April 2019 PANUI - Deloitte
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April 2019 PANUI Kia Koutou Kokako Owners, Ngā mihi e te whānau o Kokako 2019 has been greeted with mahi and determination to complete the goal of the new Property at 279 Kokako Road as a Horticulture Base. The Property is named simply Tuarima, the 5th Property to return to us from the original Lots. Our Tuarima manager is Ceyline Te Whare and along with her whānau they are making great progress in setting up Tuarima property. As to our AGM presentation not only will it produce kai/native seedling/plants but the big opportunity to Research/ Supply Hemp. Obtaining a License has been paramount and not as easy as one thinks dealing with MPI Govt, but we have remained diligent in compliance involving our Local Police and Council to work alongside us through the whole process. We have 2 Major NZ owned Companies very interested & not a seed sown, how good is that! Kia tūpato I hear it and yes we will. If our negotiations are successful we will be launching our new business Logo on 20th April at the Gisborne Beer Festival if you are there join us in the promotion at the Media arena. We will own the label brand of Kokako design only for this venture and Partnership. Takapuhurihuri workshops will be held October/ November as business negotiations take first place but more Research has developed and a better understanding of how we will remember Te Ahitere urupa. Into 2020. Volunteers to up keep the surroundings discovery of another burial site of a couple and a fence to be built, materials brought by the Trust, be nice to have descendants be part of that. They are unknown couple. On May 9th Kokako will be hosting manuhiri from Tainui Māori in Farming. Powhiri at the new property Tuarima 8.30am Parakuihi straight into Farm visits. More details contact myself (Gloria). This is part of the Fonterra Māori Team. Applications now called for two new Trainee Trustees, as the Trust has evolved around Diversity & Marketing and Environment Management it would be an opportunity to present those attributes. A huge interest in Dairy whether Cows or Sheep, tell us your story. TRAINEE TRUSTEES Briar Ensor completed her trainee role at the AGM and Preston Whare’s term expires in May. The Trustees are inviting applications for two 2 year positions. Applications must be made on the Trust’s application form, which can be obtained from the Secretary’s office or the website www.rotorua.deloitte.co.nz. Applications close on Wednesday 15th May 2019 at 4pm. The Trustees will then review all applications and select one trainee trustee for the next two years of the scheme. Unsuccessful applicants may apply again in the future. The terms of the Trainee Trustee Policy is available on the website. FARMING OPERATIONS The climate this season has been the reverse of the previous year. There was good rainfall in the spring prior to Christmas and drought conditions over January to March. Without recent rainfall cows may have been due to be dried off by the end of March. The recent rainfall has given a reprieve and milking will continue at this stage into April. KOKAKO TRUST Page 1
Production overall is down on budget and last year. Tuarua (Dairy 2) had a great start to the season with a
very compact calving and slightly more cows so they are still ahead while both Tuatahi (Dairy 1)and Tuawha
(Dairy 3) which had slower calving and lower numbers are behind. Total production at the 14th of March is
395,774kgMS compared to 406,943kg year to date last year and a budget of 418,422kg to the 14 th of March.
Total production is estimated to finish the season between 430,000 and 440,000kg. This compares to a total
of 370,106kg in the 2007/08 drought and 422,306kg in the 2012/13 drought. The drop of around 40,000kg
milksolids, from total budget of 478,000kg, will drop income for Kokako by around $209,000. Reductions will
be made in expenditure to help offset this but end of season bank position will still be impacted.
The Fonterra forecast milk price has been lifted back up by 30c to $6.45/kgMS however there will now be no
dividend payment on shares made in April. Global Dairy Trade auctions have been very positive this year
giving more robustness to the current forecast milk price.
The table below shows production for the three dairy units to the 14th of March.
Table 1: Production to 14 March 2019
kgMS Total budget
Production for 14 March total YTD 2018/19 to Variance to Variance to 2018/19 YTD 2018/19 YTD
2018/19 YTD last year 14 March budget last yr kgMS/ha kgMS/cow
Kokako Dairy 1 123,189 140,030 142,366 -19,177 -16,841 821 312
Kokako Dairy 2 209,325 197,720 198,582 10,743 11,605 1203 374
Kokako Dairy 3 63,260 69,193 77,474 -14,214 -5,933 736 312
Total 395,774 406,943 418,422 -22,648 -11,169 965 336
The incalf rates were slightly improved this year so there are fewer empty cows. The first of the cull and
empty cows have been sold with prices down on last year due to high numbers of culls going out with the
drought.
