Full Year 2019 Fonterra Co-Operative Group Ltd Earnings Call Transcript
Hello, and thank you for joining us here at Fonterra. I'm joined by our CFO, Marc Rivers.
Many of you would have seen our 2019 results and media release this morning. Firstly, I'd like to start by acknowledging the frustration that our farmers and unitholders will rightly feel and the impact of this performance and results have had on the share and unit prices and, therefore, on our owner's balance sheets. We don't take decision lightly to impair assets and not pay a dividend. These decisions have been tough on the co-op, our shareholders and on our unitholders, and they are the right calls to reset our business and achieve success into our future, which leads me to the first point on the summary slide.
We had significant one-off adverse items totaling $885 million, resulting in a net loss for the year of $605 million. These adverse items reflect changing realities such as the change in local economies, increased competition in markets and challenges in some of our businesses that impacted expected forecast earnings from some
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