what can we expect from first half fy14 report

Ian Brown announced some time ago that he was leaving and the company have said that the search for his replacement was well advanced. We could find out who they have chosen.

The full impact of the Fonterra contamination on sales. The company announced that they expect it to be approx 20% lower than sales in pcp. At the AGM they said they were being conservative. There have also been some very positive commentaries about infant milk formula since then. Particularly sales in Asian and specifically China. No comment from CLV - just in the media about general view of Infant formula.

This is also the half where the huge up tick (% wise) in R&D spend on the preterm baby trials will be first felt.

We were told that we would get milestone reports on how the trials are going. I very much hope that we do with this report. Given the increase in R&D in a company that makes only a modest profit I believe we deserve descent transparency around the trials and how they are going and what they could mean for investors. I haven't forgotten the money lost on Future Foods. (Given under a different leadership).

First Canadian sales began late in the year.

A fall in Div due to increase in R&D looks likely.