Fonterra Co-operative Group (FCG) AGM 2024 summary

Opening remarks and agenda

• Directors, management, and key stakeholders were introduced, with acknowledgment of outgoing board members and the presence of auditors and media.

• Chair's review and CEO's presentation outlined as key agenda items, with a welcome and closing included.

• The agenda included a financial performance review, strategy update, and discussion of the intended divestment of the Consumer business.

• Co-operative Council report, voting on resolutions, and general business scheduled.

Financial performance review

• FY24 earnings reached NZD 1.6 billion, with strong performance across all sales channels and improved food service margins.

• FY24 total payout was $8.38, down from $8.72 the previous year.

• Net earnings were NZD 0.70 per share, enabling a total dividend of NZD 0.55 per share and a final farm gate milk price of NZD 7.83, totaling NZD 8.38 per kg payout.

• FCG share price rose to $4.93 from $2.18 as of 12 November, reflecting improved performance and confidence.

• Operating profit (EBIT) from continuing operations was $1,560m, down from $1,755m.

Board and executive committee updates

• Board size reduced from 11 to 9 directors, with 6 farmer-elected and 3 independent directors.

• Alistair Field was welcomed as a new independent director, and two long-serving directors retired.

• Chair Peter McBride and CEO Miles Hurrell delivered reviews and addresses.

• John Stevenson presented the Co-operative Council report.