Fonterra reports its Interim Results

Fonterra today announced its 2022 Interim Results, reporting Total Group Revenue of NZ$10,797 million, up 9%, and Profit After Tax of NZ$364 million, down 7%.

The Co-op also declared an interim dividend of 5 cents and a record high forecast Farmgate Milk Price of NZ$9.30 - $9.90 per kgMS.

Fonterra CEO Miles Hurrell says the Co-op’s results for the first half of the financial year show it is performing well, while creating the momentum needed to achieve its 2030 targets.

The Co-op also reported Total Group normalised EBIT of NZ$607 million, down 11%, and Net Debt of NZ$5.6 billion, down 8%.

In addition, Fonterra highlighted its focus on financial discipline, its ‘Flexible Shareholding’ capital structure, its divestment of its Chilean business and its ownership review of its Australian business.

Mr Hurrell also commented on the Co-op’s long-term strategy, its focus on New Zealand milk, its commitment to sustainability and its dairy innovation and science.

The record date for the payment of the 5 cent dividend is 24 March 2022, and the payment date is 14