Fonterra is continuing talks with the Government on how the capital structure changes can be implemented under the Dairy Industry Restructuring Act (DIRA).
Cronin said he'd seen interviews with Agriculture Minister Damien O'Connor, which seemed promising.
"He thinks we can get there and that the Government supports it so - it's been a big year."
Sustainability was another major focus for Fonterra in 2021 and the co-op had done some "pretty good things" in this area, Cronin said.
"We always start from the position that our farmers are the most carbon-efficient in the world - so that's a great thing that's hard-fought - but we've got to keep that leadership position."
To achieve this, Fonterra is spending $1 billion over the next 10 years on sustainability initiatives, as part of the co-op's long-term strategy, published in September.
"One of the things we talk about in our new strategy out to 2030 is being a leader in sustainability and that's alongside a focus on New Zealand milk and being a leader in dairy innovation - which is really important."
Fonterra had also made progress on reducing carbon emissions from coal by more than 11 per cent, as Te Awamutu completed its first season using renewable wood pellets, Cronin said.
The majority of this coal reduction will happen over the next eight years.
Meanwhile, Fonterra continues to invest in innovation and science by finding interesting new solutions to the methane challenge - including Kowbucha.
Listen below:
"Kowbucha uses dairy cultures from our own Research and Development Centre to reduce methane emissions from cows," Cronin explained.
"So it's looking pretty good and lots of our farmers - well over half - have now got Farm Environment Plans."
Covid-19 had a huge impact on the supply chain this year and the co-op's resilience had been a "real differentiator" for its customers, Cronin said.
"It's not easy. Our supply chain teams have worked really hard to get products in those containers and our to customers - but all in all, we had another record year with 2.6 million metric ton shipped out from the co-op."
This was aided by a partnership with Kotahi which had "paid off huge dividends," Cronin said.
Overall, 2021 had been a tough year but Fonterra had managed to make it successful, Cronin said.
"I just want to really say a big thank you to everyone - our farmer-owners, our employees the people we interact with and all the people who buy our fantastic products.
"I just hope that everyone has a really good break if you can, but at least have a really great Christmas and a good safe New Year."
