August 27, 2014 11:31 AM ET

Diversified Financial Services

Company Overview of Nufarm Finance (NZ) Limited

Company Overview

Nufarm Finance (NZ) Limited issues Nufarm Step-up securities primarily in Australia and New Zealand. It acts as a financing company for the Nufarm Group. The company is based in Auckland, New Zealand. Nufarm Finance (NZ) Limited is a subsidiary of Nufarm Limited.

6 Manu Street

Otahuhu

Auckland,  

New Zealand

Phone:

64 9 270 4150

Fax:

64 9 270 4159

Key Executives for Nufarm Finance (NZ) Limited

Chief Financial Officer
Age: 49
Director
Age: 68
Group Executive of Corporate Services and Company Secretary
Group Executive Human Resources and Organisation Development
Group Executive of Global Marketing and Business Development
Age: 55
Compensation as of Fiscal Year 2014.

Nufarm Finance (NZ) Limited Key Developments

Nufarm Finance to Close NZ Manufacturing Plant; to Consolidate Regional Manufacturing Activity at its Existing Laverton (Victoria) Facilities; to Expand Warehouse and Logistics Support in the South Island

Nufarm Finance (NZ) Limited announced that, following a review of its New Zealand manufacturing operations, it will close the facility at Otahuhu, near Auckland, and further consolidate regional manufacturing activity at its existing Laverton (Victoria) facilities. The additional rationalisation of manufacturing activity - which follows the announcement on 18 March of the reorganisation of the Australian operations - is expected to result in annualised savings of $3 million, bringing total regional savings to approximately $16 million when all changes are fully implemented. The closure of the New Zealand facility and associated transfer of production activity will be undertaken over a two year period. Up to 59 New Zealand based manufacturing related positions will be affected by the planned changes. Nufarm will record one-off restructuring costs in the current financial year of $11 million, of which $9 million is a non-cash impact. This brings total restructuring costs associated with the changes in Australia and New Zealand to $50 million, of which $37 million is a non-cash impact. The transfer of manufacturing activity from New Zealand to expanded facilities at Laverton will increase the utilisation and efficiency of those facilities; will result in lower unit costs; and will reduce the region's maintenance related capital expenditure and working capital requirements. In addition, the company will expand warehouse and logistics support in the South Island to support the company's growing business in the south.

Nufarm Finance (NZ) Limited Announces Change of Directors

Nufarm Finance (NZ) Limited announced that Patrick Clement retired as a Director of the company on 1 April, 2014, and Brett Sutherland, Country Manager Nufarm NZ, was appointed a Director of the Company on 1 April, 2014.

Nufarm Finance (NZ) Limited Reports Consolidated Earnings Results for the Half Year Ended January 31, 2014

Nufarm Finance (NZ) Limited reported consolidated earnings results for the half year ended January 31, 2014. For the period, the company reported operating surplus before taxation was AUD 8,526,000 against AUD 7,709,000 a year ago. Net surplus attributable to members of the listed issuer was AUD 4,161,000 against AUD 5,551,000 a year ago. Net operating flows was AUD 10,523,000 against AUD 8,516,000 a year ago. Earnings per basic security were 0.42 cents compared to 0.56 cents reported a year ago. Return on equity was 1.8% compared to 2.4% reported a year ago. Return on assets was 3.65% compared to 3.23% reported a year ago.

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