Agriculture still a winner

"Those who say we should minimise our reliance on agriculture don't' realise there is no viable alternative. We should certainly be diversifying our economy, especially in innovative areas like technology, but growth does not have to be an either/or question," he says.

"We should be focused on good growth in agricultural exports and, at the same time, performance from other more diverse sectors," he told the cooperative's annual meeting of shareholders in Queenstown yesterday.

Bilodeau notes the food and forestry sectors generated 70% of New Zealand's merchandise export earnings and around 12% of gross domestic product.

MPI's latest estimated were that that export values from agriculture, fisheries and forestry will reach $40.7 billion by June 2018 – a rise of more than 8% since June of this year.

"It seems to me food is still a good sector to rely on for future economic growth," says Bilodeau.

He says it is obvious that major opportunities existed for agricultural products as demand grew in markets around the world.

"Our challenge is to meet that demand with more high quality safe food produced sustainably. Ballance will always be part of that effort. We are working hard for our farmers to stay one step ahead of the evolving needs of agriculture."

Bilodeau celebrated his final year with the cooperative with a record $93.5 million result and a record rebate distribution to shareholders of $78.9 million, based on a rebate of $60.83 per tonne and a dividend of 10 cents per share.

Ballance chairman, David Peacocke acknowledged Bilodeau's "exceptional leadership" in driving the cooperative evolution from a fertiliser company to one focused on the full range of farm nutrients. He says the cooperative had entered the new financial year in excellence shape and was in a strong position for growth.

At the annual meeting Genesis Energy chief executive, Albert Brantley, was introduced as an independent director, replacing David Pilkington who retired.