Fonterra Co-operative Group Limited reported its results for the six months ended January 31, 2009. Revenue from the sale of goods increased 9.6% to $8.035 billion compared to the previous corresponding period. Profit attributable to shareholder suppliers remained at $Nil for the current period and previous corresponding period. Key financial metrics such as debt to equity ratio increased to 373.88% from the prior year ratio of 238.23%, reflecting higher debt levels.

1. Fonterra Co-operative Group Limited
Results for announcement to the market
Reporting Period Six months to 31 January 2009
Previous Reporting Period Six months to 30 November 2007
Amount (NZD millions) Percentage change
Revenue from sale of $NZ 8,035 9.6%
goods
Profit (loss) from ordinary $NIL 0%
activities after tax
attributable to shareholder
suppliers
Net profit (loss) $NIL 0%
attributable to shareholder
suppliers
Interim/Final Dividend Amount per security Imputed amount per
security
N/A N/A
Record Date Not Applicable
Dividend Payment Date Not Applicable
Comments: A As a co-operative, Fonterra distributes its surplus after
retentions to shareholders by way of pay out to
suppliers.
To be followed by the balance of the information required in the report pursuant to
Appendix 1

2. PRELIMINARY HALF YEAR REPORT ANNOUNCEMENT Appendix 1 (Rule 10.4)
Preliminary Half Year Report
Fonterra Co-operative Group Limited
(Name of Listed Issuer)
31 January 2009
For Current Half Year Ended
31 November 2007
Previous Corresponding Half Year Ended
Preliminary Half Year Report on consolidated results (including the results for the previous corresponding
half year) in accordance with Listing Rule 10.4.2.
This report has been prepared in a manner which complies with generally accepted accounting practice and gives a true
and fair view of the matters to which the report relates and is based on unaudited financial statements which will be
approved by the Board of Directors.
The Listed Issuer has a formally constituted Audit Committee of the Board of Directors.
Consolidated
Income Statement
Previous
Current *Up/(Down) corresponding
1 CONSOLIDATED INCOME STATEMENT
Half Year % Half Year
$NZ millions $NZ millions
REVENUE FROM SALE OF GOODS
1.1 8,035 9.6% 7,334
1.2 COST OF GOODS SOLD (6,958) 8.3% (6,427)
1.3 OTHER OPERATING INCOME 56 80.6% 31
1.4 OPERATING EXPENSE EXCLUDING FINANCE COSTS AND NET
(951) 13.5% (838)
FOREIGN EXCHANGE GAINS / (LOSSES)
(a) Selling and marketing expenses (266) 20.9% (220)
(b) Distribution expenses (223) 16.1% (192)
(c) Administrative expenses (312) (2.8%) (321)
(d) Other operating expenses (150) 42.9% (105)
1.5 NET FOREIGN EXCHANGE GAINS / (LOSSES) 147 (1570.0%) (10)
1.6 NET FINANCE COSTS (368) 128.6% (161)
(a) Finance income 57 128.0% 25
(b) Finance cost (425) 128.5% (186)
1.7 SHARE OF PROFIT OF EQUITY ACCOUNTED INVESTEES 69 (4.2%) 72
1.8 IMPAIRMENT OF EQUITY ACCOUNTED INVESTEES (62) 1966.7% (3)
PROFIT / (LOSS) BEFORE TAXATION
1.9 (32) 1500.0% (2)
(a) Taxation credit / (expense) 31 10.7% 28
1.10 PROFIT FOR THE PERIOD (1) (103.8%) 26
(a) Profit attributable to Minority interests 1 (103.8%) (26)
1.11 PROFIT AFTER TAXATION AND MINORITY INTERESTS
NIL NIL
ATTRIBUTABLE TO SHAREHOLDER SUPPLIERS
Where a change in the presentational format of the financial statements has been made during the period, comparative figures have been restated accordingly
January 2009
Page 1 of 5

