Cash flow Fonterra Co-operative Group Limited

Equities

FCG

NZFCGE0001S7

Food Processing

End-of-day quote New Zealand S.E. Other stock markets 2025-06-19			5-day change	1st Jan Change
4.760 ^NZD	-0.21%		-0.83%	+13.33%

Jun. 05	New Zealand's Synlait Milk provides milk price forecast for 2025/26 season	RE
Jun. 04	Fonterra's New Season Milk Price Forecast Reflects 'Considerable' Uncertainty	MT

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Published financial data: FONTERRA CO-OPERATIVE GROUP LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: July	2020	2021	2022	2023	2024
Revenues	20.28B	20.56B	22.95B	24.58B	22.82B
Total Revenues	20.28B	20.56B	22.95B	24.58B	22.82B
Cost of Goods Sold, Total	17.24B	17.58B	19.74B	20.4B	19B
Gross Profit	3.05B	2.98B	3.22B	4.18B	3.82B
Selling General & Admin Expenses, Total	1.87B	1.86B	1.93B	1.82B	1.98B
Depreciation & Amortization - (IS)	-	-	-	180M	187M
Other Operating Expenses	307M	257M	58M	181M	73M
Other Operating Expenses, Total	2.18B	2.12B	1.99B	2.18B	2.24B
Operating Income	871M	866M	1.23B	2B	1.58B
Interest Expense, Total	-317M	-261M	-208M	-256M	-199M
Interest And Investment Income	13M	9M	14M	22M	12M
Net Interest Expenses	-304M	-252M	-194M	-234M	-187M
Income (Loss) On Equity Invest.	-6M	5M	10M	-	-
Currency Exchange Gains (Loss)	-8M	25M	-182M	-	16M
Other Non Operating Income (Expenses)	-	-	-	23M	30M
EBT, Excl. Unusual Items	553M	644M	864M	1.79B	1.44B
Restructuring Charges	78M	-9M	-	-	-
Impairment of Goodwill	-	-	-	-121M	-
Gain (Loss) On Sale Of Investments	402M	-	-	-	-
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-55M	-	-34M	-127M	-34M
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	978M	635M	830M	1.54B	1.4B
Income Tax Expense	175M	103M	169M	303M	235M
Earnings From Continuing Operations	803M	532M	661M	1.24B	1.17B
Earnings Of Discontinued Operations	-144M	67M	-78M	336M	-40M
Net Income to Company	659M	599M	583M	1.58B	1.13B
Minority Interest	27M	-21M	1M	-	-
Net Income - (IS)	686M	578M	584M	1.58B	1.13B
Net Income to Common Incl Extra Items	686M	578M	584M	1.58B	1.13B
Net Income to Common Excl. Extra Items	830M	511M	662M	1.24B	1.17B
Per Share Items
Net EPS - Basic	0.43	0.36	0.36	0.98	0.7
Basic EPS - Continuing Operations	0.51	0.32	0.41	0.77	0.73
Basic Weighted Average Shares Outstanding	1.61B	1.61B	1.61B	1.61B	1.61B
Net EPS - Diluted	0.43	0.36	0.36	0.98	0.7
Diluted EPS - Continuing Operations	0.51	0.32	0.41	0.77	0.73
Diluted Weighted Average Shares Outstanding	1.61B	1.61B	1.61B	1.61B	1.61B
Normalized Basic EPS	0.23	0.24	0.34	0.7	0.56
Normalized Diluted EPS	0.23	0.24	0.34	0.7	0.56
Dividend Per Share	0.05	0.2	0.2	0.48	0.4
Payout Ratio	-	27.16	55.31	25.55	78.37
