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'Result’ Shows Westland Milk Products On Track

August 3 2005

‘Strong Result’ Shows Westland Milk Products On Track

Westland Milk products has announced a payout of $ 4.53 c/kg milksolids for the 2004/2005 season, a result company chairman Ross Scarlett says was “strong”

Mr Scarlett said that more than half the company’s shareholders were supplying colostrum, which was included in the $4.53 figure and equated to 6 c/kg in payout terms.

“To this can be added 6 c/kg of additional benefits in the form of costs paid by the company on behalf of suppliers,” Mr Scarlett said.

And Mr Scarlett said that when looking at the result, the company’s $1.50 share standard needed to be taken into consideration.

A relatively cold, wet spring and early summer saw production on a par with the previous season - but 12 % behind budget – which impacted negatively on fixed costs. The company processed 412 8840 litres of milk which yielded 36 773 690 kgs of milksolids.

Income, at $229.1 million, was $24.7 million (12.1 %) above that for the previous season. In contrast, overall production, at 64 059 tonnes, was 587 tonnes (0.1 %) behind the 2003/04 season.

Mr Scarlett said the company was selling its product range in more that 40 markets, having built a global network of customers.

“Most of our sales are direct. We are building strong long-term relationships with our customers, which will become increasingly valuable in the future.

“We are on track to achieve our longer-term strategic objective of having a third of the company’s income coming from premium-returning products, Mr Scarlett said.

He said that in the course of the season the company had invested $9 million in an anhydrous milkfat plant, $38 million in casein and whey products manufacturing and in the year ahead will invest $34 million in caseinate manufacturing. “These investments will improve the company’s manufacturing flexibility and give it more product options,” Mr Scarlett said.

Looking ahead to the 2005/2006 season he said market fundamentals and currency projections suggested returns for the company’s 336 suppliers would again be satisfactory.

ENDS

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