Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Financial Results, Six Months Ended 30 Nov 2001

Financial Results, Six Months Ended 30 November 2001

Fonterra Co-operative Group Limited has today announced its financial results for the six months ended 30 November 2001. This is the first period of trading for the company, which was formed through the merger of Kiwi Co-operative Dairies Limited, New Zealand Co-operative Dairy Company Limited and the New Zealand Dairy Board in October 2001.

The Chief Financial Officer, Mr Graham Stuart, said the company’s progress in its first trading period had been satisfactory. “The challenge ahead of us is to maintain our performance in the more difficult international environment for the remainder of the financial year.”

Revenue and earnings

The company recorded revenue in the half-year of $7 billion. This reflected good international market prices prevailing at the beginning of the interim period. More recently, prices have fallen, especially sharply for milk powder.

Operating surplus after minority interests was $2.9 billion. For the purpose of these interim financial statements, it has been assumed that this operating surplus will be paid out to suppliers. The Board will decide on the final payment to suppliers at the end of the financial year.

518 million kilograms of milk solids were supplied by our shareholders in the interim period.

Dairy farming in New Zealand is seasonal. Accordingly, Fonterra’s financial performance in the first half of the year is not necessarily indicative of the likely full-year outcome.

Balance sheet

Shareholders’ equity of $5.1 billion includes co-operative shares, peak notes and supply redemption rights totalling $4.8 billion, comprising 1,052,375,180 co-operative shares, 37,316,548 peak notes and 30,106,708 supply redemption rights issued to farmers on 16 October 2001.

The $200 million public offer of Fonterra capital notes, in October 2001, was successful, with all notes fully subscribed.

Non-current assets ($6.1 billion) include estimates of fair value adjustments to fixed assets ($275 million) and brands ($1.6 billion). Fonterra is in the process of obtaining independent valuations with respect to fixed assets and brands, and finalised values will be included in the financial statements for the year ending 31 May 2002.

Fonterra Co-operative Group Limited is one of the world's leading dairy companies, with turnover of approximately NZ$14 billion. Fonterra manufactures dairy products at 29 sites in New Zealand and 35 in other countries, and markets them to customers and consumers in 140 countries. It employs $12 billion in assets and 20,000 people.


© Scoop Media

Business Headlines | Sci-Tech Headlines


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news