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Bega Cheese Ltd
Bega Cheese Ltd. engages in processing, manufacturing and distributing dairy and associated products. The firm's products include Cheese, Spreads, Grocery, Bionutrients and Dairy. The firm's segments include Branded and Bulk. Its Branded segment is engaged in manufacturing bulk ingredients into consumer products for internal or external brands. Its Bulk segment is engaged in manufacturing of bulk dairy ingredients, nutritional and bio nutrient products. The firm also offers farm services, including milk supply agreements and milk supply agreement disputes. The firm's brands include Bega Cheese, Vegemite, Dare, Farmers Union, Dairy Farmers, Yoplait, B honey, Big M, Masters, Juice Brothers and Berri.
Bega Cheese Ltd. engages in processing, manufacturing and distributing dairy and associated products. The firm's products include Cheese, Spreads, Grocery, Bionutrients and Dairy. The firm's segments include Branded and Bulk. Its Branded segment is engaged in manufacturing bulk ingredients into consumer products for internal or external brands. Its Bulk segment is engaged in manufacturing of bulk dairy ingredients, nutritional and bio nutrient products. The firm also offers farm services, including milk supply agreements and milk supply agreement disputes. The firm's brands include Bega Cheese, Vegemite, Dare, Farmers Union, Dairy Farmers, Yoplait, B honey, Big M, Masters, Juice Brothers and Berri.
Challenging Year: Bega faced extreme volatility in FY23, with record-high farm gate milk prices in the first half and a sharp decline in global commodity prices in the second half.
Branded Business Strength: The branded portfolio delivered strong results, with volume growth of about 5% and solid performance in categories like milk-based beverages and yogurt.
Commodity Headwinds: The bulk (commodity) business was significantly impacted by the disconnect between elevated Australian milk prices and falling international dairy commodity prices, leading to a large noncash impairment.
Restructuring & Cost Savings: Bega undertook restructuring, consolidating divisions and cutting $20 million of annualized costs, with $12 million to benefit FY24.
Muted Outlook for Bulk: Management expects nearly all FY24 profitability to come from the branded segment, with minimal contribution from bulk commodities.
FY24 Guidance: Normalized EBITDA is guided to $160 million–$170 million, flat to slightly up, reflecting continued branded growth offsetting bulk weakness.
Long-Term Ambition: Bega targets EBITDA of $250 million-plus within five years, driven by branded business growth, efficiency, and selective cost-outs.
Balance Sheet: Leverage ratio improved to 1.6x, indicating a stronger balance sheet.
Dividend: Full year dividend of $0.075 per share declared.
