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Fonterra Payout Forecast Announcement In January

Fonterra Payout Forecast Announcement In January

Fonterra will be reviewing its forecast payout for the 2008/09 season over the next month and making an announcement of any change following the company’s next Board meeting on January 27.

Fonterra Chairman, Henry van der Heyden, said the continuing decline in international commodity prices, coupled with the worsening effects of the global financial crisis, including significant fluctuations in the Kiwi currency, meant that there was an increasing likelihood of a reduction in the current forecast payout of $6.00 per kg milksolids.

Mr van der Heyden said there was a need for farmers to be cautious in their planning in the current environment – “We’ve been keeping conditions under close review and we want to let farmers know as soon as possible if there is any change in the outlook or payout”.

“There’s no question, right now, that there are downside pressures on payout.”

He said a recommendation would be made to the Board following the completion of the normal review process in January.

ENDS

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