CBH lifts spend on network

27 Feb, 2014 10:13 AM
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6
 
Brendon Williamson (left), Belka, CBH chief executive officer Dr Andy Crane and CBH director John Hassell, Pingelly.
Brendon Williamson (left), Belka, CBH chief executive officer Dr Andy Crane and CBH director John Hassell, Pingelly.

CBH Group shareholders were told an additional $45 million of capital and $10m of maintenance funds would be committed to improving WA’s grain network performance within the next 12 months following the State’s 2013/14 record-breaking harvest at yesterday’s AGM.

At the AGM, CBH chairman Neil Wandel announced a total network expenditure budget (including capital and maintenance) of $185m would be allocated for 2014.

The meeting was told in the last financial year CBH invested $155m to enhance the network which included throughput projects that greatly improved the business’s ability to take in a fast and large harvest with minimum disruption.

Mr Wandel said this year’s additional funding allocated would only increase that potential.

CBH chief executive officer Dr Andy Crane said the group achieved retained earnings of $131.7m for the 2012/13 financial year which would help to strengthen the supply chain to market and growers’ long term viability.

District two director Vern Dempster and district four director Wally Newman were both welcomed back to the co-op’s board following their unopposed re-elections.

Rod Madden was also welcomed to the board as a representative for district one after he beat former director Clancy Michael in the grower voting.

After the AGM independent director Samantha Tough was also welcomed to the board following Diane Smith-Gander’s retirement.

For more on CBH’s 2014 AGM see next week’s Farm Weekly.

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READER COMMENTS

Mark
27/02/2014 7:45:18 PM, on Farm Weekly

Hmmmmmm, I hope CBH is generating a greater return on equity than my farm! Otherwise give me the capital!
Deregul8
27/02/2014 8:40:34 PM, on Farm Weekly

Call me a cynic but this reeks of grease money to soften the mob to a grand ego driven entrance into the East Coast. CBH will be on the market within 5 years. Such a pity
Dave Stalker
27/02/2014 9:22:14 PM, on Farm Weekly

Need to start investing in outturn. Feeding the world with front end loaders one bucket at a time is mind boggling inefficient. How about reducing the number of barley stacks to encourage fewer barley varieties? That move in itself wouldn't cost the co-op a red cent. Too many segregations.
Angry CBH Shareholder
28/02/2014 6:35:45 AM, on Farm Weekly

This is a message to the board. Previously loyal co-op members will NOT tolerate ANY more of our hard earned dollars heading to the rescue of NSW farmers. They are out competition, our own storage and handling network needs to manage competition threats and if there is so much money in the kitty to even consider this move then your charges are TOO HIGH! Heed the warning, there is discontent in the village
Michael Wheaton
28/02/2014 6:58:56 AM, on Farm Weekly

I still can't fath why CBH would want to invest in NSW. All I want my CBH charges to reflect is the cost of maintaining the WA netwrok. Not running flour mills and boosting the returns of NSW farmers. Sheer madness
she told me to sell
28/02/2014 8:35:16 AM, on Farm Weekly

how about returning the excess funds from the big years to the growers. after all the co-op is there to 'serve the members'. at the moment the board is serving NSW non members and maybe offering a share. how do the cockies that have been getting $2 cheque in the mail recently feel about that?

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