increase font size
Fonterra won’t be reporting audited financial results for 2019 on Thursday, September 12 as expected
Fonterra has deferred its 2018-19 annual result announcement.
The co-op says it won’t be reporting audited financial results for 2019 on Thursday, September 12 as expected. The cooperative will now report no later than 30 September 2019.
Fonterra and its auditor PwC, “are working constructively through the normal financial year end accounts and auditing process”, Fonterra says.
“However, due to the significant accounting adjustments in FY19, as set out in the announcement on 12 August 2019, more time is required to complete the audited financial statements.”
On August 12, Fonterra announced a number of asset writedowns and one-off accounting adjustments, noting that the numbers remained subject to Fonterra Board reviewing the full financial statements and audit adjustments.
Fonterra confirmsits previous announcement that it expects a reported loss of $590-$675 million for FY19, which is a 37 to 42 cent loss per share. All numbers are subject to the board reviewing the full financial statements and to audit adjustments, and reflect the values attributable to equity holders.
“The change in reporting date is unrelated to any discussions with the Financial Markets Authority, recent speculation about further material asset impairments, or other announcements. It also does not affect the co-operative’s ability in any way to operate and pay its bills, including paying farmers for their milk.” the statement says.
Foreign Affairs Minister Winston Peters has joined the debate around the proposed sale of Fonterra’s consumer and related businesses, demanding answers from the co-operative around its milk supply deal with the buyer, Lactalis.
OPINION: Farmer shareholders of two of New Zealand's largest co-operatives have an important decision to make this month and what they decide could change the landscape of the dairy and meat sectors in New Zealand.
OPINION: As CEO of the Dairy Board in the 1980s I was fortunate to work with a team of experienced and capable executives who made most of the brand investments that created the international consumer business Fonterra inherited. Soprole in Chile was the largest, but there were more than 20 countries where consumer marketing companies were established and Anchor and other brands were successfully launched.
Fonterra has delivered a fifth straight year of record organic milk price for farmer suppliers.
Fonterra says favourable weather conditions supporting pasture growth is boosting milk production.
Like many manufacturers around the world, European agricultural machinery and tractor manufacturers are currently operating in a difficult market environment. But they are heading to the world’s largest agricultural machinery event in Hanover next month with a degree of cautious optimism.
Established in 2021, the John Deere Technician of the Year Awards champion the important contribution parts and service technicians make to the Australian and New Zealand agriculture, construction and forestry industries.
Beef + Lamb New Zealand (B+LNZ) is calling on farmers from all regions to take part in the final season of the Sheep Poo Study aiming to build a clearer picture of how facial eczema (FE) affects farms across New Zealand.
New Zealand is closer to eradicating bovine TB than ever before, but possums remain a threat, says Beef + Lamb New Zealand.
Foreign Affairs Minister Winston Peters has joined the debate around the proposed sale of Fonterra’s consumer and related businesses, demanding answers from the co-operative around its milk supply deal with the buyer, Lactalis.
The ACT Party says media reports that global dairy giant Nestle has withdrawn from the Dairy Methane Action Alliance shows why New Zealand needs to rethink its approach to climate.
OPINION: Dairy industry players are also falling by the wayside as the economic downturn bites around the country.
OPINION: Methane Science Accord, a farmer-led organisation advocating for zero tax on ruminant methane, will be quietly celebrating its first…
