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NZ Farming Systems Uruguay Limited Demand for Dairy

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NZ Farming Systems Uruguay Limited Demand for Dairy NZ Farming Systems URUGUAY NZ Farming Systems Uruguay Limited demand for dairy Listing Profile Organising Participant FOR A LISTING ON THE MAIN BOARD OF NEW ZEALAND EXCHANGE LIMITED, THE NZSX CONTENTS PAGE COMPANY OVERVIEW AND BACKGROUND TO LISTING ON THE NZSX 1 LETTER FROM THE CHAIRMAN 3 THE BUSINESS OPPORTUNITY AND PROGRESS TO DATE 4 NZ FARMING SYSTEMS URUGUAY – DEVELOPMENT HISTORY 11 MANAGEMENT 12 BOARD OF DIRECTORS AND GOVERNANCE 15 COMPANY OWNERSHIP 17 THE URUGUAYAN DAIRY INDUSTRY 18 MILK PRICE PROSPECTS 24 FINANCIAL INFORMATION 27 GLOSSARY 39 DIRECTORY 40 Company Overview and Background to Listing on the NZSX NZ Farming Systems Uruguay was promoted by and is managed by New Zealand’s largest rural supply business, PGG Wrightson Limited, which has a turnover in excess of $1 billion and been operating in Uruguay since 1999. As its name suggests, NZ Farming Systems Uruguay Limited (NZ Farming Systems Uruguay or the Company) was formed for the purpose of applying New Zealand’s high performing pastoral based farming systems to extensive areas of high quality, low cost and, by New Zealand standards, underutilised, Uruguayan farm land, principally for dairy farming. NZ Farming Systems Uruguay intends to increase its land holdings to around 32,000ha in the short-term and, during the course of the next 5 years, develop its farms into New Zealand style dairy and beef units by which time it should become a significant contributor to the Uruguayan dairy industry. NZ FARMING SYSTEMS UruguaY LIMITED 1 PGG Wrightson also recognised that Uruguay had the macroeconomic environment and off-farm infrastructure to support investment in Uruguayan farms. Uruguay has a stable democracy employing sound economic policies, modern and efficient farm service companies, a well trained and hardworking labour force, technically advanced milk and meat processing facilities, and a government that is highly supportive of foreign investment in the productive sector and has a high regard for the property rights of foreigners. In December 2006, NZ Farming Systems Uruguay raised $105 million in a partly paid Initial Public Offering (IPO) to New Zealand farmers and the investing public, which included a best endeavours commitment to list the Company on the NZSX as soon as possible after unpaid capital was called on 14 December 2007. A further $39 million was raised in an institutional placement in April 2007 and 7,564,058 ordinary shares, fully paid to $1.00, were issued in June 2007 in part consideration for the purchase of the Santa Isabel farm and farm assets. This NZSX listing meets the commitment that NZ Farming Systems Uruguay gave to IPO investors and comes on the back of a successful 2007 in which the Company acquired a total of 30,980ha of farm land in Uruguay and largely completed the development of the three foundation farms it acquired from PGG Wrightson Investments at the time of its IPO. 2 NZ FARMING SYSTEMS UruguaY LIMITED LETTER FROM THE CHAIRMAN 16 NOVEMBER 2007 Dear Investor This NZSX listing by NZ Farming Systems Uruguay provides Looking further ahead, the Company is likely to consider diversification existing shareholders with liquidity for their investment and, to of its activities into the neighbouring countries of Uruguay, where the the extent that shares come onto the market, smaller investors politics and economics of such a move are warranted and seen to be in with their first opportunity to invest in the Company. shareholders’ interests. For the time being, however, we have much to do in Uruguay to capitalise on the opportunity there. NZ Farming Systems Uruguay was established in late 2006 to take advantage of the potential to increase the productivity of low cost On 21 August, shareholders were advised that the Board was Uruguayan farmland using proven New Zealand technology and considering a further institutional placement prior to the NZSX listing. management systems. There are several reasons why this would benefit shareholders; As it has turned out, the past 12 months have been positive for the • This is a ‘scaleable’ business. Additional capital raised would be spent Company. Farm gate returns for milk in Uruguay, as in New Zealand, on acquiring and developing additional farmland and would not have increased substantially and, despite the fact that Uruguayan land dilute current shareholders’ investment. The business would benefit prices have risen, the Company has acquired significantly more farm from economies of scale both administratively and operationally. land than we were initially targeting at close to the targeted price. • The Company currently has fewer than 1,000 shareholders. The decision to focus on dairying and accelerate the land acquisition Expansion of the share register would add depth to share trading programme was