THE Hastings Co-operative Ltd will announce an $82.98m turnover at next month's annual meeting.
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That figure is slightly down on last year and reflects the sale of the dairy factory.
And the operating result for 2012 is again disappointing, with a consolidated operating loss of $1.7m, an improvement on last year.
The loss means that no dividend is able to be declared or rebate distributed. Members/shareholders have, however, been receiving ongoing point of sale discounts and member specials at the Co-op's businesses.
With the sale of the dairy factory behind it, the Co-op has been undertaking a restructuring to place it in a premier position to go forward.
In late March this year long serving CEO Phillip Bryant tendered his resignation. Alyson Ogilvie-Lee, a turnaround, reconstruction and insolvency specialist, was appointed as the Chief Restructuring Officer to oversee a formal turnaround process for the Co-op and its various businesses.
As part of the investigation, stabilisation and turnaround process all aspects of the businesses, including governance, organisational structure, reporting, accounting and controls, administration, policies and procedures are being reviewed.
Directors are encouraged by results of the first quarter of the turnaround which showed a profit and was in line with budgets.
There is a level of confidence that a revitalised organisation will emerge to make a lasting contribution to the community it serves.
Part of the investigation of the various administration systems has identified a number of inconsistencies.
One such anomaly shows that the current Co-op Rules provide for the calculation of active membership on a calendar year basis.
The board is recommending to members that they approve the change in this calculation to a financial year basis.
This change will have no impact on members but will provide cost savings and operational benefits by streamlining administration.
Members are being asked to approve this change to the Active Membership Provision at the annual meeting. Full details as required under the Co-op's Rules, and the Co-operatives Act and Regulations, are in the annual report mailout.
The annual meeting will address the statutory financial reports and statements. There will be presentations by the Chair, Julie Muller, the CRO, Alyson Ogilvie-Lee, and retiring Auditor, Robert Magnussen from NorthCorp.
The results of the election for three directors will be formally announced and the successful candidates will be introduced at the meeting.
Director remuneration, which requires approval by members, is recommended to be held at the current level of $87,912, which is shared between all seven directors.
Under recent changes to the Professional Accountants Code of Ethics, the Co-op's long standing Independent Auditors, NorthCorp are required to step aside, for a period of at least two years. Members will be asked to approve a new Independent Auditor.
If Members have questions, they are asked to put them in writing and have them at Head Office at least three business days prior to the annual meeting.
This will allow for the smooth running of the meeting. As in past years, the member asking the questions is requested to be present at the meeting to hear the response. If the Member is not present then the question and the response may not be dealt with.
The 96th annual meeting of Hastings Co-operative Limited will be held on Wednesday November 21 2012 at the Auditorium, Wauchope Country Club, commencing at 10.30 am.
The formal notice of meeting, the annual report, directors' ballot and special resolution are being posted to members over the next week.
Meanwhile an informal information session will be held to allow Members to meet the candidates.
This will be held on Thursday 8 November 2012 from 5.30pm to 7pm at The Department Store in High Street, Wauchope.