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  1. #341
    percy
    Join Date
    Oct 2009
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    christchurch
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    Co-operative $8.1m Distribution of
    Dividend and Patronage Reward
    Your Co-operative Board have decided to make a
    distribution by way of a $6.3m dividend to all Ordinary
    and Rebate Shareholders, as well as a $1.8m Patronage
    Reward distribution. Combined this takes the total
    distribution to qualifying shareholders to $8.1m.
    The shareholder dividend equates to a net return of 5.5
    cents per share fully imputed (7.6 cents per share gross).
    The quantum of dividend reflects a tax paid return on
    84 cents share price (as at 29/3/21) of 6.54% for
    all shareholders.
    The record date for the dividend is 16 April 2021.
    The Patronage Reward will be distributed to shareholdersuppliers who are identified as eligible as at 31 December
    2020 and who have an aligned shareholder-supplier
    match. To be eligible, shareholder suppliers must
    have supplied a minimum of 400 livestock units in the
    2020 calendar year direct via our network of Livestock
    Representatives. They will receive 5.7 cents per eligible
    share fully imputed (7.9 cents equivalent gross).
    Combined, the distribution of Dividend and Patronage
    Reward reflects a tax paid return on 84 cents share price
    (as at 29/3/21) of 13.28% for eligible shareholders.
    We trust shareholders will see this as strong
    acknowledgement of the commitment of all
    Co-operative members, who, along with their
    communities, and the New Zealand economy
    as a whole, will benefit from this distribution.
    The Share Standard
    is based on the typical volume of stock units
    that a supplier provides to Silver Fern Farms in
    a calendar year.
    A lamb/bobby/mutton represents
    1 stock unit
    a deer 6 stock units and
    a cattle beast 12 stock units.
    To qualify as fully-shared the following applies:
    • For supply up to 5,000 stock units, the multiplier is 8
    shares per stock unit, and over 5,000 stock units an
    additional 3 shares per stock unit.
    • Our largest suppliers only need to hold 200,000
    shares in the Co-operative to be classified as
    fully-shared

  2. #342
    percy
    Join Date
    Oct 2009
    Location
    christchurch
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    Dividend and Patronage Reward
    YEAR DIVIDEND
    PER SHARE
    PATRONAGE REWARD
    PER SHARE
    PAID OUT
    2017 2.8c 2.8c April 2018
    2018 – 3.0c* April 2019
    2019 5.4c 6.0c August 2020
    2020 5.5c 5.7c April 202

  3. #343
    percy
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    Oct 2009
    Location
    christchurch
    Posts
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    http://www.silverfernfarms.coop/inve...nnual-reports/
    For anyone who wishes to read SFF latest annual report.

  4. #344
    percy
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    Oct 2009
    Location
    christchurch
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    Company Name:Silver Fern Farms Co-operative Limited
    Security:Silver Fern Farms Ords
    Code:SFF
    ISIN:NZSFFE0001S5
    Listing Date:01/10/2009
    Number of Shares Issued:100,378,874
    Market Capitalisation:85,322,043
    Last Price:0.850
    Last Financial Year EPS:0.3537
    P/E Ratio:2.403
    Last 12 Months Gross Dividend Yield:6.353%
    Last edited by percy; 19-06-2021 at 06:02 PM.

  5. #345
    percy
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    Oct 2009
    Location
    christchurch
    Posts
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    52 week Number of Trades289
    52 week Volume2,901,107
    Last 12 Months Gross Dividend (NZ$)0.054

    Liquidity.Nearly 3% of the shares on issue were traded.

    ps.No of trades 289,slightly more than the 278 PAZ number of trades.
    Last edited by percy; 19-06-2021 at 06:55 PM.

  6. #346
    percy
    Join Date
    Oct 2009
    Location
    christchurch
    Posts
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    Co-operative’s share of net assets of Silver Fern Farms Limited
    Net assets of Silver Fern Farms Limited (100%)
    NZD IN THOUSANDS ($000) 2020 2019
    ASSETS
    Current assets
    Cash and cash equivalents 11,038 2,897
    Trade and other receivables 245,712 287,780
    Derivative financial instruments 14,364 17,109
    Inventories 254,489 228,630
    Tax receivable 12 -
    Non-current assets classified as held for sale - 18,130
    Total current assets 525,615 554,546
    Non-current assets
    Property, plant and equipment 320,319 295,088
    Intangible assets 3,787 3,628
    Investments in associates 21,881 17,483
    Shares in unlisted companies 101 81
    Right-of-use assets 18,059 14,316
    Total non-current assets 364,147 330,596
    TOTAL ASSETS 889,762 885,142
    LIABILITIES
    Current liabilities
    Trade and other payables 141,415 134,032
    Interest bearing loans and borrowings 64,392 130,773
    Tax provision 26,617 6,037
    Provisions 6,888 5,962
    Derivative financial instruments 156 48
    Lease liabilities 6,577 4,474
    Total current liabilities 246,045 281,326
    Non-current liabilities
    Provisions 12,392 10,020
    Deferred tax liabilities 9,848 12,653
    Lease liabilities 11,973 10,120
    Total non-current liabilities 34,213 32,793
    TOTAL LIABILITIES 280,258 314,119
    Net assets of Silver Fern Farms Limited (100%) 609,504 571,023
    Co-operative’s share of net assets (50%) 304,752 285,511
    Goodwill on initial recognition 15,421 15,421
    Equity accounted investment in Silver Fern Farms Limited 320,173 300,93

