“Meanwhile the capital return of 50 cents per share related to the sale of our Chilean Soprole business is due to be paid today, and we’re expecting a strong full-year dividend.
“Looking at our operations, we are firmly focused on bringing costs down as we look for efficiencies across the whole co-op.”
“How will Farm Source in particular help Fonterra farmers?” Kelly asked.
“Our network of Farm Source stores helps to save costs for farmers through a variety of ways,” Douglas said.
“We’ve enhanced our Farm Source Rewards offers and are encouraging farmers to check their balances for any Farm Source dollars that they can redeem to buy on-farm supplies or a wide range of products through our Rewards shop online.
“We have a number of market-leading offers, from up to 21 cents off a litre at Mobil for Fonterra suppliers through to trade prices at Bunnings, and many more.
“Fonterra farmers have the option to spread or defer their purchases interest-free for up to six months through the key purchasing period from June to November.
“We’ll continue to work with our vendors to drive down costs and we’re also doing what we can to give time and headspace back to farmers by making compliance and data collection easier.
“For example, we’re looking to enter more partnerships like the one we have with Ballance where we’ve made it easier and faster for farmers to share their data between our two co-operatives,” Douglas said.
“Some farmers will be feeling really low at the moment – what would you encourage them to do?” Kelly asked.
“Yes, this period will be really tough on some farmers’ well-being. It’s important to me that we’re doing our bit to provide support,” Douglas said.
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“I’d encourage anyone particularly struggling to have a chat about it with a professional. We have a partnership with the Rural Support Trust which can be contacted on 0800 787 254.
“They have people at the other end of the line to lend an ear and connect people to the advice they need in all kinds of situations.
“We also recently joined other organisations to get behind Safer Farm’s ‘Farm Without Harm’ action plan, which is a sector-wide initiative to get better safety and wellbeing outcomes for those working on farms.
“Finally, I’ll just add that our local teams are working closely with farmers on the ground too. This includes working to build connections across farming communities through activities like Pie Day Fridays at our Farm Source stores.
“We’ll continue to look at ways to improve our support, but I think the most important thing for people to know is that they don’t have to tough it out alone,” Douglas said.
