Diversified agribusiness group Scales Corporation Limited today reported its FY2020 full year results. 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. 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 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 … “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. Profit for the Year was $26.6 million (FY2019: $121.6 million). READ MORE. 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. 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. Finden Sie Fonterra-Jobs aud Glassdoor. These measures include normalised segment earnings, normalised EBIT, EBIT, normalised earnings per share, normalisation adjustments and payout. dataLayerNews = {}; 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.”. However, what none of us could have ever predicted was what then played out – a world facing COVID-19. For further information please contact: Simon Till. (e.g Chrome, Safari, Firefox), Total group normalised Earnings Before Interest and Tax (EBIT): $584 million, up from $312 million, Total group EBIT: $806 million, up from $312 million, Normalised Net Profit After Tax: $293 million, up from $72 million, Reported Net Profit After Tax: $501 million, up from $72 million, Free cash flow: $369 million, up from $(782) million, Net debt: $5.8 billion, down from $7.4 billion, Normalised Ingredients EBIT: $441 million, down from $464 million, Normalised Foodservice EBIT: $147 million, up from $61 million, Normalised Consumer EBIT: $116 million, up from $67 million, Full year forecast normalised earnings: 15-25 cents per share, Forecast Farmgate Milk Price: $7.00-$7.60 per kgMS, Forecast milk collections: 1,515 million kgMS, Contributing around $11.1 billion to the New Zealand economy through the milk price, with farmers spending nearly half of this in their local communities, Working with another 1,000 farms this year through The Co-operative Difference to put in place Farm Environment Plans and getting ready to give individualised greenhouse gas emissions reports to all supplying farms at the end of the year, Making the decision to stop using coal at our Te Awamutu site next season and, by doing so reducing our total coal usage by 10%. “I’m proud of how farmers and employees have come together to deliver these strong results in a challenging environment. 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. vOut +=', '; We completed the sale of DFE Pharma and foodspring® in the first half of the year with cash proceeds of $624 million and this has helped reduce net debt by 22% or $1.6 billion, compared to this time last year. Annual Results announcement (PDF) Interactive Integrated Annual Report: Integrated Annual Report (PDF) Investor Presentation (PDF) Investor letter (PDF) NZX Results Announcement (PDF) NZX Distribution Notice - ordinary dividend (PDF) ASX Appendix 3A.1 (PDF) • Group FY2020 financial results: “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. 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.”. 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. Fonterra has delayed its walk up the annual results aisle by two weeks, after earlier warning it will make a multi-million dollar loss. ​, “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. 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.”​. Highlights – 12 months to 31 December 2020. Earnings per share for FY2020 were 15.0 cents per share (FY2019: 84.2 cents per share). “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.”​. The flow-on effects of the pandemic did impact our performance in the second half, particularly in our Consumer and Foodservice businesses.” ​. Normalized EBIT, excluding these impairments, of the consumer businesses in Oceania and Asia improved, despite COVID-19. It now has a total value in our accounts of NZ$699m (US$469m).”. “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. Outdated browsers can expose your computer to security risks. vOut = vOut.toLowerCase(); $(document).ready(function() { More >> 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. Results of Shareholder voting at Fonterra Annual Meeting. 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. } 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 … ​, “Despite the better performance this year, due to the economic outlook post-COVID-19, our New Zealand Consumer business’s future cash-flow projections are lower than we estimated last year and, as a result, we have decided​ to write down its goodwill by NZ$21m (US$14.1m). 18/9/2020, 8:31 am FLLYR. Fonterra uses several non-GAAP measures when discussing financial performance. Normalized gross profit started to quickly rebound in the third quarter – although he also pointed out it is still not at 100%. Commenting on these targets, Mr Hurrell says he is pleased with the progress and momentum Fonterra has achieved in the first six months of the financial year, but Fonterra is now operating in a very different global context as a result of COVID-19. 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. 