Fonterra appoints new CFO
Fonterra has appointed a new chief financial officer, seven months after its last CFO’s shock resignation.
Fonterra's 2014-15 forecast payout remains unchanged at $4.70/kgMS.
Along with the previously announced estimated dividend range, this amounts to a forecast cash payout of $4.95 – $5.05 for the current season. The co-op reviewed its forecast payout this morning.
Chairman John Wilson says that although dairy commodity prices had gone up, the increase was not sufficient to raise the forecast Farmgate Milk Price at this time.
"Since December, GDT prices for Whole Milk Powder have increased 45 per cent and Skim Milk Powder prices have increased 13%," says Wilson.
"There continues to be significant volatility in international commodity prices. New Zealand volumes are down, with continued uncertainty in milk production due to climatic conditions in New Zealand with droughts in Canterbury, Marlborough, Central Otago and North Otago.
"Today's forecast reflects the Board and management's best estimates at this time. We are advising farmers to continue to be cautious with budgeting and we will update them as the season progresses."
Chief executive Theo Spierings says Fonterra was sticking to its strategy, with confidence in the long-term fundamentals of dairy demand.
"We will provide a full business update when we report our Interim Result on 25 March," Spierings says.
Fonterra is required to consider its forecast Farmgate Milk Price every quarter as a condition of the Dairy Industry Restructuring Act (DIRA).
James and Debbie Stewart from Dairylands in Manawatu impressed judges and took out the 2024 Fonterra Responsible Dairying Award.
Manawatu farmers Will Hinton and Kali Rangiawha have scooped the 2024 New Zealand Share Farmers of the Year.
More bull breeders are using genetic tools according to the latest research.
Females are dominating the veterinary profession worldwide and many farmers are welcoming this change in the composition of the profession, says Britain's Chief Veterinary Officer (CVO) Professor Christine Middlemiss.
Fonterra has appointed a new chief financial officer, seven months after its last CFO’s shock resignation.
Horticulture NZ chief executive Nadine Tunley will step down in August.
OPINION: Canterbury milk processor Synlait is showing no sign of bouncing back from its financial doldrums.
OPINION: It seems every bugger in this country can get an award these days.