  7. #347
    Dilettante
    Join Date
    Mar 2010
    Location
    Down & out
    Posts
    4,058

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    Good news from the UK overnight with an agreement in principle of a NZ/UK FTA to be signed in August.

  8. #348
    Guru
    Join Date
    Jul 2004
    Location
    Bolivia.
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    2,679

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    I'm pretty shocked at the comments and will be interested to hear from feedback comes from the Coop, and probably not well put. Probably didn't help that the YouTube video cut off abruptly at the end! Richard Young didn't seem to have any handle on the numbers at all, considering "just been discussed this morning", and I thought this would have been fundamental info in this position.

    I'm with GTM on this, as have a long history with the company, and while not a supplier myself, been a bondholder (which looked pretty dodge for redemption for a while), wider family supplied etc etc. However it is a different "beast" to 6-8 years ago and echo Percy's comments in #333

    Would be good to get some clarity, because undoubtedly dry investors have provided liquidity and supported the share price over recent times. Otherwise why not just be a Zespri and have to be a supplier to trade/own shares? I think the issue is coming up because of profitability, and 2-3 good years, with the prospect of another - so haven't really had the issue of who gets the "lions share of the feed". Especially when alot of it has been stacked away.

    So was around 32-33% of shares supplied over 400 stock units (which I would have thought a pretty low bar), and about 63-64% of Coop supply was from shareholders.

    I can understand the desire to have supply as shareholders - without supply they are nothing and anything to try to make that supply more sticky. Especially when cow numbers are forecast to decrease, beef capacity increasing in the South Island, and farming is under pressure for alternate land use (eg trees) and from the govt. As a large fixed cost business means more livestock, more efficient and lower costs per unit.

    That patronage reward has been at worst equal to non-supplying shares dividend over the last 4 year, usually higher. Makes it pretty compelling for farmers - over 30c dividends in the last 4 years. Problem being history and been historically poor performance.

    In theory, if owning shares was compelling for dry investors, then it should be extra compelling for farmers to buy shares and the market do its thing. It just doesn't seem to be currently........

  9. #349
    Guru
    Join Date
    Jul 2004
    Location
    Bolivia.
    Posts
    2,679

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    Quote Originally Posted by Beagle View Post
    In addition a lot of their plant and equipment is extremely old and I foresee huge capex going forward.
    Returns in this industry have historically been extremely cyclical and conferred a very poor return on equity.

    The comments in the video were shocking.
    Freight, logistics and staff issues are clearly very serious matters.
    Cheap metrics for sure...but for a range of good reasons in my opinion. Its not for me but good luck to dry shareholders.
    Most plants are historic sites - a number over 100 years old (although a few SFF sites like Fairton, Canty have now gone, probably at least 3 SFF sites), while a good number would be 60's/70's/80's. While the structure of the plants (in some areas) may be old, the sub-structure is more modern - these guys operate under MPI, have various audits etc. R&M surely suffered when they were against the wall pre-Chinese, but increasing larger amounts have gone into capital expenditure, as Percy has pointed out. The question is how much is to maintain BAU, and how much will increase efficiency, reduce costs, increase revenue etc. I'm unsure.

    There are areas where there are just increased compliance costs meaning for capital expenditure - ie water use and discharge for example. Also going away from coal in some areas.

    With 14 plants, always going to need a reasonable level of capital expenditure. The one area that might need to spend a bit more is cold storage......

    Like just about all primary industries, staffing is a real issue. Alot of plants in smaller, rural towns with limited, often ageing workforces. SFF definitely become more proactive on recruitment and retention.

    Logistics is hitting every export industry currently. Understand trying to put increased freight costs on to customers but likely to end up back on returns to suppliers. As mentioned previously, my thoughts are that would be a little better than their competitors with Kotahi and likely getting more space - but still difficult. Got a few months now with lesser production, but need to try to get inventory down to low-season levels.

  10. #350
    Guru
    Join Date
    Jul 2004
    Location
    Bolivia.
    Posts
    2,679

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