Fonterra has released the details of how it will pay farmers for producing sustainable, high quality milk as part of The Co-operative Difference framework. Fonterra’s annual results announced on 18 September for the year ending 31 July 2020 indicate that Fonterra has made good progress in stabilising its financial position. “Our Foodservice business has definitely been our stand-out performer in the first half as we’ve grown our sales to bakeries and coffee and tea houses across Greater China and Asia. Some examples include: “It gives me great pride to lead a team who genuinely care and recognise the importance of out farmers and local communities.”. var reg = new RegExp('\\W+', "g"); Fonterra Shareholders’ Fund Annual Results 2020. contact, 21-Sep-2020 The midpoint of the range, which farmers are paid off, has increased to NZD $7.60 per kgMS. A key outcome is a reduction in interest-bearing debt by $1.1 billion, now down to $4.7 billion. Ingredients’ normalized EBIT improved from NZ$790m (US$530m) last year to NZ$827m (US$555m) this year, with normalized gross profit up NZ$165m (US$110.8m) to NZ$1.6bn (US$1.1bn). vOut +=', '; This uncertainty resulted in softening milk prices, which helped improve the gross margin and gross profit in Ingredients.”​. He said Fonterra has continued to reduce its environmental footprint, including hitting the 2020 target to reduce energy intensity across its New Zealand manufacturing sites by 20%, from a 2003 baseline. “We have seen significant growth across the Anchor Food Professional product range in China. 20 Mai 2020 A Pastoriza, Actualidade. Fonterra … “We increased our profit after tax by more than NZ$1bn (US$671m), reduced our debt by more than NZ$1bn and this has put us in a position to start paying dividends again,”​ he said. dataLayerNews = {}; “This year marks a return to paying dividends, a position we expect to maintain in the future, assuming normal operating conditions.​, “At 5 cents per share, the dividend is at the lower end of the 5-7 cent range calculated under the Board’s dividend policy guidelines. UP Sachivalaya ARO Vacancy 2020-21 Eligibility Criteria & Vacancies Details. } Fonterra has announced a 2020/21 earnings guidance range of 20-35 cents per share and has also reaffirmed its 2020/21 forecast Farmgate Milk Price range of $5.90-$6.90 per kgMS. Fonterra uses several non-GAAP measures when discussing financial performance. Fonterra Co-operative Group Limited / ˈ f ɒ n t ɛr ə / is a New Zealand multinational publicly traded dairy co-operative owned by around 10,500 New Zealand farmers. 2020/21 forecast earnings: 20 – 35 cents per share. Hurrell said 2019/20 proved to be a year of two contrasting halves, but the coop delivered on all four of its priorities. Fonterra announces its Annual Results and a return to paying dividend Annual Results Summary: Final cash payout for 2019/20 season: $7.19 per kgMS, Final 2019/20 Farmgate Milk Price: $7.14 per kgMS, 2019/20 dividend: 5 cents per share Monaghan says the impact of COVID-19 is still playing out globally. BackResults of the 2020 FSF Annual Meeting of Unit Holders 9/11/2020, 4:14 pm MEETING. Related tags: Fonterra recently announced its annual results, with a final Farmgate Milk Price of $7.14 per kgMS and a dividend of 5 cents per share for the 2019/20 season, bringing … These are to hit our financial targets, reduce our environmental footprint, build a great team, and support regional New Zealand. Chairman John Monaghan says “after considering the current uncertainty of the impact COVID-19 could have on earnings in the second half of the year, the Board has elected to not pay an interim dividend. Fonterra Co-operative Group Limited today announced its 2020 Interim Results, which show the Co-operative’s financial performance has improved with … We’ve delivered this through stable underlying earnings from our Ingredients business, improving gross margins in Foodservice and reducing our operating expenses. “From a Milk Price perspective, the supply and demand picture remains finely balanced and for that reason we are maintaining our previous forecast range for this season. COVID-19, Posted by Yolande Louw, Profit for the Year was $26.6 million (FY2019: $121.6 million). Hurrell said, in addition to the improved earnings performance, Fonterra has followed through on its commitment to financial discipline and this has increased the financial strength of the coop. var aTags = gptValue.split(','); The consumer business’ normalized EBIT reduced to NZ$149m (US$100m) from NZ$227m (US$152m), mainly as a result of impairments of NZ$57m (US$38.3m) relating