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Speaker 1: It's no secret that we went through some pretty tough

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Speaker 1: times to go back to twenty seventeen eighteen nineteen, and

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Speaker 1: we had to sort of do things differently.

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Speaker 2: And we've talked a bit about that.

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Speaker 1: Ninety five percent her business is exportant and always has been.

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Speaker 1: And you know, there wouldn't be a day go by

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Speaker 1: where we don't have some of you we're dealing with

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Speaker 1: in some corner of the world somewhere. And what does

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Speaker 1: that breakthrough teenology is what is the next you know, protein,

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Speaker 1: amino mascid that is this, and milk that we haven't

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Speaker 1: yet developed.

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Speaker 3: Jodore, Welcome to Shed Lunch, brought to you by Chasy's.

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Speaker 3: I'm Helen Madison. Today we look at one of New

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Speaker 3: Zealand's largest companies, Dairy co Op Fonterra, and in a

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Speaker 3: moment I'll be going upstairs to speak with CEO Miles Huddle.

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Speaker 3: But before we get started, here's some important.

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Speaker 4: Information investing and involves the risk you might lose the

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Speaker 4: money you start with. We recommend talking to a licensed

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Speaker 4: financial advisor. We also recommend breeding product disclosure documents before

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Speaker 4: deciding to invest. Everything you're about to see and here

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Speaker 4: is current at the time of Recording.

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Speaker 3: Welcome Miles, thank you for having us at HQ here

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Speaker 3: with Fontier and Auckland.

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Speaker 2: Please are nice to have you here.

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Speaker 4: Helen.

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Speaker 3: Let's start at the beginning. I know you've been with

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Speaker 3: Fontierra I think nearly twenty five years, is that right.

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Speaker 2: November six, two thousand.

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Speaker 3: Now you've had a number of roles, it would be

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Speaker 3: fair to say in that time, which you'd expect. I

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Speaker 3: think you've even been in Russia and Africa, all sorts

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Speaker 3: of exotic places. Tell us a little bit about that

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Speaker 3: journey to where you are today, and twenty eighteen is

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Speaker 3: when you took the helm.

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Speaker 2: Yeah, what's been varied?

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Speaker 1: As you say, I've lived in a few places around

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Speaker 1: the globe, heap of experience and exciting times. A few

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Speaker 1: times that I remember fondly that have been a bit

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Speaker 1: hairy at times as well, when you're get into some

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Speaker 1: places that you may not wish to be in it again.

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Speaker 1: But that said, you know that the experience that's given

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Speaker 1: me been offshore with our customers, some of our key customers,

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Speaker 1: some of our key markets, has been invaluable for me.

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Speaker 1: Coming back to New Zealand in twenty fourteen and was

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Speaker 1: fortunate enough to sort of lead up the farm Sohols

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Speaker 1: business it was, and getting close engaged with the farmer

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Speaker 1: shareholders and ultimately given me the opportunity, I think in

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Speaker 1: twenty eighteen to step into this role. So yeah, I

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Speaker 1: mean it's been at a great career, as I say,

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Speaker 1: as you say, twenty five years come this November.

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Speaker 3: So if we go back even further, were you brought

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Speaker 3: up on a farm or did you have an inkling

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Speaker 3: that you would be the CEO of Fterira one day?

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Speaker 2: Far from it?

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Speaker 1: No, I certainly wasn't born up in rural New Zealand.

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Speaker 1: I was brought up in christ Church and got introduced

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Speaker 1: to the dairy industry as I say, sort of late

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Speaker 1: nineties and moved across in the year two thousand so,

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Speaker 1: and my involvement with farming at that point was limited

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Speaker 1: to the role you should expect in a corporate role

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Speaker 1: within the dairy industry. And it wasn't, as I said,

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Speaker 1: until twenty fourteen where I got back and was heavily

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Speaker 1: involved in a shareholder interface. Of course, been in a

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Speaker 1: cooperative plenty of times, certainly those times and you're offshore,

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Speaker 1: will you come back to New Zealand for workshops? Or

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Speaker 1: meetings as what it may be, and there are opportunities

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Speaker 1: at that point in time be going and spend some

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Speaker 1: time on farm and I enjoyed those times actually, and

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Speaker 1: I have fond memories and still keep in touch with

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Speaker 1: with some of those farmers now that actually hosted me

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Speaker 1: and at those times. And so that was I guess

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Speaker 1: my first for anto farming. But you know, how can

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Speaker 1: you grow up in New Zealand without knowing the impact

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Speaker 1: that rural New Zealand has on the economy anyway, So

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Speaker 1: that was my involvement.

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Speaker 3: It's been quite a journey though, hasn't it. I mean,

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Speaker 3: Fonterra today in twenty twenty five is probably quite a

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Speaker 3: different company to what you knew right through that tenure,

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Speaker 3: I imagine, and if we look at today, it feels

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Speaker 3: like the change is more to a business to business

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Speaker 3: relationship in terms of your customers. If we look at

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Speaker 3: that compared to where it was, it had you know,

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Speaker 3: more consumer focus in some ways explort obviously, always how

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Speaker 3: would you describe that transition?

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Speaker 1: Yeah, but even if I go back to my early

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Speaker 1: days in the industry, you have to remember that New

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Speaker 1: Zealand went through through significant milk growth. You know, the

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Speaker 1: early part of the two thousand and twenty ten, New

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Speaker 1: Zealand was growing significant milk through that period, and so

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Speaker 1: you know, I was involved at a time where you know,

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Speaker 1: the phrase was any any.

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Speaker 2: Sale was a good sale.

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Speaker 1: And by that what we meant was we had so

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Speaker 1: much milk coming at us in the international market. We

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Speaker 1: were out there finding new homes with this milk all

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Speaker 1: the time. And of course that meant you had you

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Speaker 1: were in all channels, you're in all categories, you're in

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Speaker 1: all markets, because as I say, every sale it was

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Speaker 1: a good sale. We're now you're in a situation where

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Speaker 1: milk is no longer in that growth phase, and so

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Speaker 1: therefore you can be a bit more selective around who

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Speaker 1: you play with, where you play, what categories, and which channels,

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Speaker 1: which is also brought about the change in our recent

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Speaker 1: strategy around we're going to be more focused to you

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Speaker 1: to the point you say, around our business to business

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Speaker 1: because we believe that's where our future lies. It's where

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Speaker 1: a competitive advantage has always been. We've also had just

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Speaker 1: had to be beyond that. When you think about that

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Speaker 1: significant milk growth through those through those really part of

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Speaker 1: the two thousands, so you know, it's evolving with both

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Speaker 1: the dynamics of the company, the dynamic of the industry.

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Speaker 1: You play in some of the geopolitical situation that we

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Speaker 1: see ourselves in. You know, if you're not focused and

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Speaker 1: targeted around where you think you're going to have the advantage,

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Speaker 1: you know, you run the risk of being you know,

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Speaker 1: running a market if you like. And so from our perspective,

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Speaker 1: all those things have played into our new strategy, which

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Speaker 1: we launched late last.