based on the improving outlook for the dairy sector and improve liquidity in the shares. and the amount of capital we raised in our IPO and subsequent • An increase in scale which took the company into the top 50 of placements to institutional investors. NZX listed companies would generate additional demand for 30,980 hectares of land suitable for conversion to intensive the shares from fund managers and investors who limit their dairying have now been acquired in three regional hubs across investments by this criterion, creating wider investor interest and Uruguay. Development plans have been established and a again providing greater depth to the register. wide range of development activities is under way. A measure In the event that an institutional placement is made, the Board of the speed of that development is that work is on target for will be mindful of both protecting and enhancing current 10 cowsheds to be in production for the Uruguayan autumn in shareholders’ interests. March 2008 and 30 a year later. On behalf of the Board, I commend NZ Farming Systems Uruguay for This financial year, NZ Farming Systems Uruguay expects to produce your investment consideration and thank existing shareholders for around 1.5 million kg milk solids and build dairy cow numbers on its the confidence they have expressed in the directors and Company by existing farms from 1,500 to around 9,000. becoming shareholders in the early stages of the Company’s operations. Based on its current resources, the Company plans to fully develop We look forward to a successful future as an NZSX listed company. 32,000ha over the next 5 years. Once developed, this land holding Yours sincerely is expected to produce 18 million kg of milk solids/year, equivalent to around 20% of all the milk currently processed in Uruguay. The Company also expects to have more than 50,000 dairy cows and farming assets in excess of US$170 million by that time, earning shareholders an attractive rate of return on their investment. Keith Smith Chairman NZ FARMING SYSTEMS UruguaY LIMITED 3 N ARTIGAS WE S SALTO RIVERA NZ FARMING SYSTEMS URUGUAY LOCATION OF FARMS PAYSANDÙ TACUAREMBÒ “MENAFRA” FARM WEST 3 “VALLE DE SOBA” FARM “LOS NARANJOS” FARM CERRO LARGO WEST 2 WEST 4 “EL CABURE” FARM WEST 1 YOUNG RÍO NEGRO DURAZNO TREINTA Y TRES “LAS NOVILLAS” AND FLORIDA “RONCATO” FARMS EAST 7 SORIANO FLORES “SAN PEDRO” FARM “DON PEPE” FARM CENTRE 1 “EL MONASTERIO” FARM EAST 6 “CERCO DE PIEDRA” FARM “LA LETICIA” FARM EAST 1 – EAST 3 CENTRE 6 “4 CERROS” FARM FLORIDA “DOÑA CELIA” FARM “TOBAY” FARM EAST 4 “LA GANDARA” FARM CENTRE 5 (SANTA ISABEL) CENTRE 2 EAST 2 “LOS NARANJALES” FARM “EL HIGUERÓN” FARM CENTRE 3 COLONIA EAST 5 “LAS PIEDRITAS” FARM ROCHA SAN JOSÉ CENTRE 4 LAVALLEJA MINAS CANELONES ROCHA MALDONADO MONTEVIDEO PUNTA DEL ESTE The business opportunity and progress to date 4 NZ FARMING SYSTEMS UruguaY LIMITED N ARTIGAS WE S SALTO RIVERA NZ FARMING SYSTEMS URUGUAY LOCATION OF FARMS PAYSANDÙ TACUAREMBÒ “MENAFRA” FARM WEST 3 “VALLE DE SOBA” FARM “LOS NARANJOS” FARM CERRO LARGO WEST 2 WEST 4 “EL CABURE” FARM WEST 1 YOUNG RÍO NEGRO DURAZNO TREINTA Y TRES “LAS NOVILLAS” AND FLORIDA “RONCATO” FARMS EAST 7 SORIANO FLORES “SAN PEDRO” FARM “DON PEPE” FARM CENTRE 1 “EL MONASTERIO” FARM EAST 6 “CERCO DE PIEDRA” FARM “LA LETICIA” FARM EAST 1 – EAST 3 CENTRE 6 “4 CERROS” FARM FLORIDA “DOÑA CELIA” FARM “TOBAY” FARM EAST 4 “LA GANDARA” FARM CENTRE 5 (SANTA ISABEL) CENTRE 2 EAST 2 “LOS NARANJALES” FARM “EL HIGUERÓN” FARM CENTRE 3 COLONIA EAST 5 “LAS PIEDRITAS” FARM ROCHA SAN JOSÉ CENTRE 4 LAVALLEJA MINAS CANELONES ROCHA MALDONADO MONTEVIDEO PUNTA DEL ESTE NZ Farming Systems Uruguay was established to capitalise on the opportunity to acquire farms in Uruguay where New Zealand farming systems would, when adapted to local conditions, produce results comparable to those achieved in New Zealand. NZ FARMING SYSTEMS UruguaY LIMITED 5 6 point New Zealand farming system 1. Pasture Species: New improved pasture species are sown using direct drilling, initially using annual ryegrass as the base for the first one or two years and then perennial ryegrass or tall fescue once weeds are under control. A summer crop such as sorghum augments feed in the summer pinch period and helps with weed control. 2. Capital Fertiliser: Phosphate is applied to raise available phosphate to at least 20 ppm, typically applying 300-400 kg per hectare of super phosphate (available phosphate of native grassland is around 4ppm). This promotes grass growth, increases drought resistance, brings forward spring growth and extends the growing season. 3. Subdivision: Paddocks are subdivided to control pasture growth, particularly in the spring, and to increase utilisation of what is grown. 4. Water Reticulation: Water troughs are installed to ensure that cattle have access to drinking water at all times. 5. Stocking Rate: Additional high genetic worth cattle are introduced to utilise the additional feed produced.
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