Fonterra Co-operative Group, the largest company in New Zealand, today [Monday] reported fiscal results from its first six months in operation, ended 13 November 2001.

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Sales at the dairy concern reached NZ$7bn (US$2.92bn) in the period, buoyed by good international market prices. These prices have fallen more recently, especially in the case of milk powder.


In the trading period, 518 million kilograms of milk solids were supplied to the company for processing by its farmer shareholders.


Operating surplus after minority interests was NZ$2.97bn. Fonterra told the stock exchange that for the purpose of these financial statements, it has been assumed that the operating surplus will be fully paid out to its dairy farmer suppliers. The company’s board will however decide on the final payment to suppliers at the end of the financial year.


Shareholders’ equity was recorded at NZ$5.1bn, including co-operative shares, peak notes and supply redemption rights totalling NZ$4.8bn, comprising of 1,052,375,180 co-operative shares, 37,316,548 peak notes and 30,106,708 supply redemption rights that were issued to farmers on 16 October 2001.

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Non-current assets (NZ$6.1bn) include estimates of fair value adjustments to fixed assets (NZ$275m) and brands (NZ$1.6bn).


Fonterra, which was formed last year with the merger of Kiwi Cooperative Dairies Ltd. and New Zealand Dairy Group (NZDG), together with their joint interests in monopoly dairy products exporter the Dairy Board, manufactures dairy products at 29 sites in New Zealand and 35 in other countries.


Fonterra’s CFO, Graham Stuart, welcomed the company’s progress as satisfactory, commenting: “The challenge ahead of us is to maintain our performance in the more difficult international environment for the remainder of the financial year.” As dairy farming in New Zealand is seasonal, the group’s H1 performance is not necessarily representative of its full-year financial outcome.