date:Sep 26, 2013
inancially.
Our strong balance sheet, with a debt to debt plus equity ratio of 39.6%, and operating cash flows meant we were able to support farmers through the droughts immediate impact by raising the Advance Rate paid to farmers for their milk. This change, however, contributed to a 28% drop in operating cash flows compared with the previous year.
Fonterra chief executive Theo Spierings said Fonterra had made good progress with its strategy during the year, particularly in foodservice, every