlook) AA- (stable outlook) Offshore DCM 38% Bank Facilities 43% Weighted Average Term to Maturity As at 31 January years NZ DCM 19% NZD millions 3,000 Debt Maturity Profile 2,500 2,000 1,500 1, (Year Ending January) Bank Facilities Debt Capital Markets Drawn Facilities $705m 20% Strong Liquidity Undrawn Facilities $2,800m 80% Fonterra Co-operative Group Ltd. 35

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