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  1. #641
    Guru
    Join Date
    Jul 2004
    Location
    Bolivia.
    Posts
    3,435

  2. #642
    Dilettante
    Join Date
    Mar 2010
    Location
    Down & out
    Posts
    4,555

    Default

    Quote Originally Posted by Sideshow Bob View Post
    Great news

  3. #643
    Guru
    Join Date
    Jul 2004
    Location
    Bolivia.
    Posts
    3,435

  4. #644
    percy
    Join Date
    Oct 2009
    Location
    christchurch
    Posts
    15,930

    Default

    Quote Originally Posted by Sideshow Bob View Post
    Fluff article.
    Chair,Rob Hewett and CEO, Simon Limmer are laying the foundations for the next 100years.

  5. #645
    Guru
    Join Date
    Jul 2004
    Location
    Bolivia.
    Posts
    3,435

    Default

    Quote Originally Posted by percy View Post
    Fluff article.
    Chair,Rob Hewett and CEO, Simon Limmer are laying the foundations for the next 100years.
    The old Hound has never been a fan of SFF.

    SFF have obviously enjoyed a purple patch in terms of profitability - and also benefiting from the lack of long-term debt.

    While there might be planning for the next 100 years - who knows what that might bring. Even the next 10 years. Chinese look much more long-term than westerners however.

    The profitability and reinvestment in the business has been very much needed. But wWhen start to look at it cumulatively, there has been enormous sums retained within the business. They've made $240m net over the last 3 years - and probably close to $200m of this has been retained in the business.

    Every meat company in NZ has made very good/record results the last few years, with market and procurement conditions. As an example, BSM were expected to make around $25m EBITDA for the year ended June - and that is just one smaller plant.

    The (unanswered) questions are whether SFF are performing better than the rest or keep performing better, how they will go as/when market conditions change, how well the retained profit that has been kept within the business has been invested, and how well those retained earnings will generate returns.

    For that I've got no answer......

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