NZ Meat Board financial result
New Zealand Meat Board financial result in line with expectations
The New Zealand Meat Board finished the financial year with a net operating deficit of $8.2m, which was an $0.8m improvement on budget, Chairman Jeff Grant said today.
Mr Grant was announcing the results of the financial year from October 1 2003 to September 30 2004.
Mr Grant said the result reflected a transition period where industry-good activities previously carried out by the Board (operating as Meat New Zealand) were transferred to Meat & Wool New Zealand on July 1 2004 under the Commodity Levies Act 1990. The New Zealand Meat Board continues to be responsible for Quota and Reserves management under the Meat Board Act 2004.
The equity position for the Board at year end moved to $89m from its opening position of $103m.
Mr Grant said this was due to the reserves investment in biotechnology as mandated by farmers and the transfer of $6.1m industry-good assets to Meat & Wool New Zealand (including the Meat Education Fund ($3.1m)).
The Contingency fund available for industry crisis at year end was at $54.4m.
Looking forward to the 2004 – 05 financial year the Board has approved investment from the Capital Reserves of $6.1m for biotechnology in line with the current Reserves Policy.
Mr Grant said there would be ongoing consultation with farmers on the Reserves Policy including at the Board’s AGM, on March 17 2005 in Christchurch.