New Zealand dairy giant Fonterra has announced it will take a significant write-down on the value of some of its assets, which will see the farmer owned-co-op report major financial losses this year. On Monday, Fonterra announced it would be writing down the value of several of its assets to the tune of €475m to €500m (NZ$820m to NZ$860m).

These significant write-downs will see the dairy co-op report losses of between €340m to €390m (NZ$590m to NZ$675m) this year, the co-op said. As a result, Fonterra told shareholders it will not be making a dividend payment to its farmer suppliers for the 2018/19 financial year just gone by.