Supplemental Items
EBITDA	1.3B	1.3B	1.67B	2.48B	2.03B
EBITA	873M	868M	1.23B	2B	1.58B
EBIT	871M	866M	1.23B	2B	1.58B
EBITDAR	1.32B	1.33B	1.7B	-	-
Effective Tax Rate - (Ratio)	17.89	16.22	20.36	19.62	16.75
Total Current Taxes	98M	94M	109M	95M	113M
Total Deferred Taxes	77M	9M	60M	208M	122M
Normalized Net Income	373M	382M	541M	1.12B	898M
Interest Capitalized	3M	5M	7M	-	-
Interest on Long-Term Debt	-	17M	13M	13M	12M
Supplemental Operating Expense Items
Advertising Expense	-	-	-	219M	240M
Selling and Marketing Expenses	1.03B	1.05B	1.1B	482M	508M
General and Administrative Expenses	835M	811M	831M	372M	491M
Research And Development Expense From Footnotes	98M	110M	115M	119M	107M
Net Rental Expense, Total	21M	23M	24M	-	-
Imputed Operating Lease Interest Expense	8.49M	8.77M	7.95M	-	-
Imputed Operating Lease Depreciation	12.51M	14.23M	16.05M	-	-

Fiscal Period: July	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	788M	985M	288M	1.82B	540M
Trading Asset Securities, Total	157M	-	-	-	-
Total Cash And Short Term Investments	945M	985M	288M	1.82B	540M
Accounts Receivable, Total	1.64B	1.68B	2.36B	2.07B	1.83B
Other Receivables	184M	98M	114M	346M	182M
Total Receivables	1.82B	1.78B	2.48B	2.42B	2.02B
Inventory	3.27B	3.77B	5.01B	4.35B	4.4B
Prepaid Expenses	57M	55M	70M	102M	130M
Other Current Assets, Total	1.53B	806M	888M	805M	351M
Total Current Assets	7.62B	7.39B	8.73B	9.5B	7.44B
Gross Property Plant And Equipment	12.07B	12.05B	12.34B	12.2B	12.66B
Accumulated Depreciation	-5.49B	-5.58B	-5.87B	-5.85B	-6.26B
Net Property Plant And Equipment	6.58B	6.46B	6.46B	6.34B	6.4B
Long-term Investments	96M	91M	113M	116M	189M
Goodwill	537M	529M	-	-	320M
Other Intangibles, Total	1.7B	1.71B	2.22B	1.82B	1.46B
Loans Receivable Long-Term	220M	163M	154M	-	-
Deferred Tax Assets Long-Term	421M	460M	551M	182M	208M
Other Long-Term Assets, Total	745M	530M	553M	641M	655M
Total Assets	17.92B	17.34B	18.78B	18.6B	16.68B
Liabilities
Accounts Payable, Total	3.14B	3.51B	4B	3.91B	3.74B
Accrued Expenses, Total	321M	332M	368M	344M	369M
Short-term Borrowings	31M	20M	31M	102M	42M
Current Portion of Long-Term Debt	660M	719M	262M	697M	955M
Current Portion of Leases	104M	99M	94M	88M	77M
Current Income Taxes Payable	88M	87M	107M	118M	107M
Other Current Liabilities	966M	945M	1.66B	2.01B	554M
Total Current Liabilities	5.31B	5.71B	6.52B	7.26B	5.85B
Long-Term Debt	4.78B	3.83B	4.56B	2.8B	2.02B
Long-Term Leases	500M	424M	344M	357M	336M
Deferred Tax Liability Non Current	20M	25M	50M	36M	135M
Other Non Current Liabilities	603M	480M	407M	180M	166M
Total Liabilities	11.21B	10.47B	11.88B	10.63B	8.5B
Common Stock, Total	5.89B	5.89B	5.89B	5.08B	5.08B
Retained Earnings	933M	1.35B	1.61B	2.77B	2.96B
