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 A Defining Year for Silver Fern FarmsFri, 23/10/2009 9:55:00 a.m. Silver Fern Farms has posted financial results that were ‘broadly in line with expectations', and reflected the global economic environment and the highly volatile NZ dollar exchange rate. Eoin Garden, Silver Fern Farms' Chairman says shareholders should be pleased the company comes out of the past year in a vastly stronger financial position than recent years. "This is no mean achievement given the current economic environment which has had severe impacts on many businesses and sectors." Net profits for the year ended August 2009 were $43.6m, from total income of $2,015m. Removing the gain from the settlement with PGG Wrightson of $37m and other one off items saw operating profit at $5.1m. In line with the company's continued focus on balance sheet strength, total debt was reduced by In view of the economic environment and the company's recent focus on recapitalisation of the business, the directors have resolved that no shareholder distributions will be paid for the year ended August 2009. Mr Garden says 2009 had been a ‘defining year' for Silver Fern Farms and its stakeholders, during which the group had made substantial and measurable progress towards its transformation from a traditional, sales oriented meat processor to a market led food company. Following on from last financial year's successful Rightsize project, under which the group cut - Successfully launched its new brand both locally and internationally Capital Restructuring On 30 July 2009 Silver Fern Farms' shareholders voted in favour of constitutional changes, effectively endorsing the need to align the company's capital and governance structure. |
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