Differential
From 1st January 2012 those who opt for constituents will achieve a total differential of 46cpl; 3.833cpl annualised. Those who choose to remain with a portion Flat will receive the remaining prrtion paid in this manner. (See Payment structure below)
Working Band
When Manufacturing base is between 27-32cpl our base will remain the same. However moves outside this band we will only receive half the fall or rise. This will be reviewed at the end of 2012 and 2013. Example:
Rounding
The price will be rounded up to the nearest point one of a cent (€0.001) for 11 months and any overpayment will be recovered in period 12 of each fiscal year i.e. cost neutral
Relationship between Glanbia and FMP
A Review will be held once per year.
Agenda for Meeting:
1 Business performance review
2 Farm business performance review
3 Review of the Contract
4 Milk price competitiveness review
5 Seasonal Payments options review
6 Review utilisation and payment of any volume reductions
7 Review of Working Band
8 Milk Quality Review
9 AOB