3. Consolidated Statement
Appendix 1 (Rule 10.4)
of Total Recognised Preliminary Half Year Report
Income and Expenses
STATEMENT OF TOTAL RECOGNISED INCOME AND EXPENSES Previous Previous
2
Current corresponding corresponding
Half Year Full Year Half Year
$NZ millions $NZ millions $NZ millions
2.1 Cash flow hedges:
(a) Net fair value gains (1,665) 354 402
(b) Transferred and reported in revenue 764 (717) (199)
(c) Transferred to goodwill NIL 24 NIL
(d) Tax on cash flow hedge transactions 164 102 (61)
(e) Effect of tax rate change on cash flow hedge reserve NIL NIL NIL
2.2 Net investment hedges
(a) Net fair value gains/(losses) (230) (178) 2
(b) Tax on net fair value gains/(losses) 41 54 NIL
2.3 Foreign currency movements
(a) Foreign currency translation attributable to shareholder suppliers 335 162 (18)
(b) Foreign currency translation reserve transferred to profit/(loss) 20 (1) NIL
(c) Foreign currency translation attributable to minority interests 19 12 (4)
2.4 Share of equity accounted investees reserve movements (4) (1) NIL
2.5 Income and expense recognised directly in equity (556) (189) 122
2.6 Profit/(loss) for the period (before value return) (1) 294 26
2.7 Total recognised income and expense for the period (557) 105 148
ENTITIES OVER WHICH CONTROL HAS BEEN GAINED
3
There have been no material entities acquired during the period.
ENTITIES OVER WHICH CONTROL HAS BEEN DISPOSED OF
4
There have been no material entities disposed of during the period.
REPORTS FOR INDUSTRY SEGMENTS
5
Refer to Attachment 1
January 2009
Page 2 of 5

4. Consolidated Balance Sheet
Appendix 1 (Rule 10.4)
At end of At end of previous At end of previous
Preliminary Half Year Report
Current Full Year Half Year
$NZ millions $NZ millions
Half Year
6 CONSOLIDATED BALANCE SHEET
$NZ millions
6.1 CURRENT ASSETS
(a) Cash and cash equivalents* 751 681 974
(b) Trade and other receivables 2,581 2,216 2,452
(c) Inventories 5,095 3,288 4,037
(d) Taxation receivable 51 31 49
(e) Derivative financial instruments 538 183 520
(f) Other current assets 54 58 92
TOTAL CURRENT ASSETS 9,070 6,457 8,124
6.2 NON-CURRENT ASSETS
(a) Property, plant and equipment 4,446 4,292 4,291
(b) Equity accounted investments 629 592 666
(c) Intangible assets 2,847 2,680 2,491
(d) Deferred tax asset 183 139 39
(e) Derivative financial instruments 596 103 329
(f) Other non-current assets 189 176 164
TOTAL NON-CURRENT ASSETS 8,890 7,982 7,980
6.3 TOTAL ASSETS 17,960 14,439 16,104
6.4 CURRENT LIABILITIES
(a) Bank overdraft* 79 67 17
(b) Borrowings* 1,890 2,016 2,391
(c) Trade and other payables 1,324 1,271 1,168
(d) Owing to suppliers 1,806 1,069 2,726
(e) Taxation payable 42 55 60
(f) Derivative financial instruments 2,103 348 115
(g) Provisions 129 233 102
(h) Other current liabilities 14 12 8
TOTAL CURRENT LIABILITIES 7,387 5,071 6,587
6.5 NON-CURRENT LIABILITIES
(a) Borrowings* 6,209 4,502 3,580
(b) Capital notes* 35 35 35
(c) Derivative financial instruments 386 155 258
(d) Provisions 77 64 45
(e) Deferred tax liability 41 288 547
(f) Other non-current liabilities 35 55 56
TOTAL NON-CURRENT LIABILITIES 6,783 5,099 4,521
6.6 TOTAL LIABILITIES 14,170 10,170 11,108
6.7 EQUITY
(a) Co-operative shares 4,392 4,297 4,769
(b) Retained earnings 14 18 (166)
(c) Foreign currency translation reserve 165 (1) (54)
(d) Cash flow hedge reserve (825) (88) 291
TOTAL EQUITY ATTRIBUTABLE TO SHAREHOLDER SUPPLIERS 3,746 4,226 4,840
6.8
44 43 156
MINORITY INTERESTS
6.9
TOTAL EQUITY
6.10 3,790 4,269 4,996
6.11 TOTAL LIABILITIES AND EQUITY 17,960 14,439 16,104
6.12 OTHER INFORMATION
(a) Debt to Equity Ratio (%) (Total Liabilities divided by
Equity) 373.88% 238.23% 222.34%
(b) Total number of co-operative shares (millions) 1,217 1,200 1,261
1.89 1.51 1.61
(c) Net tangible assets per security
N/A N/A N/A
(d) Earnings per security
* Refer to Attachment 2 for detailed note on Loans and Borrowings
Where a change in the presentational format of the financial statements has been made during the period, comparative figures have been restated accordingly
January 2009
Page 3 of 5

