Fonterra reports its Interim Results

Fonterra Co-operative Group Limited today reported its Interim Results for the 2022 financial year, which show a Profit After Tax of NZ$364 million, a Total Group normalised EBIT of NZ$607 million and a decision to pay an interim dividend of 5 cents alongside a record high forecast Farmgate Milk Price of NZ$9.30 - $9.90 per kgMS.

Fonterra CEO Miles Hurrell said the results show the Co-op is performing well while creating the momentum needed to achieve its 2030 targets, at a time when input costs were significantly higher and despite disruption from COVID-19.

The Co-op's Total Group Operating Expenditure was NZ$1,062 million, and its Net Debt was down 8% on the same period to NZ$5.6 billion.

The full year forecast normalised earnings per share is 25 - 35 cents per share, with the record date for the payment of the 5 cents dividend being 24 March 2022 and the payment date 14 April 2022.