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Fonterra holds forecast payout drops dividend UPDATE – Synlait increases forecast
March 25, 2015Fonterra is maintaining its forecast milk payout for the current season but is dropping the proposed dividend.
In a newsletter to shareholders, chair John Wilson said:
- We are holding the forecast Farmgate Milk Price at $4.70 per kgMS.
- However, we are lowering our forecast dividend to 20-30 cents per share, resulting in a forecast Cash Payout of $4.90 – $5.00.
- The Board has declared a 10 cent interim dividend to be paid on April 20 (the record date is April 10).
- The half-year results will be below your expectations, in a period when the Milk Price is low and the forecast dividend range is being reduced.
- The results are due to tough conditions in dairy globally, with volatility in production and pricing, and further impacts of inventory valuation realities after our record Milk Price last year. . .
- In summary, the results:
- Forecast Cash Payout for the 2014/15 season, maintained at $4.90 – $5.00
- Forecast Farmgate Milk Price $4.70 per kgMS
- Estimated full year dividend of 20-30 cents per share
- Revenue $9.7 billion, down 14 per cent
- Normalised EBIT $376 million, down 7 per cent
- Net profit after tax (NPAT) $183 million, down 16 per cent
- Interim dividend of 10 cents per share.
- Forecast Cash Payout for the 2014/15 season, maintained at $4.90 – $5.00
Farmers will be relieved the milk payout is not being reduced.
UPDATE:
Synlait has increased its forecast milk price.
Synlait Milk has increased its forecast of the market milk price for the FY2015 season from $4.40 per kgMS to a range of $4.50 – $4.70 per kgMS.
“The market has recovered faster than expected, but recent volatility has shown us it still remains fragile,” said John Penno, Managing Director.
Mr Penno also acknowledged how financially difficult the current season is for suppliers and says this increased forecast market milk price range will be well received.
“Cash flows are incredibly important for our suppliers, particularly as they head into winter. We indicated in February that our next update would be in May, but given current market conditions, I’m pleased we can provide one now”.
Mr Penno added that this update will enable Synlait suppliers to manage their finances with more certainty and a corresponding increase in advance rates will further support this.
“We believe the market will continue to recover in the medium term as consumption expands and production growth slows in response to lower pricing. However, we remain mindful of the additional milk growth likely to come from Europe as milk production quotas are removed on April 1”.
“We will continue to keep an eye on the market and expect to update our forecast market milk price towards the end of May 2015”.
Quote of the day
March 25, 2015“I have built a confirmation bias so strongly into my own fabric that it’s hard to imagine a fact that could wonk me,” . . . . “At some level, the news has become a vast apparatus for continually proving me right in my pre-existing prejudices about the world.” – Jesse Armstrong
March 25 in history
March 25, 2015421 – Venice was founded at twelve o’clock noon, according to legend.
708 – Pope Constantine succeeded Pope Sisinnius as the 88th pope.
717 – Theodosios III resigned the throne to the Byzantine Empire to enter the clergy.
1199 Richard I was wounded by a crossbow bolt while fighting France.
1306 Robert the Bruce became King of Scotland.
1347 Catherine of Siena, Italian saint, was born d. 1380).
1409 The Council of Pisa opened.
1584 Sir Walter Raleigh was granted a patent to colonize Virginia.
1634 The first settlers arrived in Maryland.
1655 Saturn‘s largest moon, Titan, was discovered by Christian Huygens.
1802 The Treaty of Amiens was signed as a “Definitive Treaty of Peace” between France and Britain.
1807 The Slave Trade Act became law, abolishing the slave trade in the British Empire.
1807 – The Swansea and Mumbles Railway, then known as the Oystermouth Railway, became the first passenger carrying railway in the world.
1811 Percy Bysshe Shelley was expelled from the University of Oxford for his publication of the pamphlet The Necessity of Atheism.
1821 Greeks revolted against the Ottoman Empire, beginning the Greek War of Independence.
1847 Duel between Dr Isaac Featherston, editor of the Wellington Independent, and Colonel William Wakefield, the New Zealand Company’s Principal Agent in New Zealand.
