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Fewer Fonterra employees were paid more than $1 million in the last financial year.
Fonterra’s full-year statements, released this morning, shows New Zealand’s biggest company paid 21 people more than $1 million in the year ended July 31, including 10 in New Zealand, seven overseas and four cessation payments, including one of about $4.33 million.
That compares to last year’s 26 Fonterra millionaires – who the company refused to name, except the $8.2 million payout to departing chief executive Andrew Ferrier.
Two cessation payments topped this year's list – at about $4.3 million and $3.7 million – while the top New Zealand-based employee earned $3.5 million and almost $2.5 million went to the top overseas earner.
Fonterra last year paid 4245 employees more than $100,000 a year – up from 3956 the previous year.
Fonterra announced in May it wants to cut up to 300 corporate jobs and save about $65 million a year.
Its statements to July 31 show the world’s biggest dairy exporter employed 17,500 full-time equivalents worldwide, including 11,200 in New Zealand – which is 200 more than the previous year.
As reported this morning, the co-operative posted a net profit of $736 million for the year to July 31, up 18% on last year and 6.25% ahead of forecast.
At an operating level, normalised earnings before interest and tax fell 3% to $1 billion due to the impact of the drought last autumn.
Revenue fell 6% to $18.6 billion.
David Williams
Wed, 25 Sep 2013
Wed, 25 Sep 2013
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Fonterra’s millionaire staff club shrinks
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