• Fonterra CEO Miles Hurrell
    Fonterra CEO Miles Hurrell

Fonterra has advised the NZX it has changed of date for reporting its audited financial results for the 2019 financial year (FY19).

It was to report on 12 September, but will now report no later than 30 September.

On 12 August 2019, 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. The co-operative said this caused "significant accounting adjustments in FY19" and meant it required more time to complete the audited financial statements

Fonterra confirms its 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 would be 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.

Water use to reduce by 2030

Meanwhile, the co-operative has announced that six manufacturing sites in water-constrained regions will reduce their water use by 30% by 2030 as part of its move to accelerate sustainability to the heart of its strategy.

Fonterra COO global operations Robert Spurway said the six sites were chosed as areas where the water savings could “have the greatest impact. This means we can target efforts and investment into those regions most in need.”

The six sites are Maungatoroto, Lichfield, Brightwater, Darfield, Edendale and Clandeboye.

This target is the latest in a series of commitments the Co-operative has set as it embeds sustainability at the heart of its strategy. These include:

  • No more coal boilers or increasing capacity to burn coal
  • Reducing emissions by 30% across all manufacturing operations by 2030, on the way to net zero by 2050
  • Improving the energy intensity of our sites by 20% by 2020
  • No solid waste to landfills by 2025
  • 100% recyclable, reusable and compostable packaging by 2025
  • A tailored Farm Environment Plan for every Fonterra farmer by 2025
  • Farm-specific emissions reports for every Fonterra farmer by the end of this season.


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