Prospectus - Fonterra

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41<strong>Fonterra</strong> Co-operative Group LimitedNotes to the Financial StatementsFor the 14 months ended 31 July 20084 Tax credit14 months to31 July 2008$ million12 months to31 May 2007Current tax credit 90 35Current tax – reduction in tax rate (15) -Prior period adjustments to current tax 5 (1)Deferred tax expense – origination and reversal oftemporary differences 4 52Deferred tax expense – reduction in tax rate - (15)Tax credit 84 71(Loss) before tax (342) (277)Prima facie taxation expense at 33% (113) (91)Add/(deduct) taxation effect of:Non-deductible expenses 19 4(Over)/under provision prior year (5) 1Impact of change in tax rate 15 15Tax (credit) (84) (71)Imputation credits:Opening balance 8 27Tax payments net of refund - (19)Closing balance 8 8The imputation credits are available to the shareholder suppliers of the parent company:Through the Company 8 8Through subsidiaries 10 918 17Dividend withholding payment credits:The dividend withholding payment credits are available to the shareholder suppliers of the parentcompany:Through the Company - -Through subsidiaries 1 11 1In May 2007 the New Zealand Government announced that the company tax rate would reduce from 33% to 30%,effective for years beginning on or after 1 April 2008.
42<strong>Fonterra</strong> Co-operative Group LimitedNotes to the Financial StatementsFor the 14 months ended 31 July 20085 Capital and reserves$ millionsCo-operativesharesPeaknotesSupplyredemptionrightsAccumulatedlossTotalequityBalance at 1 June 2007 4,897 - - (632) 4,265(Loss) for the period (before Value Return) - - - (258) (258)Value Return paid to shareholder suppliers - - - (87) (87)Tax credit arising on Value Return paid toshareholder suppliers- - - 28 28Co-operative shares issued 754 - - - 754Co-operative shares surrendered (1,354) - - - (1,354)Balance at 31 July 2008 4,297 - - (949) 3,348Balance at 1 June 2006 3,569 1,149 285 62 5,065(Loss) for the period (before Value Return) - - - (206) (206)Value Return paid to shareholder suppliers - - - (728) (728)Tax credit arising on Value Return paid to- - - 240 240shareholder suppliersCo-operative shares issued 1,699 - - - 1,699Co-operative shares surrendered (316) - - - (316)Supply redemption rights price differential (55) - - - (55)Surrender of supply redemption rights and peaknotes- (1,149) (285) - (1,434)Balance at 31 May 2007 4,897 - - (632) 4,265Numbers 000’sCo-operativesharesPeak notesSupplyredemptionrightsBalance at 1 June 2007 1,279,675 - -Issued 127,543 - -Surrendered (207,305) - -Balance at 31 July 2008 1,199,913 - -Balance at 1 June 2006 1,208,085 38,307 59,144Issued 285,790 - -Surrendered (52,950) (38,307) (59,144)Consolidation transition (161,250) - -Balance at 31 May 2007 1,279,675 - -
Page 2 and 3: 1TABLE OF CONTENTSSUMMARY OF MAIN T
Page 4 and 5: 3SUMMARY OF MAIN TERMS OF THE OFFER
Page 6 and 7: 5PROFILE OF THE FONTERRA GROUPFor t
Page 8 and 9: 7Innovation and SustainabilityThe F
Page 11 and 12: 10STATUTORY INFORMATIONThe order of
Page 13 and 14: 12Africa, Latin America and Oceania
Page 15 and 16: 14• the creation of new mortgages
Page 17 and 18: 16• a failure to make any payment
Page 19 and 20: 18the right to cast not less than 7
Page 21 and 22: 20• in the event of a change in c
Page 23 and 24: 22maximum of 5%, of raw milk suppli
Page 25 and 26: 24Brands ownershipNumerous brands a
Page 27: 26General risksOther special factor
Page 30 and 31: 29FONTERRA FINANCIAL STATEMENTSFont
Page 32 and 33: 31Fonterra Co-operative Group Limit
Page 34 and 35: Fonterra Co-operative Group Limited
Page 66 and 67: 65FONTERRA GROUP SUMMARY FINANCIAL
Page 68 and 69: 67Registrar means Computershare Inv
Page 70 and 71: 69APPLICATION INSTRUCTIONS1. Comple
Page 72: 717. SIGNATURE(S) OF APPLICANT(S)I/

Prospectus - Fonterra

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