Fonterra cements position as the big cheese!
Fonterra has cemented its position as the country’s number one cheesemaker by picking up nine NZ Champion of Cheese trophies this year.
Struggling Fonterra farmers must wait until March 23 to find out what more support they will get from the co-op.
However, farmers who already have an interest-free loan from the co-op should not expect much.
Fonterra chairman John Wilson says at its half-year result announcement the co-op will say how it will assist farmers in "a small way".
Last week, the co-op dropped its forecast milk payout for the season by 25c, from $4.15/kgMS to $3.90/kgMS. Combined with the forecast earnings per share range of 45-55 cents, this means a total forecast available for payout of $4.35-$4.45/kgMS. This equates to a forecast cash payout of $4.25-$4.30/kgMS for a fully shared-up farmer after retentions.
Wilson says the drop in payout is the last thing farmers want to hear in this challenging season.
"At times like this the business needs to do everything it can to drive every last cent back to farmers.
"Management is focused on reducing cost and generating cash right across the business. The continuing lift in financial performance and our balance sheet strength will provide opportunities to support our farmers' cashflows. We will provide an update on this with our interim results on March 23," says Wilson.
Fonterra farmers are also putting the co-op on notice.
Shareholders Council chairman Duncan Coull says farmers now need
Farmer-led charity, Meat the Need is calling for donations to enable it to supply more meals to families in need.
Weaker pricing and demand from China continue to impact New Zealand red meat export earnings.
Fonterra has cemented its position as the country’s number one cheesemaker by picking up nine NZ Champion of Cheese trophies this year.
New Zealand dairy processors are welcoming the Government’s commitment to continuing to push for Canada to honour its trade commitments.
An educational programme, set up by Beef + Land New Zealand, to connect farmers virtually with primary and intermediate school students has reported the successful completion of its second year.
Horticulture NZ chief executive Nadine Tunley will step down in August.
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