Goodman Fielder is “comfortably” within its lending agreements, the company’s managing director said today (5 March), after local reports suggested the Australian food group was under financial pressure.

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Peter Margin insisted Goodman Fielder was within its banking covenants and had successfully refinanced debt of A$770m (US$494m) in the last year.


“We have a conservatively geared balance sheet and we are very comfortable with a debt to (debt+equity) of 31% and an interest cover of more than four times,” Margin said. “Any suggestion that we are under pressure on our covenants is just plain wrong.”


The Goodman Fielder boss was reacting to an article in the Australian Financial Review, which had cast questions on the group’s balance sheet.


The company is in the process of a review of its business and there have been rumours it could sell assets including its dairy operations.

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Margin, however, refused to be drawn on whether Goodman Fielder would look to offload any of its businesses.


“Our strategic review is well advanced and we are not anticipating any significant write-downs as a result of this process,” Margin said. “When we reach a conclusion at the end of the strategic review, we will announce it to the market.”


A spokesman for Goodman Fielder told just-food that “all options are being considered” and said the company is aiming to complete its review ahead of its AGM in November.


“We have undertaken to have the process completed in advance of the AGM but expect it to be sooner than that,” he said.