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Fonterra delays annual results reporting after multi-million dollar loss

'Significant accounting adjustments' will push Fonterra’s financial results for 2019 out by two weeks, the company says. 

Last month, the company forecast a loss of between $590 million and $675 million for the current financial year.

Fonterra released a statement today confirming that loss for the current 31 July-ended financial year, a 37-42 per cent loss per share.

However, it said the reporting date originally set down for September 12 would be pushed forward until September 30 due to "significant accounting adjustments".

"On 12th August 2019, Fonterra announced a number of asset writedowns and one-off accounting adjustments, noting that the numbers remained subject to Fonterra Board reviewing the full financial statements and audit adjustments," the statement said.

"Fonterra and the Co-operative’s auditor PwC, are working constructively through the normal financial year end accounts and auditing process.

"However, due to the significant accounting adjustments in FY19, as set out in the announcement on 12th August 2019, more time is required to complete the audited financial statements."

The company said all numbers are subject to the Board reviewing the full financial statements and to audit adjustments and reflect the values attributable to equity holders.

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It’s blaming underperforming investments in South America, China and Australia. Source: 1 NEWS


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