Earlier this month Fonterra said it needed more time to complete the audited financial statements because of significant accounting adjustments. It had been expected to publish the results on September 12.
“Fonterra confirms its previous announcement that it expects a reported loss of $590-$675 million for FY19, which is a 37 to 42 cent loss per share,” the dairy giant said two weeks ago.
STUFF
Economist Peter Fraser draws a ruler over Fonterra’s performance.
“All numbers are subject to the Board reviewing the full financial statements and to audit adjustments, and reflect the values attributable to equity holders.”
The co-op said last month that it would not pay a dividend for the 2019 financial year, for the first time in its 18-year history.
At the same time as it delivers its annual results, the co-operative will reveal its new strategy.
Fonterra has also recently confirmed job cuts but it is uncertain whether they will be announced on September 26.
Meanwhile four directors have been named as independently assessed farmer candidates for the Fonterra board.
Incumbent directors Donna Smit and Andy Macfarlane, along with Philipp Haas and Cathy Quinn have been screened by the independent selection panel. As re-standing directors, Smit and Macfarlane automatically go through to the ballot.
Shareholders can stand for the board either as independently assessed candidates or as a self-nominated candidate, in which case they have to garner the support of 35 shareholders to challenge for a position.
Self-nominated candidates have until September 27 to announce their bids. The full list of candidates will be named on September 30 and voting will close on November 5.
