Fonterra postpones publication of annual figures

The New Zealand dairy cooperative Fonterra announced on Friday 6 September that it was postponing the publication of its annual figures. The company says it needs more time to complete the report.

Initially, the annual report for the past financial year (from July 2018 to June 2019) was to be presented on Thursday 12 September, but the dairy cooperative is now deferring this to the end of the month. According to the cooperative, this is partly because more time is needed to implement the accounting adjustments. In the statement, it said the delay is not related to an investigation by the Financial Markets Authority.

Sample loss?
Although the definitive figures will only be announced at the end of the month, it is clear that the dairy farmer will sample loss heading off. The loss is currently estimated to be between $590 and $675 million, representing a loss of $0,37 to $0,42 per share. For the dairy processor this would be the second loss in a row, because the cooperative came last year already $186 million short.

Earlier this week, the New Zealand dairy also announced the salary of about 7.000 employees to freeze as a result of the financial results of the cooperative. It includes all employees who earn more than $100.000 per year.

* This article is about New Zealand dollars.

Kimberly Baker

Kimberly Bakker is an all-round editor at Boerenbusiness. She also has an eye for the social media channels of Boerenbusiness.

k.baker @boerenbusiness. Nl

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