MANAGEMENT
MACHINERY & PRODUCTS
Lucerne the N-fixer.
Delivering big tractor performance. PAGE 40
PAGE 34
NEWS Meat brand tackles food anxiety. PAGE 20
TO ALL FARMERS, FOR ALL FARMERS APRIL 2, 2019: ISSUE 673
www.ruralnews.co.nz
Getting pride back
$126M HAIRCUT SUDESH KISSUN
DAVID ANDERSON
BEEF + LAMB New Zealand says it is working hard to ensure that the farming sector is valued by all New Zealanders. Chief executive Sam McIvor told the organisation’s annual meeting in Timaru that farmers feel respect for the rural sector has been eroded. “Most commonly we see it in the media, whether its animal welfare, climate change, environmental degradation, alternative proteins or feedlots – there is no doubt that farmers are being targeted.” McIvor told the meeting that he sympathises with farmers in this, having personally been for three years
the face of the NZ pork industry during a media and activist animal welfare onslaught. “It feels like crap to be constantly criticised. We are working hard to restore [your] pride.” He said a BLNZ key objective – to be valued by all New Zealanders –
speaks to farmer pride and to restoring that pride, and he believes acting more promptly on issues that matter would help achieve this goal. “Last year, we launched the sector’s environment strategy. Not only has it put us as a leading domestic industry, but is getting global recognition for
addressing the issues,” McIvor claims. “Last year we released our biodiversity report that shows that you, as sheep and beef farmers, have 1.4 million ha – 24% of NZ’s native vegetative biodiversity on your farms. Now we’re assessing the potential carbon TO PAGE 4
Kirwee turns on a cracker The machinery displays were their usual blaze of colour at the three-day 2019 South Island Agricultural Field Days last week at Kirwee. After a grey start on day one, the weather turned to a classic warm, sunny Canterbury nor-wester. Pictured is Hynds Pipe Systems Waimakariri branch manager Grant James chatting with a visitor to his site. Seen through a roll of Rangiora-made polyethylene pipe, James told Rural News he would not miss the field days, whether in Kirwee or Southland. “This is the one where the landowners, farmers and lifestyle-block holders gather. We get genuine enquiries out of this; they come here with a purpose.” A full rundown of the field days will run in the April 16 issue. RURAL NEWS GROUP
sudeshk@ruralnews.co.nz
FONTERRA HAS taken a $126 million hit in selling its stake in the Venezuelan consumer joint venture Corporacion Inlaca. The co-op has sold its stake to Mirona, an international food business, for $16m. However, the devaluation of the Venezuelan currency means the co-op will take a hit of $126m on its balance sheet. “The decision to sell Inlaca is the result of ongoing instability in Venezuela which has led to challenging operating conditions,” says Miles Hurrell. “The economic situation in Venezuela is not expected to improve in the foreseeable future, so we have made the decision to act now to minimise the impact on Fonterra.” Fonterra received $16m from the Inlaca sale. In its media statement, the co-op says that like any multinational business it is exposed to currency risk on its overseas operations and the impact of changes is held in a foreign currency translation reserve (FCTR). “The full impact of this transaction, including the devaluation of the Venezuelan currency which has resulted in a negative FCTR balance of approximately $126m, will be reflected in the profit and loss statement.” • $800m debt cut on track, page 5
UNEXPECTED BREAK. IT HAPPENS MORE OFTEN THAN YOU’D THINK.
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