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Speaker 3: Year thinking of geopolitical Donald Trump, now the president of

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Speaker 3: the US, has talked a lot about tariff. So obviously

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Speaker 3: we do and I think Fonterra sends product to the US.

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Speaker 3: Any idea what impact that might have or is it

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Speaker 3: too early.

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Speaker 1: Well, he's been vocal, i think, right through his campaign

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Speaker 1: around what he's going to do with with tariff, and

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Speaker 1: you've seen that play out recently with with Canada and

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Speaker 1: Mexico and China. Some of the numbers that he's talked

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Speaker 1: about different from what he talked about in the election

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Speaker 1: and the election campaign that said, we always expected there

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Speaker 1: would be some some changes to what we've probably experienced

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Speaker 1: in the past in the past few years. So making

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Speaker 1: sure you understand and be prepared for. That is what

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Speaker 1: we've been focused on as an organization. But also you've

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Speaker 1: got to go back and realize, ninety five percent our

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Speaker 1: business is exportant and always has been.

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Speaker 2: And you know, there.

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Speaker 1: Wouldn't be a day go by where we don't have

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Speaker 1: some issue we're dealing with in some corner of the

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Speaker 1: world somewhere. And so while this is on a larger

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Speaker 1: scale than what we've ever seen probably for quite some time, Yeah,

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Speaker 1: we know how to deal with these things. And so

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Speaker 1: it's about being diversified and how you go to market

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Speaker 1: diversified in your custom relationships globally, making sure you're agile enough,

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Speaker 1: you've got a strong balance sheet to withstand things that

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Speaker 1: may be throw it at you. So so you know,

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Speaker 1: not a great outcome. And what he talks about around

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Speaker 1: twis ultimately our perspective is you know that the American

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Speaker 1: consumer is probably going to be the loser and all

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Speaker 1: of this, you know that the cost will clearly be

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Speaker 1: passed on. Already I've seen that play out in the

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Speaker 1: last couple of days with Canada and Mexico.

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Speaker 2: So not ideal.

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Speaker 1: If everyone's in the same boat, I mean, it doesn't

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Speaker 1: change our position globally but it's certainly something that we

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Speaker 1: need to think about and be concerned about as we

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Speaker 1: head into I think a different world era than what

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Speaker 1: we've been in previously.

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Speaker 3: Thinking of markets, I know, China has always been I

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Speaker 3: think your largest. We've just talked about the US, but

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Speaker 3: there must be other opportunities Southeast Asia. What would you

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Speaker 3: say are the emerging markets and your core markets?

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Speaker 1: At the moment, China sort of speaks for itself, and

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Speaker 1: it's been roughly a third of our book for quite

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Speaker 1: some time, and that comes and goes a little bit,

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Speaker 1: and the economy hasn't been great there the last couple

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Speaker 1: of years, but we're seeing that re emerged and so

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Speaker 1: so again talk about that roughly a third of our book.

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Speaker 1: You know, we see you free trading group with the

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Speaker 1: likes of the United Kingdom starting to really sort of

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Speaker 1: come into its own and we're making some great progress there.

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Speaker 1: North America, we've talked about that, but that is a

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Speaker 1: good market for us. But remember, you know, the large

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Speaker 1: developed economies of Europe, North America, you know, India are

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Speaker 1: very protected when it comes to the to dairy access

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Speaker 1: and we don't get we don't get free access into

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Speaker 1: these countries from a commodity perspective, so it means we've

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Speaker 1: got to think differently anyway, and we have done for

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Speaker 1: quite some time. So it's around where what is the

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Speaker 1: nutritional value of the products we're trying to send, and

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Speaker 1: what are the customer relationships where they wanted something unique

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Speaker 1: that we have, whether it be from an intellectual property,

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Speaker 1: from a nutrition perspective, or even from the wavy farm.

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Speaker 1: And so bringing those three things together around and using

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Speaker 1: that to access markets outside of the commodity sphere. But

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Speaker 1: then you talk about Southeast Asia minutes our backyard, it's

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Speaker 1: you know, we see huge prospects through there and continue

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Speaker 1: to see prospects. We've been those markets again for for

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Speaker 1: a number of years. In it they don't get a

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Speaker 1: lot of mention. I think, you know, places like Vietnam.

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Speaker 1: It's one of the largest growth stories for us in

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Speaker 1: the last couple of years. There's one hundred million people

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Speaker 1: in Vietnam. People sort of lose sight of that, and

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Speaker 1: it's just around the corner from Olpispeitre.

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Speaker 3: So they've got a rising birth rate still and like say.

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Speaker 1: The West, yeah, more than the West, but certainly slowed

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Speaker 1: down from what you would have seen in the past decade.

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Speaker 1: So not not not China stats or Japan or the weird,

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Speaker 1: but not also the growth rates that you see in

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Speaker 1: the likes of Africa. We still see significant growth. Middle

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Speaker 1: East and Africa birth rates are still continued to grow

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Speaker 1: a significant rates. So it's slowing down from where they

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Speaker 1: have been, but still off a very high base.

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Speaker 3: Is it infant formula or the whole spectrum? What what

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Speaker 3: sort of ingredients and the like are we thinking?

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Speaker 1: So, you know, our focus around the ingredient space is

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Speaker 1: mainly in that sports and active lifestyles and the adult nutrition.

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Speaker 1: We're not on the pediatric I mean, we supplied some

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Speaker 1: pediatric ingredients, but we decided quite some time ago that

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Speaker 1: we weren't going to focus on pediatrics and our focus was,

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Speaker 1: as I say, the sports and active lifestyles, the medical nutrition,

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Speaker 1: and the healthy aging. And so we see those as

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Speaker 1: growth categories as those populations. To you to the point

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Speaker 1: you made, as those populations start to well, birth rates

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Speaker 1: start to decline, you know, the population is moving into

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Speaker 1: the into the I guess the middle aged categories. That

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Speaker 1: what we call it, and so you know, developing products

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Speaker 1: to suit the lifestyles of those people.

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Speaker 3: What is the future you think for the dairy broadly

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Speaker 3: for New z not just Fonterra. We were always known

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Speaker 3: as a pretty hefty dairy producer. The world has changed.

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Speaker 3: Where do you see things going? I mean, will we

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Speaker 3: be known as we were previously as a dairy producer? Well,

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Speaker 3: how do you see that changing with you know, alternative milks, tariffs? Yeah,

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Speaker 3: the world's a different place.

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Speaker 1: Well, the world is a different place. But I think

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Speaker 1: what we've seen even in the last two or three

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Speaker 1: years and even go back through through COVID, you know,

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Speaker 1: the importance of the rural sector plays in New Zealand,

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Speaker 1: the importance of the dairy sector that plays in New Zealand.

