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Feds 1998 Financial Result Expected

Federated Farmers' 1998 Financial Result In Line With Expectations

Federated Farmers of New Zealand (Inc) today announced a consolidated loss for 1998 of $1.67m, in line with previously announced forecast expectations.

President Malcolm Bailey said "On the back of the National Council of Federated Farmers' decision to move to a national structure in November 1997, the result was in line with forecast projections."

"Transition costs of any restructure are always high, and expenditure of $1.13m of the announced result was transition funding of provinces, and about $600,000 was one-off restructuring costs contributed to the result," he said.

"Membership was affected by drought and low commodity prices during 1998. The non-participation of Northland Province's forecast 1,200 members in the national organisation during the year cost both the federation and farmer members throughout the rest of New Zealand dearly."

The restructure of Federated Farmers is now performing exceptionally well and indicators as at the end of June 1999 are pointing to a favourable financial result at the end of 1999.

"Federated Farmers' fortunes have turned markedly in the last twelve months. Our profile has never been higher and membership is tracking some 1,800 in front of this time last year."

"The favourable results now being achieved by the federation's policy team, and the services now being provided to members are being recognised, with many new members joining New Zealand's premier farmer representative organisation."

"Federated Farmers undertook a huge transformation during 1998 after decades of living in an era of compulsory levy funding that concluded at the end of 1996."

"I conclude my term as President confident that New Zealand farmers have pride back in their organisation and recognise their need for a united rural voice," Mr Bailey concluded.

ENDS

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