Nufarm settles dispute with supplier

Nufarm has reached a settlement in relation to a long-running dispute with a supplier.

The agriculture company announced on June 15 that the receivable would be written down to a value of $25 million in the company's year-end accounts as at July 31.

The settlement will recover $13.5 million against the receivable's written down value, resulting in a further write down at year end.

The total write down associated with the unrecovered portion of the receivable will be treated as a material item in Nufarm's 2011 full year accounts and will reduce Nufarm's headline net profit by $28 million.

Although Nufarm hasn’t named the supplier, the Sydney Morning Herald reported it as giant food company Monsanto.

Nufarm also said today that its underlying net operating profit (exclusive of one-off material items and the impact of the receivable losses) is expected to exceed the top end of the guidance range ($88 million – $94 million) provided by the company on July 13.

The company's full year results for the 12 months to July 31 – which are still subject to final audit – will be released on September 28.

This article is tagged with the following keywords. Find out more about My Tags

Comment & Question

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7866 0.0034 0.43%
AUD 0.9234 0.0086 0.94%
EUR 0.6290 0.0014 0.22%
GBP 0.4984 0.0002 0.04%
HKD 6.0992 0.0262 0.43%
JPY 92.4890 0.2310 0.25%

Commods

Commodity Price Change Time
Gold Index 1197.1 3.900 2014-11-25T00:
Oil Brent 80.1 -0.140 2014-11-25T00:
Oil Nymex 74.1 -1.660 2014-11-25T00:
Silver Index 16.6 0.170 2014-11-25T00:

Indices

Symbol Open High Last %
NZX 50 5442.7 5465.6 5442.7 0.27%
NASDAQ 4760.2 4773.9 4758.2 0.27%
DAX 9894.6 9942.7 9861.2 0.50%
DJI 17812.2 17831.0 17814.9 -0.01%
FTSE 6731.1 6765.0 6731.1 0.07%
HKSE 23833.2 24176.6 23843.9 1.12%
NI225 17348.0 17432.6 17407.6 -0.14%