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Speaker 1: Will I think we'll continue to play out well into

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Speaker 1: the future. And we've seen that play out now with

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Speaker 1: pretty healthy pricing. And so while there is you know

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Speaker 1: that the tariff position, you talk about geopolitics and play

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Speaker 1: you know, the rise of alternative products despite that, you know,

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Speaker 1: we've seen the milk price, our forecast milk pricess you'll

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Speaker 1: be the highest that will ever pay. And so the

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Speaker 1: future is and that's against the backdrop of I think

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Speaker 1: a growing population globally, a rising middle class, throughout some

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Speaker 1: of those Asian economies that we refer to, which is,

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Speaker 1: as I say, as our backyard, and people wanting to

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Speaker 1: know where their product comes from and how it's farmed.

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Speaker 1: And I think we have a unique proposition here in

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Speaker 1: New Zealand where predominantly cows are outside, they're grazing on

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Speaker 1: the pasture, they're taking advantage of the sun on the

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Speaker 1: rain we get in this country, and that's something that

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Speaker 1: is I think is quite unique on a global scale

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Speaker 1: at scale.

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Speaker 2: And that's the other point.

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Speaker 1: There are always pastor of farming systems around the world,

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Speaker 1: but it's scale. Very few people can do that, and

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Speaker 1: so when you sort of marry those things up together,

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Speaker 1: it's a unique proposition that very few of anyone can

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Speaker 1: do and so that I think has a great future

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Speaker 1: for the industry as a whole.

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Speaker 3: We're really good at producing milk products, if you like.

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Speaker 3: But then it's as you sort of said before, it's

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Speaker 3: a secret source of what we do with the oos

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Speaker 3: ingredients and the value adds stuff. How good are we

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Speaker 3: extracting the science and the formulas all that sort of thing.

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Speaker 3: Is that something that I mean, obviously Frontier has pursued that,

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Speaker 3: but I mean in New Zealand, will that change, you know,

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Speaker 3: our focus from being a producer to someone who's got

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Speaker 3: a more value add in there.

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Speaker 1: I think there'll always be a combination of both. And

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Speaker 1: you know there's a lot of new I say new,

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Speaker 1: but you know the last sort of five to ten years,

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Speaker 1: a lot of new entrance to the dear industry here

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Speaker 1: in New Zealand through through the deregulation of.

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Speaker 2: The industry back twenty odd years ago.

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Speaker 1: And so you know a lot of those people come

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Speaker 1: in the early days and make commodities and that would

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Speaker 1: probably make sense to get to get a foothold. But

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Speaker 1: as things evolve and you get stronger customer partnerships that

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Speaker 1: you know, they play on the same position that we

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Speaker 1: do around the pasta system and put some effort in

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Speaker 1: time and effort into things like innovation. I can see

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Speaker 1: that continue to evolve in New Zealand holding quite a

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Speaker 1: strong position when it comes to innovative dairy products.

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Speaker 3: Let's look then at the new strategy and the ingredients

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Speaker 3: business first. I mean there's the food services which I

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Speaker 3: think is more restaurant around the world ingredients and so

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Speaker 3: what are we talking how would you describe what that

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Speaker 3: business starts.

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Speaker 1: Yeah, so I refer to that that aging population and

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Speaker 1: and you know, you go, you go to a country

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Speaker 1: such as Japan, you know, and you know that their

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Speaker 1: population is age and I think that's that's well documented

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Speaker 1: and and they're relatively well off by global standards, and

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Speaker 1: so you know, consumers are looking for something that can

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Speaker 1: can make their life healthier, life goes longer. So so

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Speaker 1: of course they get out and they do a bit

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Speaker 1: of exercise, and we see that in the Japanese population,

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Speaker 1: but they complement that with also their their their diet

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Speaker 1: and so they also have a wonderful diet around seafood

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Speaker 1: and those sort of things. But they're starting to add

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Speaker 1: things like additional protein into their diets and and that's

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Speaker 1: exactly where we play. How can we support them by

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Speaker 1: adding more protein, more calcium into their diet that may

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Speaker 1: they may not get by consuming the general products that

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Speaker 1: they that they consume. And so you know that for

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Speaker 1: us is right in our wheelhouse around you know, healthy, aging,

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Speaker 1: sports and active. Last then you get into the other

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Speaker 1: end of the spectrum where you know people are consuming

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Speaker 1: you know, medical foods. They can't they can't take anything

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Speaker 1: through their mouth. Andy may have some issues with swallowing

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Speaker 1: or and so you know, how do they ingest something

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Speaker 1: that is good on the gut, but it gives them

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Speaker 1: the high protein content that they need to sustain a

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Speaker 1: longer life. And so developing products at a very high

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Speaker 1: top of the pyramid, if you like that. The it's

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Speaker 1: a it's a niche area, but it's a growing area

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Speaker 1: again with aging populations. You know, health issues globally, and

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Speaker 1: you think about something like North America that have got

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Speaker 1: a few health issues in certain areas, and you know,

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Speaker 1: we can come up with products to support them, working

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Speaker 1: with those multinationals that have very strong relationships with maybe

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Speaker 1: the medical or the hospital areas in the North America.

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Speaker 1: So that's that's certainly one area. And then at the

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Speaker 1: commodity and we'll always have some commodity products to support,

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Speaker 1: you know, underpinning their milk price that we need to

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Speaker 1: pay a farmer, our farmercyelders. But you know, volatility, which

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Speaker 1: didn't exist fifteen twenty years ago in this industry is

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Speaker 1: here and it's rife. I mean, prices will go up

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Speaker 1: and down quite significantly. And so how is there an

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Speaker 1: opportunity for us to take advantage? If you like of

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Speaker 1: making some cash out of that volatility to support again

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Speaker 1: as you older, so's there's a financial play in that

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Speaker 1: in that in that position as well. And then the

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Speaker 1: last piece when you talk when you talk about ingredients

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Speaker 1: is around how we make the products, and it's it's

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Speaker 1: you know, a truck goes on farm and collects the

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Speaker 1: milk and drives down the road, dump dumps at at

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Speaker 1: a factory, it goes in as white milk, and it

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Speaker 1: turns up as a product anywhere along that spectrum. We

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Speaker 1: believe there's some significant technologies that we can start to

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Speaker 1: bring to a manufacturing process that both reduce costs but

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Speaker 1: also think about new products that you may be able

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Speaker 1: to develop. So all of that encompassing into what we

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Speaker 1: believe is a strong ingredients proposition that that really I

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Speaker 1: think we just scratching the surface of it. If I

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Speaker 1: look through history, how the potentials as ends.

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Speaker 3: Just thinking we'll we'll jump to food service in a moment,

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Speaker 3: but just thinking about R and D. That's what it

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Speaker 3: sounds a lot like. And as you say there's lots

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Speaker 3: of potential, does that mean that the company would be

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Speaker 3: spending more in that area? Given you know what you're

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Speaker 3: trying to achieve.

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Speaker 1: Yeah, we've wrapped up our R and D spend quite

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Speaker 1: significantly in the last few years. And so again there's

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Speaker 1: a spectrum of that. There's sort of the near term,

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Speaker 1: you know, how do we adapt a product that's been

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Speaker 1: developed in Palms and North at a research center many

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Speaker 1: years ago. How did that get adapted into to suit

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Speaker 1: the palette or the consumer and say China or the

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Speaker 1: or the consumer in South Korea. And so there's there's

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Speaker 1: this sort of short term application work that we do.

