Fyffes Share Discussion Threads

[battlebus2] 01/4/2016 08:35

Yes knew something was up with the share price moving over the last few days. A sensible acquisition indeed.

[18bt] 01/4/2016 08:22

Looks a decent acquisition: yes debt funded (which is what causes the EPS enhancement), but debt still looks sensible and these are cash-producing businesses.

[deadly] 26/2/2016 17:01

Market doesn't like them though.

[imranawan] 26/2/2016 09:23

They also quote cashflow of £56m which equates to EBITDA rather than CFOA - first time I've seen a company quote that.

[fishbournetrader] 26/2/2016 08:57

Can anyone reconcile the figure quoted in the Net Funds paragraph:

"Total capital and investment expenditure amounted to over EUR83m."

Doesn't seem to be supported by the rest of the figures quoted in that paragraph or note 8.2.

[tintin82] 26/2/2016 08:11

Agreed, steady as she goes. I guess the treatment of workers will be swept under the carpet. Hope they are taking action.

[battlebus2] 26/2/2016 07:49

Another great set of results with dividend increases 15%, still looking at attractive acquisitions. Disappointed they didn't mention their treatment of workers etc. Strong dollar means they are seeking increased prices.

[battlebus2] 19/2/2016 12:01

Results next Friday, perhaps a mention then..

[battlebus2] 17/2/2016 16:29

Continuing back to 115 by the looks of it..

[multibagger] 15/2/2016 09:23

Appalling if the allegations are true. Akin to SportsDirect treatment of employees. People have to be respected and treated humanely....this is very much a sweatshop it would seem.

I feel morally and ethically conflicted and do not wish to own shares in this company. No more Ffyes fruits for me either...shame on you Ffyes.

[battlebus2] 15/2/2016 08:38

Slowly recovering, doesn't look like they will respond to accusations....

[tintin82] 11/2/2016 21:21

Terrible, how can they let something like this get to such a state. As you say, hope they issue a statement with clear guidance on how they intend to remedy the situation before FFY are forever known as 'appalling employers'.

[battlebus2] 11/2/2016 20:20

Didn't realise how badly some workers are treated. Don't feel I want to be part of this and will probably sell if they don't issue a statement.

FIELDS OF GOLD WHERE WORKERS ARE TREATED LIKE DOGS

Stephen Mahony of the Irish Mexico Group recently returned from a two week fact-finding visit to Cowpen, Belize, scene of a bitter dispute between Irish multinational, Fyffes and the workers on the banana plantations. This is his report.
" Green Gold !" an immigrant worker cries as I entered the Banana plantations of Cowpen, southern Belize, "acres of it!"

The banana workers of Belize, a small country on the Mexican Caribbean coast, have been locked in a battle with Fyffes and other banana growers for the last 4 years for recognition of the UBBWU (United Banners Banana Workers Union).

The situation at present sees the BGA (Banana Growers Association ) refusing to talk to union representatives. Marciana Funez, union organiser, has been told repeatedly by the local Labour Commissioner that Fyffes and the BGA are just not interested...This despite the recent Department of Labour document stating that a pole for the union may be held in those farms where support is strongest ( as opposed to the BGA's previous stance, that the poll must be held in all 24 farms in the region.).

Recently, a Fyffes representative in Dublin said that Marchiana Funez and the Union must produce evidence of 40% support for the union in any one farm in order to ensure a poll. The union however has experienced difficulties in collecting the necessary documentation from workers to satisfy this demand from Fyffes. Apart from the workers fear that they will be fired if their sympathies with the union become known, the union faces the problem of lack of funds, resources and experience. Over 800 workers have given in their names to the union for the process, but assembling the appropriate documentation has proved difficult.

Fears of the Union have led Fyffes to set up a Solidarismo scheme. This company-run yellow union offers no protection for the workers and is a cynical ploy to undermine the growing power of the UBBWU. Pressure to join Solidarismo is very strong with the workers fearing for their jobs. Then, when you join, membership of any other union is forbidden. Sackings of suspected UBBWU members or supporters is ongoing. Workers are let go without explanation and bus-loads of immigrant labour are brought in to replace them. And to make matters worse, some sacked workers are not receiving the full back-pay due to them.

The latest blow to workers morale has been the imminent disbandment of their football team Indendence. Fyffes believed their matches was a rallying point for the union, so set up their own team. Fear of been sacked has left the Independence team without a squad.

Meanwhile, harassment of Union officials, especially Marciana Funez, has increased. Company reps constantly call to her house, her friends' houses, or even her daughters' boyfriends houses' (!) enquiring about the Union leaders' deeds.

A Fyffes executive in Belize said that if Funez insisted on criticising Fyffes abroad and in Belize, then they had a "right" to follow her...

On the 30 August, women workers on in a packing shed complained about a hole in the roof, letting in the rain, and worse, the hot sun. The shed manager told them that if they didn't like it they could leave. These women work from 7am to 7pm and receive $80 US dollars for a six day week. Belize is as expensive to live in as Ireland. They have 2 breaks during the day totalling 55 minutes. When they asked for another 10-minute break, the answer was the same- find a new job.

The everyday treatment of the workers is clearly appalling. They are subject to constant harassment and the threat of sacking is everpresent. The need for a recognised, independent union to protect banana workers rights is paramount. Fyffes and the BGA must enter into talks with the UBBWU. If progress is not made, the situation has got the potential to get much worse.

A banana worker expressed his despair saying "I can't understand why some peoples' greed is allowed to force other people to live like dogs"

[battlebus2] 11/2/2016 19:31

Thanks smicker, not good news but may explain the current weakness. Fyffes need to urgently rectify the situation, we are all part of the same team and should be treated likewise. Hopefully they issue a statement.

[battlebus2] 11/2/2016 10:21

One of very few blue today Gateside, hopefully we can recover some lost ground..

[gateside] 10/2/2016 22:05

Not much support till about 87p

Could have further to fall.

[battlebus2] 10/2/2016 09:21

Yep one of my top holdings, could just be the market unless we are in takeover mode with a placing at say 90p.

[tintin82] 10/2/2016 09:13

I cannot find any reason for this. If I had the funds I may add, however already quite heavily exposed.

[battlebus2] 10/2/2016 09:03

Continuing to slide, which is a worry.

[battlebus2] 08/2/2016 15:26

These have lost 15% since the new year, still expecting good results though.

[juuunx2] 25/1/2016 12:15

MultibaggerConsumer will end up paying more as always. Fyfes much more than bananas

[multibagger] 24/1/2016 06:17

Panama disease in bananas.....worrying medium to longer term

[tintin82] 14/1/2016 12:06

Same here, wider market catching on to just how much cash FFY generates? Long may it last

[wildshot] 14/1/2016 12:04

Great to see this one defying gravity today. One of a very rare few holdings of mine which is going up rather than down with the rest of the market.