Dairy giant Fonterra is promising to get back to basics after unveiling a $605 million annual loss.
New Zealand's biggest company has written off $826 million from mainly overseas assets as it looks to clear the decks and scale back its global ambitions.
And while it's confirmed a farmgate milk payout to farmers of $6.35/kg of milk solids for this season, the payout won't be topped up with a dividend.
Here's RNZ business reporter Nona Pelletier.
