Why Fonterra accepted defeat in the dairy aisle
OPINION: Fonterra's sale of its consumer dairy business to Lactalis is a clear sign of the co-operative’s failure to compete in the branded consumer market.
Fonterra chairman John Wilson has told shareholders the co-op delivered a strong performance for the year.
He noted the co-op achieved an EBIT of $974m and a 183% increase in net profit at $506 million.
These results importantly include the Latin American business, Dairy Partners Americas for the first time, Wilson noted.
"While the strong second half result was pleasing, the first half was disappointing with big movements in dairy prices impacting inventory valuations and product mix returns," he told about 300 shareholders at the annual meeting this week in Waitoa.
"It was frustrating to finish third out of the cooperatives, and this is unacceptable.
"The reality is the week-to-week swings in price and foreign exchange, and the way we each sell products has a big impact on year to year comparisons.
"We paid a 25c dividend, which this season reflected the higher funding costs from our investments in capacity along with our higher relative advance rate."
NZPork has appointed Auckland-based Paul Bucknell as its new chair.
The Government claims to have delivered on its election promise to protect productive farmland from emissions trading scheme (ETS) but red meat farmers aren’t happy.
Foot and Mouth Disease outbreaks could have a detrimental impact on any country's rural sector, as seen in the United Kingdom's 2000 outbreak that saw the compulsory slaughter of over six million animals.
The Ministry for the Environment is joining as a national award sponsor in the Ballance Farm Environment Awards (BFEA from next year).
Kiwis are wasting less of their food than they were two years ago, and this has been enough to push New Zealand’s total household food waste bill lower, the 2025 Rabobank KiwiHarvest Food Waste survey has found.
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