Treasury Stock	-	-	-	-5M	-14M
Comprehensive Income and Other	-128M	-379M	-569M	59M	75M
Total Common Equity	6.69B	6.86B	6.93B	7.91B	8.1B
Minority Interest	11M	6M	-27M	62M	76M
Total Equity	6.7B	6.87B	6.91B	7.97B	8.18B
Total Liabilities And Equity	17.92B	17.34B	18.78B	18.6B	16.68B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.61B	1.61B	1.61B	1.61B	1.6B
ECS Total Common Shares Outstanding	1.61B	1.61B	1.61B	1.61B	1.6B
Book Value / Share	4.15	4.25	4.3	4.92	5.05
Tangible Book Value	4.45B	4.62B	4.72B	6.08B	6.31B
Tangible Book Value Per Share	2.76	2.86	2.92	3.78	3.94
Total Debt	6.07B	5.09B	5.29B	4.04B	3.43B
Net Debt	5.13B	4.11B	5B	2.22B	2.89B
Debt Equivalent Oper. Leases	168M	184M	192M	-	-
Minority Interest, Total (Incl. Fin. Div)	11M	6M	-27M	62M	76M
Equity Method Investments, Total	96M	91M	113M	116M	128M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	626M	678M	802M	692M	-
Inventories - Finished Goods, Total	2.69B	3.16B	4.3B	3.77B	-
Land - (BS)	357M	350M	368M	378M	384M
Buildings, Total	2.58B	2.67B	2.71B	2.64B	2.74B
Machinery, Total	8.14B	8.17B	8.36B	8.29B	8.73B
Full Time Employees	19.6K	19.35K	19.61K	17.99K	16.44K
Assets under Capital Lease - Gross	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	12M	18M	12M	23M	12M

Fiscal Period: July	2020	2021	2022	2023	2024
Net Income	686M	578M	584M	1.58B	1.13B
Depreciation & Amortization - CF	528M	544M	543M	568M	529M
Amortization of Goodwill and Intangible Assets - (CF)	2M	2M	3M	2M	7M
Depreciation & Amortization, Total	530M	546M	546M	570M	536M
Amortization of Deferred Charges, Total - (CF)	97M	96M	89M	92M	91M
(Gain) Loss From Sale Of Asset	-	-	-42M	-341M	-
(Gain) Loss on Sale of Investments - (CF)	-402M	9M	-	-	-
Asset Writedown & Restructuring Costs	-	-	-	252M	56M
Net Cash From Discontinued Operations	32M	56M	9M	-	66M
Other Operating Activities, Total	655M	80M	605M	161M	324M
Change In Accounts Receivable	-105M	11M	-821M	-31M	380M
Change In Inventories	-180M	-556M	-1.22B	663M	-109M
Change In Accounts Payable	154M	437M	494M	302M	-136M
Change in Other Net Operating Assets	25M	-63M	-49M	-63M	-23M
Cash from Operations	1.49B	1.19B	193M	3.18B	2.31B
Capital Expenditure	-391M	-469M	-484M	-598M	-577M
Sale of Property, Plant, and Equipment	76M	34M	19M	-	-
Cash Acquisitions	-29M	-	-	-	-
Divestitures	624M	638M	26M	1.08B	-
Sale (Purchase) of Intangible assets	-49M	-80M	-72M	-72M	-73M
Investment in Marketable and Equity Securities, Total	106M	110M	-	-44M	-73M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-
Other Investing Activities, Total	-1M	-10M	-6M	-238M	-7M
Cash from Investing	336M	223M	-517M	132M	-730M
Long-Term Debt Issued, Total	2.29B	2.4B	3.92B	2.7B	2.9B