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Speaker 1: But then there's also what does that breakthrough technology? Is

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Speaker 1: what is the next protein or amino acid that is

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Speaker 1: this and milk that we haven't yet developed, And there's

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Speaker 1: a lot of work that goes on and pumps the

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Speaker 1: North every day around our researchers that start to think

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Speaker 1: about that, and so we'll continue to invest in that.

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Speaker 1: And you referred before around fermented boks and some of

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Speaker 1: these sort of things. You know, we you know, we

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Speaker 1: believe that will play a part in the future. We're

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Speaker 1: in the spectrum of of consumers. Is it going to

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Speaker 1: be at the at the you know, the consumers of

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Speaker 1: white white milk end of you know, putting on their

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Speaker 1: sereal in the.

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Speaker 2: Morning or is it or is it going to be those.

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Speaker 1: At the medical nutrition And we probably think more towards

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Speaker 1: the medical nutrition. And therefore, you know, how do we

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Speaker 1: understand how that technology plays out? So, yeah, we are

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Speaker 1: investing heavily in those areas. In addition to as I say,

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Speaker 1: you know, how do how do we make sure that

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Speaker 1: the that the next pizza, cheese, you browns consistently and

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Speaker 1: stretches consistently, things things that the consumer just expects.

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Speaker 3: So food service, then as I understand that that's more

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Speaker 3: like restaurants around the world, and maybe cream mozzarella tell me,

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Speaker 3: is that the key things that they're after?

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Speaker 1: Yeah, predominantly and and so cream is sort of the

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Speaker 1: hero product, if you like, in in the Chinese market.

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Speaker 3: I the eleven varieties of.

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Speaker 1: Cream, right, yeah, there are and and so you know,

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Speaker 1: maybe for you and I you look at it and

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Speaker 1: taste it, and and they may seem the same, but

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Speaker 1: but the applications are different. And so you know, you

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Speaker 1: might you might use a cream to make a past

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Speaker 1: the sauce, or you might use a creams that goes

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Speaker 1: on on a on a on a sponge cake, and

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Speaker 1: they are different creams. And then there are creams that

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Speaker 1: go into tea and into coffees, which scones which I

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Speaker 1: used differently, And so making sure you've got the right

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Speaker 1: product for the right application. Of course, if you think

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Speaker 1: about you know, a large bakery chain, you know, you know,

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Speaker 1: for them, it's around through put, it's around usability of

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Speaker 1: that product, it's around yield. You know, they make a cake,

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Speaker 1: how do they ensure that the cake stays a big

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Speaker 1: if that's the big in the cabinet and doesn't sink

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Speaker 1: over time, over a couple of hours. And so you're

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Speaker 1: developing creams to support that. And China has been a

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Speaker 1: wonderful market for us probably in the last seven or

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Speaker 1: eight years in the main but but it's but it's

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Speaker 1: doing very well. But how do we then replicate that

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Speaker 1: throughout Southeast Asia? But but we're planned it sort of

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Speaker 1: the again the top of the perimid. We're playing with

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Speaker 1: consumers that have got a little bit of disposable income,

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Speaker 1: mainly in that eastern seaboard, and so how do you

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Speaker 1: make sure you can replicate that with consumers that may

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Speaker 1: not have that cash and so coming up with cheaper

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Speaker 1: products if you like that can go maybe into sort

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Speaker 1: of more rural or inland China, or into some of

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Speaker 1: those Southeast Asian economies that haven't quite got the GDPP

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Speaker 1: capital that China has and that top end. So again

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Speaker 1: it's it's it's evolving the products to suit. Then then

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Speaker 1: of course you talk about pizza cheese again it's similar markets,

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Speaker 1: the western style dies that you see starting to emerge

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Speaker 1: through throughout Southeast Asia and into China. But again what

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Speaker 1: why not into the United Kingdom again with with with

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Speaker 1: our free trade agreement and we've got you know, very

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Speaker 1: similar sort of taste profiles the way that the British

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Speaker 1: consumer consumes as we do, so we think we've got

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Speaker 1: something to offer there and in that regard. So it's

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Speaker 1: around just identifying your markets and identifying the categories in

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Speaker 1: which you want to play some miles.

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Speaker 3: If we think about where you're going with the consumer business,

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Speaker 3: it's been well documented that it's possibly an IPO or

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Speaker 3: a trade sale, and we're also talking consumer in Fontira,

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Speaker 3: Oceania and spread Lanka businesses. Once that's all done and

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Speaker 3: dusted at the moment, it's a bit of market sensors,

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Speaker 3: so we can't go into the detail. But once that

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Speaker 3: has happened, what sort of aspects are you thinking you'll

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Speaker 3: divest that money into.

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Speaker 1: As you say, we're in the process and the team

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Speaker 1: are running fast on that process around the dual track now.

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Speaker 1: But an IPO or a trade sale, of course, the

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Speaker 1: outcome of that will determine what the proceeds look like

438
00:20:42,359 --> 00:20:45,000
Speaker 1: and what we do that. But we set our strategy

439
00:20:45,040 --> 00:20:47,280
Speaker 1: last year. We set our strategy last year and focused

440
00:20:47,280 --> 00:20:50,159
Speaker 1: on as we've talked about the ingredients business and our

441
00:20:50,160 --> 00:20:55,479
Speaker 1: food service business, you know, digitizing or or upgrading our

442
00:20:55,520 --> 00:20:59,359
Speaker 1: operations facility. We've also talked about sustainability, so there's some

443
00:20:59,400 --> 00:21:03,000
Speaker 1: significant care will spend that is already peaked for those.

444
00:21:02,760 --> 00:21:05,720
Speaker 2: Things that aside, it'd be nice.

445
00:21:05,760 --> 00:21:07,639
Speaker 1: I think there's some some proceeds that are that are

446
00:21:07,680 --> 00:21:09,399
Speaker 1: remaining and the decision will.

447
00:21:09,280 --> 00:21:09,720
Speaker 2: Have to be made.

448
00:21:09,760 --> 00:21:11,760
Speaker 1: It's too early to talk about what that looks like yet.