to the Chesdale brand and New Zealand Consumer business’ goodwill. Fonterra Co-operative Group Limited today announced it has lifted the bottom end of its 2021 forecast earnings guidance and narrowed the range to 25-35 cents per share, from 20-35 cents per share. }); Fonterra CEO Miles Hurrell said 2019/20 was a good year for the coop, with profit up, debt down and a strong milk price. Fonterra Fonterra Vacancies jobs. Definitions of the non-GAAP measures used by Fonterra, and reconciliations of the NZ IFRS measures to the non-GAAP measures can be found on pages16 and pages 70 to 71 of Fonterra’s Interim Report 2020 that is available on Fonterra’s website. Fonterra’s 2020 Annual Results Briefing. Mike Wheeler September 18, 2020, 9:49 am September 18, 2020 0 share Fonterra Co-operative Group Limited today announced its annual results, final Farmgate Milk Price of $7.14 per kgMS and a dividend of 5 cents per share for the 2019/20 season, bringing the final cash payout for farmers to … Free newsletter Back Fonterra Shareholders’ Fund Annual Results 2020. BackResults announced for the 2020 Fonterra Elections 3/11/2020, 2:01 pm MEETING. Manufacturers, “As I said a few weeks ago, we have already contracted a high percentage of this year’s milk supply. “We’ve supported regional New Zealand, contributing around NZ$11bn (US$7.38bn) into New Zealand’s rural economies through the milk price, and we’ve rethought our approach to community support, with the aim of helping out more where it’s needed the most – such as, growing the KickStart Breakfast programme alongside Sanitarium and the New Zealand Ministry of Social Development and partnering with the New Zealand Food Network to help get dairy nutrition to those that need it the most,”​ Hurrell said. ​, “We’re at our best when we’re clear on what we need to do, why and how, and the whole Co-op is focused on it. 5 NOVEMBER 2020. These measures are not uniformly defined or utilised by all companies. “Through these sale processes and strategic reviews, we have gained additional information and further insights and, as a result, we have revised down the valuation of China Farms and DPA Brazil by a total of $134 million. “The work we’ve done to strengthen our balance sheet has allowed us to focus on managing COVID-19. Non-GAAP financial measures should not be viewed in isolation nor considered as a substitute for measures reported in accordance with NZ IFRS. dataLayerNews.related_tags = sanitize_gpt_value2("Fonterra, COVID-19, coronavirus"); This has been brought about through asset sales and retained profits. Share these Jobs. When I look back on last year, it’s great to see how this clarity has helped us respond to challenges, adapt and deliver results.”​. December 04, 2020 Fonterra Co-operative Group Limited today announced its 2020 Interim Results, which show the Co-operative’s financial performance has improved with … But our teams know we have to keep our foot on the pedal and navigate very carefully through the challenges we’ll face in the second half.”. Fonterra announced a dividend for the 2020 Financial Year of 5 cents per share and final Farmgate Milk Price for the 2019/20 season of $7.14 per kgMS. By achieving these, we will take strides towards our long-term goals of Healthy People, Healthy Environment and Healthy Business.”. { The flow-on effects of the pandemic did impact our performance in the second half, particularly in our Consumer and Foodservice businesses.” ​. They are used internally to evaluate the underlying performance of business units and to analyse trends. Fonterra Shareholders’ Fund Annual Results 2020. vOut += aTags[i].trim().replace(reg, '-').substring(0,40); Today Fonterra announced its FY19 annual results, the final milk price for the 2018/19 season, its refreshed strategy and changes to its operating model and management team. We’ve completed strategic reviews on China Farms and DPA Brazil, and sales processes for both assets are well under way. • Group FY2020 financial results: Total Group normalized EBIT was up on last year from a loss of NZ$17m (US$11.4m) to earnings of NZ$1.1bn. Greater China Foodservice’s normalized EBIT increased from NZ$114m (US$76.5m) last year to NZ$169m (US$113m) this year. Providing shareholders agree at the company's upcoming annual meeting, KPMG will replace PwC for the 2020 financial year. Fonterra’s 2020 Annual Results briefing will be available as below: Date: Friday 18 September 2020. So far, demand for dairy has proved resilient and our diverse customer base and ability to change our product mix and move products between markets has meant we can continue to drive value. ​, “As a result of these uncertainties and given that financial year has just begun, we are giving a forecast earnings range wider than we usually would.