Fonterra loss could be opportunity for change – Andrew McRrae:
Dairy farmers are hoping the massive financial hit taken by Fonterra will be used as an opportunity to reset the business for the future.
The dairy cooperative delivered a net loss of $196 million for the year ended July, after being hit by compensation payouts and investment write downs.
Revenue rose 6 percent to $20.4 billion.
Orini farmer Allan Crouch said even though a loss had been signalled, it was still very disappointing, especially compared to the $734m profit the year before. . .
Fonterra ponders Beingmate future as part of strategic review – Nikki Mandow:
(BusinessDesk) – Fonterra is looking at whether it should get rid of its disastrous Beingmate investment as part of an ‘everything up for grabs’ strategic review.
Speaking as the company announced the first full-year loss in its 18-year history, chairman John Monaghan said the company was doing a “full stocktake and portfolio review looking at all our major investments, assets and joint ventures to see how they are performing and where they fit with our strategy”. Beingmate was a key investment under the spotlight. . .
The Chairman of Fonterra’s Shareholders’ Council Duncan Coull has said he is extremely disappointed with the Co-op’s 2018 Annual Results.
“There’s no denying that our farmers are unhappy with current performance, and this year’s results,” he said.
“The underlying result and its impact on earnings, dividend and carrying value is totally unacceptable and one that our farming families will not want to see repeated. Moving forward, it is imperative that our business builds confidence through achievable targets and at levels that support a higher carrying value of our farmers’ investment. . .
A thoroughly modern-day forward-thinking farmer – Pat Deavoll:
If ever there was the epitome of a thoroughly modern-day Kiwi farmer, the new Federated Farmers South Canterbury president would be it.
Jason Grant does it all. He owns and manages two dairy operations and a 1000 hectare dry stock farm, is a director of an irrigation company, an active member of two river catchment groups, a husband to Anna and father to Ruby (11), Oscar (12) and Wills (13), and of course, in his Federated Farmers role, an advocate for the local farming fraternity.
That he has a lot on his plate is an understatement. He says his life is “pretty full.” . . .
Farmers deserve recognition for their hard milk slog – Lyn Webster:
We are living in fantasy land where many people seem to think money grows on trees.
Well, it bloody well doesn’t!
Warning: I am grumpy because I have just lost my job due to impeding farm sale – more on that later.
About 25 per cent of New Zealand’s overseas revenue is generated by dairy farming, which is done by about 36,000 people. That’s not many people to bring in a huge chunk of the country’s income.
When the payout drops, which can happen overnight, it can affect your dairy farming business very badly very quickly. Milk prices are volatile, sensitive to international demand and currency changes. Farmers put their seasonal plans in place, including stock numbers and a budget – if the milk price plummets, you pretty well have to suck it up because you haven’t got much wiggle room. . .
A West Coast beekeeper says his bees are resistant to the varroa mite but that decades worth of work may be lost unless he can urgently pull together enough money to keep his business running.
Varroa mites infest bee hives, feeding on larvae and an infected hive usually dies within three or four years.
Westport beekeeper Gary Jeffery said he wanted to eliminate the parasite by distributing mite-resistant queen bees that he has bred around New Zealand. . .
Fonterra changes vindicated– Hugh Stringleman:
The calibre of new directors and nominees for the Fonterra board vindicates the governance changes and the downsizing of the board and outweighs the initial loss of experience, departing director Nicola Shadbolt says.
Her decision not to seek a fourth three-year term is in accordance with the guideline of nine years as the optimum and 12 years as the maximum.
The three candidates for vacancies around the board table announced last Monday are one-term sitting director Ashley Waugh along with Jamie Tuuta and Peter McBride. . .
Deer market doing well – Ashleigh Martin:
The deer market is achieving well at the moment, New Zealand Deer Farmers Association chairman John Somerville says.
“Venison prices are the best they’ve ever been and the velvet has been really stable for six or more years with some really good pricing.
“We’re hoping for slow steady growth of the deer market…