FSF - Fonterra

[Balance]

Financial Markets Authority seeks financial information from Fonterra amid concerns over writedowns and losses


https://www.nzherald.co.nz/business/...ectid=12263791


has fonterra been cooking the books to pay a higher milk price? who know only maybe the fma at the end of the day lol but the way the share price been crashing some people must know something

Is this going to be NZ enron moment?

Fonterra has known* for years that their South American operations were in trouble - corruption, nepotism in the local management ranks, inefficiencies and losses piling up.

Yet no action was taken to recognise and down the values as Fonterra was imo hoping for a miracle from its China operations to provide an offset against the South American disasters.

Well, let's hope a few of the directors are given the opportunity to provide some insight into their thinking about why.

* FMA only needs to interview a few exFonterra staff who were seconded to South America to get at the truth - those New Zealanders could not get out of there fast enough. I know one (an engineer) who left in a big hurry - he witnessed the corruption of the government officials (eg. a piece of machinery imported for $1m went up to $1.5m to clear customs and to get delivered to the plant ) and the gross mismanagement & incompetence of the local staff - specifically, whole related families (siblings, uncles, aunties, nephews, distant cousins etc etc) employed in the operations to do bugger all.

[Wsp]

https://www.interest.co.nz/rural-new...hare-have-been

[Ggcc]

https://www.interest.co.nz/rural-new...hare-have-been

Another nail in the coffin and another interesting fact of the arrogance at the top of this organisation.

[whatsup]

https://www.interest.co.nz/rural-new...hare-have-been

Company still run by cockie cockies !

[Sideshow Bob]

Question is whether the new CEO is getting all of the skeletons out of the cupboard now, and then start with a fresh page for the next year. Pin everything on Theo et al now.

However Fonterra being Fonterra, there is likely to be another cluster still hiding.....

[Balance]

Question is whether the new CEO is getting all of the skeletons out of the cupboard now, and then start with a fresh page for the next year. Pin everything on Theo et al now.

However Fonterra being Fonterra, there is likely to be another cluster still hiding.....

Fat cats. Management ranks consist of incompetent but well connected individuals on obscene remunerations & benefits - why do you think they pay interns $80k to $100k a year, with benefits?

[bull....]

Pay and bonuses frozen for Fonterra top brass

https://www.nzherald.co.nz/business/...ectid=12264735

Had to be done when they are very shortly going to announce a horrific loss.

[Balance]

Pay and bonuses frozen for Fonterra top brass

https://www.nzherald.co.nz/business/...ectid=12264735

Had to be done when they are very shortly going to announce a horrific loss.

"According to the 2018 financial report, more than 6000 of Fonterra's 22,000 staff were on salaries of $100,000 and over."

Fonterra has been described by one ex-employee I know as a kingdom with many fiefdoms (production, sub-production, marketing, sub-marketing, corporate, sub-corporate etc etc etc) stretching right across the group - with each fiefdom head paid mega-bucks and to justify & maintain the mega-bucks, paying others big fat salaries too.

Sadly, all shareholders would prefer the 6,000 staff being paid $250,000 or more for delivering exceptional performances, rather than 6,000 staff on more than $100,000 delivering huge horrendous losses.

[bull....]

Fonterra defers annual results reporting date

https://www.nzx.com/announcements/340448

auditors wont sign of on accounts i reckon , auditors must be worried about blow back from investigations. so result might be heaps worse than reported due to auditors wanting more cover.?

[stoploss]

Fonterra defers annual results reporting date

https://www.nzx.com/announcements/340448

auditors wont sign of on accounts i reckon , auditors must be worried about blow back from investigations. so result might be heaps worse than reported due to auditors wanting more cover.?

They confirmed previous guidance of -590/-675 mio so maybe not