Scoop has an Ethical Paywall
Satisfactory return for Farmers, implemented changes
MEDIA RELEASE
25 September, 2013
Satisfactory return for Farmers, implemented
changes to ANZ business welcome
The Fonterra
Shareholders’ Council, which safeguards the interests of
the dairy Co-operative’s 10,500 Shareholders, said the
final payout of $6.16 ($5.84 farmgate Milk Price and $0.32
dividend) for a fully shared-up Farmer announced today was
an accurate reflection of the season.
Council Chairman,
Ian Brown: “Given the pressure placed on Fonterra by this
year’s drought and the unpredictability experienced in
international markets the Co-operative has delivered a
satisfactory return for Farmers.”
Mr Brown said the
success of the integrated ANZ (Australia/New Zealand)
business, which has encountered tough market conditions of
late, is vital for Fonterra.
“The ANZ business has been
working hard to adapt to the changing Australian business
environment.
“Accordingly, changes have been made to
the ANZ business, there’s a cost associated with these and
the Council will continue to monitor the situation.”
Mr
Brown was satisfied with the final dividend and said the
Co-op had once again displayed a welcome degree of
pragmatism in its decision on retentions given the cash flow
issues being faced by some Farmers.
“That Fonterra
delivered a final dividend of 32 cents provides the Council
with sufficient confidence that the business is working
efficiently.
“LATAM (Latin America) and AME
(Asia/Middle East) have again delivered at a local level and
New Zealand Milk Products had a solid year.
“We are
pleased with the current status of the Gearing Ratio as this
will allow flexibility moving forward.
“Farmers will be
happy to put the climatic challenges of last season behind
them and are buoyed by the forecast payout for next
season.”
ENDS
ABOUT THE FONTERRA SHAREHOLDERS’ COUNCIL
The Fonterra Shareholders’ Council represents the interests of Fonterra Farmers to the Board of the Co-operative and plays an active role in monitoring and assessing the governance and performance of Fonterra. There are 35 Councillors who are all Shareholders elected by their fellow Farmers in wards across New Zealand.
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