1881 Mary Gladys Webb, English writer, was born (d. 1927).
1894 Coxey’s Army, the first significant American protest march, left Massillon, Ohio for Washington D.C.
1897 John Laurie, Scottish actor, was born (d. 1980).
1899 Burt Munro, New Zealand motorcycle racer, was born (d. 1978).
1903 Racing Club de Avellaneda, one of the big five of Argentina, was founded.
1908 Clube Atletico Mineiro was founded in Belo Horizonte, Brazil.
1911 In New York City, the Triangle Shirtwaist Factory fire killed 146 garment workers.
1913 Sir Reo Stakis, Anglo-Cypriot hotel magnate, was born (d. 2001).
1914 Norman Borlaug, American agriculturalist, recipient of the Nobel Peace Prize, was born (d. 2009).
1917 The Georgian Orthodox Church restored its autocephaly abolished by Imperial Russia in 1811.
1918 The Belarusian People’s Republic was established.
1922 Eileen Ford, American model agency executive, was born.
1924 On the anniversary of Greek Independence, Alexandros Papanastasiou proclaimed the Second Hellenic Republic.
1934 Gloria Steinem, American feminist and publisher, was born.
1937 Tom Monaghan, American fast-food industry entrepreneur, was born.
1939 Cardinal Eugenio Pacelli beccame Pope Pius XII.
1940 John A Lee was expelled from the Labour Party.
1941 The Kingdom of Yugoslavia joined the Axis powers with the signing of the Tripartite Pact.
1942 Aretha Franklin, American singer, was born.
1947 An explosion in a coal mine in Centralia, Illinois killed 111.
1947 Elton John, English singer and songwriter, was born.
1948 The first successful tornado forecast predicted that a tornado would strike Tinker Air Force Base, Oklahoma.
1949 The March deportation was conducted in Estonia, Latvia and Lithuania to force collectivisation by way of terror. The Soviet authorities deported more than 92,000 people from Baltics to remote areas of the Soviet Union.
1957 United States Customs seized copies of Allen Ginsberg‘s poem “Howl” as obscene.
1957 The European Economic Community was established (West Germany, France, Italy, Belgium, Netherlands, Luxembourg).
1958 Canada’s Avro Arrow made its first flight.
1960 Steve Norman, British saxophonist (Spandau Ballet), was born.
1960 Peter O’Brien, Australian actor, was born.
1965 Sarah Jessica Parker, American actress, was born.
1965 Civil rights activists led by Martin Luther King, Jr. successfully completed their 4-day 50-mile march from Selma to the capitol in Montgomery, Alabama.
1969 During their honeymoon, John Lennon and Yoko Ono held their first Bed-In for Peace at the Amsterdam Hilton Hotel (until March 31).
1975 Faisal of Saudi Arabia was shot and killed by a mentally ill nephew.
1979 The first fully functional space shuttle orbiter, Columbia, was delivered to the John F. Kennedy Space Center to be prepared for its first launch.
1988 The Candle demonstration in Bratislava – the first mass demonstration of the 1980s against the communist regime in Czechoslovakia.
1992 Cosmonaut Sergei Krikalev returned to Earth after a 10-month stay aboard the Mir space station.
1995 The world’s first wiki, a part of the Portland Pattern Repository, was made public by Ward Cunningham.
1996 An 81-day-long standoff between the anti-government group Montana Freemen and law enforcement near Jordan, Montana, began.
1996 The European Union’s Veterinarian Committee bans the export of British beef and its by-products as a result of mad cow disease (Bovine spongiform encephalopathy).
2006 Capitol Hill massacre: A gunman killed six people before taking his own life at a party in Seattle’s Capitol Hill neighborhood.
2006 Protesters demanding a new election in Belarus following the rigged Belarusian presidential election, 2006 clashed with riot police. Opposition leader Aleksander Kozulin was among several protesters arrested.
Sourced from NZ History Online & Wikipedia