Hugh Stringleman | September 21, 2020 from GlobalHQ on Vimeo.
It has held the forecast for the 2020-21 season at $5.90-6.90/kg MS.
The dividend for the 2019-20 season is 5c a share.
Fonterra chief executive Miles Hurrell says 2019-20 was a good year for the co-op, with profit up, debt down and a strong milk price.
“We increased our profit after tax by more than $1 billion, reduced our debt by more than $1 billion and this has put us in a position to start paying dividends again,” he says.
“I’m proud of how farmers and employees have come together to deliver these strong results in a challenging environment. They have had to juggle the extra demands and stress of covid-19 and have gone above and beyond. 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. We were clear that to build a sustainable future we needed to focus on three interconnected goals – Healthy People, a Healthy Environment and a Healthy Business.
“We went on to deliver a strong performance for the first half. However, what none of us could have ever predicted was what then played out – a world facing COVID-19. The flow-on effects of the pandemic did impact our performance in the second half, particularly in our Consumer and Foodservice businesses.”
