Fonterra appoints new CFO
Fonterra has appointed a new chief financial officer, seven months after its last CFO’s shock resignation.
Fonterra has revised its Australia farmgate milk price; from A$5.60/kgMS to A$5.00/kgMS for the current season.
Fonterra says the price change better reflects the reality of the supply and demand imbalance that is affecting global dairy commodity prices, compounded by the recent strength of the Australian dollar.
Fonterra Australia is also offering its suppliers an interest-bearing support loan of up to A60c /kgMS that is linked to a supply commitment and is repayable from FY18.
Fonterra currently expects that the revised milk price will reduce the cost of goods sold for Fonterra Australia by around A$48 million but this will be subject to a number of factors including final milk volumes for the year. This will contribute to the reduction of operating losses in our Australian Ingredients business this financial year.
Fonterra's current earnings guidance range of NZ$0.45 – 0.55 per share reflects a range of possible impacts through to the end of the financial year including the completion of announced business sales in Australia. As a result, Fonterra is maintaining its current guidance range and will continue to take a responsible approach.
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.
A five-year randomised survey of herbicide resistance on New Zealand arable farms has found widespread high levels of resistance - with 71% of farms affected in the worst-hit region - South Canterbury.
OPINION: The recent Federated Farmers / Rabobank 2024 Farming Salaries Report revealed strong growth in farm salaries over the past two years.
The low unemployment environment is one of the key factors driving on-farm salaries higher over the past 24 months, says Rabobank general manager for country banking Bruce Weir.
Fonterra has appointed a new chief financial officer, seven months after its last CFO’s shock resignation.
A seminar on rural dispute resolution has been organised at Lincoln University, Christchurch this month.