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. These are non-GAAP financial measures and are not defined by NZ IFRS. They are used internally to evaluate the underlying performance of business units and to analyse trends. This includes gains from asset sales, and impairments and costs relating to the strategic review. Fonterra Co-operative Group Limited today announced its 2020 Interim Results, which show the Co-operative’s financial performance has improved with … Non-GAAP financial measures should not be viewed in isolation nor considered as a substitute for measures reported in accordance with NZ IFRS. - Last updated on This uncertainty resulted in softening milk prices, which helped improve the gross margin and gross profit in Ingredients.”​. Fonterra shareholders have voted to pass 8 of the 11 resolutions at this year’s Annual Meeting. 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). Sign up to our free newsletter and get the latest news sent direct to your inbox. “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. 18 SEPTEMBER 2020. Fonterra Sustainability Report 2020 Summary: Became the first dairy company in New Zealand to have its emission reduction targets endorsed by … “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. contact, 21-Sep-2020 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. Photo: RNZ / Dan Cook The loss to the end of July is at the lower end of its $590m to $675m forecast it disclosed in July, and compares with a $196m loss the year earlier. They have had to juggle the extra demands and stress of COVID-19 and have gone above and beyond. ... 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. RESULTS OF THE 2020 FSF ANNUAL MEETING OF UNIT HOLDERS. Sie arbeiten im Bereich HR oder Marketing? “Our teams continue to carefully manage costs and we’ve reduced our operating expenditure by $140 million on the same period last year. } 18 September 2020. dataLayerNews.related_tags = sanitize_gpt_value2("Fonterra, COVID-19, coronavirus"); “The work we’ve done to strengthen our balance sheet has allowed us to focus on managing COVID-19. 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.” ​. 21 September 2020 - 21:12 GMT, Free newsletter Fonterra Co-operative Group Limited today narrowed its 2020/21 forecast Farmgate Milk Price range, reported a solid start to the 2021 financial year and reconfirmed its forecast earnings guidance. UP Sachivalaya ARO Vacancy 2020-21 Eligibility Criteria & Vacancies Details. Fonterra has announced its 2020 Interim Results, which show the co-operative’s financial performance has improved with increased underlying earnings and reduced debt. The midpoint of the range, which farmers are paid off, has increased to NZD $7.60 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: 21-Sep-2020 at 10:46 GMT. As a result, we have held our forecast earnings range at 15-25 cents per share. if(i!=(aTags.length-1)) The Fonterra share price has risen by 8.16% in 2020, after falling by up to 15% in May. var vOut=""; Fonterra, 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.”. 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). BackFonterra’s 2020 Annual Results Briefing 18/9/2020, 8:31 am GENERAL. Fonterra says the 2020 financial year will be one of "transition" with only modest forecasts for performance improvements across the group. vOut += aTags[i].trim().replace(reg, '-').substring(0,40); Greater China Foodservice’s normalized EBIT increased from NZ$114m (US$76.5m) last year to NZ$169m (US$113m) this year. BackResults announced for the 2020 Fonterra Elections 3/11/2020, 2:01 pm MEETING. The results of the resolutions are: dataLayer.push(dataLayerNews); “Our strategy and the importance we place on financial discipline means we are continuously reviewing our asset portfolio. Fonterra’s 2020 Annual Results Briefing. RESULTS ANNOUNCED FOR THE 2020 FONTERRA ELECTIONS. 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.”​. Fonterra … Hurrell said the Australian Consumer business performed strongly with sales continuing to increase thanks to its beverage, spreads and cheese products. 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). “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. This has been brought about through asset sales and retained profits. “Our cash flow has improved and our debt has reduced by 19% or NZ$1.1bn compared to last year. Resolutions 9, 10 and 11, which were three ordinary resolutions put forward by a Fonterra shareholder, were not passed. All three markets reported losses in the second half. A key outcome is a reduction in interest-bearing debt by $1.1 billion, now down to $4.7 billion. This year, Fonterra hit its longest running target of 20% reduction in energy intensity across its New Zealand manufacturing sites between 2003 and 2020. “We have seen significant growth across the Anchor Food Professional product range in China. 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. PwC has been Fonterra's auditor since its inception in 2001. Total group normalised EBUT was NZ$584 million, up from $312 million, while total group EBIT was $806 million, up from $312 million. 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 Supporting farmers and communities impacted by floods in the South Island and delivering water to help towns in drought-affected North Island. 20 Mai 2020 A Pastoriza, Actualidade. Friday, 18 September 2020, 9:19 am | Fonterra. “While lifting our financial performance, we’ve also kept sustainability and communities at our heart. 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.
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