date:Sep 26, 2013
a 37% decline in normalised EBIT in Australia and New Zealand (ANZ) as we make changes to our Australian business.
The extreme drought caused unprecedented volatility reflected in a 64% spike in Whole Milk Powder prices from January 2 to April 16. This, in turn, had a significant impact on the cost of milk purchased by NZ Milk Products, and meant the high returns achieved in the first half as a result of price premiums, product mix, cost savings and productivity gains were eroded in the second