Nufarm writes down disputed receivable
Nufarm is to write down the value of a disputed receivable following its failure to reach agreement with an unnamed major supplier, which is understood to be Monsanto. A planned arbitration hearing last month was postponed while confidential discussions took place ( Agrow No 617, p 3). The hearing has been rescheduled for August. Nufarm will write down the value of the Aus$58.9 million (US$63.1 million) receivable at Aus$25 million (US$26.8 million). That will result in the company’s post-tax operating profit for fiscal 2011 (ending July 31st) being reduced by Aus$21 million (US$22.5 million).