​, “We will be monitoring the situation throughout the season and as the year progresses, we would expect the earnings range to narrow.” ​, He added, “The best way of coping with uncertainty is to stay on strategy and focus on what is within our control – delivering for our farmers, unit holders and customers, and maintaining our financial discipline. These measures include normalised segment earnings, normalised EBIT, EBIT, normalised earnings per share, normalisation adjustments and payout. This year, Fonterra hit its longest running target of 20% reduction in energy intensity across its New Zealand manufacturing sites between 2003 and 2020. Fonterra Co-operative Group Limited has announced its annual results, final Farmgate Milk Price of NZ$7.14 (US$4.79) per kgMS and a dividend of 5 cents per share for the 2019/20 season, bringing the final cash payout for farmers to NZ$7.19 (US$4.83) per kgMS. In the context of so much uncertainty, as COVID-19 continues to impact our key markets and customer confidence, distributing a 5-cent dividend is a prudent decision and one that balances our aims of further reducing debt and distributing earnings.”​. Fonterra chief executive Miles Hurrell makes statements at the release of the co-operative's annual results. vOut = vOut.toLowerCase(); Fonterra has delayed its walk up the annual results aisle by two weeks, after earlier warning it will make a multi-million dollar loss. Returning Officer Warwick Lampp, of electionz.com Ltd, has declared the final results of the 2020 elections for the Fonterra Board of Directors, Directors’ Remuneration Committee and Shareholders’ Council. Time: 1.30 pm NZT. $(document).ready(function() { 18 September 2020. Results of Shareholder voting at Fonterra Annual Meeting. I would like to thank them for their hard work and support.​, “This time last year we were announcing our new strategy and customer-led operating model. Fonterra's 2020 Annual Results briefing will be available as below: Date: Friday 18 September 2020 Time: 1.30 pm NZT Event: Webcast hosted by: o Miles Hurrell (Chief Executive Officer) o Marc Rivers (Chief Financial Officer) o Simon Till (Director Capital Markets) Available on www.fonterra.com or on this link: https://edge.media-server.com/mmc/p/amokzqav-ENDS-For further information contact: Investor Relations [email protected] End CA:00359971 For:FCG Type:GENERAL Time:2020 … Increased earnings, reduced capex, as well as the sale of DFE Pharma and foodspring for cash proceeds of NZ$623m (US$418m) in the first half of the year, have all contributed to this improvement.” ​. Annual results / reports. “We continue to reduce our debt. “We are now a very different Co-op to this time last year – we’re prioritising New Zealand milk and staying focused on what we know we’re good at and what makes a difference to our farmer owners, unit holders, employees and communities. 18 SEPTEMBER 2020. 21 September 2020 - 21:12 GMT, Free newsletter In terms of our earnings, we are forecasting a full year normalized earnings per share range of 20-35 cents per share. RESULTS OF THE 2020 FSF ANNUAL MEETING OF UNIT HOLDERS. Fonterra’s key financial targets for 2020 are to meet its earnings guidance of 15-25 cents per share, achieve a gross margin in excess of NZ$3 billion (€1.5bn), reduce debt so it is no more than 3.75x its earnings, and ensure capital expenditure is no more than $500 million (€150m). This includes gains from asset sales, and impairments and costs relating to the strategic review. Hurrell said the main drivers of the underlying business performance was a strong normalized gross profit in the ingredients business and, although there was the disruption from COVID-19, the strong sales and gross margins from the Greater China foodservice business in the first half of the year. Fonterra Co-operative Group Limited has announced its annual results, final Farmgate Milk Price of NZ$7.14 (US$4.79) per kgMS and a dividend of 5 cents per share for the 2019/20 season, bringing the final cash payout for farmers to NZ$7.19 (US$4.83) per kgMS. “Our underlying earnings are tracking well at the half year, but there is no doubt that we have a number of risks that are outside our control in the second half – in particular, the potential impact of COVID-19 on global demand, geo-political risks in key markets such as Hong Kong and Chile, and ongoing dry weather conditions here in New Zealand which could impact collections