Fonterra and Nestlé agree sale of DPA Brazil joint venture
Fonterra and Nestlé today agreed the sale of their Dairy Partners Americas (DPA) Brazil joint venture to French dairy company Lactalis for BRL 700m (approximately NZD $210m subject to closing transaction adjustments). The deal is expected to be completed by mid-2023, subject to regulatory authority approvals.
Fonterra upgrades earnings guidance and posts strong first quarter
Fonterra Co-operative Group Ltd today upgraded its earnings guidance to 50 – 70 cents per share from 45 - 60 cents per share and lowered and narrowed its forecast Farmgate Milk Price range of $8.50 - $10.00 per kgMS to $8.50 - $ 9.50 per kgMS, with a midpoint of $9.00 while holding its advance rate. It also reported a strong start to the 2023 financial year.
Fonterra confirms timeline for Capital Structure implementation
Fonterra can today confirm that its new Flexible Shareholding capital structure is set to be implemented in late March 2023, subject to the Board being satisfied that the relevant preparations are completed before then.
Fonterra announces divestment of Chile business
Fonterra is pleased to announce the divestment of its Chilean Soprole business. The divestment comprises a number of transactions that result in aggregate consideration of 591.07 billion Chilean Pesos (approximately NZD1.055 billion).
Fonterra appoints Chief Financial Officer
Today Fonterra Co-operative Group announced the appointment of Neil Beaumont to the role of Chief Financial Officer, effective early February 2023.
Fonterra Announces FY22 Annual Results
Fonterra today announced a strong set of results for the financial year ending 31 July 2022, reflecting a 2021/22 Farmgate Milk Price of NZ$9.30 per kgMS and normalised profit after tax of NZ$591 million.
Fonterra lifts 2023 earnings guidance and revises milk collections
Fonterra Co-operative Group Limited today announced it has revised its 2023 forecast earnings guidance to 45 to 60 cents per share, up from 30 to 45 cents per share.
Acting CFO Announced
Fonterra today announced that Chris Rowe will become its Acting Chief Financial Officer (CFO) to replace current CFO Marc Rivers who is leaving the Co-op at the end of 2022.
Fonterra provides update to FY22 earnings guidance
Fonterra has today provided an update to its earnings guidance for the 2022 financial year that ended on 31 July 2022, indicating that it will be towards the top end of its current guidance of 25 – 35 cents per share.