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Co-op must do better

The Chairman of Fonterra’s Shareholders’ Council Duncan Coull has said he is extremely disappointed with the Co-op’s 2018 Annual Results.

“There’s no denying that our farmers are unhappy with current performance, and this year’s results,” he said.

“The underlying result and its impact on earnings, dividend and carrying value is totally unacceptable and one that our farming families will not want to see repeated. Moving forward, it is imperative that our business builds confidence through achievable targets and at levels that support a higher carrying value of our farmers’ investment.

“We have been encouraged in the recent short term by the willingness of the Board and Management to take an honest look at our position and make the necessary changes. We are looking forward to a continuation of more open and transparent discussions, and seeing those translate into long term results.”

Mr Coull also noted the Co-op’s NZ$20 billion revenue resulting from the very strong milk price.

“The New Zealand public needs to recognise that out of that $20 billion revenue, a good portion remains in the New Zealand economy. That’s a real positive - no other New Zealand business delivers that,” he said.

Despite today’s results announcement, the Fonterra Shareholders’ Council remains firmly resolved that Fonterra as a strong co-op is the only model that serves to deliver a strong future for our farming families in New Zealand.

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