Dunedin-based Silver Fern Farms has about 128 employees
earning more than $100,000 with one, presumably chief executive
Keith Cooper, earning between $970,001 and $980,000.
Figures included in the annual report, released yesterday
show the majority of the listed salaries ranged from $100,000
to about $150,000.
There were 82 employees in that bracket.
After the top salary, one person earned between $490,001 and
$500,000 in the year ended September.
Retiring board chairman Eoin Garden was paid $139,993 in the
Total wages, salaries and benefits increased to $315.1
million from $290.2 million.
SFF said Mr Cooper's salary had been determined based on
advice from an external consultant and had been set at the
median of the market for the role.
It contained an at-risk element which was not paid unless
certain criteria had been met.
In contrast, Invercargill-based Alliance group had about
80 employees earning more than $100,000 with one, probably
chief executive Grant Cuff, earning between $740,000 and
Former chairman Owen Poole was paid $126,000.
Top-paid Alliance directors received $50,000 for their
services while top-paid SFF directors received more than
Alliance did not include its total employee remuneration in
its annual report and said the figures included 15 employees
made redundant during the year.
SFF reported a $36.5 million loss in the year, a reduction on
the $42.2 million loss reported in the previous corresponding
The meat processing group received a tax refund of nearly $8
million to take the after-tax loss to $28.55 million,
compared with a loss of $31.1 million in the pcp. In the 2012
financial year, the group received an $11 million tax refund.
SFF made gains on foreign exchange to help reduce the annual
loss further to $27.8 million from $33 million previously.
Sales for the year were down slightly at $1.99 billion, from
$2 billion. At the end of the period, the group had
consolidated assets of $833.3 million, up from $828.5 million
in the pcp.
Total current assets were down slightly at $403 million and
total current liabilities were up more than $40 million to
There was a substantial improvement in SFF's cash flows from
operations which were -$5.07 million in the reported period
compared with -$104 million in the pcp. A similar trend was
noted for the Alliance Group.
The group's report showed China leapt ahead to be SFF's
largest customer, with sales in the year of more than $332.4
million, compared with $190 million in 2012.
Previously, the United States had been the largest market,
with sales of $292.6 million in 2012, slipping to second with
sales of $263.9 million in 2013.
New Zealand sales also fell in the period to $228.9 million,
from $282 million, but sales to both the United Kingdom and
Sales to Japan, Korea, Canada, Asia/the Middle East, Europe
and the rest of the world were all down in the period.
Alliance made an operating profit in the year to September of
$18.2 million, including restructuring expenses, compared
with a loss of $54 million in the pcp.
The reported profit was $5.6 million, compared with a loss of
The group paid $2.8 million in tax in 2013 and received a tax
credit of $19.8 million in 2012.
Alliance had total assets of $485 million at balance date,
down from $579.7 million. It had current assets of $236.3
million and total current liabilities of $66.9 million at
balance date. Net cash flow from operating activities was $89
million compared with -$163 million in the previous period.