Author Archives: Keith Woodford

About Keith Woodford

Keith Woodford is an independent consultant, based in New Zealand, who works internationally on agri-food systems and rural development projects. He holds honorary positions as Professor of Agri-Food Systems at Lincoln University, New Zealand, and as Senior Research Fellow at the Contemporary China Research Centre at Victoria University, Wellington.

Agricultural GDP leaves out more than it includes

Agricultural GDP catches well under one quarter of the agribusiness system. As such it fails to capture the importance of agribusiness to the economy. One of the problems facing New Zealand’s agriculture is a widespread urban perspective that agriculture is … Continue reading

Posted in Agribusiness, Dairy, Meat Industry | 4 Comments

Fonterra’s new strategy

Fonterra’s annual report contains no big surprises. The strategy is one of stepping back from consumer brands and global milk pools. This has been driven by necessity. As such, it is a move towards a little Fonterra and away from … Continue reading

Posted in Dairy, Fonterra | 1 Comment

Fonterra’s company culture lies at the heart of the matter

In my last article I wrote about Fonterra’s capital structure, how it operates, and how it is no longer fit for purpose. This article here explores aspects of how Fonterra got into its structural dilemma. The starting point is to … Continue reading

Posted in Dairy, Fonterra | 2 Comments

Fonterra’s capital structure is no longer fit for purpose

Fonterra’s delay in announcing its results, driven by Fonterra’s need for discussions with its auditors about appropriate asset values, provides an opportunity to reflect on Fonterra’s capital structure and whether it is still fit for purpose. The simple answer is … Continue reading

Posted in Dairy, Fonterra | 2 Comments

Fonterra has milked dry its Chilean cash cow

With Fonterra announcing big write-downs on its asset values in China, Brazil, Venezuela and New Zealand, it is a fair question to ask what other assets elsewhere in the world might also need to be written down? Have we heard … Continue reading

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Is there a future for Oz Fonterra as Fonterra’s finances unravel?

Fonterra’s announcement that it expects a loss of around $600 million or more for the year ended 31 July 2019 has big ramifications for Oz Fonterra.  With overseas-milk pools now lying outside the central focus of Fonterra’s new strategy, and … Continue reading

Posted in Dairy, Fonterra | 14 Comments

Fonterra’s losses provide more questions than answers

The forthcoming asset write downs of more than $800 million announced on 12 August by Chairman John Monaghan are clearly damaging to Fonterra’s balance sheet. It also means that Fonterra will now make a loss for the year of around … Continue reading

Posted in Dairy, Fonterra | 2 Comments