Fonterra confirms big losses and defers reporting date

By Jim Cornall contact

- Last updated on GMT

Fonterra's FY19 report will now be no later than September 30, 2019.
Fonterra's FY19 report will now be no later than September 30, 2019.

Related tags: Fonterra

New Zealand dairy cooperative Fonterra has changed the date for reporting its audited financial results for the 2019 financial year (FY19) ended July 31, 2019, as it confirmed losses for the financial year would be in the NZ$590m-NZ$675m (US$376m-US$430m) range.

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. 

Related topics: Manufacturers, Fonterra

Related news

comments

Post your comment

We will not publish your email address on the website

These comments have not been moderated. You are encouraged to participate with comments that are relevant to our news stories. You should not post comments that are abusive, threatening, defamatory, misleading or invasive of privacy. For the full terms and conditions for commenting see clause 7 of our Terms and Conditions ‘Participating in Online Communities’. These terms may be updated from time to time, so please read them before posting a comment. Any comment that violates these terms may be removed in its entirety as we do not edit comments. If you wish to complain about a comment please use the "REPORT ABUSE" button or contact the editors.