449
00:21:12,280 --> 00:21:14,879
Speaker 1: But we've also said and we're required to seek a

450
00:21:14,960 --> 00:21:17,719
Speaker 1: shoeholder vote at the point in time when we are

451
00:21:17,760 --> 00:21:20,800
Speaker 1: at a stage of IPO or trade sale or something

452
00:21:21,200 --> 00:21:23,720
Speaker 1: a variant thereof, and at that point in time we'll

453
00:21:23,720 --> 00:21:25,720
Speaker 1: have to give some indications to a shoeholder around what

454
00:21:25,760 --> 00:21:28,359
Speaker 1: those devestment proteins may or may not do so, So

455
00:21:28,400 --> 00:21:30,320
Speaker 1: it's too early to talk about that in any detail

456
00:21:30,400 --> 00:21:33,160
Speaker 1: other than you know, we do have a strong strategy

457
00:21:33,200 --> 00:21:35,320
Speaker 1: now that that's clearly focused on what we're going to

458
00:21:35,359 --> 00:21:37,159
Speaker 1: be good at, where we are good at, and what

459
00:21:37,200 --> 00:21:39,880
Speaker 1: we're going to focus focus on going forward. That'll need

460
00:21:39,920 --> 00:21:44,120
Speaker 1: some capital as will allow sustainability initiatives, but but we'll

461
00:21:44,119 --> 00:21:45,880
Speaker 1: talk to our farmer sholders at that point in time.

462
00:21:46,880 --> 00:21:50,399
Speaker 3: Yeah, sustainability is a big one, and it's taking a

463
00:21:50,440 --> 00:21:51,920
Speaker 3: bit of a back seat with what's happening in the

464
00:21:52,040 --> 00:21:55,200
Speaker 3: US and the like. But I think for Scope three

465
00:21:55,240 --> 00:21:57,640
Speaker 3: and all the things, being a multinational, it's something obviously

466
00:21:57,760 --> 00:22:00,359
Speaker 3: you know you've got to keep up with. I know

467
00:22:00,400 --> 00:22:03,480
Speaker 3: that you've got the pilot farm in Taranaki, you're looking

468
00:22:03,520 --> 00:22:06,600
Speaker 3: to get to zero. But also I think you announced

469
00:22:07,200 --> 00:22:10,280
Speaker 3: only a few days ago a sort of electrification program

470
00:22:10,320 --> 00:22:13,399
Speaker 3: one hundred and fifty million I think it was. So

471
00:22:13,440 --> 00:22:18,560
Speaker 3: we're talking chiling EV tankers and we're talking about boilers

472
00:22:18,560 --> 00:22:21,360
Speaker 3: that were cold going to electrode. Tell us a little

473
00:22:21,400 --> 00:22:22,280
Speaker 3: bit more about that.

474
00:22:23,000 --> 00:22:25,880
Speaker 1: Yes, So that you made a comment there that things

475
00:22:25,880 --> 00:22:29,720
Speaker 1: are gone on the back border with what's happening internationally,

476
00:22:29,840 --> 00:22:35,240
Speaker 1: and while that may or may not be the case,

477
00:22:35,000 --> 00:22:37,480
Speaker 1: these decisions for us are long term and take a

478
00:22:37,480 --> 00:22:40,320
Speaker 1: long time to come to fruition. And so you know

479
00:22:40,359 --> 00:22:43,520
Speaker 1: one hundred and fifty odd million that we announced last week,

480
00:22:44,480 --> 00:22:46,639
Speaker 1: you know they're going to take three four five years

481
00:22:46,680 --> 00:22:50,280
Speaker 1: to really be fully implemented. By the time you procure,

482
00:22:50,520 --> 00:22:52,480
Speaker 1: you you can only pull a site down in the

483
00:22:52,520 --> 00:22:55,320
Speaker 1: off season, all these sort of things. So if we

484
00:22:55,320 --> 00:22:59,000
Speaker 1: were going to run a political cycle or you know,

485
00:22:59,240 --> 00:23:02,560
Speaker 1: run with the political sentiment of the day, you would

486
00:23:02,560 --> 00:23:04,080
Speaker 1: be going to know where we're actually going to get

487
00:23:04,080 --> 00:23:06,640
Speaker 1: on with this stuff. But there's also another factor that's

488
00:23:06,680 --> 00:23:09,000
Speaker 1: often missed through this is there's a security supply.

489
00:23:08,760 --> 00:23:09,320
Speaker 2: Piece in there.

490
00:23:09,760 --> 00:23:12,520
Speaker 1: So sustainability certainly is a key driver and a key

491
00:23:12,560 --> 00:23:15,000
Speaker 1: part of it, but security of supply, and what I

492
00:23:15,000 --> 00:23:17,760
Speaker 1: mean by that is that we may run the risk

493
00:23:17,880 --> 00:23:20,120
Speaker 1: of actually not actually having cold to put in our

494
00:23:20,520 --> 00:23:23,080
Speaker 1: drives and into our boilers at some point in time

495
00:23:23,400 --> 00:23:25,879
Speaker 1: if there is no cold, because there's no resource consents

496
00:23:25,920 --> 00:23:28,920
Speaker 1: to do it. Things like we've also seen the natural

497
00:23:28,920 --> 00:23:30,359
Speaker 1: gas issues that we've seen and he's in in the

498
00:23:30,440 --> 00:23:32,639
Speaker 1: last couple of years. I mean, it's been very tough

499
00:23:32,880 --> 00:23:34,560
Speaker 1: to try and manage our business in the last year

500
00:23:34,600 --> 00:23:36,719
Speaker 1: or two through that situation. So how do you try

501
00:23:36,800 --> 00:23:39,160
Speaker 1: and reduce the risk or reliance on some of those

502
00:23:39,200 --> 00:23:42,200
Speaker 1: other things that that may not be on the ticket

503
00:23:42,560 --> 00:23:45,400
Speaker 1: or may not have been on the ticket to replace immediately.

504
00:23:45,480 --> 00:23:48,040
Speaker 1: So we need to continue to focus on that, I

505
00:23:48,040 --> 00:23:52,200
Speaker 1: think irrespective. But again we talk about scope one and two,

506
00:23:52,200 --> 00:23:55,400
Speaker 1: which is predominantly our boilers and our ev fleet, sorry,

507
00:23:55,720 --> 00:23:58,760
Speaker 1: our tanker fleet, which we are making some plays there,

508
00:23:59,640 --> 00:24:02,040
Speaker 1: but the vast majority of our missions is a cooperative

509
00:24:02,240 --> 00:24:06,600
Speaker 1: are behind farm gate one percent I think are behind

510
00:24:06,600 --> 00:24:09,800
Speaker 1: gate farm gate and predominantly it's methane me saying. And

511
00:24:09,880 --> 00:24:12,159
Speaker 1: so we've got a partnership there with the government, the

512
00:24:12,160 --> 00:24:14,400
Speaker 1: AGRA zero in Z partnership, and we've got to see

513
00:24:14,400 --> 00:24:19,199
Speaker 1: that move at pace to move from ideas and concepts

514
00:24:19,840 --> 00:24:22,240
Speaker 1: businesses they're investing in, and they've invested in a number

515
00:24:22,280 --> 00:24:25,679
Speaker 1: of businesses already globally in the early startups phase. How

516
00:24:25,720 --> 00:24:27,600
Speaker 1: do we move that into mitigants, How do we move

517
00:24:27,640 --> 00:24:30,760
Speaker 1: that into into adaptation and getting to it getting our

518
00:24:30,800 --> 00:24:33,600
Speaker 1: shareholders to a point where they've got some tools they

519
00:24:33,600 --> 00:24:37,119
Speaker 1: can use now or in the relatively near term to

520
00:24:37,160 --> 00:24:39,240
Speaker 1: actually go about get on top of some of this

521
00:24:39,320 --> 00:24:43,240
Speaker 1: methane issues. So that's where the focus on on agrazera

522
00:24:43,280 --> 00:24:45,679
Speaker 1: and Z will be. And and please with the progress

523
00:24:45,680 --> 00:24:46,640
Speaker 1: that that's making already.

