Dairy

Under this segment, we operate our dairy and beef businesses, in China.

We are a modern, dairy company operating ten* world-class dairy farms in China that are designed to meet and surpass both local and international standards in biosecurity and productivity. Five of our dairy farms are located in Dongying, Shandong Province and three farms in Chifeng, Inner Mongolia.

With a total herd size of more than 106,000* heads of Holstein cattle, we produce premium raw milk that consistently tops the market in terms of quality, nutrition, and safety, with our cattle consistently delivering one of the highest milk yields in the market. We produce premium raw milk, mainly for sale to leading dairy companies in China.

* As at 31 December 2021.

Our world-class dairy farms have been designed, equipped and managed to meet and exceed both local and international standards in productivity and biosecurity. We pay attention to animal welfare to promote the wellbeing of our cattle as we believe that great milk comes from happy cows. Therefore, our operational environment and quality standards are driven first and foremost by the comfort and welfare of our cow herds.

By riding on the rising demand for traceable, premium dairy products in China, we have also established our own downstream branded milk under the (AustAsia) label. Our branded milk is distributed mainly to food service channels and, for now, remains a niche business-to-business activity.

China

China

With aspirations to grow our dairy operations to become the largest independent milk producer in China, we have forged a strategic and synergistic partnership with Meiji Co. with the sale of a 25% stake in our China dairy operations in 2020. Under this partnership, we supply quality raw milk to Meiji downstream operations in support to their expansions plans in China.

With 75% shareholding, we remain the single largest shareholder and continue to manage the dairy operations in China.

Southeast Asia

In 2020 we entered into a strategic partnership with TPG and Northstar Group, with the sale of our vertically integrated branded dairy business in Southeast Asia (Greenfields). Post-transaction, we retain a 20% interest in Dairy SEA and continue to benefit from the upside potential from this strategic partnership, as TPG and Northstar bring both funding and management expertise.

Today, Greenfields is the No. 1 brand in the Fresh Pasteurised Milk and the Stirred Yogurt categories in Indonesia.

Beef

We run our beef farming operations out of two fattening farms in China.

It is a synergistic business with our dairy operations in many ways. The bull calves, a by-product from dairy breeding operations, are used as fattening stock in the beef farms. We are able to leverage on our dairy farming and genetic expertise to improve productivity of the beef operations. We also enjoy cost efficiencies through economies of scale and optimisation of resources such as land and skilled staff.

As consumer affluence and preference for animal proteins are steadily increasing, there is huge potential for us to become a reliable and consistent supplier of premium beef in China.

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