and potentially input costs. Once these are taken out, the Total Group normalized EBIT, which the cooperative uses to show its underlying business performance, was also up from NZ$812m (US$545m) to NZ$879m (US$590m), despite the financial impact of COVID-19 in many of its markets. “While there’s no doubt the world is experiencing an almost unprecedented situation and response to COVID-19, I’m pleased with the progress we’ve made so far against our four priorities for 2020. Highlights – 12 months to 31 December 2020. Fonterra Co-operative Group Limited today announced its annual results, final Farmgate Milk Price of $7.14 per kgMS and a dividend of 5 cents per … “While lifting our financial performance, we’ve also kept sustainability and communities at our heart. Normalized EBIT, excluding these impairments, of the consumer businesses in Oceania and Asia improved, despite COVID-19. Viren Vaghela; Bookmark. Fonterra says the 2020 financial year will be one of "transition" with only modest forecasts for performance improvements across the group. “Our total group normalised earnings for the first six months of the 2020 financial year are up $272 million on last year to $584 million. At the same time, we are not cutting costs in areas that are aligned to our strategy and will deliver additional long-term value from our farmer owners’ milk. Fonterra Sustainability Report 2020 Summary: Became the first dairy company in New Zealand to have its emission reduction targets endorsed by … Supporting farmers and communities impacted by floods in the South Island and delivering water to help towns in drought-affected North Island. Fonterra CEO Miles Hurrell says Fonterra has built on the work done in 2019 and has continued to reset its business, introducing a new strategy, reorganising and resizing its teams so there is greater focus on customers, and at the same time, significantly lifting its financial performance. RESULTS ANNOUNCED FOR THE 2020 FONTERRA ELECTIONS. Fonterra Co-operative Group Limited today lifted its 2020/21 forecast Farmgate Milk Price range to NZD $7.30 - $7.90 per kgMS, up from NZD $6.90 - $7.50 per kgMS. ​, “We need to stay agile and draw on our strengths across the supply chain to manage and adapt to the changing global situation.” ​, Copyright - Unless otherwise stated all contents of this web site are © 2021 - William Reed Business Media Ltd - All Rights Reserved - Full details for the use of materials on this site can be found in the Terms & Conditions, Related topics: Sign up to our free newsletter and get the latest news sent direct to your inbox. At the end of the financial year the Board will reassess the Co-op’s financial position and review the decision to pay a dividend.”. dataLayer.push(dataLayerNews); Despite the strong earnings performance so far this year, the Board has decided not to declare an interim dividend. return vOut; “As we moved through the second half, we saw restaurants, cafes and bakeries close and intermittent spikes in supermarket sales, creating uncertainty across the global dairy market. Hurrell said the Australian Consumer business performed strongly with sales continuing to increase thanks to its beverage, spreads and cheese products. Friday, 18 September 2020, 9:19 am | Fonterra. The results of the resolutions are: “We have also reduced the value of our China Farming joint venture by $65 million and we continue to look for opportunities to improve the ongoing performance of the business. These results come off the back of strong FY20 financial results and continued support for communities around New Zealand. Fonterra Co-operative Group has released its 2020 Interim Results, revealing that the co-operative’s financial performance has improved with increased underlying earnings and reduced debt. Give your plant-based drinks the right appeal, Canola Protein: Functionality to Meet Plant-based Demand, New Nutrient Solutions for Dairy Replacements, Remaining relevant in a fragmented dairy market, Understanding ambient yoghurt: download the white paper, IFF (formerly DuPont Nutrition & Biosciences), Sign up to our free newsletter and get the latest news sent direct to your inbox, Processing Equipment & Systems, Automation, Control, Packaging & Packing Materials, Containers, News & Analysis on the Dairy Industry & Markets. ​, “However, as per our guidance in our third quarter business update, our foodservice businesses across Asia, Oceania and Latin America were impacted by COVID-19 in the fourth quarter. Fonterra chairman John Monaghan says for a 100% share backed farm, this gave them a final cash payout of $7.19 