Prospectus - Fonterra

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45<strong>Fonterra</strong> Co-operative Group LimitedNotes to the Financial StatementsFor the 14 months ended 31 July 2008Government valuations of land and buildingsThe aggregate of the latest Government valuations of land and buildings, and the cost of any additions to the landand buildings subsequent to the relevant valuation was as follows. All government valuations were effective 1September 2006.$ million LandBuildings andleaseholdimprovements TotalGovernment valuation 7 16 23Subsequent additions/(disposals) - 30 30Value as at 31 July 2008 7 46 53Government valuation 7 16 23Subsequent additions/(disposals) - - -Value as at 31 May 2007 7 16 238 Intangible assets$ million Notes SoftwareNet carrying amountAt 1 June 2007 43Acquired 14Transfer from Capital WIP 7 5Transfers to subsidiaries (21)Amortisation (11)Balance as at 31 July 2008 30At 31 July 2008Cost 101Accumulated amortisation and impairment (71)Net carrying amount 30Net carrying amountAt 1 June 2006 34Acquired 20Amortisation (11)At 31 May 2007 43At 1 June 2006Cost 80Accumulated amortisation and impairment (46)Net carrying amount 34At 31 May 2007Cost 100Accumulated amortisation and impairment (57)Net carrying amount 43Amortisation, impairment losses and reversal of impairment losses are recognised in other operating expenses inthe income statement.Software may include internally generated capitalised development costs.
46<strong>Fonterra</strong> Co-operative Group LimitedNotes to the Financial StatementsFor the 14 months ended 31 July 20089 Trade and other payablesAs at31 July 2008$ millionAs at31 May 2007Accruals 40 28Amounts due to related parties 6,297 5,435Other payables 46 33Total current payables and accruals (excluding employeeentitlements) 6,383 5,496Employee entitlements 46 16Total trade and other payables 6,429 5,51210 Provisions14 months to31 July 2008$ million12 months to31 May 2007Provision for restructuring and rationalisation:Opening balance 23 21Additional provisions 1 19Charged to income statement 1 19Reclassification within note - (2)Utilised during the period (18) (15)Closing balance 6 23Legal claims provisions:Opening balance 36 38Additional provisions 23 8Unused amounts reversed (1) (6)Charged to income statement 22 2Utilised during the period (1) (3)Transferred to subsidiaries (3) (1)Closing balance 54 36Other provisions:Opening balance 24 18Additional provisions 40 28Unused amounts reversed (2) -Charged to income statement 38 28Reclassification within note - 2Utilised during the period (9) (19)Transferred to subsidiaries - (5)Closing balance 53 24Total provisions 113 83Included within the balance sheet as follows:Current liabilities 66 51Non-current liabilities 47 32Total provisions 113 83
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/

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