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Fonterra on track for one of its ‘best years ever’
Strong international dairy markets mean 2010/11 is shaping up as one of Fonterra’s best years ever in terms of returns to its farmer shareholders, Fonterra said today.
Announcing the Co-operative’s financial results for the half year to 31 January 2011, Fonterra confirmed its current forecast payout range for the 2010/11 season of $7.90-$8.00 (before retentions) and $7.75-$7.80 (cash: Milk Price plus dividend). This is unchanged from the 60 cents increase in the payout range announced in late February 2011.
This forecast range means this year’s payout may surpass Fonterra’s previous record in 2007/08 of $7.90 (before retentions) and $7.66 (cash comprising, at that time, Milk Price plus Value Return).
The 2010/11 forecast payout range (before retentions) is based on a forecast Milk Price of $7.50 per kgMS and a Distributable Profit range of $550-$690m, equating to 40–50 cents per share. Fonterra is currently targeting to pay a dividend of 25–30 cents per share out of Distributable Profit.
Fonterra’s net profit after tax for the six months to 31 January 2011 was $293m (21 cents per share). This is the first time Fonterra has reported a profit for the half year. As a consequence, there’s no prior half year comparison.
Source: Fonterra
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