Full Year 2023 Fonterra Co-Operative Group Ltd Earnings Call - Pre-recorded Transcript
Thanks for joining us. Welcome to our 2023 annual results briefing. I'm Miles Hurrell, CEO of Fonterra, and I'm here with Neil Beaumont, our Chief Financial Officer. We're going to kick things off with an overview of our performance before asking Neil to take us through the numbers. And then we're over to you to ask your questions.
Before we get into it, I want to start by acknowledging and thanking our farmers and our people right across the cooperative. We know it's tough on farm right now, but it's great to be reporting such a strong set of results today.
Looking at the core metrics, profit after tax is up $994 million to $1.6 billion due to favorable margins in Ingredients channel and the gain on sale of Soprole. The significant lift in earnings has meant the Co-op's return on capital has increased this year to 12.4%, up from 6.8% last year. And earnings per share increased from $0.36 to $0.95 per share. However, this has been against the backdrop of a Farmgate Milk Price that has dropped across the season down from $9 in the
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