Total Debt Issued	2.29B	2.4B	3.92B	2.7B	2.9B
Long-Term Debt Repaid, Total	-3.38B	-3.14B	-3.63B	-4.21B	-3.81B
Total Debt Repaid	-3.38B	-3.14B	-3.63B	-4.21B	-3.81B
Repurchase of Common Stock	-	-	-1M	-11M	-808M
Common Dividends Paid	-	-157M	-323M	-403M	-884M
Common & Preferred Stock Dividends Paid	-	-157M	-323M	-403M	-884M
Other Financing Activities, Total	-444M	-295M	-314M	74M	-232M
Cash from Financing	-1.54B	-1.19B	-353M	-1.86B	-2.84B
Foreign Exchange Rate Adjustments	-25M	-23M	-24M	11M	-
Net Change in Cash	264M	202M	-701M	1.47B	-1.25B
Supplemental Items
Cash Interest Paid	395M	308M	297M	336M	218M
Cash Income Tax Paid (Refund)	73M	84M	137M	191M	89M
Levered Free Cash Flow	-200M	1.1B	-15.25M	2.16B	-31.12M
Unlevered Free Cash Flow	-1.62M	1.26B	115M	2.32B	93.25M
Change In Net Working Capital	733M	-626M	733M	-1.07B	870M
Net Debt Issued / Repaid	-1.1B	-740M	285M	-1.52B	-911M

Fiscal Period: July	2020	2021	2022	2023	2024
Profitability
Return on Assets	3.09	3.07	4.26	6.7	5.59
Return on Total Capital	4.32	4.38	6.37	10.34	8.35
Return On Equity %	12.81	7.84	9.6	16.69	14.47
Return on Common Equity	13.33	7.54	9.6	16.73	14.6
Margin Analysis
Gross Profit Margin %	15.02	14.51	14.01	17.01	16.75
SG&A Margin	9.21	9.05	8.4	7.39	8.69
EBITDA Margin %	6.38	6.34	7.28	10.1	8.91
EBITA Margin %	4.3	4.22	5.37	8.16	6.94
EBIT Margin %	4.29	4.21	5.36	8.15	6.91
Income From Continuing Operations Margin %	3.96	2.59	2.88	5.05	5.12
Net Income Margin %	3.38	2.81	2.54	6.42	4.94
Net Avail. For Common Margin %	4.09	2.48	2.88	5.05	5.12
Normalized Net Income Margin	1.84	1.86	2.36	4.56	3.94
Levered Free Cash Flow Margin	-0.98	5.33	-0.07	8.78	-0.14
Unlevered Free Cash Flow Margin	-0.01	6.13	0.5	9.43	0.41
Asset Turnover
Asset Turnover	1.15	1.17	1.27	1.32	1.29
Fixed Assets Turnover	3.1	3.15	3.55	3.84	3.58
Receivables Turnover (Average Receivables)	12.05	12.41	11.36	11.08	11.68
Inventory Turnover (Average Inventory)	5.36	5	4.5	4.3	4.36
Short Term Liquidity
Current Ratio	1.43	1.29	1.34	1.31	1.27
Quick Ratio	0.52	0.48	0.42	0.58	0.44
Operating Cash Flow to Current Liabilities	0.28	0.21	0.03	0.44	0.4
Days Sales Outstanding (Average Receivables)	30.37	29.42	32.14	32.94	31.34
Days Outstanding Inventory (Average Inventory)	68.3	73.02	81.12	84.94	83.9
Average Days Payable Outstanding	68.19	67.17	65.31	73.46	73.29
Cash Conversion Cycle (Average Days)	30.48	35.27	47.95	44.42	41.95
Long Term Solvency
Total Debt/Equity	90.59	74.13	76.56	50.74	41.96
Total Debt / Total Capital	47.53	42.57	43.36	33.66	29.56
LT Debt/Equity	78.73	61.93	70.95	39.61	28.82
Long-Term Debt / Total Capital	41.31	35.57	40.19	26.28	20.3
Total Liabilities / Total Assets	62.59	60.39	63.23	57.16	50.99
