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DFNZ warning re Fonterra's Payout

28 May 2002

Following two profitable years for dairy farmers Fonterra's proposed $4.00 kg/milk solid payout for the 2002/03 year will require some belt tightening, says Dairy Farmers of New Zealand Vice Chairman Kevin Wooding.

"The situation could be further aggravated by a lower than average advance payment during the early season," said Mr Wooding. "With the recent increases in farm working expenses such as interest rates, local government rates and labour, it is important that dairy farmers budget accordingly and for Fonterra to ensure that the advance payment is not less than the traditional 75% of the expected final payout."

"DFNZ will be expecting a Fonterra advance payment of no less than $3 per kg/ms for the coming season. Anything less would be an unfair withholding of shareholder returns."

ENDS


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