On a more positive note the lambing % was excellent this year at 140% with the Kokako grown replacements
performing well. Lamb prices have held well this year with the average price of $119/lamb for the 552 lambs
sold to date. The average weight of 16.9kg is down a little on last year as the last draft of lambs included
lighter animals to get these off before conditions were too dry. There are now around 100 lambs left to sell.
Images: Lambs at Kokako Drystock.
For the following season, 2019/20 the only change to staffing is at Tuatoru –Dairy 3 where Richard Cook is
leaving after 12 years with Kokako and Damian Clarke will start from 1 June:
Drystock unit will be managed by Jim Clarke
Dairy 1 will be the second year for Contract milkers Jason Stowell and his family team.
Dairy 2 will remain with Jason and Shelley Sabin as 50/50 sharemilkers,
Dairy 3 will be operated with Damian and Cloe Clarke as Manager.
KOKAKO TRUST Page 2
FINANCIAL At the start of the current financial year the Trust had accumulated cash reserves exceeding $500,000. Due to lower expected income this year, mortgage repayments, taxes and new investments the Trust expects to hold cash reserves of around $100,000 at 30 June 2019. Expenditure budgets for 2020 will be conservative although the signs for an increased milk payout next year are encouraging. Additional revenue may be generated next year as the Trustees are considering the harvesting of mature production trees. The Trusts original bank mortgage which started at $3.3 million has been reduced to $401,000. An additional loan of $530,000 has been borrowed for the purchase of the Tuarima property. The net equity of the Trust is in excess of $26 million. GRANTS 1001,250 A Kaumatua grant of $250 was paid to Owners aged 65 years as at the date of the AGM on 1st December 2018 or if turning 65 before 31st December 2018. If you have not been paid your grant then this can still be claimed up until the 2019 AGM on 7th December 2019 by contacting the Secretary’s office. If you are claiming a Kaumatua grant through a Whanau Trust that is the registered owner in Kokako Trust then you need to contact the office for a claim form. The 2018 AGM approved an owner’s grant payment relative to shareholding with a minimum payment of $75 per owner. Owner’s grants are paid to owners who have supplied their address and bank account number to the Trust. If you have not supplied your details and claimed your grant then you may still do so before this year’s AGM. Grant payments cannot be claimed for prior years, you can only claim in the current year. Education grants are paid at the rate of $200 per student. 2019 EDUCATION GRANTS The Trust continues to support its students who are Applications for 2019 education grants studying at tertiary institutions through education must be submitted online by 4pm grants. Applications can only be made online at Tuesday 30th April 2019. www.rotorua.deloitte.co.nz. Students are reminded to take care to complete their forms in full and supply all information requested. 2019 ANNUAL GENERAL MEETING The 2019 AGM is scheduled for Saturday 7th December 2019, venue to be advised. KOKAKO TRUST Page 3
Current Trustees: Current Trainee Trustee: Huimai Makela Preston Whare Gloria Koia (Chair) Airini Hepi Riria McDonald Kyle Amopiu Farm Advisor: Secretary/Accountants: Trudy Laan (Perrin Ag) Murray Patchell/Deloitte More Information is available on Kokako Trust including annual reports, by visiting the website www.rotorua.deloitte.co.nz and looking for Kokako Trust under Trusts/Incorporations. We remind owners to encourage whanau who are owners, that have not registered with the Trust, to do so and for those who have not completed their successions to become shareholders, to contact the Māori Land Court and get this done. Owners that have any queries or comments about the Trust are welcome to post or email their queries to the Trustees through the contact details below. Tena koutou katoa Gloria Koia Chair 8th April 2019 SECRETARY’S OFFICE: Deloitte Or Pukeroa Oruawhata House Chartered Accountants 2/1176 Amohau St P.O.Box 12003 Rotorua Rotorua 3045 PH (07) 3431050 FAX(07) 3431051 email: nzrotoruaenquiries@deloitte.co.nz website: www.rotorua.deloitte.co.nz KOKAKO TRUST Page 4
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