New chairman David Peacocke says the co-op is in strong shape. It paid a record rebate and dividend of $65/t to shareholders.
“Ideal pasture growth conditions this season and good cashflow in the various farming sectors has [raised] an appetite for fertiliser and feed to further boost productivity,” says Peacocke.
“For Ballance shareholders, a great spring has been capped off with an extra cash injection from a healthy rebate…. Our growing shareholder base is not only a huge vote of confidence for Ballance, but it also underlines the strength of the agriculture sector in New Zealand and the benefits of belonging to a co-operative.
“We’re here for shareholders, aiming to ensure they have a secure supply of high quality product at the most competitive prices. The bonus is the rebates paid on fertiliser purchases.”
Ballance chief executive Larry Bilodeau says the company’s strong balance sheet and performance this year reflect a disciplined approach to costs during a year in which prices were held steady.
“We were able to lead market prices whilst achieving reasonable margins by maintaining stability in raw material pricing last year.
“We also kept overall costs under tight control, supported by operating efficiencies.”
To become a shareholder a farmer must buy a minimum of 30 shares and buy extra shares according to the tonnes of fertiliser they expect to buy in a year.
Shareholders typically receive a rebate on all purchases during each financial year, calculated on the volume of fertiliser bought and the value of that product.
