Half Year 2023 Fonterra Co-Operative Group Ltd Earnings Call Transcript
Hello and welcome. I'm Miles Hurrell, Chief Executive of Fonterra. And first, I'd like to introduce Neil Beaumont, our new Chief Financial Officer. Neil joined us at the start of February and he is got straight into understanding the co-operative and how we can accelerate implementation (inaudible) welcome Neil.
Today, we're going to take you through the performance update for the first 6 months of F '23. But first, I want to acknowledge it's been tough for many of our people right across the business impacted by severe weather events, including our farmers. And you'll see from the summary slide, we've had a strong first half with a lift in earnings, which has flowed through to an improvement on our return on capital. The co-operative is performing well against the backdrop of ongoing market volatility.
Our scale and diversification of channels and markets is enabling us to navigate through disruption and make the most of favorable market conditions. The milk powder prices have softened recently impacting our forecast farmgate
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