Dividend per share (cents)


 Year Ended

31 July 2017

 Year Ended

31 July 2016

 Year Ended

31 July 2015

Year Ended

31 July 2014

 Year Ended

31 July 2013

Interim Dividend 20 20 10 5 16
Final Dividend 20 20* 15 5 16
Total Annual Dividend 40 40 25 10 32


* 10 cents per share paid in June and September

Dividend and 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 unit holders to receive units in lieu of all or part of a cash distribution.

Distribution Reinvestment Plan

Receive units in lieu of a cash distribution

Dividend Reinvestment Plan

Receive shares in lieu of a cash dividend

Dividend Policy

Fonterra's Board seeks to maintain a consistent dividend stream in the normal course of events. This is expected to be between 65% to 75% of adjusted Net Profit After Tax over time. In considering payment of the dividend, the Board will have regard to all relevant factors, but in particular:

  • Any non-recurrent items that affect profit after tax;
  • Average dividends paid over the previous three years;
  • Near-term earnings projections, investment priorities and gearing targets; and
  • Any other factors the Board considers relevant, including existing or likely market conditions that may impact Fonterra or our shareholders.

The Board has indicated that it will target 40% to 50% of the annual dividend to be paid at the half year.

The Fonterra Board has the discretion to distribute any surplus capital to shareholders by way of a Special Dividend or other alternative distribution methods.