EBIT / Interest Expense	2.75	3.32	5.91	7.82	7.93
EBITDA / Interest Expense	4.42	5.41	8.54	10.05	10.62
(EBITDA - Capex) / Interest Expense	3.19	3.61	6.21	7.71	7.72
Total Debt / EBITDA	4.33	3.61	2.98	1.57	1.62
Net Debt / EBITDA	3.66	2.91	2.81	0.86	1.37
Total Debt / (EBITDA - Capex)	6.01	5.4	4.09	2.05	2.23
Net Debt / (EBITDA - Capex)	5.08	4.36	3.87	1.12	1.88
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	5.33	1.4	11.61	12.23	-7.15
Gross Profit, 1 Yr. Growth %	4.82	-2.04	7.77	43.73	-8.59
EBITDA, 1 Yr. Growth %	-3.14	0.69	29.11	73.39	-23.71
EBITA, 1 Yr. Growth %	-0.68	-0.57	43.54	101.91	-21.18
EBIT, 1 Yr. Growth %	-0.68	-0.57	43.52	102.32	-21.53
Earnings From Cont. Operations, 1 Yr. Growth %	-758.2	-33.75	24.25	99.84	-5.88
Net Income, 1 Yr. Growth %	-222.06	-15.74	1.04	170.5	-28.47
Normalized Net Income, 1 Yr. Growth %	9.03	2.38	43.93	125.13	-19.81
Diluted EPS Before Extra, 1 Yr. Growth %	-1.22K	-38.47	29.53	100.19	-5.67
Accounts Receivable, 1 Yr. Growth %	-5.55	2.75	40.6	-12.19	-11.57
Inventory, 1 Yr. Growth %	3.25	15.24	32.95	-15.58	2.3
Net Property, Plant and Equip., 1 Yr. Growth %	0.97	-1.67	0	-1.89	0.9
Total Assets, 1 Yr. Growth %	3.66	-3.21	8.3	-0.96	-10.33
Tangible Book Value, 1 Yr. Growth %	40.89	3.8	1.05	27.24	3.81
Common Equity, 1 Yr. Growth %	16.24	2.56	1.02	14.03	2.44
Cash From Operations, 1 Yr. Growth %	32.86	-19.97	-83.84	-3.16K	-34.25
Capital Expenditures, 1 Yr. Growth %	-32.35	19.95	3.2	24.58	-3.51
Levered Free Cash Flow, 1 Yr. Growth %	-233.39	-649.25	-101.46	-942.51	-101.42
Unlevered Free Cash Flow, 1 Yr. Growth %	-100.4	-77.65K	-90.5	-2.56K	-96.04
Dividend Per Share, 1 Yr. Growth %	-	300	0	141.65	-17.24
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-0.38	3.35	6.38	9.33	2.08
Gross Profit, 2 Yr. CAGR %	-1.8	1.33	2.75	18.37	14.62
EBITDA, 2 Yr. CAGR %	0.39	-1.24	13.63	38.47	19.15
EBITA, 2 Yr. CAGR %	2.19	-0.63	18.84	52.78	26.34
EBIT, 2 Yr. CAGR %	2.26	-0.63	18.83	52.88	26.25
Earnings From Cont. Operations, 2 Yr. CAGR %	102.41	108.82	-9.27	52.73	37.14
Net Income, 2 Yr. CAGR %	76.18	1.41	-7.73	65.18	39.1
Normalized Net Income, 2 Yr. CAGR %	77.61	5.66	20.49	72.62	34.36
Diluted EPS Before Extra, 2 Yr. CAGR %	93.67	162.69	-10.73	55.96	37.42
Accounts Receivable, 2 Yr. CAGR %	-9.97	-1.48	20.19	11.11	-11.88
Inventory, 2 Yr. CAGR %	5.85	9.08	23.78	7.42	-7.5
Net Property, Plant and Equip., 2 Yr. CAGR %	-1.74	-0.36	-0.84	-0.95	-0.5
Total Assets, 2 Yr. CAGR %	-0.51	0.16	2.39	3.57	-5.76
Tangible Book Value, 2 Yr. CAGR %	21.98	20.93	2.93	14.15	14.93
Common Equity, 2 Yr. CAGR %	3.73	9.18	1.78	7.33	8.08
Cash From Operations, 2 Yr. CAGR %	-1.83	3.11	-64.03	63.25	371.6
Capital Expenditures, 2 Yr. CAGR %	-34.2	-9.92	11.26	12.92	9.64
