New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Thematic (Sector/Industry)

New zealand Consumer staples / Thematic (Sector/Industry)

<ul><li>Milk prices continue to trend lower: On February 24, 2023, Fonterra downgraded its estimated FGMP payout from between NZ$8.50 and NZ$9.50 to between NZ$8.20 and NZ$8.80, a -6% downgrade at the midpoint</li><li>Dairy production slightly softer than prior seasons: New Zealand dairy production for December 2022 was flat compared to December 2021</li><li>Farm costs continue to rise: Farmers in New Zealand are facing increasing costs of fertiliser, fuel, and labour, resulting in a squeeze on profit margins</li></ul>

Milk prices continue to trend lower: On February 24, 2023, Fonterra downgraded its estimated FGMP payout from between NZ$8.50 and NZ$9.50 to between NZ$8.20 and NZ$8.80, a -6% downgrade at the midpointDairy production slightly softer than prior seasons: New Zealand dairy production for December 2022 was flat compared to December 2021Farm costs continue to rise: Farmers in New Zealand are facing increasing costs of fertiliser, fuel, and labour, resulting in a squeeze on profit margins

Forsyth Barr Dairy Farm Digest: Edition 1: Pricing Down, Costs Up