524
00:24:47,000 --> 00:24:50,720
Speaker 3: Are we going fast enough? Though it so hard nut

525
00:24:50,720 --> 00:24:51,080
Speaker 3: to crack.

526
00:24:52,000 --> 00:24:54,040
Speaker 1: It is a hard nut to crack, but I think

527
00:24:54,040 --> 00:24:56,560
Speaker 1: we are. And the reason I say that is because

528
00:24:56,920 --> 00:24:59,480
Speaker 1: you want to get this thing right, and you're playing

529
00:24:59,520 --> 00:25:02,240
Speaker 1: with the bol logical system of a car, you get

530
00:25:02,280 --> 00:25:04,439
Speaker 1: ahead of yourself and start to cut corners and not

531
00:25:04,480 --> 00:25:06,720
Speaker 1: do the things properly and do the trials correctly. And

532
00:25:07,840 --> 00:25:10,159
Speaker 1: the implications on the on the animal, the implications on

533
00:25:10,200 --> 00:25:12,880
Speaker 1: the milk, the implications on the on the on the land,

534
00:25:12,960 --> 00:25:15,040
Speaker 1: the implications on the on the final consumer, all those

535
00:25:15,040 --> 00:25:17,440
Speaker 1: things you really want to make sure you do properly

536
00:25:17,440 --> 00:25:19,000
Speaker 1: because you only get one chance at it. So I

537
00:25:19,000 --> 00:25:22,240
Speaker 1: think we are doing it right. You know, we could

538
00:25:22,280 --> 00:25:24,920
Speaker 1: always go faster, but it's it's it's as I say,

539
00:25:24,920 --> 00:25:26,440
Speaker 1: you need to, you need to raw that against the

540
00:25:26,520 --> 00:25:29,320
Speaker 1: risk of going too far. So I'm pleased with the

541
00:25:29,320 --> 00:25:31,920
Speaker 1: progress that the team are making. But you know, twenty

542
00:25:31,960 --> 00:25:34,560
Speaker 1: thirty is not that far away. Is the first stake

543
00:25:34,600 --> 00:25:38,280
Speaker 1: in the ground. So I'm as I'm pleased with with

544
00:25:38,359 --> 00:25:40,439
Speaker 1: where that where farmers are at as well, they're becoming

545
00:25:40,440 --> 00:25:43,520
Speaker 1: more efficient without some of those those tools, and so

546
00:25:43,520 --> 00:25:44,960
Speaker 1: I think we should also acknowledge that.

547
00:25:45,720 --> 00:25:48,520
Speaker 3: Yeah, and it would it be that overseas someone might

548
00:25:48,600 --> 00:25:50,639
Speaker 3: come up with something that would be helpful or is

549
00:25:50,640 --> 00:25:53,119
Speaker 3: it really we are focused here because we have them,

550
00:25:53,920 --> 00:25:55,720
Speaker 3: you know the biggest.

551
00:25:57,280 --> 00:26:02,600
Speaker 1: Well, methane is a global issue. Agricultural methane emissions as

552
00:26:02,640 --> 00:26:05,399
Speaker 1: a global issue. We have a unique parts of system,

553
00:26:05,760 --> 00:26:07,720
Speaker 1: which we talked about before, and so some of the

554
00:26:07,760 --> 00:26:10,679
Speaker 1: tools that are being developed have not been developed to

555
00:26:10,720 --> 00:26:13,919
Speaker 1: support a farming system that cows are outside. And so

556
00:26:14,280 --> 00:26:16,679
Speaker 1: making sure that we can adapt if there are some

557
00:26:16,720 --> 00:26:20,399
Speaker 1: technologies that have developed overseas for different farmsism, how can

558
00:26:20,400 --> 00:26:22,639
Speaker 1: we adapt to New Zealand systems so that egg zero

559
00:26:22,760 --> 00:26:24,160
Speaker 1: are also tasked worth.

560
00:26:23,960 --> 00:26:24,560
Speaker 2: Doing that also?

561
00:26:25,200 --> 00:26:28,200
Speaker 1: And so I see that is another way hopefully to

562
00:26:28,640 --> 00:26:29,760
Speaker 1: solve in the big issue.

563
00:26:30,760 --> 00:26:39,360
Speaker 3: Looking ahead, there's always challenges and businesses you've said, you know, COVID, energy, geopolitical,

564
00:26:39,480 --> 00:26:42,240
Speaker 3: whatever it might be. What do you see for twenty

565
00:26:42,320 --> 00:26:46,679
Speaker 3: twenty five anyway, the main challenges are head forth on.

566
00:26:46,760 --> 00:26:50,280
Speaker 1: Terra you know, I think the geopolitical landscape that we

567
00:26:50,320 --> 00:26:52,960
Speaker 1: see ourselves, and you know, we've been dealing with us,

568
00:26:52,760 --> 00:26:56,120
Speaker 1: as I say, for a long long time. But yeah,

569
00:26:56,119 --> 00:26:59,560
Speaker 1: the situations planning out in Ghars, of the situation that's

570
00:26:59,560 --> 00:27:04,159
Speaker 1: been playing out in Ukraine, you know, the elections that

571
00:27:04,160 --> 00:27:06,639
Speaker 1: we've seen in North America. All these things you know,

572
00:27:06,680 --> 00:27:10,760
Speaker 1: have have seen more come to light, I guess in

573
00:27:10,800 --> 00:27:12,679
Speaker 1: a relatively short period of time. So making sure we're

574
00:27:12,760 --> 00:27:16,280
Speaker 1: nimble enough for that, having a strong balance sheet to

575
00:27:16,280 --> 00:27:20,520
Speaker 1: withstand any shocks that come our way, really strong customer partnerships,

576
00:27:20,560 --> 00:27:22,719
Speaker 1: and so despite all these things that going around us,

577
00:27:22,760 --> 00:27:25,159
Speaker 1: you know, people still need to eat, people still need

578
00:27:25,200 --> 00:27:27,880
Speaker 1: to consume, and if things get hard, you know, having

579
00:27:27,880 --> 00:27:31,520
Speaker 1: the wrong relationships and place globally could sit you back.

580
00:27:31,520 --> 00:27:33,720
Speaker 1: But if you've got these partnerships, the custom partnerships that

581
00:27:33,760 --> 00:27:36,160
Speaker 1: have been around for a long long time, they will

582
00:27:36,240 --> 00:27:38,880
Speaker 1: stand us in good stead. We believe to get us through.

