Fonterra Shareholders (FSF) AGM 2024 summary

Opening remarks and agenda

• Emergency procedures, meeting logistics, and agenda including financial review, Q&A, and voting were outlined before the official welcome.

• Board members, senior management, and key stakeholders were introduced.

Financial performance review

• FY24 earnings reached NZD 1.6 billion, with profit after tax from continuing operations at $1.17 billion, and strong Foodservice margins.

• Net earnings were NZD 0.70 per share, with total dividend of NZD 0.55 per share, and earnings per share down from 75 to 70 cents.

• Final Farmgate Milk Price was NZD 7.83, with a total payout of NZD 8.38 per kg to fully shared-up farmers.

• FY25 Farmgate Milk Price forecast midpoint was raised to NZD 9.50, with a range of NZD 9–10 per kg.

• Share price increased from NZD 2.18 to NZD 4.93, FSF unit price rose to $5.41 from $3.00, and Total Shareholder Return since the last AGM was 94.6%.

Board and executive committee updates

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

• Two long-serving directors retired, a new independent director Alistair Field was ratified, and Alastair Hercus was re-elected with 89.6% support.

• Board and management acknowledged for improved performance and positive farmer sentiment.