About

Fonterra is a global dairy nutrition company owned by 10,000 farmers and their families. Read about our company and about our farmers and markets.

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Investors

Are you an investor with Fonterra? Read about our current performance with our financial results, or find information on our dividend programme.

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Careers

Read about life at Fonterra and explore our current vacancies and future career opportunities.

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Dividends

Dividend per share (cents).

NZ Cents Year ended
31 July 2019
Year ended
31 July 2018
Year ended
31 July 2017
Year ended
31 July 2016
Year ended
31 July 2015
Interim dividend 0 10 20 20 10
Final dividend 0 0 20 20* 15
Total annual dividend 0 10 40 40 25

* 10 cents per share paid in June and September.

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Dividend & distribution reinvestment plans

The Fonterra Co-Operative Group Limited Dividend Reinvestment Plan allows farmer shareholders to receive shares in lieu of all or part of a cash dividend. The Fonterra Shareholders’ Fund (Fund) Distribution Reinvestment Plan allows unitholders to receive units in lieu of all or part of a cash distribution.

Distribution reinvestment plan

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Receive units in lieu of a cash distribution

Distribution Reinvestment Plan September 2017

- PDF, 1.9 MB
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Start of Receive shares in lieu of a cash dividend Accordion Item
Receive shares in lieu of a cash dividend

Dividend Reinvestment Plan September 2017 DRP form

- PDF, 4.9 MB
End of Receive shares in lieu of a cash dividend Accordion Item

Dividend & distribution reinvestment plans

The Fonterra Co-Operative Group Limited Dividend Reinvestment Plan allows farmer shareholders to receive shares in lieu of all or part of a cash dividend. The

Fonterra Shareholders’ Fund (Fund) Distribution Reinvestment Plan allows unitholders to receive units in lieu of all or part of a cash distribution.

Start of Distribution reinvestment plans Accordion Item
Distribution reinvestment plans

Distribution reinvestment plan FMCA notice, 27 November 2014

- PDF, 564.3 kB

Dividend reinvestment plan FMCA notice, 27 November 2014

- PDF, 983.7 kB
End of Distribution reinvestment plans Accordion Item

Dividend policy.

Under the new guidelines, the Board would expect the dividend payment to be 40-60% of reported Net Profit After Tax, excluding any abnormal gains.

Previously, the Dividend Policy was 65-75% of adjusted Net Profit After Tax over a period of time. The new guidelines better reflect the annual performance and financial strength of the Co-operative.

An interim dividend will not be more than 40% of the forecast total dividend and no more than net earnings at half year.

In addition to the new payout percentage, two additional key principles will guide the Board when considering the payment of a dividend:

  • A dividend should not require our Co-op to take on more debt; and,
  • A dividend should not reduce our Co-op’s ability to service existing debt.

The distribution of any abnormal gains, such as an asset sale, will be considered separately.

The Board will apply these new guidelines at its discretion, alongside any factors it considers relevant.

Parameters and Guidelines

Net Earnings

•       Payout ratio of 40-60% of Reported NPAT, but excluding abnormal gains

•       Distributions of any abnormal gains considered separately

No borrowing to pay dividends

•       Dividend not to exceed 100% of Available Net Cash Flows

•       Available Net Cash Flow defined as cash flows available to reduce debt, but excluding any material working capital changes considered highly likely to reverse in future periods

Debt serviceability

•       Measured based on Debt to EBITDA ratio

•       Dividend payment will not result in Debt to EBITDA ratio in current and forecast year exceeding level required to maintain ‘A’ band credit rating.

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Financial results

Fonterra business updates, interim results and financial results.

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