Fonterra’s balance sheet took an $880 million hit from its ill-fated China Farms and Beingmate investments. In a independent review of Fonterra’s 2021 financial year performance the extent of total losses over the years from poor investments was made clear. Fonterras Co-operative Council has the report and says while selling the farms and Beingmate shares brought in $750m cash and reduce debt the investments turned out to be costly for shareholders. The co-operative’s total investment in China Farms topped $1 billion – and the sale of two farms saw a $360m loss on the investment. Fonterra also paid $756m for 18.8% of Beingmate – the infant formula maker and its share value tumbled resulting in an loss of $519m over a six-year period. Council chairman James Barron says the council is disappointed in the results but says these have already been digested by farmers. He says a key standout from council’s perspective is the reduction in debt . The Co-op did have some success with its Pharma sale booking a $467m gain and $12m from the sale of its Dennington plant in Australia. The co-op reduced net debt to $3.8b at the end of last financial year.