583
00:27:38,920 --> 00:27:42,040
Speaker 1: And then you know, it sounds simple, but the diversification

584
00:27:42,119 --> 00:27:45,840
Speaker 1: of our markets. You know, as you know, while there's

585
00:27:45,840 --> 00:27:48,000
Speaker 1: some markets that we may struggle to deal with sometimes

586
00:27:48,040 --> 00:27:50,200
Speaker 1: because it can be a little bit tough and getting

587
00:27:50,200 --> 00:27:52,760
Speaker 1: cash out of them or they may speak a different language,

588
00:27:52,840 --> 00:27:55,600
Speaker 1: whatever it may be. You know, just having that the

589
00:27:55,640 --> 00:27:57,159
Speaker 1: boots on the ground to be able to deal with

590
00:27:57,160 --> 00:28:00,080
Speaker 1: those markets and those customers because at certain times you

591
00:28:00,480 --> 00:28:03,160
Speaker 1: need them. And so that's important for us and something

592
00:28:03,160 --> 00:28:04,320
Speaker 1: that's helped us to date.

593
00:28:04,800 --> 00:28:07,800
Speaker 3: In terms of investors, for Cheesys and investors anyway. I mean,

594
00:28:07,840 --> 00:28:10,280
Speaker 3: I probably should explain that there are the two types

595
00:28:10,320 --> 00:28:13,520
Speaker 3: of Fonterra shares. Is the co op sheares if CG

596
00:28:13,720 --> 00:28:15,960
Speaker 3: I think it is, and then you've got the Fonterra

597
00:28:16,040 --> 00:28:18,800
Speaker 3: sha hold a fund with the if S if threct fund,

598
00:28:19,119 --> 00:28:22,119
Speaker 3: which is probably what most shares these investors will be

599
00:28:22,160 --> 00:28:26,760
Speaker 3: thinking about. Obviously, investors always look at the outlook and

600
00:28:26,800 --> 00:28:30,800
Speaker 3: where a company is going. China obviously being talked about

601
00:28:30,840 --> 00:28:32,960
Speaker 3: a lot. You've got the farm gate price, those sorts

602
00:28:32,960 --> 00:28:36,320
Speaker 3: of things. The outlook. I think you gave some guidance

603
00:28:36,400 --> 00:28:40,280
Speaker 3: back in December and it would seem fairly, as you say,

604
00:28:40,320 --> 00:28:43,680
Speaker 3: record highs for that farm gate price. Is there anything

605
00:28:43,920 --> 00:28:46,959
Speaker 3: else that's helpful for investors to understand in terms of

606
00:28:48,040 --> 00:28:49,520
Speaker 3: you know, where a company might be headed.

607
00:28:51,360 --> 00:28:53,240
Speaker 1: I mean, look, it's no secret that we went through

608
00:28:53,280 --> 00:28:55,840
Speaker 1: some pretty tough times. You go back to twenty seventeen,

609
00:28:55,920 --> 00:28:58,320
Speaker 1: eighteen nineteen and we had to sort of do things differently,

610
00:28:58,360 --> 00:29:02,000
Speaker 1: and we've talked a bit about that, and you know,

611
00:29:02,200 --> 00:29:03,840
Speaker 1: as a result, our shear for us took a hit

612
00:29:03,920 --> 00:29:05,680
Speaker 1: and probably right rightly so.

613
00:29:05,840 --> 00:29:07,280
Speaker 2: But but hopefully in the last two.

614
00:29:07,240 --> 00:29:10,240
Speaker 1: Or three years, you know, we're showing our investors, we're

615
00:29:10,240 --> 00:29:13,520
Speaker 1: shown our shearholders, we're shown that the unit holders that

616
00:29:13,920 --> 00:29:15,240
Speaker 1: you know we stand up and say we're going to

617
00:29:15,280 --> 00:29:16,400
Speaker 1: do something, we get on and do it.

618
00:29:17,200 --> 00:29:18,080
Speaker 2: We are delivering.

619
00:29:18,200 --> 00:29:21,640
Speaker 1: Our performance has shown that we're delivering and despite a

620
00:29:21,680 --> 00:29:25,080
Speaker 1: record high milk price, you know, earnings and the earnings

621
00:29:25,080 --> 00:29:27,080
Speaker 1: persh year guidance that we've got out there is also

622
00:29:27,840 --> 00:29:32,920
Speaker 1: pretty good. We've we've increased our dividend policy, which also

623
00:29:33,000 --> 00:29:36,200
Speaker 1: shows that that there's a there's a half decent yield

624
00:29:36,200 --> 00:29:39,520
Speaker 1: there as well. So all those things hopefully give some

625
00:29:39,560 --> 00:29:43,240
Speaker 1: confidence to to to the sharholder community that we're here

626
00:29:43,320 --> 00:29:48,840
Speaker 1: for all our stakeholder groups, which includes farmers, unit holders.

627
00:29:49,480 --> 00:29:51,720
Speaker 1: Clearly the New Zeald public have an interest in what

628
00:29:51,760 --> 00:29:54,640
Speaker 1: we do and Wellington obviously like to take a bit

629
00:29:54,640 --> 00:29:57,080
Speaker 1: of interest from time to time. So you know, we

630
00:29:57,160 --> 00:29:59,200
Speaker 1: understand the role that we play. But but you know,

631
00:29:59,320 --> 00:30:03,560
Speaker 1: hopefully the foremanths to date, the clarity of our strategy

632
00:30:03,600 --> 00:30:08,680
Speaker 1: and where we're heading gives that confidence that UNI holders

633
00:30:08,680 --> 00:30:10,040
Speaker 1: and shoolders have in their business.

634
00:30:10,240 --> 00:30:16,200
Speaker 3: So your March results are coming soon, and who knows,

635
00:30:16,680 --> 00:30:19,280
Speaker 3: we can't expect too many surprises, but you're pretty confident

636
00:30:19,320 --> 00:30:22,000
Speaker 3: that things are steady in tracking along.

637
00:30:22,240 --> 00:30:26,440
Speaker 1: Yeah, so that finished over the weekend the thirty. The

638
00:30:26,560 --> 00:30:28,480
Speaker 1: end of January was the end of the half years,

639
00:30:28,680 --> 00:30:31,680
Speaker 1: and so yeah, we're expected to come out in mid

640
00:30:31,720 --> 00:30:34,360
Speaker 1: March with what those results look like. And so yeah,

641
00:30:34,400 --> 00:30:36,520
Speaker 1: there's nothing to get away from our guidance that we've

642
00:30:36,520 --> 00:30:38,040
Speaker 1: got out there at the moment of forty to sixty

643
00:30:38,080 --> 00:30:40,760
Speaker 1: cents and a milk price of ten dollars mid point.

