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BRIEF-Fonterra advises changes to farmgate milk price manual for 2016/17 season

Published 01/08/2016, 06:46 am
Updated 01/08/2016, 06:50 am
© Reuters.  BRIEF-Fonterra advises changes to farmgate milk price manual for 2016/17 season

Aug 1 (Reuters) - Fonterra:

* Fonterra advises changes to farmgate milk price manual

* Has filed with Commerce commission annual "reasons" paper in support of changes to its fonterra's milk price manual for the 2016/17 season

* To include revenue from spot sales of commodity whole and skim milk powders and anhydrous milk fat in farmgate milk price calculation

* Constitution requires co-operative to pay maximum sustainable farmgate milk price each season based on sale of commodity products in freely contested global markets

* "Estimated impact of change on farmgate milk price for 2016/17 season amounts to increase of four to five cents per kgms"

* Change does not alter the forecast earnings per share range for F17

* Says changes will be incorporated into the 2016/2017 season milk price

* Changes to milk price manual for 2016/17 season also include responses to matters raised by Commerce commission following review of 2015/16 manual

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