Levered Free Cash Flow, 2 Yr. CAGR %	-32.87	170.67	-72.37	43.73	-65.14
Unlevered Free Cash Flow, 2 Yr. CAGR %	-95.24	76.59	740.33	38.54	-0.53
Dividend Per Share, 2 Yr. CAGR %	-29.29	-	100	55.45	41.42
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	1.79	0.21	6.03	6.62	3.53
Gross Profit, 3 Yr. CAGR %	-2.28	-1.88	3.44	11.13	8.6
EBITDA, 3 Yr. CAGR %	-5.12	0.49	7.74	24.23	16.22
EBITA, 3 Yr. CAGR %	-6.88	1.26	11.94	31.94	22.65
EBIT, 3 Yr. CAGR %	-6.83	1.3	11.94	31.99	22.57
Earnings From Cont. Operations, 3 Yr. CAGR %	2.53	39.49	75.64	15.62	29.97
Net Income, 3 Yr. CAGR %	-2.23	37.78	1.29	31.98	24.97
Normalized Net Income, 3 Yr. CAGR %	-6.97	47.81	16.55	44.32	33.69
Diluted EPS Before Extra, 3 Yr. CAGR %	4.02	32.15	107.53	14.39	31.9
Accounts Receivable, 3 Yr. CAGR %	-6.87	-5.91	10.92	8.25	2.97
Inventory, 3 Yr. CAGR %	8.02	8.89	16.52	9.97	5.36
Net Property, Plant and Equip., 3 Yr. CAGR %	0.95	-1.72	-0.24	-1.19	-0.34
Total Assets, 3 Yr. CAGR %	0.14	-1.42	2.81	1.26	-1.29
Tangible Book Value, 3 Yr. CAGR %	3.42	15.59	14.29	10.96	10.59
Common Equity, 3 Yr. CAGR %	-2.14	3.34	6.39	5.71	5.68
Cash From Operations, 3 Yr. CAGR %	2.73	-8.29	-44.4	28.72	24.66
Capital Expenditures, 3 Yr. CAGR %	-20.53	-19.62	-5.74	15.21	7.15
Levered Free Cash Flow, 3 Yr. CAGR %	-14.18	35.27	-53.3	121.06	-69
Unlevered Free Cash Flow, 3 Yr. CAGR %	-71.85	20.65	-34.27	1.03K	-57.42
Dividend Per Share, 3 Yr. CAGR %	-50	25.99	-	113.02	25.99
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	1.48	3.64	3.6	3.76	3.46
Gross Profit, 5 Yr. CAGR %	-1.78	-3.88	-0.3	5.77	5.63
EBITDA, 5 Yr. CAGR %	0.77	-6.18	1.98	14.08	8.74
EBITA, 5 Yr. CAGR %	1.94	-8.17	2.67	19.12	12.51
EBIT, 5 Yr. CAGR %	2.1	-8.15	2.69	19.18	12.47
Earnings From Cont. Operations, 5 Yr. CAGR %	9.68	-8.6	-2.36	44.64	57.11
Net Income, 5 Yr. CAGR %	8.04	-6.53	-4.47	48.15	14.95
Normalized Net Income, 5 Yr. CAGR %	14.12	-6.38	3.17	56.81	21.32
Diluted EPS Before Extra, 5 Yr. CAGR %	12.05	-8.94	-2.15	41.2	73.75
Accounts Receivable, 5 Yr. CAGR %	-4.25	5.26	3.14	0.56	1.16
Inventory, 5 Yr. CAGR %	1.56	9.42	14.07	8.3	6.84
Net Property, Plant and Equip., 5 Yr. CAGR %	1.32	0.93	0.23	-1.41	-0.35
Total Assets, 5 Yr. CAGR %	-0.44	0.26	1.03	0.55	-0.71
Tangible Book Value, 5 Yr. CAGR %	6.83	4.45	3.22	15.24	14.85
Common Equity, 5 Yr. CAGR %	0.67	0.01	-0.59	4.92	7.06
Cash From Operations, 5 Yr. CAGR %	17.44	-18.29	-32.49	15.5	15.55
Capital Expenditures, 5 Yr. CAGR %	-21.48	-13.24	-9.08	-7.91	-0.03
Levered Free Cash Flow, 5 Yr. CAGR %	-15.1	7.37	-45.46	37.24	-26.96
Unlevered Free Cash Flow, 5 Yr. CAGR %	-62.54	2.91	9.51	26.43	-25.42
Dividend Per Share, 5 Yr. CAGR %	-27.52	-12.94	-12.94	37.04	-