5. Consolidated Cash Flow
Appendix 1 (Rule 10.4)
Statement
Preliminary Half Year Report
Current Corresponding
Half Year Half Year
7 CASH FLOWS RELATING TO OPERATING ACTIVITIES
$NZ millions $NZ millions
7.1 CASH FLOWS FROM OPERATING ACTIVITIES
(a) Cash inflows 8,922 7,001
(b) Cash outflows (8,811) (6,183)
NET CASH FLOWS FROM OPERATING ACTIVITIES 111 818
7.2 CASH FLOWS FROM INVESTING ACTIVITIES
(a) Cash inflows 95 19
(b) Cash outflows (554) (286)
NET CASH FLOWS FROM INVESTING ACTIVITIES (459) (267)
7.3 CASH FLOWS FROM FINANCING ACTIVITIES
(a) Cash inflows 2,458 3,471
(b) Cash outflows (2,117) (3,180)
NET CASH FLOWS FROM FINANCINF ACTIVITIES 341 291
7.4 NET INCREASE IN CASH AND CASH EQUIVALENTS (7) 842
(a) Cash and cash equivalents at the beginning of the period 614 115
(b) Effect of exchange rate changes on cash balances 65 NIL
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 672 957
7.5 RECONCILIATION OF CLOSING BANK BALANCE TO THE BALANCE SHEET
(a) Cash and cash equivalents 751 974
(b) Bank overdraft (79) (17)
CLOSING CASH BALANCES 672 957
7.6 RECONCILIATION OF PROFIT/(LOSS) FOR THE PERIOD TO NET CASH FLOWS
FROM OPERATING ACTIVITIES
PROFIT/(LOSS) FOR THE PERIOD (1) 26
ADJUSTMENT FOR NON-CASH ITEMS
(a) Depreciation / amortisation 234 231
(b) Other non-cash items (291) (97)
(c) Movements in working capital (113) 141
(d) Items classified as investing and financing activities 282 517
NET CASH FLOWS FROM OPERATING ACTIVITIES 111 818
8 NON-CASH FINANCING AND INVESTING ACTIVITIES
Provide details of financing and investing transactions which have had a material effect on group assets and
and liabilities but did not involve cash flows:
There were no material non cash financing and investing transactions for the Group for the six months ended 31 January 2009
January 2009
Page 4 of 5