per kgMS. However, what none of us could have ever predicted was what then played out – a world facing COVID-19. Normalized gross profit started to quickly rebound in the third quarter – although he also pointed out it is still not at 100%. The company built on the work done in 2019, and has introduced a new strategy, and reorganised and resized its teams to enable greater focus on its customers. He said Fonterra has achieved its key financial targets with normalized earnings of 24 cents per share, a Total Group normalized gross profit of NZ$3.2bn (US$2.14bn), a NZ$181m (US$121.5m) reduction in capital expenditure and a NZ$1.1bn (US$738m) reduction in debt so the ratio of debt to EBITDA has now improved to be 3.4 times earnings, down from 4.4. These non-GAAP measures are not subject to audit unless they are included in Fonterra’s annual financial statements. Fonterra Co-operative Group Limited today announced its annual results, final Farmgate Milk Price of $7.14 per kgMS and a dividend of 5 cents per share for the 2019/20 season, bringing the final cash payout for farmers to $7.19 per kgMS. Fonterra Shareholders’ Fund is pleased to announce that the following resolution was passed at its Annual Meeting of unit holders held in Auckland today. Fonterra’s key financial targets for 2020 are to meet its earnings guidance of 15-25 cents per share, achieve a gross margin in excess of NZ$3bn (US$1.72bn), reduce debt so it is no more than 3.75x its earnings and ensure capital expenditure is no more than NZ$500m (US$288m). PwC has been Fonterra's auditor since its inception in 2001. Hurrell said the business achieved strong year-on-year sales growth in the first half of the year but was then hit by COVID-19 when many food outlets were closed. Outdated browsers can expose your computer to security risks. “Our New Zealand consumer business focused on improving customer service and keeping supermarket shelves well stocked, particularly as New Zealanders were stockpiling through COVID-19. Total group normalised EBUT was NZ$584 million, up from $312 million, while total group EBIT was $806 million, up from $312 million. 21-Sep-2020 at 10:46 GMT. - Last updated on “There continues to be significant uncertainties – including how the global recession and new waves of COVID-19 will impact demand globally, and what will happen to the price relativities between the products that determine our Milk Price and the rest of our product range. Hurrell said that at the coop’s interim results, the normalized gross profit in ingredients was relatively steady. } For further information please contact: Simon Till. “I’m proud of how farmers and employees have come together to deliver these strong results in a challenging environment. “We’ve built a great team through a focus on our culture, and we’ve seen that in action in how we’ve responded to COVID-19.”​. BackFonterra’s 2020 Annual Results Briefing 18/9/2020, 8:31 am GENERAL. We have entered 50 new cities across China, taking our total to 350, and our products are now not only being used in Western style restaurants and bakeries but also those serving local cuisine. More >> ​, “Despite this, normalized EBIT for foodservice overall was up 14% on last year to NZ$209m (US$140m), which is a result of the strong performance by the Greater China business in the first half.” ​. To get the best experience using our site, you'll need to upgrade to a newer browser. All three markets reported losses in the second half. However, due to civil unrest and market disruptions in Hong Kong and Chile, normalized EBIT, after excluding these impairments, of the consumer business declined 10%. if(i!=(aTags.length-1)) Subscribe “Our strategy and the importance we place on financial discipline means we are continuously reviewing our asset portfolio. It now has a total value in our accounts of NZ$699m (US$469m).”. “Our teams continue to carefully manage costs and we’ve reduced our operating expenditure by $140 million on the same period last year. Fonterra, 26 August 2020 Fonterra confirms Annual Results reporting date Fonterra is confirming the date for reporting its audited financial results for the financial year ended 31 July 2020 (FY20). Earnings per share for FY2020 were 15.0 cents per share (FY2019: 84.2 cents per share). ... 2020. Fonterra’s key financial targets for 2020 are to meet its earnings guidance of 15-25 cents per share, achieve a gross margin in excess of $3 billion, reduce debt so it is no more than 3.75x its earnings and ensure capital expenditure is no more than $500 million.
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