12 Aug 2019 --- Dairy cooperative Fonterra has said that writedowns would place the company in a NZ$590 million (US$381 million) to NZ$675 million (US$436 million) loss in the financial year just ended. CEO Miles Hurrell says that through the full yearly review of the business and efforts to prepare its financial statements for FY19, it has become clear that Fonterra needs to reduce the carrying value of several of its assets and take account of other one-off accounting adjustments, which total approximately NZ$820-860 million (US$529-555 million). The moves are “tough but necessary decisions” which reflect today’s realities, Hurrell notes.
