Fonterra confirms big losses and defers reporting date

The reporting date was previously expected to be September 12, 2019, but will now be no later than September 30, 2019.

On August 12, 2019, Fonterra announced asset writedowns and one-off accounting adjustments, noting that the numbers remained subject to the Fonterra Board reviewing the full financial statements and audit adjustments.

Fonterra said the cooperative and its auditor, PwC, are working through the normal financial year end accounts and auditing process. However, it said due to the significant accounting adjustments in FY19, as set out in the announcement on August 12, 2019, more time is required to complete the audited financial statements. 

Fonterra said the change in reporting date is not related to any discussions with the Financial Markets Authority, recent speculation about further material asset impairments, or other announcements. It also does not affect the cooperative’s ability in any way to operate and pay its bills, including paying farmers for their milk.