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.


Got a question about this story? Leave it in Comments & Questions below.

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

Comments & Questions

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 0.6611 0.0000 0.00%
AUD 0.9370 0.0000 0.00%
EUR 0.5936 0.0000 0.00%
GBP 0.4562 0.0000 0.00%
HKD 5.1611 0.0000 0.00%
JPY 77.3440 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1157.7 17.750 2016-02-05T00:
Oil Brent 34.8 1.070 2016-02-05T00:
Oil Nymex 30.8 -0.810 2016-02-05T00:
Silver Index 14.8 -0.070 2016-02-05T00:

Indices

Symbol Open High Last %
NZX 50 6137.7 6153.8 6137.7 0.26%
NASDAQ 4491.5 4493.2 4509.6 -3.25%
DAX 9375.3 9469.7 9393.4 -1.14%
DJI 16418.0 16423.6 16416.6 -1.29%
FTSE 5898.8 5945.9 5898.8 -0.86%
HKSE 19287.4 19397.9 19183.1 0.55%
NI225 16790.5 16893.1 17045.0 -1.32%