Future of first milk

[Married 2 The Mob]

Derbyshire I think

Maybe wrong, but this is what I was referring to.

 

[jockthethistle]

Well done first milk .. If they are getting new members from meadow or anywhere well done .. However it doesn't need to be a secret .. Time to blow that trumpet I think ..! jtt

 

[The Agrarian]

Turnover seems a shocker. Must be in a very weak selling position.

 

[supercow]

The clever ones in the group will realise turnover isn't everything. Turnover a third compared to 5/6 years ago profits up 6 mil compared to losing money

 

[The Agrarian]

Agreed that profit is the first thing to get right, and is all good, as long as it didn't come as a result of paying an uncompetitive milk price. But such a catastrophic drop in revenues can't surely be seen as a good thing?

 

[upnortheast]

But such a catastrophic drop in revenues can't surely be seen as a good thing?

Maybe been busy fools ?

 

[endeavour]

Wake up you FM suppliers the primary objective by the immediate past management was to stop losses and reduce borrowings, This had to be done from their sole income source the milk price from the wholesale income .This has largely been achieved and although the remuneration to past CEO looks to a farmers eyes exorbitant the result has ben the stabilisation of the company. I have long been a critic of FM but the company is yours to exercise control over and only you can influence the future path to success or ultimate demise do not let the disastrous management of the past hinder your thoughts going forward.

 

[Cuckoo's nest]

Wake up you FM suppliers the primary objective by the immediate past management was to stop losses and reduce borrowings, This had to be done from their sole income source the milk price from the wholesale income .This has largely been achieved and although the remuneration to past CEO looks to a farmers eyes exorbitant the result has ben the stabilisation of the company. I have long been a critic of FM but the company is yours to exercise control over and only you can influence the future path to success or ultimate demise do not let the disastrous management of the past hinder your thoughts going forward.

I could not agree with you more @endeavour that is why my Proxy Vote has been cast, I do not want to see the new Vice Chairman of FM being Jim Baird one of the directors who was at the helm when they lost the Muller contract and then lost £27 million and sat back and watched us paid at least 3p below the market price for 2 years. I can't make the AGM but my vote I hope will count.

 

[Cuckoo's nest]

AGM tomorrow anyone going @supercow @westwards . I wonder if anyone will ask why the Council are paid £10,000 and just what they do for it ? Or why Carl Ravenhall was paid £86,400 in consultancy fees and what did he do for it ?And why the pension deficit has gone back up to £12 million.

 

[supercow]

I'm not going today I have a much better day planned consisting of curling and beer in Ayr today. Not sure about the beer currently tho because I spent the whole night being sick, told the burd never to make that Mexican sh!t again this morning!!! She's off work aswell! Was not a fan of milking this morning. I'm sure the same drivel will be said at the AGM.

 

[westwards]

Was it just the rubber apron and wellies at milking ?

Right on your doorstep @supercow and no Mexican sh1t !! A frank and honest and debate some home truths told from both sides , the ship is steady and will be steered in the right direction and some of the above questions answered.

 

[Sid]

Was it just the rubber apron and wellies at milking ?

Right on your doorstep @supercow and no Mexican sh1t !! A frank and honest and debate some home truths told from both sides , the ship is steady and will be steered in the right direction and some of the above questions answered.

If the business has made a profit, how is that distributed back to the owners?

The business needs a good board to run it, remuneration is not always the key to that, but I do like the fact in the accounts is states who is on which board and whether they attended or not. How you quantify if someone is a good board member or a hanger on is a hard one.

FM are most definitely in better shape then they were. Going bust would have seen UK dairy in a real mess. Lets hope they can drive the business forward and put some real returns back to farmers and give them something to smile about!

 

[Married 2 The Mob]

If the business has made a profit, how is that distributed back to the owners?[/B]

The business needs a good board to run it, remuneration is not always the key to that, but I do like the fact in the accounts is states who is on which board and whether they attended or not. How you quantify if someone is a good board member or a hanger on is a hard one.

FM are most definitely in better shape then they were. Going bust would have seen UK dairy in a real mess. Lets hope they can drive the business forward and put some real returns back to farmers and give them something to smile about!

This is something ( the profit distribution) they are actively looking at and have been consulting directly with members at recent meetings for views on the most appropriate methods.

 

[Sid]

This is something ( the profit distribution) they are actively looking at and have been consulting directly with members at recent meetings for views on the most appropriate methods.

Preferably before they have paid tax on it !

 

[Married 2 The Mob]

Exactly! So all back via milk price is my view.
( but I'm no accountant )

 

[endeavour]

Do not get too excited Bank agreement would have to be agreed before any further payments to farmers do not forget FM still have large borrowings . I think that Tax would be payable as well FM having given up their Coop status when issuing shares tradeable freely,forgive me if this is incorrect perhaps some knowledgeable member will supply the answer.

 

[Married 2 The Mob]

Not putting myself forward as knowledgeable, however, the shares are tradeable freely between members only . And it's still a Co-op.

 

[endeavour]

Would any potential bonus or dividend be paid as proportion of shares held or solely on supply volumes? A long distant situation but of importance to members as reducing debt .

 

[Married 2 The Mob]

This is the question, and the answer has not been decisively arrived at yet. ( I don't think).

 

[westwards]

They have no intention to pay out money to those who no longer supply FM and at the AGM they said the best way to reward current producers is through the milk price.