6. EQUITY ACCOUNTED INVESTMENTS IN ASSOCIATES
9
Appendix 1 (Rule 10.4)
Preliminary Half Year Report
MATERIAL INTERESTS IN CORPORATIONS NOT BEING SUBSIDIARIES
(a) The Group has a material (from Group's viewpoint) interest in the following corporations:
Percentage of ordinary Contribution to net
shares held at end of surplus (deficit)
Name
Half Year after tax
Previous Previous
Equity Accounted
Current Corresponding Current Corresponding
Associates
Half Year Half Year Half Year Half Year
$NZ millions $NZ millions
Equity Accounted in current year
DairiConcepts Management, LLC 50.0% 50.0%
AFF P/S 25.0% 25.0%
Dairy Industries (Jamaica) Ltd 50.0% 50.0%
Corporation Inlaca C.A. 25.0% 25.0% Earnings Earnings
DPA Manufacturing Holdings Ltd 50.0% 50.0% $69 $72
Dairy Partners Americas Brasil Limitada 50.0% 50.0% Impairment Impairment
Dairy Partners Americas Argentina S.A. 50.0% 50.0% ($62) ($3)
Dairy Partners Americas del Ecuador S.A. 50.0% 50.0% Net Contribution Net Contribution
DMV Fonterra Excipients GmBH & Co KG 50.0% 50.0% $7 $69
Britannia New Zealand Foods PVTE Limited 49.0% 49.0%
Shijiazhuang San Lu Group Company Limited 43.0% 43.0%
RD1 Limited 50.0% 50.0%
(b) In August 2008, Fonterra became aware that certain milk products manufactured in China had been contaminated. This included
products sold by Shijiazhuang San Lu Group Company Limited (quot;San Luquot;), a company in which Fonterra has a 43% interest. As a result
of issues associated with the contamination, Fonterra recognised an impairment charge, for the 14 months ended 31 July 2008, of
$139 million against the carrying value of the investment in San Lu.
The remaining investment in San Lu of NZD 62 million has been written down to zero in the six month period ended 31 January 2009.
OTHER INFORMATION
10
If no report in any section, state NIL. If insufficient space below, provide details in the form of notes to be attached
to this report.
(a) Material factors affecting the revenues and expenses of the Group for the current half year
Refer to Attachment 3
(b) Significant trends or events since end of current half year
On 10 March 2009 Fonterra Co-operative Group Limited issued $800 million of six year unsecured fixed rate bonds. There were no
other material events subsequent to 31 January 2009 that would materially impact these financial statements.
(c) Management's discussion and analysis of financial condition, result and/or operations
Refer to attachment 3
(d) Significant Accounting Policies
Fonterra Co-operative Group Limited (“Fonterra” or the “Company”) is a co-operative company incorporated and
domiciled in New Zealand. Fonterra is registered under the Companies Act 1993, and the Co-operative Companies
Act 1996, and is an issuer for the purpose of the Financial Reporting Act.
The consolidated interim financial statements of Fonterra, as at and for the six months ended 31 January 2009,
comprise Fonterra and its subsidiaries (together referred to as the “Group”) and the Group’s equity accounted
investees.
The consolidated interim financial statements comply with New Zealand Generally Accepted Accounting
Practice (“NZ GAAP”) and have been prepared in accordance with New Zealand Equivalent to International
Accounting Standard (“NZ IAS”) 34: Interim Financial Reporting. The consolidated interim financial statements
also comply with International International Accounting Standard (“IAS”) 34: Interim Financial Reporting.
The consolidated interim financial statements should be read in conjunction with the financial statements for the
14 months ended 31 July 2008.
The accounting policies used are consistent with those used to prepare the financial statements for the 14 months
ended 31 July 2008 and the half year report for the six months ended 30 November 2007. There have been no
changes in accounting policy during the interim period.
Due to the seasonal nature of Fonterra’s business, the final Milk Price can only be calculated at the end of the
financial year. For the purpose of the consolidated interim financial statements it is assumed that 100% of profit
attributable to shareholder suppliers for the six months to 31 January 2009 will be paid out as Payout to shareholder
suppliers. At year end the Payout to shareholder suppliers is based on the amount declared by the Directors.
The consolidated interim financial statements are presented in New Zealand dollars (“$”), which is the Company’s
functional and presentation currency, and rounded to the nearest million.
The Group is primarily involved in the collection, manufacture and sale of milk and milk derived products and is a
profit oriented entity.
January 2009
Page 5 of 5

7. Attachment 1
Fonterra Co-operative Group Limited
For the six months ended 31 January 2009
5) SEGMENT REPORTING
The Group has four reportable segments that are defined by product type and
geographic area to reflect how the Group’s operations are managed.
The Commodities & Ingredients segment includes the manufacturing business in
New Zealand together with the integrated offshore supply chain, manufacturing
operations and specialty ingredients business. Commodities & Ingredients generates
its revenue primarily from ingredient milk products. All other reportable segments
generate their revenue primarily from consumer products and exclude any part of the
Group’s operations that is included within Commodities & Ingredients.
Transactions between segments are based on estimated market prices.
Reportable segment Description
Commodities & Includes New Zealand Milk Supply, New Zealand
Ingredients Manufacturing, Sales and Operations Planning, Global
Trade, Global Supply Chain, Fonterra Ingredients and
Specialty Ingredients operations in North Asia, North
America and Europe (including equity accounted
investments), and Corporate.
ANZ Represents operations in New Zealand (other than those
included in Commodities & Ingredients) and Australia
(including Milk Supply and Manufacturing).
Asia / AME Represents operations and equity accounted investments in
Asia (excluding North Asia), Africa and the Middle East.
Latam Represents operations and equity accounted investments in
South America.
Commodities & ANZ Asia / Latam Eliminations Total
$ million Ingredients AME Group
Segment revenue and assets
For the six months ended and as at 31 January 2009 (unaudited)
External revenue 4,965 1,504 1,208 358 - 8,035
923 461 40 37 (1,461) -
Inter-segment revenue
5,888 1,965 1,248 395 (1,461) 8,035
Total revenue
12,121 3,876 1,629 1,020 (686) 17,960
Total assets
For the six months ended and as at 30 November 2007 (unaudited)
External revenue 4,880 1,345 788 321 - 7,334
767 236 24 23 (1,050) -
Inter-segment revenue
5,647 1,581 812 344 (1,050) 7,334
Total revenue
11,217 3,610 1,382 674 (779) 16,104
Total assets
i

