Dairy debt is a major concern for NZ economy, NZSA conference told

Sat, 12 Sep 2015

By Fiona Rotherham Sept. 12 (BusinessDesk) - The high level of debt carried by Fonterra Cooperative Group and dairy farms is a major concern for the New Zealand economy, said speakers at the annual New Zealand Shareholders Association conference. Paul Glass, director of Devon Funds Management, told the NZSA conference in Hamilton today that Fonterra, the world’s largest dairy exporter, had $7 billion of debt and less than $1 billion of earnings. “Most banks will only lend three to four times earnings. Fonterra is very heavily indebted,...

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