644
00:30:40,800 --> 00:30:43,520
Speaker 3: I think farmers are a bit happier now from what

645
00:30:43,600 --> 00:30:45,560
Speaker 3: from all accounts, as you know, as you say, you're

646
00:30:45,600 --> 00:30:48,600
Speaker 3: sort of a public farmer. Everybody's got an interest in

647
00:30:48,720 --> 00:30:52,280
Speaker 3: Fontierra kind of thing, I know, with the partnership with

648
00:30:52,400 --> 00:30:56,120
Speaker 3: Cheeseys has with Fontira obviously, now farmers can trade their

649
00:30:56,200 --> 00:30:59,680
Speaker 3: years on Cheesya's and do it on their mobile and

650
00:30:59,720 --> 00:31:02,440
Speaker 3: have a more going there. Have you had any feedback

651
00:31:02,480 --> 00:31:05,200
Speaker 3: about how that's been going and it has changed for

652
00:31:05,200 --> 00:31:07,080
Speaker 3: for how to think about their business.

653
00:31:07,560 --> 00:31:11,320
Speaker 1: Yeah, you know there's a broad spectrum. When you got

654
00:31:11,560 --> 00:31:13,560
Speaker 1: eight or nine thousand year old that there is a

655
00:31:13,560 --> 00:31:15,640
Speaker 1: broad spectrum. And I suspect they one or two farms

656
00:31:15,640 --> 00:31:17,400
Speaker 1: out there that still don't have a mobile device, but

657
00:31:17,440 --> 00:31:20,440
Speaker 1: we'll put them aside for the moment. But but you know,

658
00:31:20,480 --> 00:31:22,520
Speaker 1: the feedback I've had is that the simplicity of it,

659
00:31:22,840 --> 00:31:25,520
Speaker 1: the visibility, I think, the visibility without them to sort

660
00:31:25,520 --> 00:31:27,920
Speaker 1: of get back at home at night and open their

661
00:31:28,080 --> 00:31:31,040
Speaker 1: their their laptop or their PC. And so the visibility

662
00:31:31,360 --> 00:31:33,440
Speaker 1: and the flexibility I think is something that that they're

663
00:31:33,640 --> 00:31:37,360
Speaker 1: that that that that they're enjoying. And so you know,

664
00:31:37,400 --> 00:31:39,520
Speaker 1: they've been asking for for more of these things. Their

665
00:31:39,520 --> 00:31:42,080
Speaker 1: shareholders have been asking for for you know, how do

666
00:31:42,240 --> 00:31:44,120
Speaker 1: they become more mobile? How do they do two things

667
00:31:44,160 --> 00:31:46,280
Speaker 1: at once? How do they walk around the farm? Because

668
00:31:46,280 --> 00:31:47,480
Speaker 1: that's you know a lot of these a lot of

669
00:31:47,480 --> 00:31:49,640
Speaker 1: these farmers they got into farming for a reason for

670
00:31:49,680 --> 00:31:52,120
Speaker 1: the lifestyle of actually getting out there doing been out

671
00:31:52,160 --> 00:31:53,880
Speaker 1: there with their cows and been out there on the

672
00:31:53,960 --> 00:31:54,600
Speaker 1: on on the land.

673
00:31:54,600 --> 00:31:55,240
Speaker 2: But how do they do.

674
00:31:55,200 --> 00:31:58,360
Speaker 1: That and actually keep keeping touch and so that the

675
00:31:58,440 --> 00:32:00,160
Speaker 1: more we can come up with tools and ideas like

676
00:32:00,240 --> 00:32:02,120
Speaker 1: this for them are the better. So yeah, world done

677
00:32:02,160 --> 00:32:03,480
Speaker 1: to shares, He's for doing it.

678
00:32:03,680 --> 00:32:06,080
Speaker 3: Miles will end it there. But I've got one last

679
00:32:06,200 --> 00:32:10,040
Speaker 3: question for you. And you've been in the top job,

680
00:32:10,120 --> 00:32:13,000
Speaker 3: if you like, for probably more than five years now,

681
00:32:13,040 --> 00:32:14,000
Speaker 3: it's coming up seven.

682
00:32:14,080 --> 00:32:16,120
Speaker 2: Is that right close to in August?

683
00:32:16,440 --> 00:32:21,160
Speaker 3: Yeah, you're obviously sticking around. You've got more to achieve.

684
00:32:21,200 --> 00:32:24,920
Speaker 3: It does sound like what excites you about the future.

685
00:32:26,200 --> 00:32:26,400
Speaker 4: Yeah.

686
00:32:26,440 --> 00:32:29,400
Speaker 1: I mean there are very few jobs i think in

687
00:32:30,000 --> 00:32:33,800
Speaker 1: New Zealand that had the span that Fontira does. And

688
00:32:33,880 --> 00:32:36,680
Speaker 1: so you know, I'll go to a barbecue in the

689
00:32:36,680 --> 00:32:39,760
Speaker 1: weekend and someone's got a view on Fontier and that's

690
00:32:39,800 --> 00:32:43,200
Speaker 1: that's that's great. You know, the role we play in

691
00:32:43,280 --> 00:32:46,400
Speaker 1: rural New Zealand and the decisions that we make in

692
00:32:46,400 --> 00:32:48,600
Speaker 1: this building around around the world every day have an

693
00:32:48,640 --> 00:32:52,400
Speaker 1: impact on rural New Zealand. That's something that that I'm

694
00:32:52,560 --> 00:32:55,800
Speaker 1: quite excited about. And while it doesn't say we have

695
00:32:56,080 --> 00:32:58,640
Speaker 1: a a lot of influence in Wellington, you know that

696
00:32:58,680 --> 00:33:00,800
Speaker 1: a lot of the decisions we make will so can

697
00:33:00,920 --> 00:33:04,080
Speaker 1: have an outcome also from a political standpoint, So how

698
00:33:04,080 --> 00:33:05,920
Speaker 1: do we try and influence some of the decision making

699
00:33:06,360 --> 00:33:08,600
Speaker 1: for the right outcome for we believe in New Zealand,

700
00:33:08,600 --> 00:33:11,160
Speaker 1: but also from our farmer's shielders. So you know, those

701
00:33:11,200 --> 00:33:15,280
Speaker 1: things do excite me. And as I say, seven years

702
00:33:15,320 --> 00:33:18,400
Speaker 1: come August and I'm silly, I'm still enjoying it. And

703
00:33:18,640 --> 00:33:21,560
Speaker 1: until my wife will my cheirmen tell me otherwise.

704
00:33:22,680 --> 00:33:23,400
Speaker 2: I'll stick around.

705
00:33:23,760 --> 00:33:26,680
Speaker 3: Thanks Myles, I really appreciate you giving us the time today,

706
00:33:27,040 --> 00:33:29,560
Speaker 3: and thanks everyone for tuning in. You can listen to

707
00:33:29,680 --> 00:33:33,120
Speaker 3: Shared Lunch on whatever podcast apps you favor, and you

708
00:33:33,160 --> 00:33:36,600
Speaker 3: can also see us on YouTube. Thanks for joining us,

709
00:33:36,760 --> 00:33:38,840
Speaker 3: and leave us a rating and tell us what you'd

710
00:33:38,880 --> 00:33:40,680
Speaker 3: like to hear next. Ma TWA