8. Attachment 1
Fonterra Co-operative Group Limited
For the six months ended 31 January 2009
Segment reporting (continued)
Commodities ANZ Asia / Latam Eliminations Total
$ million & AME Group
Ingredients
Segment revenue and assets
For the 14 months ended and as at 31 July 2008 (audited)
External revenue 13,517 3,302 1,904 789 - 19,512
2,009 696 84 53 (2,842) -
Inter-segment revenue
15,526 3,998 1,988 842 (2,842) 19,512
Total revenue
9,061 3,737 1,374 892 (625) 14,439
Total assets
To complete segmental profit analysis for the Group, it is necessary to calculate Milk
Price. Due to the seasonal nature of Fonterra’s business, the final Milk Price can
only be calculated at the end of the financial year. Accordingly, segmental profit
analysis is not prepared for the half year reporting periods, and is only presented for
the 14 months ended 31 July 2008.
Commodities ANZ Asia / Latam Eliminations Total
$ million & AME Group
Ingredients
Segment profit
For the 14 months ended and as at 31 July 2008 (audited)
Segment operating profit
before depreciation,
amortisation and non-
recurring items 824 266 96 119 (36) 1,269
Depreciation (362) (75) (8) (20) - (465)
Amortisation (78) (1) (1) (1) - (81)
Share of royalty income 2 1 - 17 - 20
Non-recurring items (156) 12 (1) - - (145)
Segment profit before
finance costs, equity
accounted income and tax 230 203 86 115 (36) 598
Share of profit of equity
accounted investees 137 - 7 14 - 158
Impairment of equity
- - (142) - - (142)
accounted investees
Segment profit before
finance costs and tax 367 203 (49) 129 (36) 614
Unallocated finance income 76
Unallocated finance costs (443)
Unallocated tax income 47
Profit for the period (before
Value Return) 294
ii

9. Attachment 2
Fonterra Co-operative Group Limited
For the six months ended 31 January 2009
6) LOANS AND BORROWINGS
6 months to 14 months to
6 months to
30 Nov 2007 31 July 2008
31 Jan 2009
Unaudited Audited
$ million Unaudited
5,160 5,160
Balance at beginning of period 6,553
New issues
58 627
Loans drawn 898
- -
New finance leases 22
2,061 4,958
Commercial paper issued 729
- 445
Medium term notes issued 668
2,119 6,030
2,317
Repayments
(525) (916)
Bank lending (17)
(17) (126)
Finance leasing (23)
(804) (4,129)
Commercial paper matured (1,776)
(3) (10)
Medium term notes matured (57)
(1,349) (5,181)
(1,873)
Other movements
15 105
Amortisation of debt 37
41 34
Changes in fair value 168
20 405
Changes due to foreign exchange 932
76 544
1,137
6,006 6,553
Balance at end of period 8,134
Represented by:
Current borrowings 2,391 2,016
1,890
Non-current borrowings 3,580 4,502
6,209
Capital notes 35 35
35
6,006 6,553
8,134
Net interest bearing debt position
Total borrowings 6,006 6,553
8,134
Cash and cash equivalents (974) (681)
(751)
Long term interest bearing advances (79) (79)
(102)
Bank overdraft 17 67
79
Net interest bearing debt 4,970 5,860
7,360
Less carrying value of derivatives used to manage foreign
exchange movements on debt 212 70
(561)
Net interest bearing debt after deducting derivatives used to
manage foreign exchange movements on debt 5,182 5,930
6,799
The following table explains the impact of other movements in loans and borrowings on the
income statement:
Total non-cash movement in loans and borrowings 76 544
1,137
Less amount recognised directly in FCTR 8 (141)
(281)
Less amount offset by derivatives used to manage foreign
exchange movements on debt (69) (298)
(782)
Net pre-tax impact on profit or loss 15 105
74
The amount recognised directly in FCTR relates to translation of subsidiary debt and debt that
has been designated as net investment hedges. The amount offset by the derivatives used to
manage foreign exchange movements on debt relates to both realised and unrealised
derivative contracts held throughout the period. The unrealised portion only remains on
balance sheet as at reporting date. Any realised portion will be offset as a repayment of
borrowings during the period.
i

10. Attachment 3
Fonterra Co-operative Group Limited
For the six months ended 31 January 2009
10a/c) Media Release
i

11. Media Release
24 March 2009
FONTERRA ANNOUNCES SOLID HALF YEAR FINANCIAL RESULT
Financial performance driven by seasonal factors, stronger contribution from regional
consumer businesses and the lower Kiwi dollar
Payout forecast for season unchanged at $5.10 per kgMS
Fonterra Co-operative Group announced today its financial results for the six months to January 31, 2009.
Because of a change to the annual balance date last year, the result is affected by seasonal factors. The
latest half year covers the period August 2008 to January 2009 and includes two additional high production
months (December and January), distorting comparisons with the previous half year which went from June
2007 to November 2007.
Highlights of the half-year result include:
• Revenue was up 9.6% to $8.0 billion. The higher revenue was driven by the inclusion of two high sales
months due to the change in balance date, stronger contributions from Fonterra’s regional consumer
businesses, and the lower Kiwi dollar - offset by lower global dairy prices.
- Commodities & Ingredients revenue up 2% to $5.0 billion.
- Australia/New Zealand revenue up 12% to $1.5 billion.
- Asia/Africa Middle East revenue up 53% to $1.2 billion.
- Latin America revenue up 12% to $358 million.
Adjusting for timing factors and including exchange hedging, total revenues would have been down by
7.6%, reflecting the lower international dairy commodity prices.
• Operating expenses as reported were up 13%. Adjusting for seasonal and currency factors, operating
expenses would have been down by 2%.
• Debt gearing at January 31, 2009 was 61.5%, compared with 57.4% at July 31, 2008. The increase
primarily reflects:
- The cost of carrying higher inventories over the season’s peak;
- The devaluation of the New Zealand dollar which resulted in foreign currency debt increasing when
converted to NZD. Although the Group has an offsetting hedge on the foreign debt, this hedge is
recognised in the accounts as an asset and not as a reduction in debt;
- And the higher-than-usual advance rate percentage Fonterra has been paying farmer-shareholders
this season, which resulted in more than $700 million extra in payments to farmers over and above
the normal payment schedule.
• Debt gearing is expected to reduce to more normal levels by year-end as working capital requirements
ease due to the normal seasonal cycle and with other initiatives such as a freeze on non-essential
capital expenditure. Additionally, the requirement announced last October that farmers must bring their
shareholdings fully in line with this season’s milk production is expected to bring in around $400 million
of additional equity by the end of the financial year offsetting forecast share redemptions.
• By paying back short term loans and taking out longer term borrowings, average debt maturity has
increased, putting the Co-operative in a stronger position to face uncertain times in financial markets. As
at January 31, the weighted average length of borrowings was 4.1 years - up from 3.3 years at July 31,
2008. As at March 31, Fonterra’s successful retail bond issue in New Zealand has extended the
company’s average maturity to 4.7 years.
• The payout forecast for the 2008/09 season is unchanged from the revised forecast of $5.10 per
kilogram of milksolids (kgMS) announced in late January. This would be Fonterra’s third highest payout.
Chairman Henry van der Heyden said the interim result was satisfactory given the global economic meltdown
and its impact on dairy markets. “Despite this climate, our payout is still forecast to be $5.10, and our result
shows Fonterra to be in reasonable shape given the turmoil in the world economy - it’s a tough time for
everyone and Fonterra is no exception. We have taken, and will continue to take, the tough decisions to
manage the business prudently in the current climate and get our farmers the highest payout.”
- ENDS -
For further information contact:
Fonterra Communications

12. Phone: +64 21 507 072
About Fonterra
Fonterra is the world’s largest dairy exporter, with annual revenues of about NZ$17 billion*.
As New Zealand’s largest and truly multinational business, Fonterra trades in 140 countries.
Our portfolio includes dairy ingredients, liquid and powdered milks, cultured foods and yoghurts, butter, cheese and specialty
foodservices products.
Our brands include Anchor, Anlene, Anmum, Fresh n’ Fruity, Mainland, Peters, Brownes, Tip Top, and Chesdale.
* Fonterra reported revenues of NZ$19.5 billion for 14 months ended 31 July 2008.
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